Introduction and Use of The Guide 1

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2 Table of Contents Introduction and Use of The Guide 1 Overview of the Market for Railroad Equipment Historical Overview 7 Supply and Demand Trends, Supply and Demand Trends, Supply and Demand Trends, RS Railcar Market Index and Railcar Rental Rate Index 22 Trends in Equipment Ownership 22 Economic Useful Lives of Railcars and Locomotives 24 Salvage and Scrap Values 25 Railcar Evaluations Section 1 - General Service Boxcars 27 Section 2 - Small Cubic Capacity Covered Hopper Cars 41 Section 3 - General Service Covered Hopper Cars, Grain Service 55 Section 4 - Specialty Covered Hopper Cars 71 Section 5 - Pressure Differential Covered Hopper Cars 85 Section 6 Mill Gondola and Coil Steel Gondola Cars 97 Section 7 - Open Top Hopper Cars, Coal Service 111 Section 8 - High Side Gondola Cars, Coal Service 125 Section 9 - Center Beam and Bulkhead Flatcars 139 Section 10 - Double Stack Intermodal Container Cars 153 Section 11 - Tank Cars, General Service 169 Section 12 - Tank Cars, High Pressure 187 Section 13 - Tank Cars, Acid Service 199 Section 14 - Autoracks 211 Overview of the Locomotive Market 225 Locomotive Evaluations Section 15 - Four Axle, Low Horsepower Locomotives 239 EMD SW1500 EMD MP15

3 Section 16 - Four Axle, Medium and High Horsepower Locomotives 243 EMD GP9 EMD GP38 EMD GP38-2 EMD GP40 EMD GP40-2 Section 17 - Six Axle, High Horsepower Locomotives 251 EMD SD40-2 Section 18 - Six Axle, High Horsepower, DC Traction 255 Powered Locomotives GE ES44DC EMD SD70M-2 GE Dash 9-44CW EMD SD70M Section 19 - Six Axle, High Horsepower, AC Traction 263 Powered Locomotives GE ES44AC EMD SD70ACe GE AC4400CW EMD SD70MAC GE ES44C4 Glossary 271 Overview 275

4 Market for General Service Boxcars Historical Overview The general service boxcar has been a mainstay of the industry s equipment fleet ever since railroads began hauling freight. Until railcars became more specialized after World War II, boxcars were used to haul virtually every type of commodity with the exception of coal and bulk liquid chemicals. Over the past 30 years, supply and demand dynamics in the boxcar market have been used by some analysts as an indicator of the general health of the overall rail equipment market. Since 1985, however, the volume and types of commodities moved in boxcars, the number of boxcars in service and the ownership profile of the North American boxcar fleet changed significantly. In the mid-1970s, the total number of boxcars in the North American fleet exceeded 400,000 units; however, as railroads lost significant volumes of general merchandise traffic to over-the-highway truck carriers, the size of the boxcar fleet declined to less than 110,000 units by Over the past two decades, railroads have directed marketing efforts toward retaining existing traffic and regaining certain types of general merchandise business which can be moved efficiently and profitably by rail. A significant volume of general merchandise traffic that now moves by rail is no longer moved in boxcars, but in intermodal containers and trailers. Boxcars are currently utilized in four primary markets: paper products (both finished and scrap paper), lumber products (primarily wood pulp and cut lumber), auto parts (which are shipped in equipped boxcars) and food products (packaged, perishable and frozen foods, which are shipped in refrigerated boxcars). A major issue for boxcar investment is the return on investment associated with the equipment. Boxcars generally move lower revenue producing commodities in merchandise service meaning that revenue per carload and carloads per month are low relative to many other car types. The nature of boxcar shipments are that they are usually loaded at one point but are shipped to many different points in non-unit train service averaging one load per car per month or less. Additionally, much of the existing infrastructure for loading and unloading boxcars is based on the 50, 70-ton car originally produced in the 1970s which is less efficient and obsolete in the eyes of many railroads. The boxcar fleet in place today is composed of many cars with different lengths, heights, load capacities and door configurations which makes maintaining and more importantly, providing the correct car to a shipper, a challenge. Many of the railroads are promoting a new standardized car to boxcar shippers that is more efficient but does not address customers concerns about existing infrastructure and size restrictions at the loading and unloading points. The only notable additions to the boxcar fleet in recent years have been by TTX which, as mentioned previously, is owned by a consortium of railroads and may have different criteria for investment than other investors. Supply and Demand Trends General Service Boxcars Since the mid-1970s, the ownership profile of the boxcar fleet has shifted from primarily Class I railroad ownership to a mix of Class I, regional and short line railroads and private (leasing company) ownership. A significant factor in this 27

5 shift of ownership is directly related to certain artificial investment incentives (investment tax credits and incentive per diem) that existed in the mid and late 1970s which helped fuel a period of massive overbuilding between 1977 and A majority of the boxcars built during this period were 50-foot, 70-ton general service boxcars that were placed in free-running service by regional and short line railroads and financed by private owners and leasing companies. The massive overbuilding of the late 1970s created an oversupply of boxcars that existed until the mid-1990s. During the period from 1982 to 1992, orders for newly manufactured general service boxcars were virtually nonexistent. By the mid-1990s, many shippers began to recognize the deteriorating state of the boxcar fleet, and as a result, a modest level of demand for new boxcars began to surface. Over the past 15 years, the demand for newly manufactured boxcars has been focused primarily on 50-foot and 60-foot, 108-ton (286,000 pounds gross rail load), high capacity cars for use in high grade (Class A) paper service. Boxcar fleet statistics include several variations of car lengths and interior configurations, and are usually classified as equipped or unequipped cars. Historically, the equipped versus unequipped designation usually referred to the type of interior lading securement devices installed. The standard practice among car owners has been to assign equipped boxcars to specific traffic moves known as dedicated services rather than using those cars in free-running or general services. In order to control the movement and availability of boxcars, many shippers and railroads have redesignated a significant number of boxcars from unequipped to equipped status (regardless of those cars actual interior configuration). By the mid-1990s, the equipped status of boxcars became more of an indicator of the type of service in which cars are employed rather than the configuration of the car. New deliveries of boxcars averaged approximately 3,500 units annually during the period from 1996 to Compared to the number of newly manufactured railcars in other general service classifications, the boxcar production numbers were modest. We believe that the relatively high cost of new boxcars during the peak production years of 1996 to 1998 and 2004 to 2006 was one of the major factors in explaining the low number of orders for new boxcars. Overall demand for unequipped and equipped general service boxcars is tied primarily to rail traffic levels in pulp and paper markets, and in lumber and wood products markets. Since the recession of 1991, rail traffic levels in those markets have been somewhat volatile with traffic peaking in 1994 (which was considered a banner year for rail freight traffic in general). Boxcar traffic declined during the period between 1995 and 1998, before increasing again in By late 2000, the softening U.S. economy began to take its toll on rail traffic of all types, including general merchandise, paper and lumber traffic. Traffic volumes for those commodities typically carried in boxcars posted healthy growth in 2004 and 2005 along with almost every other sector served by rail. Demand for equipped boxcars used in auto parts service is tied directly to the fortunes of the automobile manufacturing industry, and as might be expected, has followed the same trends described above. Another sector of the boxcar market which, until recently, received relatively little attention is the market for refrigerated boxcars. Beginning in the 1950s, the transportation of packaged and frozen foods shifted from rail to highway and the demand for refrigerated boxcars posted steady declines (both insulated cars used in beer and beverage services and mechanically refrigerated cars used in packaged and frozen food services). Virtually no new mechanically refrigerated boxcars entered service between 1980 and

6 In the early 2000s, both BNSF and Union Pacific recognized that some potential exists to grow the traffic base in this sector and to ship packaged and frozen foods profitably in long haul corridors with a high level of equipment utilization (more than two loaded trips per month). Both railroads took delivery of new, high capacity mechanically refrigerated boxcars in the early 2000s. The newest generation of mechanically refrigerated boxcars is relatively sophisticated (equipped with GPS and advanced cooling systems) and are also quite expensive at $220,000 to $260,000 per car. Since 2003, no significant orders for new refrigerated boxcars have been placed, and we doubt that any significant number of new cars of this type will be built in the foreseeable future. Current Market Conditions Market conditions in the general service boxcar sector began to deteriorate at a steady pace in late Given general economic conditions, and more specifically, trends in the paper, forest products and auto parts sectors, it is no surprise that boxcar demand declined at a startling rate. Rail traffic volumes in these markets declined by almost 30 percent over the four-year period from 2006 through early A significant number of the approximately 400,000 railcars that were in storage, as of January 1, 2010, were boxcars and other car types used in lumber and automobile manufacturing-related services. Rental rates on leased boxcars and used boxcar values declined by more than 40 percent between 2006 and Rental rates and values of older 50-foot, 70-ton capacity boxcars posted the most dramatic declines. Perhaps the most obvious indicator of market weakness was the huge drop in the number of orders for newly manufactured general service boxcars. The total number of new boxcars delivered in the four-year period from 2007 through the end of 2010 was less than 1,500 units. Demand for newer, 100-ton and 105-ton boxcars began to improve in early 2011 as rental rates and utilization rates posted respectable gains. Virtually no orders for newly manufactured boxcars were placed between 2007 and early In late 2010, TTX placed an order for a significant number of boxcars that were delivered in mid and late After that one noteworthy order, very few orders for new boxcars were placed in 2012 and It should be noted that TTX may be one of the few boxcar fleet owners that can successfully deploy large numbers of new boxcars given current market conditions. More recently, paper and forest products traffic ended 2014 with a gain of roughly 3.5 percent over 2013 volumes. In late 2014, as market conditions improved, orders for more than 3,000 new boxcars were placed for delivery in 2015 and Since then, traffic volumes have remained flat. Orders for new boxcars placed in 2017 totaled less than 300 units and deliveries were slightly less than 4,000. RS believes that traffic volumes in the paper and forest products markets will show slow growth, but will probably not return to pre-recession levels anytime soon. On the supply side, we expect that large numbers of older, obsolete 70-ton capacity cars will be retired within the next three to five years. RS has recently revised estimates of current and future fair market values for newer, 105-ton boxcars to reflect expected modest improvements in market conditions and increasing replacement costs of newly manufactured 50-foot and 60-foot general service boxcars. 29

7 Table 1.1 Overview of Significant Trends and Events Boxcar Building Boom A boxcar shortage in the 1960s and early 1970s turned into a glut by the early 1980s. Thousands of newly manufactured 50-foot, 70-ton boxcars entered service in the late 1970s, many of which were acquired by private investors and shortline railroads for use in free-running service, earning car hire revenue under prescribed rates Oversupply of Boxcars By 1982, the oversupply of boxcars had become painfully obvious. Virtually no new building of boxcars would occur again until the early 1990s Deprescription of Car Hire Rates Prescribed car hire rates were phased out over a ten-year period from 1994 to Under deprescription, all car hire rates are negotiated under bi-lateral agreements between railroads Introduction of 286,000-Pound Gross Rail Load Boxcars Virtually all of the boxcars built new since the late 1980s were 50-foot and 60-foot, 100-ton and 105-ton capacity cars. Even with the return of the boxcar market to equilibrium and the introduction of 286k GRL cars, the demand for newly manufactured boxcars remains subdued when compared to other general service car types Declining Traffic Volumes and Declining Demand Paper, forest products and auto parts traffic moved by rail posted steady declines beginning in late Market demand for 50-foot, 70-ton boxcars and newly manufactured boxcars (263,000 and 286,000 pounds gross rail load) declined at a rapid pace beginning in early Virtually no orders for newly manufactured boxcars were placed in 2008 and Slow Improvement in Market Conditions Market demand for 100-ton 108-ton boxcars showed some improvement between 2011 and 2018, even though traffic levels in those sectors served by rail and moved in boxcars remained well below pre-recession levels. 30

8 Table 1.2 Current Ownership and Fleet Age Profile US Ownership of Boxcars Boxcars 2018 Fleet Ownership 2017 Ownership Breakdown (North America) TTX 22% Class 1 33% Large Lessors 29% Class 2/3 6% Owner # Cars TTX 24,575 GATX Rail 16,814 Norfolk Southern 8,529 CIT Rail 7,987 Canadian National 7,783 CSXT 6,314 Other 38,437 Shippers 1% Other Lessors 9% Source: AllTranstek, FTR, Umler - 110,439 cars Total 110,439 Number of Units 40,000 Fleet Age Distribution Boxcars 2018 Age Profile 35,000 30,000 25,000 20,000 15,000 10,000 5, >40 Source: AllTranstek, FTR, Umler - 110,439 cars Average Age of the Fleet: 29 Years 31

9 Table 1.3 Carloading and Utilization Information Carloads (000s) 1,800 1,600 1,400 1,200 1, All Other Pulp or Pulp Mill Prod ucts (STCC 261) Waste or Scrap (STCC 402) Paper (STCC 262) Motor Vehicles or Equipment (STCC 371) Fibreboard, Paperboard, Pulpboard (STCC 263) Source: FTR; Copyright

10 Table 1.4a Fibreboard, Paperboard, Pulpboard Summary Carloadings Originated Carloads (000s) Source: FTR; Copyright Carloadings Year Thousands % Change % % % % % % % % % % % % % % % % 2015 pre % 2016 pre % 2017 est % 33

11 Table 1.4b Paper Traffic Summary Carloadings Originated Carloads (000s) Source: FTR; Copyright Carloadings Year Thousands % Change % % % % % % % % % % % % % % % % 2015 pre % 2016 pre % 2017 est % 34

12 Table 1.5 Historical New Railcar Invoice Prices Year Built General Description Approximate Number of Railcars Built Average Invoice Cost Per Railcar Feet, 100 Tons (263k GRL) 300 $60, Feet, 100 Tons (263k GRL) , Feet, 100 Tons (263k GRL) , Feet, 100 Tons (263k GRL) , Feet, 100 Tons (263k GRL) , Feet, 100 Tons (263k GRL) 1,400 63, Feet, 100 Tons (263k GRL) 1,300 64, Feet, 105 Tons (286k GRL) 1,600 65, Feet, 105 Tons (286k GRL) 2,800 65, Feet, 105 Tons (286k GRL) 1,200 65, Feet, 105 Tons (286k GRL) 3,600 65, Feet, 105 Tons (286k GRL) 5,100 70, Feet, 105 Tons (286k GRL) 7,700 70, Feet, 105 Tons (286k GRL) 5,400 65, Feet, 105 Tons (286k GRL) 1,300 65, Feet, 105 Tons (286k GRL) 4,200 68, Feet, 105 Tons (286k GRL) 4,600 72, Feet, 105 Tons (286k GRL) 2,900 80, Feet, 105 Tons (286k GRL) 1,500 84, Feet, 105 Tons (286k GRL) , Feet, 105 Tons (286k GRL) , Feet, 105 Tons (286k GRL) 400 N / A Feet, 105 Tons (286k GRL) 400 N / A Feet, 105 Tons (286k GRL) 1, , Feet, 105 Tons (286k GRL) 2, , Feet, 105 Tons (286k GRL) 1, , Feet, 105 Tons (286k GRL) 1, , Feet, 105 Tons (286k GRL) 1, , Feet, 105 Tons (286k GRL) 3, , Feet, 105 Tons (286k GRL) 1, ,000 35

13 Table 1.6 Historical Estimates of Fair Market Value, Railcars Built New in 1995 Then-Current FMV Then-Current FMV as a % of OEC $70,000 $60,000 $50,000 $40, % 80.00% 60.00% $30,000 GRAPH NOT UPDATED 40.00% $20,000 $10, % $ % Table 1.7 Historical Rental Rate Data, Railcars Built New in 1995 Then-Current FMN Rental Rates Then-Current FMN Rental Rates as a % of OEC $800 $700 $600 $500 $400 $300 $200 $ % 1.00% 0.80% 0.60% 0.40% 0.20% $ % 36

14 Table 1.8 Historical Residual Values, General Service Boxcars Feet, Tons Year Years Built Avg. Age (Years) Original Cost Per Car Fair Market Value Per Car FMV as a % of Original Cost $48,000 $20,000-22,000 42% - 46% ,000 19,000-21,000 40% - 44% ,000 17,000-20,000 35% - 42% ,000 16,000-19,000 33% - 40% ,000 14,000-17,000 29% - 35% ,000 14,000-16,000 29% - 33% ,000 4,000-17,000 29% - 35% ,000 15,000-18,000 31% - 38% ,000 18,000-20,000 37% - 42% ,000 32,000-34,000 53% - 57% ,000 28,000-31,000 45% - 50% ,000 25,000-28,000 41% - 46% ,000 25,000-29,000 40% - 47% ,000 32,000-39,000 52% - 63% ,000 33,000-41,000 53% - 66% ,000 35,000-43,000 56% - 68% ,000 36,000-44,000 56% - 69% ,000 41,000-49,000 63% - 76% ,000 42,000-50,000 65% - 77% ,000 43,000-50,000 66% - 77% 37

15 Table 1.9 Current Fair Market Values, Used Railcars Year Built Fair Market Value as of January 2018 General Service Boxcars Age (Years) Configuration Range of Fair Market Value Feet, 108 Tons, Plate F $47,000-56, Feet, 108 Tons, Plate F 46,000-55, Feet, 108 Tons, Plate F 45,000-54, Feet, 108 Tons, Plate F 43,000-52, Feet, 108 Tons, Plate F 40,000-48, Feet, 108 Tons, Plate F 38,000-45, Feet, 100 Tons, Plate C 33,000-40, Feet, 100 Tons, Plate C 32,000-38, Feet, 100 Tons, Plate C 31,000-37, Feet, 100 Tons, Plate C 30,000-36, Feet, 100 Tons, Plate C 29,000-35, Feet, 100 Tons, Plate C 28,000-33, Feet, 100 Tons, Plate C 27,000-33, N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Feet, 70 Tons, Plate C 9,000-13, Feet, 70 Tons, Plate C 8,000-12,000 38

16 Table 1.10 Future Fair Market Values, New Railcars General Service Boxcars - 60 Feet, 105 Tons, Plate F Fair Market Value ($ per Unit) $130,000 Fair Market Value (% of Replacement Cost) % $120,000 $110,000 $100,000 Series2 Series2 Series1 Inflated $ Uninflated Series1 $ 90.00% 80.00% $90, % $80, % $70,000 $60, % $50, % $40, % $30,000 $20,000 $10, % 10.00% $ % Years in Service Year Service Life (Years) 2018 Replacement Cost Valuation Index Uninflated Dollars FMV Inflated Dollars (2.0% Annually) Valuation Index FMV $118, % $118, % $118, , % 112, % 114, , % 106, % 111, , % 101, % 107, , % 95, % 103, , % 90, % 99, , % 85, % 96, , % 80, % 92, , % 76, % 89, , % 71, % 85, , % 67, % 81, , % 64, % 80, , % 62, % 79, , % 60, % 78, , % 58, % 76, , % 56, % 75, , % 53, % 73, , % 51, % 71, , % 48, % 69, , % 46, % 67, , % 44, % 65, , % 42, % 64, , % 40, % 63, , % 39, % 61, , % 37, % 60, , % 36, % 59, , % 34, % 57, , % 32, % 55, , % 31, % 54, , % 29, % 52, , % 28, % 50,718 39

17 Other Valuation Information Salvage Value: $5,000-9,000 Scrap Value: $3,000-7,000 Discount Used to Convert Form Fair Market Value to Orderly Liquidation Value: 20 Percent Total Economic Useful Life: (Newly Manufactured Equipment) 38 to 42 years 40

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