Copyright © 2016 TTX Company. Confidential: Not for Distribution. 1

Midwest Association of Rail Shippers:
TTX Fleet & Market Update
Frank Adcock, Assistant Vice President Marketing
July 12, 2016

TTX Overview
TTX functions as the industry’s railcar cooperative, operating under pooling authority granted by the Surface Transportation Board
» $1.5 billion company, serves/owned by North America’s leading railroads
» TTX owns/maintains a national pool of over 230,000 railcars/wells: o Intermodal o Automotive o General Merchandise
» Owners enjoy financial/operational benefits matched to business needs: o Empty mile reduction o Capital outlay elimination o Risk mitigation
» Rail customers benefit from a consistent fleet of free-running cars
» TTX is not a leasing company – TTX is a pooling company
3 Copyright © 2016 TTX Company. Confidential: Not for Distribution.

Summary of TTX’s forecasts for leading economic indicators
Economic Indicator 2015
Actual
2016
Forecast
GDP 1
Consumer Spending 1
Retail Sales
Investment 1
Housing Starts 3
US Vehicle Prod.
(000)
US Vehicle Sales (000)
Industrial Prod.
2
Mexico GDP 1*
Canada GDP 1*
2.4%
3.1%
2.1%
2.8%
1.11
11,770
17,415
1.3%
2.5%
1.2%
1.6%
2.6%
3.1%
-0.2%
1.26
12,128
17,625
-1.0%
2.3%
1.5%
Source: Bureau of Economic Analysis, Moody’s Analytics, Autocast
1: SAAR, real % change 2: Year-over-Year %Change 3: Millions, annualized rate *Actual data through 3Q15 & 4Q15 estimated
Copyright © 2016 TTX Company. Confidential: Not for Distribution. 4

International Intermodal & 40-ft Wells
Market Segment 2014
Containerized Imports
Containerized Exports
International Intermodal
PSW Transloads
All-water share
6.3%
-2.4%
4.8%
31.9%
30.6%
2015
5.2%
-5.2%
2.3%
33.0%
33.9%
2016
Forecast
4.6%
1.9%
1.7%
33.8%
34.1%
Source: TTX, PIERS/JOC/IHS
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Domestic Intermodal & 53-ft Wells
105%
100%
95%
90%
85%
80%
75%
70%
Market Segment 2014 2015
Domestic Intermodal Total 6.3% 2.9%
Domestic Containers
Domestic Trailers
Dry Van (U.S. only)
6.6%
4.2%
2.3%
4.1%
-3.3%
2.9%
2016
Forecast
3.8%
6.0%
-8.3%
2.0%
U.S. Trucking Capacity
Long Term
Average
Source: FTR, TTX
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Truckload Costs
($/Loaded Mile, OTR; Index: 2003=100)
6

Automotive & Bi-levels / Tri-levels
Source: Autocast, TTX
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2016 North American Vehicle
Production
19%
13%
67%
U.S. Canada Mexico
7

Boxcars
Source: TTX, FTR, Association of American Railroads - Licensed Material
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Centerbeams
*Load-to-Load
Source: TTX, Association of American Railroads - Licensed Material
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Metals Fleets
Source: TTX. Association of American Railroads - Licensed Material
TTX Company. Copyright 2016. Confidential.
*Load-to-Load
10

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