<SEC-DOCUMENT>0000930413-18-001889.txt : 20180523
<SEC-HEADER>0000930413-18-001889.hdr.sgml : 20180523
<ACCEPTANCE-DATETIME>20180523083942
ACCESSION NUMBER:		0000930413-18-001889
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180523
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180523
DATE AS OF CHANGE:		20180523

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:		18854132

	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>c91259_8k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
May 23, 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; width: 34%; text-align: center; font: 10pt Times New Roman, Times, Serif">Delaware</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif">001-09097</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif">31-1095548</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction<BR>
of incorporation)</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(Commission File No.)</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 69%; text-align: center; font: 10pt Times New Roman, Times, Serif">7720 Paragon Road Dayton, Ohio </TD>
    <TD STYLE="width: 31%; text-align: center; font: 10pt Times New Roman, Times, Serif">45459</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">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 2%; font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities
    Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">Emerging growth company</TD>
    <TD STYLE="width: 35%; font: 10pt Wingdings">o</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Item 2.02.</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Results of Operations and Financial Condition</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.3pt">On May 23, 2018, REX American Resources Corporation
issued a press release announcing financial results for the three month period ended April 30, 2018. The press release is furnished
as Exhibit 99 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.3pt">&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: 7%"><FONT STYLE="font-size: 10pt">Item 9.01.</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Financial Statements and Exhibits</FONT></TD></TR>
</TABLE>
<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: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">Exhibits. The following exhibits are furnished with this report:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">99 &nbsp;<A HREF="c91259_ex99.htm">Press Release dated May 23, 2018</A></FONT></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: 0; text-align: center">SIGNATURES</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">REX AMERICAN RESOURCES CORPORATION</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: May 23, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ DOUGLAS L. BRUGGEMAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: middle; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 60%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%; vertical-align: middle; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 25%; vertical-align: middle; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Douglas L. Bruggeman</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        Vice President - Finance,<BR>
        Chief Financial Officer <BR>
and Treasurer</TD>
    <TD>&nbsp;</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>c91259_ex99.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">Exhibit 99</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><IMG SRC="x1_c91259a001.jpg" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt 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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REX AMERICAN RESOURCES REPORTS</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FIRST QUARTER DILUTED EPS OF $1.45</B></P>

<P STYLE="font: 14pt 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 23, 2018) -- REX American
Resources Corporation (NYSE: REX) (&ldquo;REX&rdquo; or &ldquo;the Company&rdquo;) today reported financial results for its fiscal
2018 first quarter (&ldquo;Q1 &rsquo;18&rdquo;) ended April 30, 2018. 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; border-top: Black 1px solid; border-left: Black 1px solid; font-size: 10pt; padding-top: 2pt; padding-left: 3pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Conference Call:</B></FONT></TD>
    <TD STYLE="width: 77%; border-top: Black 1px solid; border-right: Black 1px solid; font-size: 10pt; padding-top: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 231-2924</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid; font-size: 6pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1px solid; font-size: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid; font-size: 10pt; padding-left: 3pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Webcast / Replay URL:</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>www.rexamerican.com/Corp/Page4.aspx</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid; font-size: 6pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1px solid; font-size: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The webcast will be available for replay for 30 days</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">REX American Resources&rsquo; Q1 &rsquo;18
results principally reflect its interests in six ethanol production facilities and its refined coal operation. One Earth Energy,
LLC (&ldquo;One Earth&rdquo;) and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) are consolidated, while those of its four other ethanol
plants are reported as equity in income of unconsolidated ethanol affiliates. REX&rsquo;s financial results also reflect the refined
coal entity acquired by the Company in fiscal 2017. The Company reports results for its two business segments as ethanol and by-products,
and refined coal.</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 &rsquo;18 net sales and
revenue were $120.8 million, compared with $113.1 million in Q1 &rsquo;17, primarily reflecting the increased ethanol gallons sold
as well as higher average selling prices for dried and modified distillers grains during the quarter, which offset lower average
selling prices for ethanol. The Company&rsquo;s Q1 &rsquo;18 gross profit for its ethanol and by-products segment increased to
$13.5 million, from $12.5 million in the comparable prior year period. Equity in income of unconsolidated ethanol affiliates in
Q1 &rsquo;18 was flat at $0.7 million, compared to Q1 &rsquo;17. This led to income before income taxes of $11.0 million in Q1
&rsquo;18, compared to $8.9 million in Q1 &rsquo;17 for the ethanol and by-products segment. The Company also recorded a gross
loss from its refined coal operation of $2.7 million in Q1 &rsquo;18. While gross profit and income before income taxes were negatively
impacted, the Company was able to recognize benefits related to its refined coal operation in the form of a lower effective tax
rate. The Company reported income from continuing operations before income taxes and non-controlling interests in Q1 &rsquo;18
of $7.6 million, compared with $8.0 million in Q1 &rsquo;17.</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;18 more than doubled to $9.5 million, from $4.5 million in Q1 &rsquo;17, primarily reflecting lower tax rates related
to the Company&rsquo;s refined coal operation and the December 2017 passage of the 2017 Tax Cuts and Jobs Act. Q1 &rsquo;18 diluted
net income per share attributable to REX common shareholders was $1.45 per share, compared to $0.69 per share in Q1 &rsquo;17.</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">Per share results in Q1 &rsquo;18 and
Q1 &rsquo;17 are based on 6,571,000 and 6,593,000 diluted weighted average shares outstanding, respectively.</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: bottom">
    <TD STYLE="width: 86%; font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1 &rsquo;18 Results, 5/23/18</B></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">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"><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" 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">&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: 5.4pt">($ 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="font-size: 6pt">&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">2018</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</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: 5.4pt">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: 74%; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ethanol&nbsp;&amp; By-Products <I><SUP>(1)</SUP></I></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">120,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">113,143</TD><TD STYLE="width: 3%; 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: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Refined coal <I><SUP>(2) (3)</SUP></I></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">140</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">-</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: 5.4pt">Total net sales and revenues</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">120,820</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">113,143</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt; padding-left: 5.4pt">&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: 5.4pt">Gross 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="padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ethanol&nbsp;&amp; By-Products <I><SUP>(1)</SUP></I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,489</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; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Refined coal <I><SUP>(2)</SUP></I></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">(2,695</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">-</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: 5.4pt">Total gross profit</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">10,851</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">12,489</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt; padding-left: 5.4pt">&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: 5.4pt">Income (loss) before income taxes:</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-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ethanol &amp; By-Products <I><SUP>(1)</SUP></I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,923</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: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Refined coal <I><SUP>(2)</SUP></I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,859</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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; padding-left: 5.4pt">Corporate and other</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">(501</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">(921</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: 5.4pt">Total income before income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">7,649</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,002</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&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="font-weight: bold; text-align: left; padding-left: 5.4pt">Benefit (provision) for income taxes:</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-left: 5.4pt">Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,420</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,705</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Refined coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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; padding-left: 5.4pt">Corporate and other</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">124</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">315</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; padding-left: 5.4pt">Total benefit (provision) before income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">2,703</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">(2,390</TD><TD STYLE="padding-bottom: 3px; text-align: left">)</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&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: 5.4pt">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="padding-left: 5.4pt">Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,142</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: 5.4pt">Refined coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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; padding-left: 5.4pt">Corporate and other</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">(364</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">(598</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: 5.4pt">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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">9,496</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">4,544</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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
<TD STYLE="width: 4%"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 92%"><I>Includes results attributable to non-controlling interests of approximately 25% for One Earth
and approximately 1% for NuGen. </I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD><I>(2)</I></TD><TD STYLE="text-align: justify"><I>Includes results attributable to non-controlling interests of approximately 5%.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD><I>(3)</I></TD><TD STYLE="text-align: justify"><I>Refined coal sales are reported net of the cost of coal.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">REX
American Resources&rsquo; Chief Executive Officer, Zafar Rizvi, commented, &ldquo;Ethanol pricing remained pressured in the first
quarter based on industry supply levels and legislative uncertainty. However, our consolidated plants increased the volume of ethanol
sold by 9% over last year&rsquo;s first quarter and with the recovery in distillers grain pricing we grew the gross profit in the
ethanol and by-products segment by 8.5%. This growth, combined with the benefits of our refined coal operations and other tax reductions
enabled REX to more than double its net income and earnings per share in the first quarter of fiscal 2018 versus the same period
last year.</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"><FONT STYLE="background-color: white">&ldquo;With
our healthy balance sheet, including cash and short-term investments of $176 million and working capital of $220 million, we remain
well positioned in our continued efforts to build value for our shareholders.&rdquo;</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"><B>Balance Sheet and Share Repurchase
Program</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At April 30, 2018, REX had cash and cash
equivalents and short-term investments of $175.7 million, $60.0 million of which was at the parent company, and $115.7 million
of which was at its consolidated production facilities. This compares with cash and cash equivalents at January 31, 2018, of $191.0
million, $74.1 million of which was at the parent company, and $116.9 million of which was at its consolidated ethanol production
facilities.</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: bottom">
    <TD STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q1 &rsquo;18 Results, 5/23/18</B></TD>
    <TD STYLE="width: 40%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">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">On March 20, 2018, REX&rsquo;s Board of
Directors approved an increase in the Company&rsquo;s share repurchase program providing the Company with the authority to repurchase
up to an additional 500,000 shares of its common stock. During the first quarter of fiscal 2018, the Company purchased 126,141
shares at an average cost of $72.36. Reflecting the balance of the Company&rsquo;s prior repurchase authorization, REX is now authorized
to repurchase up to 525,732 shares of its common stock. The Company had 6,440,628 shares outstanding at April 30, 2018.</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">Repurchases by the Company will be subject
to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Share repurchases
may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable
securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required
to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. All shares purchased
will be held in the Company&rsquo;s treasury for possible future use.</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"><B>The following table summarizes select
data related to the</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Company&rsquo;s consolidated Ethanol
and By-Products interests:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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 STYLE="border-top: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid">Three Months<BR> Ended</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid">&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; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1px"><U>2018</U></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; padding-bottom: 1px"><U>2017</U></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 77%; padding-left: 5.4pt; border-left: Black 1px solid">Average selling price per gallon of ethanol</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">1.33</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">1.44</TD><TD STYLE="width: 2%; text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 1px solid">Average selling price per ton of dried distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">137.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100.06</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 1px solid">Average selling price per pound of non-food grade corn oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.28</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 1px solid">Average selling price per ton of modified distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41.91</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 1px solid">Average cost per bushel of grain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.47</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; border-bottom: Black 1px solid; border-left: Black 1px solid">Average cost of natural gas (per mmbtu)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3.46</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3.74</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&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"><B>Supplemental Data Related to REX&rsquo;s
Ethanol and By-Products Interests:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Corporation</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ethanol Ownership Interests/Effective Annual Gallons Shipped as of April 30, 2018</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(gallons in millions)</I></FONT></TD></TR>
</TABLE>

<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; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center; vertical-align: middle">Entity</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">Trailing
    Twelve Months Gallons Shipped</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">Current<BR>
    REX<BR>
    Ownership<BR>
    Interest</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">REX&rsquo;s
    Current Effective<BR> Ownership of Trailing Twelve<BR> Month Gallons Shipped</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>One
    Earth Energy, LLC</B><BR> (Gibson City, IL)</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">127.3</TD><TD STYLE="width: 8%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">75.1</TD><TD STYLE="width: 4%; border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="width: 4%; border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">95.6</TD><TD STYLE="width: 12%; border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>NuGen
    Energy, LLC</B><BR> (Marion, SD)</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">134.5</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">99.5</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">133.8</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>Big
    River Resources West Burlington, LLC</B><BR> (West Burlington, IA)</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">108.3</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">10.3</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">11.2</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>Big
    River Resources Galva, LLC</B><BR> (Galva, IL)</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">127.8</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">10.3</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">13.2</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>Big
    River United Energy, LLC</B><BR> (Dyersville, IA)</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">129.6</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">5.7</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">7.4</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White"><B>Big
    River Resources Boyceville, LLC</B><BR> (Boyceville, WI)</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">56.9</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">10.3</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">%</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">5.9</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 2pt; font-family: Arial, Helvetica, Sans-Serif; background-color: White">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">684.4</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-left: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">n/a</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">267.1</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; border-right: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; background-color: White">&nbsp;</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>
    <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: bottom">
    <TD STYLE="width: 84%; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: black">REX American Resources Q1
    &rsquo;18 Results, 5/23/18</FONT></TD>
    <TD STYLE="width: 16%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: black">page
    4</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">REX
will host a conference call at 11:00 a.m. ET today. Senior management will discuss the financial results and host a question and
answer session. The dial in number for the audio conference call is 212/231-2924</FONT> <FONT STYLE="font-weight: normal">(domestic
and international callers).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Participants can also listen to a live webcast
of the call on the Company&rsquo;s website, <U>www.rexamerican.com/Corp/Page4.aspx</U>. A webcast replay will be available for
30 days following the live event at <U>www.rexamerican.com/Corp/Page4.aspx</U>.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">REX American
Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 684 million gallons of
ethanol over the twelve month period ended April 30, 2018. REX&rsquo;s effective ownership of the trailing twelve month gallons
shipped (for the twelve months ended April 30, 2018) by the ethanol production facilities in which it has ownership interests
was approximately 267 million gallons. In addition, in fiscal 2017 the Company acquired a refined coal operation. Further information
about REX is available at <FONT STYLE="text-underline-style: none">www.rexamerican.com</FONT>.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 and refined coal plants operating efficiently and according to forecasts and projections, changes
in the international, national or regional economies, weather, results of income tax audits, changes in income tax laws or regulations
and the effects of terrorism or acts of war. 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: 0">&nbsp;</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: 60%; font: 10pt Arial, Helvetica, Sans-Serif"><B>Contact:</B></TD>
    <TD STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Douglas Bruggeman</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Joseph Jaffoni, Norberto Aja</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">JCIR</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(937) 276-3931</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 835-8500</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"><U>rex@jcir.com</U></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 84%; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: black">REX American Resources Q1 &rsquo;18 Results, 5/23/18</FONT></TD>
    <TD STYLE="width: 16%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: black">page
    5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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="padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: black; font-weight: bold; text-align: center; padding-bottom: 0">Three Months<BR> Ended<BR> April 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2018</TD>
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: center; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 76%; color: black; text-align: left; padding-bottom: 0">Net sales and revenue</TD><TD STYLE="width: 3%; color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 0">$</TD><TD STYLE="width: 7%; color: black; text-align: right; padding-bottom: 0">120,820</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 3%; color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 0">$</TD><TD STYLE="width: 7%; color: black; text-align: right; padding-bottom: 0">113,143</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black">Cost of sales</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">109,969</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">100,654</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Gross profit</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,851</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12,489</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(4,553</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,402</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Equity in income of unconsolidated ethanol affiliates</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">697</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">700</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Interest and other income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">654</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">215</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Income from continuing operations before income taxes and non-controlling interests</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,649</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">8,002</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Benefit (provision) for income taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">2,703</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(2,390</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Net income including non-controlling interests</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,352</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,612</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Net income attributable to non-controlling interests</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(856</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(1,068</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Net income attributable to REX common shareholders</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">9,496</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">4,544</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black">Weighted average shares outstanding &ndash; basic and diluted</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">6,571</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">6,593</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left">Basic and diluted net income per share attributable to REX common shareholders</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">1.45</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">0.69</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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


<!-- 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 84%; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: black">REX American Resources Q1 &rsquo;18 Results, 5/23/18</FONT></TD>
    <TD STYLE="width: 16%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: black">page
    6</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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="padding-bottom: 0; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; padding-bottom: 0">April&nbsp;30,</TD>
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; padding-bottom: 0">January&nbsp;31,</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"></TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; background-color: White">2018</TD>
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; background-color: White">2018</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt"><B>ASSETS:</B></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">CURRENT ASSETS:</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 76%; color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Cash and cash equivalents</TD><TD STYLE="width: 3%; color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left; padding-bottom: 0">$</TD><TD STYLE="width: 7%; color: black; font-weight: normal; text-align: right; padding-bottom: 0">64,246</TD><TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 3%; color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left; padding-bottom: 0">$</TD><TD STYLE="width: 7%; color: black; font-weight: normal; text-align: right; padding-bottom: 0">190,988</TD><TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Short-term investments</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">111,495</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">-</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Restricted cash</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">896</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">354</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Accounts receivable</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">21,263</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">12,913</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Inventory</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">26,088</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">20,755</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Refundable income taxes</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">7,861</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">6,612</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Prepaid expenses and other</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">8,056</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">7,412</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; padding-bottom: 0; text-indent: -10pt">Total current assets</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">239,905</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">239,034</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Property and equipment-net</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">193,969</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">197,827</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Other assets</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">7,444</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right; padding-bottom: 0">7,454</TD><TD STYLE="color: black; font-weight: normal; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Equity method investments</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">35,246</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">34,549</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">TOTAL ASSETS</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double; padding-bottom: 0">476,564</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double; padding-bottom: 0">478,864</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">LIABILITIES AND EQUITY </TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">CURRENT LIABILITIES:</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Accounts payable &ndash; trade</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">8,803</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">8,149</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Accrued expenses and other current liabilities</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">10,956</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">13,716</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; padding-bottom: 0; text-indent: -10pt">Total current liabilities</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">19,759</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">21,865</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">LONG TERM LIABILITIES:</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Deferred taxes</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">19,435</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">21,706</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Other long term liabilities</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">4,039</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">3,367</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; padding-bottom: 0; text-indent: -10pt">Total long term liabilities</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">23,474</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">25,073</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">COMMITMENTS AND CONTINGENCIES</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">EQUITY:</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">REX shareholders&rsquo; equity:</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Common stock, 45,000 shares authorized, 29,853 shares issued at par</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">299</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">299</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Paid in capital</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">146,981</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">146,923</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Retained earnings</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">557,409</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">547,913</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Treasury stock, 23,413 and 23,287 shares, respectively</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">(322,758</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">)</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">(313,643</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Total REX shareholders&rsquo; equity</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">381,931</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 0">381,492</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">Non-controlling interests</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">51,400</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">50,434</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; padding-bottom: 0; text-indent: -10pt">Total equity</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">433,331</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">431,926</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; padding-bottom: 0; text-indent: -10pt">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double; padding-bottom: 0">476,564</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double; padding-bottom: 0">478,864</TD><TD STYLE="color: black; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 84%; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: black">REX American Resources Q1 &rsquo;18 Results, 5/23/18</FONT></TD>
    <TD STYLE="width: 16%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: black">page
    7</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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="text-align: left; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: black; font-weight: bold; text-align: center">Three Months Ended <BR> April 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2018</TD>
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: center; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH FLOWS FROM OPERATING ACTIVITIES:</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: 76%; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 7%; color: black; text-align: right">10,352</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 7%; color: black; text-align: right">5,612</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Adjustments to reconcile net income to net
    cash (used in) provided by operating activities:</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="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Depreciation</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,920</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,934</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Income from equity method investments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(697</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(700</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Accrued interest income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(341</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Deferred income tax</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(2,271</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Stock based compensation expense</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">71</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">196</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Gain on disposal of real estate and property and equipment</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(8</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Changes in assets and 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; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; text-indent: -10pt">Accounts receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(8,350</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,705</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; text-indent: -10pt">Inventory</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,333</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(3,370</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; text-indent: -10pt">Other assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,894</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(30</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; text-indent: -10pt">Accounts payable-trade</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,011</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,308</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 20pt; text-indent: -10pt">Other liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(1,980</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">723</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 30pt; text-indent: -10pt">Net cash (used in) provided by operating activities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(3,520</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">8,765</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH FLOWS FROM INVESTING ACTIVITIES:</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="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Capital expenditures</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(3,061</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,905</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Purchase of short-term investment</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(111,154</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Restricted investments and deposits</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">51</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Other</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">6</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">6</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 30pt; text-indent: -10pt">Net cash used in investing activities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(114,204</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(5,848</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH FLOWS FROM FINANCING ACTIVITIES:</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="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Treasury stock acquired</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(8,586</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Capital contributions from minority investor</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">110</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 30pt; text-indent: -10pt">Net cash used in financing activities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(8,476</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 0; text-indent: 0">NET (DECREASE) INCREASE IN CASH, CASH
    EQUIVALENTS AND RESTRICTED CASH</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(126,200</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,917</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of period</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">191,342</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">188,706</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of period</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">65,142</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">191,623</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; 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: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">142</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">1,284</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Non cash financing activities &ndash; Stock awards accrued</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">167</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Non cash financing activities &ndash; Accrued common stock repurchases</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">542</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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_c91259a001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 x1_c91259a001.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" !5 * # 2(  A$! Q$!_\0
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M]H;1M%U&8WOB[Q)-:13//:^&O"MBTNNZE=Q&(Q3-!9-%9S216]Z]M-<0J_\
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MKGX5_LX:QK'@JS1I40?:?&OC[6_$?A@,KR1!II-6LI\%I$"6ZW('WY\,)O\
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MT444B@HHHH S]3E>"U>>*/S9X=TEO"TS0133B*18HIY55@L<CL -RE3)LZG
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MX,^)>C2QK+*F@:K&VK:?N*!H]5T"\6TUW2)8WDC22'4].M'1G (K\#?VB/\
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MEY(_>\F^F!X_Y-1A07'%;,Z<).2_MK!8/,9N]O=E.K24YQ5M.:3DKNTK:'\
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MBJHL8;'2H[J*UM,RE%/ECM9;6V6W;\14L]SFG%*GF>-BKJ=EB*B7-:/O6O\
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..2>ZU^*3WN[][N][L_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
