<SEC-DOCUMENT>0000930413-14-002647.txt : 20140528
<SEC-HEADER>0000930413-14-002647.hdr.sgml : 20140528
<ACCEPTANCE-DATETIME>20140528090609
ACCESSION NUMBER:		0000930413-14-002647
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140528
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140528
DATE AS OF CHANGE:		20140528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REX AMERICAN RESOURCES Corp
		CENTRAL INDEX KEY:			0000744187
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				311095548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		14871451

	BUSINESS ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459
		BUSINESS PHONE:		9372763931

	MAIL ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REX STORES CORP
		DATE OF NAME CHANGE:	19930915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUDIO VIDEO AFFILIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c77699_8k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30%; text-align: center"><FONT STYLE="color: black">Delaware</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="color: black">001-09097</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="color: black">31-1095548</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 65%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">7720 Paragon Road, Dayton, Ohio</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">45459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (937) 276-3931</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2875 Needmore Road, Dayton, Ohio 45414</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="color: black">&nbsp;Item 2.02. &nbsp;&nbsp;Results of Operations and Financial Condition</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">On May 28, 2014, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended April 30, 2014. The press release
is furnished as Exhibit 99 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top"><FONT STYLE="color: black">Item 9.01. &nbsp;&nbsp;Financial Statements and Exhibits</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">(c)</FONT></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibits. The following exhibits are furnished with this report:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99 &nbsp;&nbsp;Press Release dated May 28, 2014</P></TD></TR>
<TR STYLE="font-size: 1px">
    <TD STYLE="width: 7%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 7%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 7%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 62%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 1px">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 2.2pt"><FONT STYLE="color: black">REX AMERICAN RESOURCES CORPORATION</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: black">Date: May 28, 2014</FONT></TD>
    <TD><FONT STYLE="color: black">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid"><FONT STYLE="color: black">/s/ DOUGLAS L. BRUGGEMAN</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%"><FONT STYLE="color: black">Name: </FONT>&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="color: black">Douglas L. Bruggeman</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: black">Title: &nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: black"> Vice President - Finance,<BR>
</FONT> Chief Financial Officer<BR>
and Treasurer</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c77699_ex99.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Exhibit 99</P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="x1_c77699a001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">News Announcement</TD><TD STYLE="text-align: right; width: 50%">For Immediate Release</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REX AMERICAN RESOURCES FIRST QUARTER DILUTED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>EPS RISE OVER SIX FOLD TO A RECORD $2.67</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>First Quarter Net Income Attributable
to REX Common</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Shareholders Increases 520% to $21.7 Million</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dayton, Ohio, (May 28, 2014) -- REX American
Resources Corporation (NYSE: REX) today reported record financial results for its fiscal 2014 first quarter (&ldquo;Q1 &lsquo;14&rdquo;)
ended April 30, 2014. REX management will host a conference call and webcast today at 11:00 a.m. ET.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border: Black 1px solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; padding-left: 5pt"><B>Conference Call:</B></TD>
    <TD STYLE="width: 50%"><FONT STYLE="color: black">212/231-2929</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5pt"><B>Webcast / Replay URL:</B></TD>
    <TD><U>www.rexamerican.com/Corp/Page4.aspx</U><BR>
    The webcast will be available for replay for 30 days</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources&rsquo; Q1 &lsquo;14
results principally reflect its alternative energy segment interests in seven ethanol production facilities. <FONT STYLE="color: black">
The operations of One Earth Energy, LLC (&ldquo;One Earth&rdquo;) and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) are consolidated,
while those of its five remaining plants are reported as equity in income of unconsolidated ethanol affiliates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX&rsquo;s Q1 &lsquo;14 net sales and revenue
were $155.9 million, compared with $178.4 million in Q1 &rsquo;13, principally due to lower commodity pricing. Primarily as a result
of strong ethanol crush spread margins in Q1&rsquo; 14, the Company&rsquo;s gross profit rose to $36.6 million, from $9.0 million
in the prior year period. Reflecting the healthy ethanol industry environment, Q1 &lsquo;14 equity in income of unconsolidated
ethanol affiliates increased to $8.3 million, compared with $1.6 million in Q1 &lsquo;13. The strong growth in quarterly gross
profit and income of unconsolidated ethanol affiliates resulted in Q1 &rsquo;14 net income from continuing operations before income
taxes and non-controlling interests of $38.0 million, compared with $5.8 million in Q1 &rsquo;13.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net income attributable to REX shareholders
in Q1 &rsquo;14 rose to $21.7 million, compared with $3.5 million in Q1 &lsquo;13, while Q1 &rsquo;14 diluted net income per share
attributable to REX common shareholders rose to a record $2.67 per share, compared to $0.43 per share in Q1 &rsquo;13. Per share
results in Q1 &lsquo;14 and Q1 &lsquo;13 are based on 8,149,000 and 8,200,000 diluted weighted average shares outstanding, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX CEO, Stuart Rose, commented, &ldquo;REX
continued its strong operating and financial momentum as reflected by our record alternative energy first quarter gross profit,
income of unconsolidated ethanol affiliates, net income attributable to REX common shareholders and diluted EPS. These results
again highlight the leading technology and efficiency of our plants and our focus on managing costs and margins, combined with
the benefit of a healthy fall 2013 U.S. corn harvest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-more-</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 86%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>REX
    American Resources Q1&rsquo; 14 Results, 5/28/14</B></FONT></td>
    <TD STYLE="width: 14%; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 2</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&ldquo;Our record first quarter results
further strengthened our solid financial position as cash and cash equivalents at April 30, 2014 rose more than 19% to approximately
$126 million from the fiscal 2013 year-end levels just three months earlier. During the first quarter, we allocated cash from operations
to reduce consolidated plant-level debt thereby lowering interest expense in future periods and further driving our ability to
generate free cash flow. As such, at April 30, 2014, consolidated plant level debt declined to approximately $68 million from fiscal
2013 year-end levels of approximately $76 million while first quarter interest expense declined by approximately 34%, compared
with the same period last year.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Balance Sheet</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At April 30, 2014, REX had cash and cash
equivalents of $125.6 million, $55.5 million of which was at the parent company and $70.1 million of which was at its consolidated
ethanol production facilities. This compares with cash and cash equivalents of $105.1 million at January 31, 2014, $63.3 million
of which was at the parent company and $41.8 million of which was at its consolidated ethanol production facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At April 30, 2014, REX had lease agreements,
as landlord for four former retail store locations. REX has seven owned former retail stores that were vacant at April 30, 2014,
which it is marketing to either lease or sell. The current net book value for the Company&rsquo;s remaining real estate holdings
is approximately $4.5 million. The real estate segment revenue reflects rental income derived from these sites.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Segment Income Statement Data:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months<BR>
Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">($ in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">April 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Net sales and revenue:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Alternative energy <sup>(1)</sup></font></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">155,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">178,324</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Real estate <sup>(2)</sup></font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">109</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total net sales and revenues</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">155,936</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">178,424</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Segment profit (loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Alternative energy segment profit <sup>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">38,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Real estate segment loss <sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Corporate expense, net <sup>(2)</sup></font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(753</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(692</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Income from continuing operations before income taxes and non-controlling interests <sup>(2)</sup></font></TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">38,032</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">5,837</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></td>
    <TD STYLE="width: 93%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Includes
    results attributable to non-controlling interests of approximately 26% for One Earth and approximately 1% for NuGen. </I></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Certain amounts
    differ from those previously reported as a result of certain sold real estate assets being reclassified as discontinued operations.</I></FONT></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-more-</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 86%;"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif;"><B>REX American Resources Q1&rsquo;
    14 Results, 5/28/14</B></FONT></td>
    <TD STYLE="width: 14%; font-weight: bold; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 3</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>The following table summarizes select
data related to the Company&rsquo;s consolidated alternative energy interests:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months <BR> Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">April 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-indent: -10pt; padding-left: 10pt">Average selling price per gallon of ethanol</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2.14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2.33</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Average selling price per ton of dried distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">209.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">264.59</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Average selling price per ton of modified distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">91.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">131.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Average cost per bushel of grain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.44</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Average cost of natural gas (per mmbtu)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Segment Balance Sheet Data:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January 31, 2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Assets:</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 54%; text-align: left; text-indent: -10pt; padding-left: 10pt">Alternative energy</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">384,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">356,589</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Real estate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Corporate</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">58,280</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">66,557</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">446,949</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Supplemental Data Related to REX&rsquo;s
Alternative Energy Interests:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center">REX American Resources Corporation<BR>
Ethanol Ownership Interests/Effective Annual Gallons Shipped as of April 30, 2014<BR>
(gallons in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Entity</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Trailing Twelve Months Gallons Shipped</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Current <BR> REX<BR> Ownership Interest</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">REX&rsquo;s Current Effective Ownership of Trailing Twelve Month Gallons Shipped</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 38%; text-align: left"><B>One Earth Energy, LLC</B><BR>
    (Gibson City, IL)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">112.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">74</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 25%; text-align: right">82.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>NuGen Energy, LLC</B><BR>
    (Marion, SD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left"><B>Patriot Holdings, LLC</B><BR>
    (Annawan, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Big River Resources West Burlington, LLC<BR>
</B>(West Burlington, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE=" text-align: left"><B>Big River Resources Galva, LLC</B><BR>
    (Galva, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Big River United Energy, LLC</B><BR>
    (Dyersville, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Big River Resources Boyceville, LLC</B><BR>
    (Boyceville, WI)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">55.8</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">10</TD><TD STYLE="text-align: left; padding-bottom: 1px">%</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">5.6</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">750.2</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>n/a</b></font></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">262.8</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-more-</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 85%; "><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1&rsquo; 14 Results,
    5/28/14</B></FONT></td>
    <TD STYLE="width: 15%; font-weight: bold; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 4</font></td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">About REX American Resources Corporation</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources has interests in
seven ethanol production facilities, which in aggregate shipped approximately 750 million gallons of ethanol over the twelve month
period ended April 30, 2014. REX&rsquo;s effective ownership of the trailing twelve month gallons shipped (for the twelve months
ended April 30, 2014) by the ethanol production facilities in which it has ownership interests was approximately 263 million gallons.
Further information about REX is available at www.rexamerican.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This news announcement contains or may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified
by use of forward-looking terminology such as &ldquo;may,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;anticipate&rdquo; or &ldquo;continue&rdquo; or the negative thereof or other variations thereon or comparable terminology.
Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from
those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time
to time in the Company&rsquo;s filings with the Securities and Exchange Commission and include among other things: the impact of
legislative changes, the price volatility and availability of corn, dried and modified distillers grains, ethanol, corn oil, gasoline
and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional
economies, weather, transportation delays, the effects of terrorism or acts of war, changes in real estate market conditions and
the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except
as required by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Contact:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Douglas Bruggeman</font></td>
    <TD STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Joseph Jaffoni, Norberto Aja</font></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</font></td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">JCIR</font></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(937) 276-3931</font></td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(212) 835-8500</font></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">rex@jcir.com</td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">- statements of operations follow -</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 85%; "><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources
    Q1&rsquo; 14 Results, 5/28/14</B></FONT></td>
    <TD STYLE="width: 15%; font-weight: bold; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 5</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Consolidated Statements of Operations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(in thousands, except per share amounts)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Unaudited</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months <BR> Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30,</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">155,936</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">178,424</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Cost of sales</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">119,386</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">169,432</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,747</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Equity in income of unconsolidated ethanol affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest and other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(692</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,053</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">(Losses) gains on derivative financial instruments, net</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from continuing operations before income taxes and non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(13,887</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,066</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from continuing operations including non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from discontinued operations, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Gain on disposal of discontinued operations, net of tax</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">131</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income including non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,073</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,458)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(566</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Net income attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">21,742</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">3,507</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding &ndash; basic</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,117</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,158</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Basic income per share from continuing operations*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Basic income per share from discontinued operations*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Basic income per share on disposal of discontinued operations*</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">0.02</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Basic net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">2.68</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">0.43</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding &ndash; diluted</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,149</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,200</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted income per share from continuing operations*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted income per share from discontinued operations*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Diluted income per share on disposal of discontinued operations*</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">0.02</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Diluted net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">2.67</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">0.43</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Amounts attributable to REX common shareholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from continuing operations, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Income from discontinued operations, net of tax</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">55</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">302</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">21,742</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">3,507</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-align: left; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-weight: normal"><I>*</I></FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-weight: normal"><I>Certain amounts differ
from those previously reported as a result of certain real estate assets being reclassified as discontinued operations.</I></FONT></TD>
</TR></TABLE>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 85%; "><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1&rsquo; 14 Results,
    5/28/14</B></FONT></td>
    <TD STYLE="width: 15%; font-weight: bold; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 6</font></td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Consolidated Balance Sheets</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(in thousands) Unaudited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1px"></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>April
    30,<BR>
 2014</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>January
    31,<BR>
 2014</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: center; padding-left: 10pt"><B>ASSETS</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; text-align: right">125,649</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
  <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; text-align: right">105,149</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Restricted cash</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&mdash;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">500</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Accounts receivable-net</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,892</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,486</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Refundable income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepaid expenses and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,891</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Deferred taxes-net</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,146</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Property and equipment-net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other assets</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,324</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,388</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Restricted investments and deposits</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">223</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">223</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">446,949</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Current portion of long term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable &ndash; trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Accrued expenses and other current
    liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,813</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;12,147</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,023</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32,140</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">LONG TERM LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Long term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,613</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other long term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,876</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,862</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total long term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">79,614</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">84,975</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">COMMITMENTS AND CONTINGENCIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
  <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">EQUITY:</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
</TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">REX shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Common stock, 45,000 shares authorized, 29,853 shares
    issued at par</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD bgcolor="#e5ffff" STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Paid in capital</TD><TD bgcolor="#e5ffff">&nbsp;</TD>
    <TD bgcolor="#e5ffff" STYLE="text-align: left">&nbsp;</TD><TD bgcolor="#e5ffff" STYLE="text-align: right">144,643</TD><TD bgcolor="#e5ffff" STYLE="text-align: left">&nbsp;</TD><TD bgcolor="#e5ffff">&nbsp;</TD>
    <TD bgcolor="#e5ffff" STYLE="text-align: left">&nbsp;</TD><TD bgcolor="#e5ffff" STYLE="text-align: right">144,051</TD><TD bgcolor="#e5ffff" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">378,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Treasury stock, 21,678 and 21,753
    shares, respectively</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;(221,403</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;(222,170</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total REX shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">33,930</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">31,472</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total equity</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">336,312
                                                                                   </FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">310,753
                                                                                   </FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo;
    EQUITY</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">446,949</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">- statements
of cash flows follow -</FONT></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 85%; "><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1&rsquo; 14 Results,
    5/28/14</B></FONT></td>
    <TD STYLE="width: 15%; font-weight: bold; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 7</font></td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Consolidated Statements of Cash Flows</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(in thousands) Unaudited</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 324pt; text-align: right"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 324pt; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Three Months Ended April
    30, </B></TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">24,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,073</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Adjustments to reconcile net income to net cash provided
    by operating activities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Depreciation, impairment charges and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,599</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loss (gain) on disposal of real estate and property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividends received from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(274</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(394</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(444</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Excess tax benefit from stock option exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(241</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes in assets and liabilities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(406</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,351</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,020</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable-trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Accrued expenses and other liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,320</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(195</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">26,822</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">8,799</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM INVESTING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(547</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Proceeds from sale of real estate and property and equipment</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">30</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">141</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt">Net cash (used in) provided by investing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(17</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">109</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Payments of long term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,476</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,201</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Stock options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Excess tax benefit from stock option exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Treasury stock acquired</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(564</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(6,305</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,210</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">NET INCREASE IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,698</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">CASH AND CASH EQUIVALENTS-Beginning of year</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">105,149</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">69,073</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">CASH AND CASH EQUIVALENTS-End of year</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">125,649</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">73,771</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">(250</TD><TD STYLE="padding-bottom: 3px; text-align: left">)</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"># # #</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

    <!-- Field: /Page -->




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x1_c77699a001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 x1_c77699a001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!=`*P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBD)P"0
M,^P[TM`!1110`445Y1\:OC/\.OV>_A3X_P#C9\7O%%AX*^&GPQ\-ZAXJ\8^(
M]19O)L-*L`N([>)-TVH:KJ-P8-+T72+..74-9UB_L-*TZWN;Z[@ADNE2JXBO
M0PU"E.MB,35A0H4:493JUJM6<:=.E2A%.4ZDYSC&$(KFE)I13;0TFW9;O3[]
M-%N_179Z3-=PV\,ES--#'#;0SS7%Q.Z0PP0Q(99)II'=(X88T5FDED=41%+%
MASC\(_VP_P#@XC_8&_9=O-6\)>!O$&K?M4_$S2S<VTWA_P"!T^EWW@?3=5MI
M)(6L-=^+&H3IX3APRE;AO#`\7W5J5=)++SU,%?R??\%2?^"UOQ]_X*%>(=7^
M'/@:\\3_``5_9.DU&'1?#GP>T?4)8?&'Q66:ZCM-.U#XOWNB-YGB'4/$5^()
MM'^%^F37'AS2I+C3],N5\4:["VKS?7?_``3Y_P"#:KX__'VR\/?$K]L#7;_]
MF+X2W0MKRQ^%^D:?;7?Q]\5Z;^Z=8-0M[V)O#7PATVZ@?R8)-4A\3>+"89(9
MO"V@*UGJ$W]/9/X)\*<&9+A>)O&GB&>5?6H*K@^%<NFGF.(LH5%1KU:2JXFK
M4Y9.-:A@80AAVTZN/B^:*ZUAZ<(J>)FX-VY:<-:C3L[R4E:-KVM:ZZZIQ*WQ
MK_X.F_VY/&>J7,'P=^%/P`^!'AV]NQ#H4&JZ?XF^,GQ!;"LJ0R:[JFJ>#_"=
M]<2%EE^R6'PX,D<@5$O+E"V^S\,OVQO^#E[]J06VK_";P_\`'9]`ORLUIXCC
M^`?@+X6^"KB.0%EELM?^(V@Z#:ZE9G#JMSI<^H6Y9#&DK2JX7^N_]E#_`()C
M_L-_L6P6DGP&_9\\$Z-XNBBABG^*7B;3HO&OQ7U!H\%II_'GB6/4-:L5E+%I
MK+0IM(THNJ.M@C*I'WX85;[Y9P#D`DX!Y]_?CGC`QTKQ,R\6/#C+$\+P/X0<
M.^PIMPIYEQ9"6:8JLE]IX>52K5A)R7,W/,ZR46X*E%NT)E6I*/+2H0C_`'IO
MVDKOEN[27*GIY[O1:(_D_P#A#\/_`/@ZF9;*[UCXI?LXZ/"T*RM9_&:]^'&K
MR`MN!M[Z#X=>!=8NUE48R8KE"/E*R@Y9?UV_9SUW_@L=H=[9V7[57PY_8!^(
MFAE%@N-=^"GQ3^-7PV\96:<AKN;0?%GPV\>^%?$,^0-\-IJO@BW8'Y!&4(D_
M4H1*#DDD9X!Z#A@!U]&/Z4CX7:1@D%NIP1N#'(P,\#*CV-?EN>\:SSY3C4X5
MX,R_F;<7DV11RRK!R5KJMA\2JLI)2T4YSIMI2<+G/*3EO&$;+["Y7=VU=K+2
MVFEO+>[(6D=8FE18I&C1Y(E82"*0I\T8D``<1DE1(JJ'QN"J#M%FJBD@!LJQ
MR2IR2W(^8G(&1DXSC`XY&,U9#`G@@\9X(SV/3Z$<^_-?$Q325]7ULVUMOJ]+
MVV6U^NK<73;5[M6TZ]%ZV]=M>PZBDZ#GL.<_KZT#..<9[XZ?KBJ&+1129&`<
M\'&".0<].GKZT`+1110`4444`9FHWC6=K>7317,R6EM<W30VEN]U=3I;0/.T
M-M:Q@R7%Q,L92"",^9-*51,,X"\O\/\`XA^$OBIX%\)?$CX>^(M-\6>"/'/A
M[2O%'A3Q-HTZW.FZSH>LVB7EA>VTH/RAX9%\V&7;/;3K+;7*1SQ21KU\BGS6
M<8!0JQZX*@#:"3D+N)93CDC.`<-G^4SP=^VC=_\`!%W_`(*'?%3]B_\`:1DO
MK3]@;]HGQEJGQT_9B^(0AN'TOX`?\+/\07VI^+_#^U8B\OPOLO'>IZMI?B73
M[)Y)/`5R-)\4VEA_9'B;4O)XL9CJ6`>&GB$XX>O6CAIU_L4:M1)475_DIU9I
MTG4<N6%2I24DHR<H?;<&\#YAQU2S_!Y`Y8OB7*,O_MO`Y'"SQ&=Y7@W)9S1R
M^F[3KYE@J52ACJ6#IMU<3A*6-="$ZU*G3J?U>J2>JD<`\XR3D@YQW``)[<\$
MTI.`2!GV'>LC3]1M]1LK+4-,O;34].U"TMK[3M0L;B&[L+^QO8UN+*]LKNW>
M6"[M+N"6*:WN;>22*6*02QNZ%=VLA)4$YS@9R,<X&?P)YKNMHGHT_/T?3U_,
M^(NTW%Q:E%VE&2<7%WLXR32::UNG9_,=7\(7_!RA^VAXU^/W[4W@3_@GI\(T
MU7Q!X3^$VI^#KGQ1X6\,I/J&K?%3]ICXD.EKX+\$6VE6K2?VK-X)T76-`@\/
M6"0FYNO&OCC4!)"KZ#93/_=X201[GGZ8_F3C]:_D_P#^")7[#MQ\9OVH?VL/
M^"KGQ]TN+7M7\4_M-_M!^'_V8K+7;-Y)[6VTKXA>)_#7BCXS00W`:VBD-C"/
MASX&*-+<:?!H?BO4HVACU#1IT_7?"+,LEX5QV>\>YU1AC:G"F74_[!R^=DL7
MQ'FM2IA\OZ-I8>A1QV)G-*]&%.5>"]I2A%[49*G)U&DW!7@G:SG=)73W23;=
MM4[-'TG_`,$:O^"(7@;]B70/#7[0G[1NDZ1X[_;$URR.I6D%Q#:ZGX3_`&>+
M+4HF2V\->"=XFBU3X@Q6+M'XP^(8*NMW<W6@>%(K71;.74]?_HH$8YQUWAB2
M2=Q![\YXP`/]T4ODQCG!^F2>RC`SS_"._P#,T]6ST&/7\>?U_P#KU\!Q/Q3G
MG&6=8O/^(,;4QV.Q4Y23DVJ.&H\[=+"82C=QP^&H1?)3IP?>4G*;E.43G*I+
MGDW)MW=U?M]R3V6EO+6[)&*JS9'RE?8\N"P^A7`XY/UQ7@7[17[3WP+_`&3/
MAIJ?Q<_:&^)WAKX7^`]-DCM5U7Q!<L;S5=1N98TM-&\-Z)917.M>)]<NBX,&
ME:)87MYY`ENI88[.VN;F/USQGXHT7P/X0\5>-O$MVMAX<\'>'M9\5Z_?,%*V
M>A^'--N-8U:Z;>\:$6]A97$IWNBX7YF4`D?YC/Q_^,7[8'_!;C]N"ZG^'WA'
MQ?\`$'6M;N=0L/@G\(M.G\GPK\&/A%:SR+:7.KWES)#X>\+I=6S1:IX]\;ZS
M+"^M:_=C3H[R6WAT#1[3X#/<Z62T:$,/AWB\PQLW3P>%C&<O:3CRJ52<::<I
M0ASQO!*\W*R<5S3C^]>`_@DO%W-<YQF=9[1X4X%X2PE''\5<15YT:;HTJSJN
MC@\)/$RAAZ>(KT\/B*E3$XARHX.C2=2=.I.I2I5/W\_:7_X.N/#NEZEJV@?L
MB_LS7?C"UM9S#9?$KX\>(YO"FDWJH`&NK'X9>$X;OQ%=V4DA?R3JGC/PW>^6
M%>:QB),:?D_XX_X.2/\`@J1XNN[R?1?'/PA^'%A<NCVVG^#/A#H]PEFJ9/EP
M7_C34?%>I2[]I#M-/(PRH!09-?JE^RI_P:K>'H=.T7Q+^VI^T)JFJ:W<1)/J
MGPI^`=I'IFA:2Y1VCTV]^*?BJSN=8U^1$V+=2Z3X,\-0QSB:"RNKVW6*_F_8
MKP#_`,$#/^"4?@6TMK1_V6=*\:W4`XU?XB>.?B%XLOKD@!2]U!<>*+?279V)
M.T:8JDD%54@*/FEE_'&9+VE?,:>60FKK#QJ*E.$9.Z7+A*52:LDOXF)YK:2=
MU(_I6?'GT(?#B2R[).`,R\2<7A7*G5S;%8&69T,15BN653VW$6/P.%J1;=U4
MP>5K#_:HKE2;_C./_!?_`/X*P%V8?M,6X;=E8_\`A5?PPV<'.W'_``B_'3&,
ML0,\Y&1Z%X6_X..?^"JGAF:$ZA\4/AAXRA@E\R:T\6?!SPNRW,8('D27/AR7
MP[>HC9(+6\\<@*\,<'/]IW_#FC_@EF8O)_X8<^`>P*`"/"THE'7DSB^$Q/!^
M;S-W7GU\P\7_`/!!C_@E#XJMY8F_9'\->')IFS]M\'>-/B3X8GA`!&8(=/\`
M&`L(E^;)1;+!(7(('%/ASBNE:='B-U))+W:M?&*.ZZ<M9/2_Q1:O:_<S7TC/
MHG8Y/#YE]':E0P\THNKA,AX3=5+W5=2P^*R^M3:M=2I5U)-Z6/Y\_A+_`,'8
M/Q]T>XMK?XY?LF_"CQ]IZK''>:G\*?'/BKX9ZLHVX:Y72O%ME\2--NYB=SFW
M74]+A=AL66!2&7]C/V=?^#D?_@G)\:EL--^('BCQO^S1XFN(P9K/XQ>&S+X6
M6X#!/L\'CKP;+XBT7RF+*Z76K)HR&,[Y4APY'A?Q9_X-9/V'O%T#R?"/XK_'
MOX-:C\TD$=SK.A?$S0HFQE?,TOQ)IECK$B*6R`OB2)BH&)!@LWX]_M!_\&N_
M[;GPV^UZG\!_B=\(?VDM!A\UH]*NFU/X._$AXPDDRF+0M?G\1>"[[RUC\@M%
M\0+&ZDFDB\G2V1W$,JIQWEB3K4J&;T4]8I4JDK)K5>Q6&Q%V[)7A46OPN7,V
MJF7?07\2DJ&7YGG/A;F^(]VE4KSS'+\+2G-/DE568O.<B5.$WRR7UG#R=O>J
MP@HS7]XO@GQYX*^)/AO2_&GPZ\9>%O'G@[6(EN=(\4^#==TOQ+X=U"%XU<26
M.KZ/=7EA<JRNCL8[@E/,VMUR>QB9F')!("9QW!7.<_[77M[<5_E.Z/KO_!0W
M_@D_\58[NS/QU_9#\;WMQAM/U:POM.\!>/UMI1,]E?Z=J*:A\,_B38[(%<*(
M]5N85VS6DEJY6=?ZIO\`@G7_`,',?PW^*-QH/PF_;QT/2?@KXYN4M+'3/CWX
M8$S_``<\57Q,-NI\::+.9-7^%>IWGF&Z.HB;7/!,_E7TMQJ7A:..SL+KULLX
MPP.*J_4\?3J95C4U'V6*NJ4I.UE&M*,'!MMV5:-/^6,I:7_+?$CZ(/&G#&75
M.*.`,TP'BCP?R2KK&\/2IU<VP^&5Y>UJY;AZV*IXVE"*M*KEF(Q-1V=2IA,/
M!3Y?ZPJ*Q]-U:PU?3]/U?2=1L=5TK6+&UU/2M5TNZ@O].U33K^WCN['4--OK
M62:UO;"[MI8KFTN[>5X+JWE26&1D*LVJA)7)[\CZ'I_G\J^N3ND^CNT[-*VA
M_(K3BW%IJ46U)25G&2WC)=))Z6WTU'T444P(S$C%F(Y=0K=N!TZ<@^_6OS=_
MX*<?\$Y?AA_P4E^`%U\*/%U[#X/^(GA.ZO/$WP4^*L6FQ:E>?#WQC/:I;3Q7
M=J'MY]3\&>*88+/3O&7AV*\M#J-K;6=_;S0ZII&E75M^DU1NBD$E<GY2<<$[
M2",^N,=^W%8XC#T<71JX?$P56C6@Z=2G))QG!VNF[76FJ<6G&2C*+329Z^09
M]G'"V=99Q#P_CZ^69SE&+I8W+\=AVE5H5Z3NG:2E&=.<7*G6HSC*E6HSG1JP
ME2G*+_SZ?V,?^"G'[9G_``1(^+FI?L5?MB_#?Q)XQ^#/A745%W\-KK5$G\5?
M#S0]6O+IXO'?[//BF]\O2?%7PYUN7[3JEIX6OIK?0]1FBN8--U+PCK?]KV\O
M]NG[+7[8?[.?[:'PXM_BA^S;\4M`^(OAW;;PZU9V4KV/BCPAJEQ;I<?V+XV\
M+7ZPZ[X8U>%&=6MM5LH8I]CSV%Q=VI6=_)_V]O\`@G5^S9_P4/\`AJ?`/QS\
M,&'Q%H-MJ!^&WQ:\-);67Q&^&6J7HA>6?0-7EC=;W2+V6"T?6_"NK)=Z!K44
M$37-K%?6UAJ%G_"G^U!_P37_`."D?_!'?XDO\=/AKXH\8S^"/#TUQ<:%^U)^
MSS<:Y::9::!9W)N8+3XQ>$EBNI?#%N]O;Q2^(_#_`(MM/%/PWNP9;:/7M:@6
M=(_C95<XX5?+*G4SG(HV=.47S8[+Z:4;PGI:I1IQ3LY^[RQ5YX>*47_9.'R[
MP@^E#3CB:68Y;X2>.%:-L?A*L51X-XUQJ24L9AH.26#Q^,DI2J4Z+6+C4G-S
MH9IR1KO_`$IL93DD!E(."0<;3T(P5;')QWZ=JY'P'X$\*?#?PGHG@?P5H=GX
M=\)^'++[#HFBV*LMI96TDLUU.J!BSM)/=7,]Q<32,SS7$TLCG<Q)_BR_8U_X
M.G/B#X7M])\*_MO?"%OBCHT:)!-\8_@8NBZ)XW6$+"D%WKGPVUS4M*\)>()3
M\\U[=>'O$WAJ;:2UGH-W,JVTO]*G[-G_``5Q_P"">_[5<>G0?"[]IGP)I_B;
M46ABA\`_$>^7X9^.!>3D"*Q30O&1TMM0NY99!`B:/<ZDLLJ[+=Y3MW>]E_$&
M59K34,+CJ=YN$I8>K+V-7FC=1;IS:C*45.2C.FZB7-*S2E=_@G'WT?O%KPVK
M5_\`6+A#,JF74&[9[DU*><9)5IR=E6^O8.-1X>$]U'&T\)55TITXMI'Z5#/.
M0!R<8.>.QI:H1RO(D<D;"6*4+(DL3B2)HI`&C>.10R2*RD,I3Y6!&TG/%X#!
M//''4GCUZU[73I;IY_AI_D?C.M[-6:O=.Z:=[6LTG??>UK>A\L?MS>`/&7Q7
M_8O_`&L?AC\/+.74O'GQ"_9S^,W@SP9IEO*D$^J>*/$OP^\0:1H>F132O%%"
M^HZC=VUDLDLB1H9]TCJ@)KYY_P""7'_!/;X??\$Z_P!F/PI\*]!LK+4?BGXE
MLM,\3_'CXB-:PIJ_C7XA7>FH;JQ6\5I9XO"'@XRR>'/!NCI,;6RTZUEU)XWU
MG6=9O;W]+2JMU`.1CIU&<XSZ9YIBI&IX`'./Q&6Q^')%<[PN'EB:>+E33Q%*
ME4HTJCU=*%6495.3=*4W%*36O*K7LVCZ2CQ9GN&X5QG!>&QLJ&09EG%#/,RP
ME+W'F&-P>&>%P:Q4XM2JX?"1G4JT</+]TJ]3VLHRJ0I2IM$29(P1R3CZJ$R.
MV",CIW('%(P5%`&5[`D$G))."<\^O;&WKCHDK/C"AL[QD#)RHP"`0"<$$$D\
M]<D5^)?_``4V_P""VG[-7[!7AGQ-X)\+:]I'QM_:I^R3V/AOX0^%M3M+_2O!
MVLRQ,MMKGQAUVRN'MO">CZ6K&]E\.0/=^,==F2STRSTJQM+ZZU[3)Q>+PV!H
M3Q.*K4Z-&G&[J5)*VBO%+7FG)[*$%*<G[L8MAPGP?Q)QSG6#X=X4R?&YSFV-
MJ4X4\-@J,JBHQE)*6(Q55+V6$PU%-RK8FO*G1I03=2:T/U;\)_&WX=>,/BY\
M4_@CH'B.+4OB/\&-'^'VM?$;08U;_BGK;XG6&LZIX0BFD/R_:K_3=$N=0DML
M![>SN=.F8E;R,UZ^R*^-PSCMV_SV^A([U_)K_P`&Q=Q\8?C-XD_X*$?MC_%_
M6]2\3:]\</BAX$T?6/%&H))$OB#QIHMEXE\4>)TTZV""UL=*\.6/C#PYHFDZ
M19&.PT'28]/T/3;>WL;"&&/^LRL,JQ[S/`T<=[)T8XAU94H2^+V,:U2%&<M/
MBJ4XQG)+2\GRMJS?O^*?`]+PWXXS?@F&8PS7$9#1RG#9EC*3O1><5<GP&*S>
MA0]V+]AA<QKXG#4>=>T5*E%5&ZG,,\M/[H].GKG/\S^9IIB1B>,#@8!(Z#C/
MT!&.O8YX&&R$Y&"<X;."?7Y0"!U)(7OC)ZD<_GA\(_VU].^-?_!0W]J#]D?P
M1<0:IX7_`&4/@S\*+_XC:U;I!/$/C/\`$_7O$&H3>&+6_AD<R-X6\%:7I$>K
M6_R_9=:U2\L+@+=Z?.B>YA,#B\;2Q];#474HY9@WC\=43M3P^&^L8?"JI.6R
M]IB<50HTUO.=6"2N]/SW5K2]HVNNRV7E9-KYV2U/N#Q_X"\$?$WPMJ_@/XC>
M#O#/CWP3XBM'L=>\)>,-$TWQ'X=UFTD5\VU_H^K6UW8W*!E5T,D+-'(%DC*R
M(K#^8O\`;O\`^#9#X$_%6UUOQW^Q#XH'[/GQ#>6YU`_"SQ8U_P"(O@?XE9HK
MESIFD3!IO%?PSN9;I[7[-?6,WB;PW9012V/_``B,?VF+4=._JD4+(69EZ-@`
MYR"F1GMQW'7KV.:4PQ-U0$@8!.3C]?7FO$QV6Y?FM#V6.PT*T+>[.2Y:L+V=
MZ=6+C4@]KN,U>UG=:+[W@'Q0X]\,LRCF?!7$F89+/VD9XC!TZOMLLQRCIR8[
M+:W/@\3%Q2BI5*3JTTVZ52G*TE_GH_L9?\%`/VX?^"&'QK3]EW]KKX:>.+_]
MG^YU"YN-0^$NN7$=[<^&M+N=2>&^^)O[-/B[[1-H.MZ3)=--?W_A.RU!O#'B
M`RW"LOA7Q)<OJ"_WI_!?XU?#+]H;X8>#/C+\&?&>E>//AKX_T:'6O"WB?1IC
M):W=I*S1RV]Q;R+'=:=JVF7*RZ=K&CZC#:ZEH^IV]SIVH6UO>6\L2>=?M8?L
M??L]_MK_``NU'X.?M%_#[2O&_A.X:6[T:^8"R\6>"M=DMWAA\4^!/$T,;:GX
M7\0VJL%CO+&407T!ET_5;74-+N+JQG_EQ^`-C\?_`/@W8_:XTSX7?&_Q5=?$
MS_@F1^U9XX70O#?Q=$-REC\*_'5P_DZ!XF\7:>Y73/`?BV"TN8[+XC6UG*=`
M\?>$;$>-]$9M3\'W^@Z;X>$AC.&ZE.C7KU,=D-24:=+$U5?$Y5)N,:<:\DDJ
MF%G)QBJBBE1;O)4Z>C_<N*,;P=](K+<7GF2Y/@N#?'#`8:ICLUR#+TZ60>)6
M&PU*5;&XG)(2E?!\2X7#4)XMX"7-7S*'/2I5,75BJE#^S"+.Q<XSCDCN<XS[
MYZY[]:?44>=@&,_,WW3P!N8@@X&1C&#C!!'4&I<_IQ7UA_*`4444`,**22>Y
M)X`'IC/J00""?05'-;6\\,T%Q#%-;W$4D-Q!-&LL$\,J&.6*:%PT<L<J,4DC
M=65T.UE(.*GHHMOYC3<6G%N,DTTUHTULTU9W5E9IW/P6_;0_X-Z_V#OVK+K5
M/%W@30[W]E;XIZE]IFD\3_!33M(L_!.J:G(T\IO/$OPINHH/"UZ)KF027[^'
M9/">I7Y1C)J@FD:XK^7C]I__`(-Q/^"B/P(_M'4?A]X:\&_M5>";;S9HM0^$
M^HIIWC0P!Y%0ZC\,?&3Z??\`VQHE65[7POK'BQ-[^7',[!3)_HW8Y'`Z<X`Z
M\8QW]:3RX\YV+G.<X'!YZ>F,G&.E?-YEPID^9RE4J8?ZO6DE>OA).E-R_FG"
MTJ,Y-ZN4J?,[ZMVC;^C/#OZ57C)X=4J.!PG$"XBR2C"-*&2\50J9MAZ5"*<5
M2PV+=:CF>&A&+484Z6.5"$8Q2I.*Y7_DW:9\5?\`@H!^PAJJ^&M/^('[6O[*
M%U82NO\`PB=SK?Q0^'?A[S'8,0GAK69+?PA?!W.1+%87$<K'(9FR#]E?#[_@
MO[_P54\"6]O;P_M+6_CRWAQG_A/_`(=^`O%$CQCJ)]2@TC3=0FS_`'C<"0@$
MAA@BO]*OQ'X7\-^+=,GT;Q9X>T/Q-H\ZGS]*\0Z38:YILW#`^=8:I;W-K*"I
MQAXCD9!X-?!GQ(_X)2?\$VOBQ<SWWC;]B7]GBYU"YVB?4_#GP\TCP+JDS%RY
M:75/`@\-WYE+.2TQN#(V_+,?F4>"^$<VPB:RSB'$TXQ^&E6E7I0OS+1RI59P
MZWNJ#;UT/W>C]+WPGXGY9>)GT?N'\RQ,TU6Q^64<FS"M-RLYRA3S;`87$4W4
M?,Y1682:DT^=O5?QJZ5_P<Y?\%+[&)8[ZW_9TUIE!W7%W\+=7M))"!E79--\
M:6<0(Z_NXE4G&,=*S]>_X.9O^"G6K020Z7>?`'PNTF=MSI'PGN+ZY3Y=Y,2Z
M[XJU.W)X.YI()."V`2!7]27B3_@WD_X).ZZ\CV_[.6K^&@7W;/#?QD^,%K&A
M(&55-0\9ZF41B00H!`9\*%3&(=`_X-W_`/@E!H4RSS_L[Z]XE02!A!XC^,OQ
M<N+=\Y`1H].\8Z9(T>3RI<$E!N)7=F?[&XV:M_;^&:^%VQ%96O;[2P":=G?F
MW7W-:P\;_H6PFL1'P%S7VJ:FJ4LER:='G=K1]E/BB6&<$_LNDX6^S8_AQ^/W
M_!6G_@HC^T98ZAI'Q4_:W^*%MX7UJ,VU_P"#_`.K6_PL\-W]K(0KV5]IO@.'
M0KC4[.9<I+9WMY=Q7"GRYHY`S`^L_L!_\$8_VROVZ]?T"^TKP+JOP3^`M[-Y
M_B#X[?$O0;W1=(;2(VW7G_"!^&+]+77/B#KUX@:.P%I;V_AS[2WG:MXCM;=2
M7_T#/@I_P38_8'_9\O[?4_A#^R'\!O"6N6K#[+XG;P%I7B+Q;;-&'99+?Q=X
MLAUWQ)%(')S+'J@<AL%FS@?<OEIA1M7:HV@8X`Q@!0.%&.,#``X'%7AN":N(
MK0KY[F=?,'%K]S&=:46E:\)8BO*514W9JU*G1<E+XEK?BXA^FMEF2Y/B\C\$
MO#')^!*>*A*D\VQ.&RVE7H\T5%5J&3Y11IX%XF%W.E5QF+QM.G-*4Z%75'S5
M^R)^RY\+/V,O@#\-_P!G+X-Z=+:>"/AYHC6BZI?_`&=]>\6Z_?3F_P#$OC3Q
M1=V\%NE_XD\5:S/=ZQJEPD,-K"\\5AIT%IIEG9V=O]*R=B,D@9`'?#(?4<Y`
M`^M1$8$>P'&Y@P"\G:<`XZ#:P!ZC(&<\5^!G_!43_@O/^S]^Q!:Z]\)_@RVD
M?M`_M3Q"XTQO">CZG!-\.OA1J`1UDU+XL^*+*X9OMVG.!Y7@'PXM[XCOK]([
M+6)O"UF\FKP?K/#7"N=<4YAA<@X9RJOCL5*-.G"EA8\M'"T8.$%5Q%5VI83"
MTHN//6K3ITX15DVVD_X0QF,Q^<9AB\QQ^)K8_,LRQ5?&XW%XB;J5\5BL54E6
MQ&(K5)?%.K5G*<Y.R<F[)*R7LW_!8S_@J9X1_P""<GP%EM?#%]I6N?M3_%72
M]1TOX(>`IR+E=(1F:RU7XM>,K2.1)+3P9X.5GDL5G`D\5^*?[.\/6,3VYUO4
M-)_-O_@UA^$WB=_@_P#M;?M4^-+K4=<UWX_?&?3="'BO6YY+S5_%-SX`BUG5
M_&>OWM].9)KZZU7QQXYUB6]NFD<2:C!=JS>;%)7\FGA;0?VM/^"JO[9EAH<_
MB+4_BU^TA\?_`!$TFJ>*]?$ZZ%X1\.6+*VH:Y>VNF6\MMX/^%/PST5T%GI.D
M64.GZ?8P6&D:?:W&L:E`EY_IZ?LB_LU>!/V/?V;_`(0?LU?#2!E\(_"7PA:>
M'8;V4,MWXAUZXN+K6O&7C+4E:2;&K^-?&.J:[XLU8+*T8U+6+I8ECB"1I_0W
MB-P_D?A#X;X?@.GBJ&8<;\88K`9GQ+BJ+;6'RO+JDL10PE)R2JTL+'&TZ4,+
M&K",\7*&-Q,U",:5*"K0A0I*E>]:?+*I;X5!V<5K9W35[63LW=/0^D?7_/8=
M?\],4445_,"V[?U\CC&E%)R5&<8S[>GTX'Y#TKQOX[_!'X4_M'_"KQM\$?C5
MX-TSQS\,_B%HESHOB7PYJL(>*X@EV26]_97"D7&E:WI5WY.I:)K5B\&H:3JE
MK;W]E<07-M%*/9JC:-"<[5)/4D=1^'7H.O&0#U`I2C&<90G%2C*,HRC))QE&
M2:<9)IIQ:=FK:K0UPV(Q&#Q.'QF#KU<)B\+6I8C#8G#U)T:^'K49JI1K4*M-
MQG3JTJD8SISA)2A**E%IH^1OV+OAC\5/@;\"?#WP&^*OB>]^(-[\$;N]^''@
M;XHZC-&=8^)7PDT3RF^&'B#Q+'&=L/C'3?",^G^$_&)51#>^(/#=[K%L3:ZG
M$J?7,7W!QCELCWW'/Z]^<]<F@1+R"JD9...@.1C\!@?G3@H484`#TSC],&B$
M(TX1IQVA%1C=MNR223<G=VBDG)W;Y4VWN:8[&5LPQV+S#$J"Q&-KU,3B/8TU
M3I2Q%:7M*TXTJ:4*2J593GR4XQIT^;EA&$$HQ=13%8'C()]<]?IZ]1^=.R,Y
MR,'MQR>/Z8XIW6MVM[:/KIIK;Y==M-=.;^O^#K;3J+13,J1WPIS[G!X//.,^
MN/RH8@AAE<8&,GCWS_\`6_$>HFFK]+VZ>5NOGL[-=06MNG?;3;SU_KY/HIO`
M+<`9QDY'..F?3';/^%(3CY@#T/&?[HR,`9R2.A';'M3>CL_*VVMTGWZ7?GIM
MJ"L]NC:UTU6ZU_IZ=QQ&?IW'J,$8/MSG\*8RC!"JNX@@<`9!.2,X]3N^O.*`
MV1UY!R?<8SP.?IVY![<E=PSSCKP<C'?GK[XY_B!XQ@T/^OGL']:]=K[/SL<W
MXD\5>&O"&G2ZQXM\1:!X7T=)(H9=4\2:OIVA:;'-,#Y<3WVJW%M:"6;:0J&8
M,X!V@E3CR[5?VDOV=-!MUN=<^/\`\$M%M6`=9]6^*W@/3[;81N+K+=Z]%&XP
M"0P(!Z@\9KU7Q1X7\->,=&U#P[XN\.Z#XJ\/:G$(-2T'Q)I&GZ]H^IP-\K07
M^E:I;W5C=18)!CG@D0AN>,BORB^,/_!"+_@E%\:M4U#Q!K?['GP^\#^)-597
MN-8^#-QK_P`'0T@+O)<#P[\/]6T+P:UU<-(3<W4_AN6[G"H))Y-J*/9R:GPY
M4JN'$.,SC!4')<M7*<OP6824=+\U'%YAE^JLOAJ3;3T6B0)*ZYOO2O)+YO7[
MU<]<^(__``5O_P"":/PG2\;QE^VI\"(Y[%G6>P\-^,;?QOJ<DB<-%;:=X,AU
MV\NIB&/RP12@C/!`+#\I/VA/^#I3]BWP#:WVG_L\?#'XP_M%>)(=T5AJE_IM
MO\'OAM(3&W[^37_%BW?C66*%BY:*T^'CFX*K'%=1QR"XC[W5O^#7G_@F[=SO
M/I.M?M%>&X6?<ME9?$O3;N.-001&CZGX4O+@JI(P[S.X`.7/).SX7_X-C?\`
M@FGHT\,NM?\`"_\`QE''\S6>M?%>73;6<$X_?MX<T31[LJ",[8;N$AL-NR*_
M7<GI?1VP')B,VQOB%G\Z;BWA'@L#EN&GLG&<<+B_:V>BM'')6V:OKO%X5:3=
M:;WLE""??[4GT^>OD?RN?MI_\%V_V^?VQ-+UCPC?_$2R_9X^$VM?:+"[^'?P
M*N]7\(S:OI=VKV[Z/XG^)$M^OC;7[:\M7:UU*PLKW0-'U=7EBN-$%K,UJOEG
M[#G_``2`_;;_`&Z=2T>?X:?"V]^&OP@OI3+>_'?XM:7J?A/X=VNG0O&+F;PU
M9RVT/B/X@:FQ<+967AK3IK&XN#G4=;TJT6XNX?[_`'X`_P#!)#_@G'^S/JD.
MN_"?]DKX3VOBJW2V\GQGXXTZ^^*WC"UEM=@6ZTKQ#\3K_P`6W^A7$CQB>4Z!
M)I,+2G<(5Q@?HU''&A2)%58XHE5(T55B15`15C4#:B!0`$4*!@`<`"OM,;](
MS)>&\KGDOA1P1A.'*-2,D\PS&%">(N](UWA,-.H\1B(I<RJXW&XB*;Y9TJB=
MEN\7"G'DP]&-.Z5YR]^>J5[-WW2W>M]='O\`FW_P3=_X)?\`[//_``3:^&MS
MX9^%EM/XP^)WBVTT_P#X6I\<?%%G9IXU\>7%GNEBTZW2W1X/#'@K3[V2XN-%
M\':9-):6K2?:=3N]7U0R:E)^E:J%&`,?Y]J0%>BX&#C`P!TSV[?-^=(#@8/4
M=<D=S]3T')]J_F3-,VS//<PQ6;9QCL1F.98ZM*MB\7BIN=:K.6BU^&,(1480
MIP4:<(*,*<8PBHKA<G*5Y-N4F]6VW*^K;;ZWWN[_`(CZ*:6`P3P#Q]">F?3H
M1]3CUI0<YY!YXZ=/P)X]ZX!7V\^OW?G?06BFEAC(88YR?0>OYX^M&0<'.,9X
MS@'/'(S@]./THO\`U_7J._XZ_P!?>.HI@(!`Z`<#GKTZ?3![_P`Z=D=R/SH%
M=?U_7_#G\V?QA_:+_:GTK]I[XL6_A3Q_^TIHMG#^WI\-_P!G7X5>+;O5O@/:
M_L,^#K+5/#?P=U_4O`OQNTW5[2\^-,$_B33-<\7:3I.H:)I0AUCQKXF\&Z%H
M7B2SU6Z5;;W?]E7Q7^T;\7?VAOB3J7C#7OVW+KX<V7[2O[6_@&Q\8Z=\1_V7
M=)_9MT;PCX)\;>/O!_A72$\&-=1_'Z"Y\,V%E86-I>QZ+*\?BG3[?5Y9[G1U
MFG?]>-;^!_P:\2^'_B!X3\0?"CX<:UX6^*6OP>+/B;X<U3P5X>OM%^(7BFW&
M@QVWB7QGIUQ8/:^(]?ME\+^&OL^KZM'=ZA`?#^BF*X0Z99F+Q?4_V`OV']7\
M::_\2M4_9)_9XOO'_C'4?$>L>*?&,WPF\&GQ%XAU;QI;WMKXPU36=472A=:C
MJ'BJWU?5(O$5Y<R27&M#4+TZE)<FZGW_`%_^LF4UL#+#O*,/AJJPE/"PQ5#!
M4:\VZ=*E3E7?/B,-*-:I)2ES7J0A*\_93G5FX0HOF]UWN[N-VDM6K+1]5WL_
M+K\4?\$U?VC?BY^T/\1?'^E?%3XTQ^*=+^#/P_T+PM\'H=/\-)X3A_:X^%^K
M^(M6L;#]ON[2[T>R35]'\>7GA8>`/#^E>")_^$4\,:]X=\;>(+F.6P^(G@B+
M3_CS2?\`@J[\4/"/Q8_;&^,>I3>(?'_P%UOX._M>>,OV5?`?B3X?^+/`_@+3
MO%'["W@C5O$V@P^&?C#=^%H-!\9Z9^U7X<\/_$;Q?<-X;UKQ5>^&H/A[;SVM
MI!'?O"?Z#D^$OPLCU;PAK\/PW\"6^M_#[PIJ7P^\!:M;>$]#M=1\%^`=<CT>
MSUGP-X6N[:RBFT+P?J=MH&@Q7OAK3GM]&N%T32/-LG.F61AY?5?V;_V?/$'P
MW\,?![7O@;\(=;^$O@K3WTKP?\,=6^'/A/4?`7A73)O#>K^#I].\/>$[O2Y=
M$TBQN/"7B#7?"]S:6-G#!=>'=;UC1+A)=-U.\MI?FL[KTLSQOUO`4(9;1Y*;
M6%A&"C&=.$*<M:,(0G&O^\K5.:FN6M6:A",:5.WU'#N;9+EM+,Z6;Y1+-EF%
M&EA:=13HP>"ITW4Q%2O2]K2J55B/K5+`SB\/6PLI8>EB</.NZ6)J4Y?D5J/_
M``51_:/^%NI^+]3^.G[/?P;?P#\+_B'9_#3X@M\(OBGXW\1^.-2\0>._V19O
MVR/AT_@G1O$_@'0=+N;'2?!2V_@CQT=7U.VN+_Q3>C6/#-N-'LFMY[_PD_X*
M<_M/?%NX^&OP_P!/_9W^&GA_XI_%/X@_""#0=8\6ZU\6_"?PNM/A=\7/A'\5
M_C"]T?\`A(_`>F?$#6_''@W1_@]KNB&YTKPTOP\\<S>(?#'B#PGXJ%DGB#3M
M%_7F;X"?`^;4&U:;X/?#"74Y_%GA[Q[+J,G@7PV]_)XY\&^!H/AMX3\92W;Z
M<T\OBCPW\.H+?P%HFN2.VHZ;X-AC\-6UPFCHEFO+?#S]E/\`9@^$S0R?"[]G
M;X)?#I[#Q=<>/;%_!/PQ\'^&7LO&LF@ZIX./BFS;2-)M3:ZTGA/5]6\,07UO
MY<UKX=U.^T2U:'3;J:V?R?JV)O%O$R=.[;YHP<N7FCHI*"=U%*-VGU>M[KWI
M<2<$RPE>W!D(9C+#T(T*M/%UU@XXJ&'G&=6>&EB92=.6+JNO."J-5:3IT7[-
M44Y_E?\``S_@I;\4O$VCQZW)X/\`A+:_!SX->"/A3/\`'CQU\<_C[%X*^)FK
M>(OC)X1\6^.O#U_\/YIO!UKX/\0>'O"^C:=HEAK-UK#:1KWBB_D\6:;X2TFY
MOO!'DZ]C?#/_`(*D_M-?%+5-,^%OASX&?!%/C-XT^('P1T;P-JGB#Q)\<O!7
MPG'@[X[_``2_:)^,.F:YJB>-?A9H7Q+U63PDG[.^K6\>JZ5X.M=`^(VG>(M(
MO_#DNAI'.R_K`W[(7[*4NO\`@SQ3)^S3\!9/$GP[\/3^$/`>NR?";P-+JO@_
MPK<MK!G\.>';V31&FTG0R?$7B0Q:79M%9VP\1Z^MM%$-9U+[5'\/?V/OV4/A
M)?Z;J7PN_9J^!7P]U/2M6T[7--U3P=\+/!OA[4[+6M(T?Q-X=T?5;;4-,TFW
MO([_`$;P[X[\9^'M(NA-YNF:#XHU[1;%[?3-5O+691H8NU->WC:+:F^LH^[L
MN1<KM[J]Y_S;O39\1<`VQ]=\(UYUZU*/]GPE7<*&%Q,+RY\1R8GFQ-.55RE.
M-.GAHNE4CAXPY<+3J5?S\_:9_:D^+?Q(_8&_95^-7PQC^(OPW\=?M`_&W]F#
MPQXA\,?`_P`1^"7^(DFG_$'QRNA>-O!?P[\6_$VVT[P8EWJK6]U:Z1K?BJ+1
MK4V(BEO9;"<L(_DCX;?\%&_VE?A;X.OO"T7A/XA?%7Q-\1/VI/C)\+OA)X9_
M:=0>(?CQ\&_#_P"SK\%O"GC3XQ^%_P!H;3/V7/!OB477B7Q'XU;6-7^#-EH6
MFZHME\*O%V@_$;Q-XHOO"MI8VT_]`4?P=^$UOX6\(>"(OAEX!C\&_#G7=!\2
M>`/"D?A'0T\.^"?$?A'41JWA?7_">CK9?8?#VL^'M3D:_P!&U+2X;:[TV[9[
MBTEBDD8GB_B!^RK^S-\6/^$L?XG?L_?!GX@2>/M:T#Q)XVF\7_#;PEK\_BOQ
M)X.\/#PMX6\1>()]1TJ>;5-<T#PF/^$4TO5KJ1]0M?#!_P"$?CN1HX^Q43PU
M=S52&)E%^SIQY4VH<T+*<^6UN:7,EMRQ;C-*\+&>5\5\+8?!U<NS'A*CC<'+
M,\RQT*ZG&./A0Q/LW@,&Z[DISP^!<*=:45.%2NJ=3"3J>QQE:I3_`">UK_@L
M!XU\)^)[WQ!XV_9]TGPA\%'^`=A\4/"\.K>*_$=U\3?&WCV[_99N?VF;[X:Z
M!J_AWPGKOPGTOQ?I$EGJ'@V\^'OCGQ7X,\<7?A>PF^,&A6^M^&'M=(G]+\"_
M\%(OBY:_&3X9?`#XU?##X-:7X]\8W<NLZ[XF^%?Q.UWQ3\-],\">(OV4OC-^
MTIX'2TU;7=`T*]_X36SF^$%[X;\5Z;?6ZZ5=>%M3T?XA>'M0^Q:PFC:;^B(_
M92_9?@\?6/Q2A_9T^!T7Q(T?PQ%X)TSQS%\+/!47BBQ\(V7A>X\&67ANSU>/
M15N[?1K'P7<7'@RRL(Y!!:>$;BX\-6ZQZ+<36+\U%^Q#^QK#X!D^$\/[*/[.
MD7PRF\8VWQ`D\`Q_!OP"GA)O'5A8/IUCXP_L)=#%@/$=EHQ?0+35EA%Y;>'I
M'T"&5-&=K$N-+%WYO;QFHS4M8J+Y+1O3;Y9/EG;1K6G9?Q&V17SO@&K3E3I<
M+8W"SJ8/ZNYPQGMW0Q/\.GC<.YUZ;D\-&<JE2A7YHYA5J1O+`PP\(S_,+PW_
M`,%4?VBO'\7ANZ\#_`OX)1V'CS1?V&?!O@^Z\3_$WQI:1VWQQ_;:^&/A_P"*
M>DR^)GTSPA>V]G\)/A[HLGB*UGO[&>X\7>,M=?PMH>B:993:K<WD&Q_P]:^+
M5C\<-&^$]]^S_P"#/$%CX%A^#&@?M":_\,?&?BOXB>'SXQ^,OCSQ#\/X+GX0
M_$?3?!]M\-E\)^#KKP__`&QK*_%?7_!^NZG>?V_\/[2VM/%WA:[2_P#U+G_9
M<_9HN?!/B+X=3_L]_!5_`'B[1/!?AGQ1X)/PS\'CPMK_`(>^%^DV>B?#71M5
MT(:0-.N[#X>Z/IVFZ9X&@DMROA*QTS3K;0?L$5C:K#0B_9$_93MM3^&OB.V_
M9J^`]OKOP8T^PTCX1ZM!\)O`T&H?#32M)O)[[1]-\$W46AI+X>L=&U&^O-4T
M>VT]H8M+U6[NM4L%@O[F:X=NABKQMB(IN2GK&]XN5^16@K)>ZF[W<8N.G-S*
MJ7$'`D?:RQ'!]6K!8-T:$:>+J4JD:RP^$A];K5OK4G4E4J4L4Y48TX1IRQ$,
M53J<]%8:7RC^Q/\`MR?$K]I6P^-UE\2/AAX,\!_$;X<>&=&^(/AWX5^&M=\:
MZGXKO/"7BQ/&$?AE=0O/$?A#1_!WC/1M6OO"3V?ASXK?"/Q=XQ^'?CIIKJ33
M7TE].,-S\B_#']HWQS\'/V:O@[_P4/\`C)^VUXD^+.H_&/X,?$_XI>,OV1Y-
M,\`1^!_&?B+2?A#XQ^*\OPB_9ZT_3M*T[Q7\+?$?P%N?"%WH'B_Q!XBU3Q?'
M=:+X=\7Q^/K"/Q1>:=>:;^Q_PK_9Y^`OP*N_%-W\%?@M\*_A+=^-K^'5/%]S
M\./`?AOP9/XDOH9KJY@FUB30-/L3?+;7.HZC<VL$^^WM;G4+^XMXHY[RYDEY
M_P`.?LD?LL^"/B%XR^+'@_\`9R^!WACXG?$&TUS3?'/C_0OA9X*TOQ9XML/$
MS0W'BJSU[6K318KS4+;Q9<PP7/BJ&:1D\27,,-SK8OKB-)5?L*_+33JQ<XJ<
M7)\T8W;A*%3EA;G<8+EY))1=U?124N19_P`,0Q6:NADE?#9?C98&5+!JG@,3
M5]E2P-7"XW+UB<9#$5<OH8C%UEBH8O!RJ8VE[&"4IUO8XG#?FA9_\%%OVIG^
M(?PR_9YOO@W^S?)\=_'/C[P=#JVMZ'\6?'NM_!C1OA;XT_9X^(G[1=IJ=KK5
MMX('BK4?B!I.C_#?5_#4WAY=-&C:R=6\,^,K#5[31-8>RL_/OAW_`,%:?CWX
MN\(?"6+4O@3\$-/^(W[4_@[X$^-_V;X=+^+/BG5/`/A;1_C-\3+KX6F/]H;5
MSX0AU7P_J.AZE:1ZYIEEX/L]8/B@W%UX/MI;'7=#O+NX_7'P5^R9^S!\-M/T
MW3?AI^SU\%?AO;:%KVM^+O#I\"?##P9X7E\-^+O$?A/4?`VK^*M!DTC1K;^R
MO$-WX,U._P#"4FJVBQ77_",7,GA_?_9!^QUY)\"?^"=G[)'P'^`UK^SMI_P0
M^%7C+PM?^%/"7A/XE:QXM^&'@"[UWXT/X.C0Z%XB^*TUOX>@M_%WB.TO))-7
MBU34H9I[?6YKG5[-K:^G>:I]AB[Q_?*SC*4W=-77LW%<KA[S<7-.=HVDU/E;
M]U]\<_X!EAZCGPM+VZJX.%-1E54ZLO9XV6+Q4IO&.-&E&N\OJT\`G552G"OA
M?K-.%65=?!-]_P`%5_C0-9\;Z=!\(?@%H]E\"?@MX[\9_'/Q%XJ^+WCU/#=_
M\2O!_P"T9\2?V6-.\/\`PBU+PQ\,O$NJ^(O!WBCX@^![37-'U/4O#J^)I=+U
M,^$(/#=QXL:';\[_`!C_`."G7[6-]X=.I6&A^#?A[!X!^&'_``4AL_C'X=T>
M?QYX!\0>*O$O[-OPT_9[\<>`?%/@*7XB>`)O&_PVU33K#XO$)H7C+PZ\J:B=
M1N=5M;BSBTM1^\,'[+/[,PT&X\'Q?L\_!.'PM>_#FV^#][X>C^&'@Y-&O/A3
M8:S>>);'X<76FII"VMQX+LO$FJ:GXCL_#LT<FF6NOZC?ZS!;QZC>7-S+R$G[
M#'[%DWA?3/!T_P"R7^SE/X3TJ_\`$^LZ?X<E^#?@*32+76/''AJU\%^-M6BL
MY-#>+^TO&?A*RLO#?B^^=7NO$^C6=GI^N2W]O:6Z1S4P^+Y;?6(IOD6UK/FC
M+E3C':48VNMKNZ]ZRZ<MXJ\/L)BX5ZO!4ZM*%2JH476C7B\/6P%;#R<_K%:=
MZ\<5B?K%)OF5&,,/R357#JI+\X/B=_P5=^*OPZL_B1XYE^!?PTU3X;7.N_M:
M^!_@3I<'Q0UNU^*%YXX_8^U6[TOQA)\9M`;PL=,\(>$_'LVEZM-HE_X:O==O
M_!<MQX/MO$UCJ,WC"V;3OOG]F[]H_P`?>/++XM^&_C?X*\'>'?B?\&/C'K/P
MG\3_`/"J/$&M>)?`.LM;^#/`GC[2=8T&_P#%^C>&_$<>=#\?Z;I>IVVI:7$R
MZOI=_<6KM97%LJ>FWW[)G[+.J>)_B%XWU+]F_P"!E_XP^+&F2:-\3_%%Y\*_
M!5SK_P`0=)OI[6XOM.\7ZM-HKWFO6FH7&EZ7/JD.HRW"ZI-I6DRZA]I?2[`P
M>I6'@'P)HU]XBU+2?!?A73=2\8:XWBCQ;?V&@Z;:7GB;Q+)I>E:$_B#7KBWM
MXY=5UE]%T+1-)?4KUI[MM.TC3K,S?9[.WCCWIT\2JC;J\R:5H]+6:D](IIMN
M#23?*DX^\K-?/X[-N$L3@:>&PO#E3#XA<U2IB_;S=1R4L'["G&+KSARTJ*QE
0.O4MS8NK4HXEPH23HQ__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
