<SEC-DOCUMENT>0000930413-19-002414.txt : 20190829
<SEC-HEADER>0000930413-19-002414.hdr.sgml : 20190829
<ACCEPTANCE-DATETIME>20190829084917
ACCESSION NUMBER:		0000930413-19-002414
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190829
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190829
DATE AS OF CHANGE:		20190829

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:		191063778

	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>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>c94201_8k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
August 29, 2019</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">Delaware</FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="color: black">001-09097</FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">31-1095548</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; text-align: center"><FONT STYLE="color: black">7720 Paragon Road Dayton, Ohio </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">45459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</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 STYLE="width: 35%; text-align: center"><FONT STYLE="color: black"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="color: black"><B>Trading symbol</B></FONT></TD>
    <TD STYLE="width: 45%; text-align: center"><FONT STYLE="color: black"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">Commons stock, $0.01 par value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">REX</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">New York Stock Exchange</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: top">
    <TD STYLE="width: 67%"><FONT STYLE="color: black">Emerging growth company</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Wingdings; color: black">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <TD STYLE="width: 10%"><FONT STYLE="color: black">Item 2.02.</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="color: black">Results of Operations and Financial Condition</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">On August 29, 2019, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended July 31, 2019. The press release
is furnished as Exhibit 99 to this report.</P>

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

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<TR>
    <TD><FONT STYLE="color: black">Item 9.01.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="color: black">Financial Statements and Exhibits</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="color: black">(c)</FONT></TD>
    <TD STYLE="width: 80%">Exhibits. The following exhibits are furnished with this report:</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>99 &nbsp;&nbsp;<A HREF="c94201_ex99.htm" STYLE="-sec-extract: exhibit">Press Release dated August 29, 2019</A></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="color: black">REX AMERICAN RESOURCES CORPORATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: black">Date: August 29, 2019</FONT></TD>
    <TD><FONT STYLE="color: black">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="color: black">/s/ DOUGLAS L. BRUGGEMAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Name: Douglas L. Bruggeman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Title:&nbsp;&nbsp;&nbsp;Vice President - Finance,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 40pt"><FONT STYLE="color: black">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 40pt"><FONT STYLE="color: black">and Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: bold 8pt Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="c94201a001.jpg" ALT=""></P>

<P STYLE="font: bold 8pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-weight: bold; text-align: left">NEWS ANNOUNCEMENT</td>
    <TD STYLE="width: 49%; font-weight: bold; text-align: right">For Immediate Release</td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REX AMERICAN RESOURCES REPORTS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECOND QUARTER DILUTED EPS OF $0.36</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dayton, Ohio, (August 29, 2019) -- REX American
Resources Corporation (NYSE: REX) (&ldquo;REX&rdquo; or &ldquo;the Company&rdquo;) today reported financial results for its fiscal
2019 second quarter (&ldquo;Q2 &lsquo;19&rdquo;) ended July 31, 2019. 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="font: 10pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt"><FONT STYLE="color: black"><B>Conference
    Call:</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; border-right: Black 1px solid; width: 68%"><FONT STYLE="color: black">212/231-2930</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1px solid; padding-left: 5pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1px solid"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1px solid; padding-left: 5pt"><FONT STYLE="color: black"><B>Webcast / Replay URL:</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid"><FONT STYLE="color: Blue"><U>www.rexamerican.com/Corp/Page4.aspx</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1px solid; padding-left: 5pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1px solid"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid"><FONT STYLE="color: black">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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources&rsquo; Q2 &lsquo;19
results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy,
LLC (&ldquo;One Earth&rdquo;) and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) ethanol production facilities are consolidated, as is
the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol
affiliates. 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 Q2 &lsquo;19 net sales and revenue
were $105.9 million compared with $128.8 million in Q2 &lsquo;18. While ethanol and corn oil pricing remained stable on a year-to-year
basis, lower Q2 &rsquo;19 ethanol production and lower distiller grain pricing led to the decline in year-over-year net sales and
revenue. Primarily reflecting these factors and higher corn prices, the Company&rsquo;s Q2&lsquo;19 gross profit for its ethanol
and by-products segment was $6.2 million, compared with $13.7 million in Q2 &lsquo;18. As a result, the ethanol and by-products
segment income before income taxes was $3.1 million in Q2 &lsquo;19, compared to $10.1 million in Q2 &lsquo;18. The Company&rsquo;s
refined coal operation incurred a $2.2 million gross loss and a $2.0 million loss before income taxes in Q2 &lsquo;19, compared
to a $4.3 million gross loss and a loss before income taxes of $4.8 million in Q2 &lsquo;18. REX reported Q2 &lsquo;19 income before
income taxes and non-controlling interests of $0.7 million, compared with $4.9 million in the comparable year ago period. While
the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $3.2
million and $7.6 million for Q2 &rsquo;19 and Q2 &lsquo;18, respectively. The year-over-year decline in the refined coal gross
loss, loss before taxes and the lower year-over-year tax benefits are related to lower production levels.</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 Q2 &lsquo;19 was $2.3 million, compared to $9.2 million in Q2 &lsquo;18. Q2 &lsquo;19 basic and diluted net income per share
attributable to REX common shareholders was $0.36, compared to $1.43 per share in Q2 &lsquo;18. Per share results in Q2 &lsquo;19
and Q2 &lsquo;18 are based on 6,318,000 and 6,466,000 diluted weighted average shares outstanding, respectively.</P>

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

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

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    <TD STYLE="width: 84%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>REX
    American Resources Q2 &rsquo;19 Results, 8/29/19</B></FONT></td>
    <td style="width: 16%; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 2</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Segment Income Statement Data:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><B>Three Months<BR> Ended</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><B>Six Months<BR> Ended</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>($ in thousands)</TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><B>July 31,</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><B>July 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1px solid; text-align: center"><B>2019</B></TD><TD STYLE="border-bottom: Black 1px solid; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1px solid; text-align: center"><B>2018</B></TD><TD STYLE="border-bottom: Black 1px solid; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1px solid; text-align: center"><B>2019</B></TD><TD STYLE="border-bottom: Black 1px solid; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1px solid; text-align: center"><B>2018</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net sales and revenue:</TD><TD>&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>&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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 54%"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Ethanol &amp; By-Products <i><sup>(1)</sup></i></font></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">105,770</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">128,491</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">210,223</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">249,171</TD><TD STYLE="width: 2%; 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"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Refined coal<i> <sup>(2) (3)</sup></i></font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">98</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">266</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">220</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">406</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">Total net sales and revenue</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">105,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">128,757</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">210,443</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">249,577</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&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>&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>&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>&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">Gross profit (loss):</TD><TD>&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>&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>&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>&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><font style="font: 8pt Arial, Helvetica, Sans-Serif">Ethanol &amp; By-Products <i><sup>(1)</sup></i></font></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,669</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,215</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"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Refined coal <i><sup>(2)</sup></i></font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,165)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,270)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,634)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(6,965)</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">Total gross profit</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">4,004</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">9,399</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">7,650</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">20,250</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&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>&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>&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>&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">Income (loss) before income taxes:</TD><TD>&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>&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>&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>&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><font style="font: 8pt Arial, Helvetica, Sans-Serif">Ethanol &amp; By-Products <i><sup>(1)</sup></i></font></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,086</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"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Refined coal <i><sup>(2)</sup></i></font></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,028)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,788)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,703)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,647)</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">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(352)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(430)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(712)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(931)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Total income before income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">731</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">4,859</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">898</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">12,508</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&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>&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>&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>&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">Benefit (provision) for income taxes:</TD><TD>&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>&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>&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>&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>Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(619)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,029)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,105)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,449)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Refined coal</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,596</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">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">86</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">63</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">174</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">187</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">Total benefit for income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">2,622</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">5,631</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">6,170</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">8,334</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&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>&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>&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>&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">Segment profit (loss):</TD><TD>&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>&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>&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>&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>Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,150</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">Refined coal</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,289</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">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(265)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(362)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(539)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(726)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Net income attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">2,256</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">9,217</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">5,077</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">18,713</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 3%"><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>(1)</i></font></td>
    <TD STYLE="width: 94%"><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>Includes results attributable to non-controlling interests of approximately 25% for One Earth and approximately 1% for NuGen. </i></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>(2)</i></font></td>
    <TD><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>Includes results attributable to non-controlling interests of approximately 5%.</i></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>(3)</i></font></td>
    <TD><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><i>Refined coal sales are reported net of the cost of coal.</i></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"><FONT STYLE="background-color: white">REX
American Resources&rsquo; Chief Executive Officer, Zafar Rizvi, commented, &ldquo;Challenging industry conditions persisted in
the fiscal 2019 second quarter as we began to be impacted by the rise in corn prices and tightening corn supply related to unfavorable
spring planting conditions which led to lower ethanol production. Higher input expenses combined with the decline in DDG pricing
and lower ethanol and refined coal production resulted in quarterly earnings per share of $0.36. The industry continues to face
headwinds related to small refinery waivers decreasing the Refined Fuel Standard obligations as well as current crop conditions
pacing behind historical trends.</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;While
conditions in fiscal 2019 to date have been challenging, we remain confident in our disciplined operating approach and the value
of ethanol as a worldwide fuel supply. We remain focused on near- and long-term opportunities to enhance shareholder value as we
seek to leverage our robust balance sheet, including cash, cash equivalents and short-term investments in excess of $212 million
and working capital of $237 million.&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: center">-more-</P>

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<tr style="vertical-align: top">
    <td style="width: 84%; font-weight: bold; font-size: 10pt">REX American Resources Q2 &rsquo;19 Results, 8/29/19</td>
    <td style="width: 16%; font-size: 10pt; text-align: right">page 3</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>Balance Sheet</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">At
July 31, 2019, REX had cash and cash equivalents and short-term investments of $212.2 million, $59.8 million of which was at the
parent company, and $152.4 million of which was at its consolidated production facilities. This compares with cash and cash</FONT><FONT STYLE="background-color: white">
</FONT><FONT STYLE="font-size: 10pt">equivalents at January 31, 2019, of $203.5 million, $54.8 million of which was at the parent
company, and $148.7 million of which was at its consolidated ethanol production facilities.</FONT></P>

<P STYLE="font: 12pt 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 REX&rsquo;s</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>consolidated alternative energy interests:</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">&nbsp;</TD><TD STYLE="text-align: left; border-top: 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three Months</B></FONT><BR> <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ended</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Six Months</B></FONT><BR> <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ended</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 5pt">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>July 31,</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>July 31,</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; text-align: left; border-left: Black 1px solid; padding-left: 5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1px; font-weight: bold; text-align: center"><U>2019</U></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1px; font-weight: bold; text-align: center"><U>2018</U></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1px; font-weight: bold; text-align: center"><U>2019</U></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1px; font-weight: bold; text-align: center"><U>2018</U></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 63%; text-align: left; border-left: Black 1px solid; padding-left: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Average selling price per gallon of ethanol</font></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">1.38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">1.38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">1.32</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">1.35</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Average selling price per ton of dried distillers grains</font></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">148.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">138.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">143.28</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="text-align: left; border-left: Black 1px solid; padding-left: 5pt">Average selling price per pound of non-food grade corn oil</TD><TD STYLE="text-align: left">&nbsp;</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">0.24</TD><TD STYLE="text-align: left">&nbsp;</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">0.24</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Average selling price per ton of modified distillers grains</font></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">53.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">63.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">67.81</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="text-align: left; border-left: Black 1px solid; padding-left: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Average cost per bushel of grain</font></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.55</TD><TD STYLE="text-align: left; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: left; padding-left: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Average cost of natural gas (per mmbtu)</font></TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2.63</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2.86</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.16</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.16</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: 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
alternative energy interests:</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid"><P STYLE="margin: 0pt 0; text-align: center"><B>REX
                                                                                                                                                                                                                    American
                                                                                                                                                                                                                    Resources
                                                                                                                                                                                                                    Corporation</B><BR>
                                                                                                                                                                                                                    <B>Ethanol
                                                                                                                                                                                                                    Ownership
                                                                                                                                                                                                                    Interests/Effective
                                                                                                                                                                                                                    Annual
                                                                                                                                                                                                                    Gallons
                                                                                                                                                                                                                    Shipped
                                                                                                                                                                                                                    as
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    July
                                                                                                                                                                                                                    31,
                                                                                                                                                                                                                    2019</B></P>

<P STYLE="margin: 0pt 0; text-align: center"><B>(gallons in millions)</B></P>

</TD></tr>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; text-align: center"><B>Entity</B></td>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-right: black 1px solid; border-bottom: black 1px solid; text-align: center"><B>Trailing</B><BR>
    <B>Twelve</B><BR> <B>Months</B><BR> <B>Gallons</B><BR> <B>Shipped</B></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1px solid; border-bottom: black 1px solid; text-align: center; vertical-align: middle"><B>Current</B><BR>
    <B>REX</B><BR> <B>Ownership</B><BR> <B>Interest</B></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1px solid; border-bottom: black 1px solid; text-align: center; vertical-align: middle"><B>REX&rsquo;s
    Current Effective</B><BR> <B>Ownership of Trailing Twelve</B><BR> <B>Month Gallons Shipped</B></TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt; width: 45%"><B>One
    Earth Energy, LLC</B> (Gibson City, IL)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; width: 9%; padding-top: 2pt; padding-bottom: 2pt">141.5</td>
    <TD STYLE="width: 5%; border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; width: 9%; padding-top: 2pt; padding-bottom: 2pt">75.2%</td>
    <TD STYLE="width: 5%; border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; width: 15%; padding-top: 2pt; padding-bottom: 2pt">106.4</td>
    <TD STYLE="width: 12%; border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt"><B>NuGen
    Energy, LLC</B> (Marion, SD)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">124.2</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">99.5%</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">123.6</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt"><B>Big
    River Resources West Burlington, LLC</B> (West Burlington, IA)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">109.1</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">10.3%</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">11.2</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt"><B>Big
    River Resources Galva, LLC </B>(Galva, IL)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">127.6</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">10.3%</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">13.1</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt"><B>Big
    River United Energy, LLC </B>(Dyersville, IA)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">132.3</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">5.7%</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">7.5</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding: 2pt"><B>Big
    River Resources Boyceville, LLC</B> (Boyceville, WI)</td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">58.2</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">10.3%</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right; padding-top: 2pt; padding-bottom: 2pt">6.0</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></tr>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><B>Total</B></td>
    <TD STYLE="border-bottom: black 1px solid; text-align: right"><B>692.9</B></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right"><B>n/a</B></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; text-align: right"><B>267.8</B></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: 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">-more-</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 84%; font-weight: bold; font-size: 10pt">REX American Resources Q2 &rsquo;19 Results, 8/29/19</td>
    <td style="width: 16%; font-size: 10pt; text-align: right">page 4</td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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 quarterly financial results and host a question
and answer session. The dial in number for the audio conference call is 212/231-2930 (domestic and international callers).</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">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources has interests in
six ethanol production facilities, which in aggregate shipped approximately 693 million gallons of ethanol over the twelve month
period ended July 31, 2019. REX&rsquo;s effective ownership of the trailing twelve month gallons shipped (for the twelve months
ended July 31, 2019) by the ethanol production facilities in which it has ownership interests was approximately 268 million gallons.
In addition, the Company acquired a refined coal operation on August 10, 2017. Further information about REX is available at <U>www.rexamerican.com</U>.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This news announcement contains or may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified
by use of forward-looking terminology such as &ldquo;may,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;anticipate&rdquo; or &ldquo;continue&rdquo; or the negative thereof or other variations thereon or comparable terminology.
Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from
those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time
to time in the Company&rsquo;s filings with the Securities and Exchange Commission and include among other things: the impact of
legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade 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, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 75%"><FONT STYLE="color: black"><B>Contact:</B></FONT></td>
    <TD STYLE="width: 25%">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Douglas Bruggeman</FONT></td>
    <TD><FONT STYLE="color: black">Joseph Jaffoni, Norberto Aja</FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Chief Financial Officer</FONT></td>
    <TD><FONT STYLE="color: black">JCIR</FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">(937) 276-3931</FONT></td>
    <TD><FONT STYLE="color: black">(212) 835-8500</FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><U>rex@jcir.com</U></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 84%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>REX
    American Resources Q2 &rsquo;19 Results, 8/29/19</B></FONT></td>
    <td style="width: 16%; font-weight: bold; font-size: 10pt; text-align: right"><font style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 5</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Three Months</B></FONT><BR> <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ended</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Six Months</B></FONT><BR> <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ended</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>July 31,</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>July 31,</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2019</U></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2018</U></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2019</U></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2018</U></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left">Net sales and revenue</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$105,868</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$128,757</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$210,443</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$249,577</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">Cost of sales</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">101,864</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">119,358</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">202,793</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">229,327</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,764)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,110)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,496)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,663)</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">Equity in (loss) income of unconsolidated ethanol affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,571</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">Interest and other income, net</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,252</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">696</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">2,379</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,350</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Income before income taxes and non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,508</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">Benefit for income taxes</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,622</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">5,631</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">6,170</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">8,334</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Net income including non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,490</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,842</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">Net income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,097)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,273)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,991)</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">(2,129)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">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">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$2,256</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$9,217</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$5,077</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$18,713</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 3px">Weighted average shares outstanding &ndash; basic and diluted</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">6,318</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">6,466</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">6,317</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">6,517</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Basic and diluted net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$0.36</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$1.43</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$0.80</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">$2.87</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 84%; font-weight: bold; font-size: 10pt">REX American Resources Q2 &rsquo;19 Results, 8/29/19</td>
    <td style="width: 16%; font-size: 10pt; text-align: right">page 6</td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><B>July 31,</B></FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><B>January 31,</B></FONT></TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-left: 0.75pt">ASSETS</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center">2019</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center">2019</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.75pt">Cash and cash equivalents</TD><TD STYLE="width: 8%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 8%; font-weight: normal; text-align: right">212,232</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 8%; font-weight: normal; text-align: right">188,531</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Restricted cash</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">222</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">281</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">Short-term investments</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">14,975</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Accounts receivable</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">7,682</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">11,378</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,071</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,477</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: 0.75pt">Refundable income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,683</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,695</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: 0.75pt">Prepaid expenses 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">9,102</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">9,284</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,621</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Property and equipment-net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,521</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: 0.75pt">Operating lease right-of-use assets</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">18,974</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Other assets</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12,749</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">6,176</TD><TD STYLE="font-weight: normal; 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: 0.75pt">Equity method investment</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">32,440</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">32,075</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: 0.75pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">494,705</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">471,393</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Accounts payable &ndash; trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,463</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Current operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,275</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: 0.75pt">Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">8,115</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">9,546</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: 1px; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">22,267</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">17,009</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">LONG TERM LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,185</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: 0.75pt">Long-term operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,137</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: 0.75pt">Other long-term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,670</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">4,928</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Total long-term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">21,948</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">9,113</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-left: 0.75pt">COMMITMENTS AND CONTINGENCIES EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">REX shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Common stock, 45,000 shares authorized, 29,853 shares issued at par</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,273</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">584,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">579,558</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: 0.75pt">Treasury stock, 23,561 and 23,580 shares, respectively</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(335,080)</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">(335,193)</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-left: 0.75pt">Total REX shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; padding-left: 0.75pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">51,912</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">52,334</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: 1px; padding-left: 10pt">Total equity</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">450,490</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">445,271</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 0.75pt">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">494,705</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">471,393</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 84%; font-weight: bold; font-size: 10pt">REX American Resources Q2 &rsquo;19 Results, 8/29/19</td>
    <td style="width: 16%; font-size: 10pt; text-align: right">page 7</td></tr>
</table>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><B>Six Month Ended</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: black"><B>July 31,</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2019</U></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><U>2018</U></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 77%; text-align: left">Net income</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$7,068</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">$20,842</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,033</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">Amortization of operating lease right-of-use assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,992</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">Income from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(365)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,571)</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">Dividends received from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest income from investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(815)</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">Deferred income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,294)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,938)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stock based compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">443</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">Loss on disposal of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in assets and liabilities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,696</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,735)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,594)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,416)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,443)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable-trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,002</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: 10pt">Other liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,927)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,262)</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: 1px; padding-left: 20pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">12,492</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">18,247</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,449)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,813)</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">Purchases of short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(111,154)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales of short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</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">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">12</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">18</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: 1px; padding-left: 20pt">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">13,563</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">(116,949)</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Treasury stock acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,648)</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">Payments to noncontrolling interests holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,598)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,699)</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">Capital contributions from minority investor</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">185</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">246</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,413)</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">(18,101)</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">NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116,803)</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">CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">188,812</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">191,342</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">CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">212,454</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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">74,539</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Non cash financing activities &ndash; Equity awards issued</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">487</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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">1,473</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px">Non cash financing activities &ndash; Equity awards accrued</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">171</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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">335</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">5</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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">469</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px">Initial right-of-use assets and liabilities recorded upon adoption of ASC 842</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">20,918</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">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">-</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Right-of-use assets acquired and liabilities assumed upon lease execution</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">432</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">-</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

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