Railtrends 2013 Jack Hellmann, President & CEO Genesee & Wyoming Inc

RailTrends 2013 Jack Hellmann, President & CEO Genesee & Wyoming Inc.

November 21, 2013 Agenda:

1. Overview of G&W today 2. Update on RailAmerica acquisition

Genesee & Wyoming Inc. 2 Overview of G&W

• NYSE: Listed as GWR with $5.1 billion market capitalization • Railroads: 111 worldwide with ~15,000 track miles • People: ~4,600 worldwide • Equipment: >1,000 locomotives • Annual Carloads: ~1.9 million

Genesee* Regulatory & Wyoming approval Inc. December 2012 3 Largest Owner of Short Line & Regional Railroads in North America

23%

Rest of Industry 77%

43,000 total Class II & III miles per ASLRRA

Genesee & Wyoming Inc. 4 Genesee & Wyoming Inc. 1899

The original Genesee & Wyoming Railroad 14-miles in upstate NY Serving one customer

Genesee & Wyoming Inc. 5 Genesee & Wyoming 2013

Genesee & Wyoming Inc. 6 International Railroad Business Revenues by Geography Europe 1%

Canada 9%

Australia 20% U.S. 70% (8 Regions)

Revenues ~$1.6 billion

Genesee & Wyoming Inc. 7 Industry-Leading Safety

Injury Frequency Rate per 200,000 man-hours G&W through October; others through August

3.1 2.8

2.0

1.1 1.1 1.0 1.0 0.9 0.7

Genesee & Wyoming Inc. 8 G&W Revenue Growth: 1978 - 2013 ($ millions)

Revenue CAGR ~20% from IPO thru 2013E ≈

Genesee & Wyoming Inc. 9 G&W Financial Performance

First 9 Months of 2013 • Operating Revenues of $1.2 billion; up 82% overall; up ~10% Combined Company Adjusted Same Railroad • Adjusted Income from Operations of ~$300 million • Adjusted Operating Ratio* of 74.7%; • Adjusted Diluted EPS* up 46%

* Combined Company Adjusted Same Railroad Operating Revenues, Adjusted Income from Operations, Adjusted Operating Ratio and Adjusted Diluted EPS are non-GAAP financial measures. Non-GAAP financial reconciliations accompany this presentation.

Genesee & Wyoming Inc. 10 Update on RailAmerica Acquisition RailAmerica (RA) Acquisition Timeline

Jan ’13 Ø G&W assumed control of RA railroads May ’13 Ø Closed RA corporate headquarters in Jacksonville Aug ’13 Ø Completed enterprise-wide IT transition and payroll conversion Ongoing Ø Safety & Service optimization at railroad level

Genesee & Wyoming Inc. 12 Overhead Cost Savings: >$40m Long-term Expectation

$ in millions

Acquisition Expectation ~$36 Plus: Greater Labor Savings 3 Plus: Other Corporate Cost Savings (legal) 2 Plus: One Less U.S. Region vs. Plan 3 Plus: Locomotive Buyouts / Rationalization 2 Less: RA Capital Policy (4) Current Identified Savings ~$42

Genesee & Wyoming Inc. 13 Enhanced Operating Support for Regions

Chief Operating Officer

Engineering Mechanical Purchasing Train Service Track & Bridge Locos & Cars Dispatching Design

Standardize Processes and Best Practices

Genesee & Wyoming Inc. 14 Enhanced Commercial Support for Regions

Chief Commercial Officer

Industrial Transload Real Estate Customer Development Service

Enhance Long-Term Growth Rate

Genesee & Wyoming Inc. 15 Significant Changes at RailAmerica: Cultural Changes in Safety Injury Frequency Rate per 200,000 man-hours

Genesee & Wyoming Inc. 16 Significant Changes at RailAmerica: Improved Assets and Facilities

Genesee & Wyoming Inc. 17 Significant Changes at RailAmerica: Long-Term Customer Focus

1. New operating plans and infrastructure investment 2. Revitalized Customer Service department 3. Quality and frequency of customer contacts

Genesee & Wyoming Inc. 18 Regional Operating Structure: Designed to be Close to Customers

Central Region

Marketing / Safety Finance HR IT Transportation Mechanical Engineering Sales

Focus of Cultural Customers Change in Safety and Operations

Genesee & Wyoming Inc. 19 November 8th Derailment on Alabama & Gulf Coast Railway

• Unit train of crude oil derailed in rural Alabama • No injuries, but multiple rail cars caught fire • Line now back in service after 9-day outage • Former RA railroad that has received $15 million in track capital in the past two years • Ongoing investigation to determine cause; no issues with train crew • Investigation findings will be carefully studied

G&W is committed to provide equipment, track, training & procedures to prevent accidents

Genesee & Wyoming Inc. 20 Genesee & Wyoming Australia Genesee & Wyoming Australia

Genesee & Wyoming Inc. 22 Overview 8.9K tons/km of G&W Australia 1.4K tons/km

Traffic Density/km • ~2,200 miles of owned track (~1,400 miles

0.4K tons/km Tarcoola to Darwin) • 450+ employees and 100 locomotives

8.3K tons/km • 40+ daily train starts 28.6K tons/km across South Australia,

45K tons/km the Northern Territory and 2.2K tons/km Victoria 0.7K tons/km

Genesee & Wyoming Inc. 23 G&W in Australia 1996

Ø G&W Privatizes Australia National’s South Australia Business

Genesee & Wyoming Inc. 24 G&W in Australia 2000 Ø G&W Forms Australian Railroad Group (ARG); ARG Buys Westrail

Genesee & Wyoming Inc. 25 G&W in Australia 2006 Ø Queensland Rail, Babcock & Brown Buy Western Australia Assets; G&W Retains Original South Australia Business

Genesee & Wyoming Inc. 26 G&W in Australia 2010 Ø G&W Buys FreightLink, Creating Strong Base in Central Australia

Genesee & Wyoming Inc. 27 Evolution of Australian Intermodal Business

Freight Availability ~20% in 2010

Track Investment Locomotives to Remove Slow Orders New High-Horsepower Fleet Genesee & Wyoming Inc. 28 Evolution of Australian Intermodal Business

Freight Availability of 96% in September 2013

Bringing Customers Back to Rail

Genesee & Wyoming Inc. 29 G&W Capital Invested in Australia (A$ millions)

$365.9

FreightLink

$118.0 $93.2 $41.5

~A$620 million invested in past 4 years

Genesee & Wyoming Inc. 30 (a) G&W Australia Revenues

(A$ millions)

(a) Excluding fuel sales

Genesee & Wyoming Inc. 31 G&W in Australian Context

(market cap in billions)

(Asciano) (Aurizon)

Genesee & Wyoming Inc. 32 Evolution of G&W and the Short Line Industry

What has changed? • Short line industry has matured greatly since its birth in 1980 – Single lines > Regional concentrations – Local business > National business – U.S.-centric > International

What has not changed? • Successful business model of being close to customers with entrepreneurial decision- making

Genesee & Wyoming Inc. 33 Genesee & Wyoming Inc. 34 Reconciliation of Non-GAAP Financial Measures

Genesee & Wyoming Inc. 35 Non-GAAP Financial Measures Reconciliation

This presentation contains reconciliations of G&W’s Adjusted Income from Operations, Adjusted Operating Ratio, Adjusted Diluted Earnings Per Common Share and Combined Company Adjusted Operating Revenues which are “non-GAAP financial measures” as this term is defined in Regulation G of the Securities Exchange Act of 1934. In accordance with Regulation G, G&W has reconciled these non-GAAP financial measures to their most directly comparable U.S. GAAP measure.

Genesee & Wyoming Inc. 36 Adjusted Income from Operations and Adjusted Operating Ratios Description and Discussion

Management views Income from Operations, calculated as Operating Revenues less Operating Expenses, and Operating Ratios, calculated as Operating Expenses divided by Operating Revenues, as important measures of G&W’s operating performance. Because management believes this information is useful for investors in assessing G&W’s financial results over a period of time, the Income from Operations and Operating Ratios for the nine months ended September 30, 2013 used to calculate Adjusted Income from Operations and Adjusted Operating Ratios, are presented excluding RailAmerica integration costs, expense associated with the 2011 Edith River derailment, an insurance recovery related to the Edith River derailment, other business development costs and net gain on sale of assets. The Income from Operations and Operating Ratios for the nine months ended September 30, 2012 used to calculate Adjusted Income from Operations and Adjusted Operating Ratios, are presented excluding RailAmerica acquisition-related costs, other business development costs and net gain on sale of assets. The Adjusted Income from Operations and Adjusted Operating Ratios presented excluding these effects are not intended to represent, and should not be considered more meaningful than, or as an alternative to, the Income from Operations and Operating Ratios calculated using amounts in accordance with GAAP. Adjusted Income from Operations and Adjusted Operating Ratios may be different from similarly-titled non-GAAP financial measures used by other companies.

Genesee & Wyoming Inc. 37

Non-GAAP Financial Measure Reconciliation The following table sets forth a reconciliation of G&W's Income from Operations and Operating Ratios calculated using amounts determined in accordance with GAAP to Adjusted Operating Income and Adjusted Operating Ratios as described above for the nine months ended September 30, 2013 and 2012 ($ in millions):

2013 2012 Actual Actual Operating revenues $ 1,177.3 $ 647.6 Operating expenses 892.0 490.9 Income from operations $ 285.4 $ 156.7 Operating ratio 75.8% 75.8%

Operating expenses $ 892.0 $ 490.9 RailAmerica integration costs (15.7) - RailAmerica acquisition-related costs - (6.0) Edith River derailment expense (1.6) - Edith River insurance recovery 1.5 - Other business development costs (0.2) (1.4) Net gain on sale of assets 3.4 10.4 Adjusted operating expenses $ 879.3 $ 494.0

Adjusted income from operations $ 298.1 $ 153.6 Adusted operating ratio 74.7% 76.3%

Genesee & Wyoming Inc. 38 Adjusted Diluted Earnings Per Common Share Description and Discussion

Management views Diluted Earnings Per Common Share as an important financial measure of G&W’s operating performance. Because management believes this information is useful for investors in assessing G&W’s financial results, the Diluted Earnings Per Common Share for the nine months ended September 30, 2013 used to calculate Adjusted Diluted Earnings Per Common Share, are presented excluding RailAmerica integration costs, expense associated with the 2011 Edith River derailment, an insurance recovery related to the Edith River derailment, refinancing and debt prepayment related expense, and net gain on sale of assets and are further adjusted to exclude the short line tax credit. The Diluted Earnings Per Common Share for the nine months ended September 30, 2012 used to calculate Adjusted Diluted Earnings Per Common Share, are presented excluding the contingent forward sale contact mark-to-market expense, RailAmerica acquisition-related costs, other business development costs and net gain on sale of assets. The Adjusted Diluted Earnings Per Common Share presented excluding these effects are not intended to represent, and should not be considered more meaningful than, or as an alternative to, Diluted Earnings Per Common Share calculated using amounts in accordance with GAAP. Adjusted Diluted Earnings Per Common Share amounts may be different from similarly-titled non-GAAP financial measures used by other companies.

Genesee & Wyoming Inc. 39 Non-GAAP Financial Measure Reconciliation

The following table sets forth a reconciliation of G&W's Diluted Earnings Per Common Share calculated using amounts determined in accordance with GAAP to Adjusted Diluted Earnings Per Common Share as described above for the nine months ended September 30, 2013 (in millions except per share amounts):

Diluted Earnings Per Common Share Nine Months Ended September 30, 2013 Net Income Diluted Shares Impact As reported $ 210.9 56.6 $ 3.76 Add back certain items, net of tax: RailAmerica integration costs (9.9) - (0.17) Edith River derailment expense (1.1) - (0.02) Edith River insurance recovery 1.0 - 0.02 Refinancing and debt prepayment related expense (0.4) - (0.01) Net gain on sale of assets 2.4 - 0.04 Adjusted $ 218.9 56.6 $ 3.90 Short line tax credit 59.2 - 1.05 Adjusted (excluding short line tax credit) $ 159.7 56.6 $ 2.85

Genesee & Wyoming Inc. 40 Non-GAAP Financial Measure Reconciliation

Diluted Earnings Per Common Nine Months Ended September 30, 2012 Net Income Diluted shares Share Impact As reported $ 39.0 43.5 $ 0.90 Add back certain items, net of tax: Contingent forward sale contact mark-to-market expense (50.1) - (1.15) RailAmerica acquisition-related costs (3.6) - (0.08) Other business/corporate development costs (0.9) - (0.02) Net gain on sale of assets 8.0 - 0.18 Adjusted $ 85.7 43.5 $ 1.97

Genesee & Wyoming Inc. 41 Combined Company Operating Revenues Description and Discussion

Management views Operating Revenues as an important financial measure of G&W’s operating performance. Because management believes this information is useful for investors in assessing G&W’s financial results, compared with the same period in the prior year, the Operating Revenues for the nine months ended September 30, 2013, used to calculate Combined Company Operating Revenues, are presented excluding operating revenues from the Wellsboro & Corning Railroad, LLC and TransRail North America, which RailAmerica acquired on April 9, 2012, Marquette Rail LLC, which RailAmerica acquired on May 1, 2012, and the Columbus & Chattahoochee Railroad, Inc., which G&W commenced operations on July 1, 2012. The Operating Revenues for the nine months ended September 30, 2012 used to calculate Combined Company Operating Revenues, are presented including the elimination of non-freight revenues earned during the nine months ended September 30, 2012 by a subsidiary of RailAmerica for work performed for subsidiaries of G&W and reclassifications of certain revenues of RailAmerica to align with G&W’s accounting policies. The Combined Company Operating Revenues presented including these adjustments are not intended to represent, and should not be considered more meaningful than, or as an alternative to, Operating Revenues calculated using amounts in accordance with GAAP. Combined Company Operating Revenues may be different from similarly-titled non-GAAP financial measures used by other companies.

Genesee & Wyoming Inc. 42 Non-GAAP Financial Measure Reconciliation

The following table sets forth a reconciliation of G&W's Operating Revenues calculated using amounts determined in accordance with GAAP to Combined Company Operating Revenues as described above for the nine months ended September 30, 2013 and 2012 ($ in millions):

G&W RailAmerica New Eliminations/ Combined As Reported As Reported Operations (a) Adjustments (b) Company Nine Months Ended September 30, 2013 Freight revenues $ 879.9 $ (6.4) $ 873.5 Non-freight revenues 297.5 (2.8) 294.7 Operating revenues $ 1,177.3 $ (9.2) $ 1,168.1 Nine Months Ended September 30, 2012 Freight revenues $ 459.4 $ 334.4 $ (6.3) $ 787.5 Non-freight revenues 188.2 120.5 (8.0) 300.8 Operating revenues $ 647.6 $ 455.0 $ (14.3) $ 1,088.3

(a) G&W New Ops: Columbus & Chattahoochee Railroad; RA New Ops: Marquette Rail, Wellsboro & Corning Railroad and TransRail North America (b) Includes the elimination of non-freight revenues earned during the nine months ended September 30, 2012 by a subsidiary of RailAmerica for work performed by various subsidiaries of G&W and reclassifications of certain revenues of RailAmerica to align with G&W's accounting policies.

Genesee & Wyoming Inc. 43