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1 Genesee & Wyoming Inc.

Genesee & Wyoming

September, 2015


Forward-Looking Statements This presentation contains “forward-looking statements” regarding future events and the future

performance of Genesee & Wyoming Inc. that involve risks and uncertainties that could cause

actual results to differ materially from those expressed or forecasted, including, but not limited to,

risks related to the operation of our railroads, severe weather conditions and other natural

occurrences, economic and market conditions, customer demand, railroad network congestion,

derailments, currency fluctuations, changes in commodity prices, increased competition in the

relevant market, and others, many of which are beyond our control. The Company refers you to

the documents that it files from time to time with the Securities and Exchange Commission, such

as the Company’s Forms 10-Q and 10-K, which contain additional important factors that could

cause its actual results to differ from its current expectations and from the forward-looking

statements discussed during this presentation. Forward-looking statements speak only as of the

date of this presentation or the date they were made. Genesee & Wyoming Inc. does not

undertake, and expressly disclaims, any duty to update any forward-looking statement contained

in this presentation whether as a result of new information, future events or otherwise, except as

required by law.


Agenda

• G&W Overview • Business Update

– Outlook Reset – Commodity Analysis – Iron Ore Update

• Current Outlook and Trends – August Carloads – Second Half 2015 Priorities – Free Cash Flow Capacity

• Appendices – Freightliner and U.K./Europe Segment

Overview


Overview

• NYSE: Listed as GWR with ~$4 billion market capitalization

• Railroads: 120 worldwide with ~16,000 track miles

• People: 7,500 worldwide

• Equipment: >1,300 locomotives

• Annual Carloads: ~3 million

• Track Record of Acquisitions: Added >100 railroads since 2000


Genesee & Wyoming Inc. 2015

Australia North America

U.K./Europe


G&W Safety Performance – 2015

3.06

2.34

2.09

1.02 0.99 0.91 0.82 0.75 0.74

FRAGroup 2

FRAGroup 3

KCS NS Class I Avg BNSF UP CSX G&W*

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

*Excludes Freightliner


G&W 2015 Pro Forma Operating Income by Geography

Assumes 12-month Freightliner Contribution

2015 Business Update


Same Railroad North American Carloads YTD August 2015 vs. YTD August 2014

* Includes carloads and intermodal units **Includes 2013 classification adjustments

Commodity Change % CommentAgricultural Products (7,700) (6%) Midwest Corn and Wheat

Autos & Auto Parts (2,200) (10%) Weaker West Coast Export Traffic and plant production issues

Chemicals & Plastics 2,500 2%Coal & Coke (48,400) (20%) North American Steam CoalFood & Kindred Products 300 1% TimingIntermodal (units) (2,400) NM Customer facility closure

Lumber & Forest Products (5,300) (6%) West Coast Housing Market and Export Logs, Weather & Plant Maintenance

Metallic Ores 2,300 16% Copper concentrateMetals (31,000) (25%) North America Steel Minerals & Stone (800) (1%) Lower Sand & Proppants, Higher Construction AggregatesPetroleum Products (2,700) (4%) Lower CBR, Higher LPGs/NGLs Pulp & Paper 1,700 2% Liner Board, PackagingWaste (800) (3%)Other (14,400) (24%) Class I Overhead TrafficTotal Carloads (108,900) (9%)


North American Coal & Coke

Same Railroad

August YTD Carloads 2015 2014 Change % Description

Illinois Basin 38,000 46,000 (8,000) (17%)Origin, destination and overhead traffic in Indiana

Powder River Basin 108,000 129,000 (21,000) (16%)Destination coal for Illinois, Missouri and Oklahoma utilities

Northern Appalachia 34,000 46,000 (12,000) (26%)On-line coal moves in Ohio and Pennsylvania

All Other 10,000 17,000 (7,000) (41%) Declining Utah coal shipments

Total190,000 238,000 (48,000) (20%)

• Weakness due to competition from low-priced natural gas • Flat outlook with future volumes weather and natural gas price dependent for

remainder of 2015

• G&W carloads are approximately 97% steam coal for electricity generation • June 2015 YTD Revenue of $49 million (~ 8% of North America Total Revenue)


North American Metals

Same Railroad


Pipe 5,000 8,000 (3,000) (38%)Oil and gas drilling and transmission related

Scrap Steel 33,000 44,000 (11,000) (25%)Origin and destination customers. Input to steel making

Pig Iron 6,000 7,000 (1,000) (14%) Input to steel making

Slab 16,000 22,000 (6,000) (27%)Origin customers. End markets include auto and appliances

Coil 14,000 24,000 (10,000) (42%)Origin customers. End markets include auto, energy and appliances

All Other 18,000 18,000 - 0%

Total 92,000 123,000 (31,000) (25%)

• Weakness across all metals categories primarily due to competition from lower priced imported steel and reduced oil & gas drilling

• Cyclical commodity with ongoing weakness due to strong US$, weaker demand (energy-related) and global oversupply

• June 2015 YTD Revenue of $53 million (~8% of North America Total Revenue)


North American Shale Energy

Same Railroad


Pipe 5,000 8,000 (3,000) (38%)Oil and gas drilling and transmission related

LPGs/NGLs 37,000 28,000 9,000 32%

Origin traffic from Utica and Marcellus shale fractionation plants. Destination LPG traffic for consumer and industrial use

Crude Oil 8,000 22,000 (14,000) (64%)Bakken and Canadian heavy crude destination traffic

Sand & Proppants 22,000 26,000 (4,000) (15%)Multiple regions, both origin and destination traffic

Total 72,000 84,000 (12,000) (14%)

• Significant decrease in crude traffic, frac sand and pipe largely offset by higher LPG/NGL volumes from new NGL fractionation plants in Utica and Marcellus

• June 2015 YTD Revenue of $35 million (~6% of North America Total Revenue)


Australia Commodity Trends

Same Railroad


Agricultural Products 37,800 41,800 (4,000) (10%) Export grain

Intermodal 40,900 41,400 (500) (1%)Domestic intermodal to Northern Territory

Metallic Ores 21,900 37,500 (15,600) (42%)Iron Ore, Manganese and Copper Concentrate.

Minerals & Stone 39,100 34,600 4,500 13%Gypsum for domestic construction market

All Other 200 200 - 0%

Total 139,900 155,500 (15,600) (10%)

• Lower iron ore traffic primarily due to customer mine closures


Update on G&W Iron Ore Business Global iron ore price declined from US$120s in 2014 to current levels of US$50s per ton

Australian Iron Ore

• Impact of 3 mine closures reflected in 2015 financial outlook (Australia) • Remaining iron ore exposure ~US$51 million

Canadian Iron Ore • Impact of 1 mine closure reflected in 2015 financial outlook (North

America) • Remaining iron ore exposure ~US$9 million

Comments • High proportion of fixed payments on remaining revenues under

contract in Australia and Canada • No expectation for mines reopening at current iron ore price of

US$53/ton, even with significant depreciation of A$ and C$

2015 Current Outlook


• North America - Traffic modestly improving - Seasonal improvements in agricultural products, construction

aggregates and cement - Expense reduction plans implemented

• U.K./Europe - Intermodal sequentially improves in peak season - Coal expected to seasonally strengthen in Q4 2015 and Q1 2016

• Australia - Expect seasonally weaker agricultural products traffic heading into

new harvest in Q4 2015 - Ongoing commodity weakness - Weaker Australian dollar

Outlook Overview for Second Half 2015


Same Railroad North American Carloads August 2015 vs. August 2014

* Includes carloads and intermodal units **Includes 2013 classification adjustments

Commodity Change % CommentAgricultural Products (400) (2%)

Autos & Auto Parts (500) (17%) Weaker West Coast Export Traffic

Chemicals & Plastics 300 2%Coal & Coke (6,000) (19%) North American Steam CoalFood & Kindred Products (100) (1%)Intermodal (units) (400) NM Customer facility closure

Lumber & Forest Products (1,400) (12%) West Coast Housing Market and Export Logs

Metallic Ores 400 22% Copper concentrateMetals (5,100) (31%) North America Steel Minerals & Stone (900) (5%) Rock Salt and Sand & ProppantsPetroleum Products 400 5% Higher LPGs/NGLs, Lower CBRPulp & Paper (400) (3%)Waste 200 7%Other (6,300) (51%) Class I Overhead TrafficTotal Carloads (20,200) (13%)


Key Priorities for Second Half 2015

1. Safety

2. Cost Reductions in North America and Australia

3. Successful Freightliner Integration in U.K./Europe/Australia

4. Short Line Tax Credit Extension

5. Acquisitions and Investments

– Evaluating opportunities in North America and abroad

– Near term investments will take into consideration higher than expected leverage (flat at 3.5x Debt/Adj. EBITDA* at year end 2015)

* Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a non-GAAP financial measure. Reconciliations of non-GAAP financial measures accompany this presentation.


Annual Free Cash Flow Capacity(1)

($ in millions) Free Cash Flow

Free Cash Flow* – February 2015 Guidance $329

Changes Less: Reduced North American operating cash flow Plus: Freightliner – pro forma annual Plus: Annual Grant Match & Project Capital (Discretionary)

~($80) ~$20

$0 - $50

Free Cash Flow – Current Run Rate $269 - $319

* Free cash flow is a non-GAAP financial measure. Non-GAAP financial measure reconciliations accompany this presentation.

(1) Before New Business Investments



Appendices

Freightliner Overview


Freightliner U.K. Intermodal Operations

• Largest rail participant in the UK intermodal market

• Most traffic runs from ports of Felixstowe, Southampton, London Gateway and Tilbury to the Midlands/Northeast/Northwest

• Strong intermodal franchise:

– Excellent service quality (98% on time)

– Terminals at ports and key inland cities

– High-quality product due to wide network, dock-to-door service and scale of train operations (e.g., 100 trains and 3,000 containers per day)

Key Container Origination and Destination Points


• Key Commodities Hauled – Aggregates and Cement – Coal – Equipment and materials

to maintain passenger and freight rail network for Network Rail (U.K. track owner)

– Waste & Other

Freightliner U.K. Bulk Operations


Freightliner Continental Europe

Poland – Based in Warsaw, Freightliner has less than 3% of the Polish rail

market (2nd largest rail market in Europe)

– The business is diversified with more than 70 customers, primarily aggregates and coal

– Operations also extend into Eastern and Northern Germany


Freightliner Continental Europe

ERS (Intermodal)

– Originally set up as in-house rail operator by Maersk in 1994, connecting seaports of Rotterdam, Hamburg and Bremerhaven with cities in Germany, Italy, Poland and beyond

– Based in Rotterdam and acquired in 2013, with restructuring underway


Cotton Growing Regions

Hunter Valley Coal Region NSW

GWA-Owned Track GWA-Operated Track

Other Railroads (largely open access)

GWA Headquarters Freightliner Operations

Freightliner Australia

• Operations based near Sydney, NSW

• Key Commodities Hauled • Coal • Cotton • Agricultural Products

• Underpinned by long-term contracts with customers

• Owned 15% by local management

Introduction to U.K./Europe Segment


Updated Revenue Presentation

Segment North America U.K./Europe Australia

Freight revenues Traditional carload business (includes fuel surcharges)

Bulk commodities and Intermodal (includes fuel surcharges)

Bulk commodities and Intermodal (includes fuel surcharges)

Freight-Related revenues

Switching, car hire, ancillary freight charges, trackage rights, contracted services

Switching, traction service/hook and pull (locomotive + drivers), infrastructure services

Switching, contracted services, trackage rights, crewing

All other revenues Easements, real estate, 3rd party car and locomotive repair, passenger related revenues

Real estate, 3rd party car and locomotive repair

Real estate, 3rd party car and locomotive repair

• Non-freight revenues is now divided into two categories: Freight-Related and All other


($ in millions)Q2 2015

Actual% of

Revenue Notes

Operating revenues:Freight revenues 98.0$ 59.6% Intermodal 70%; Minerals & Stone 18%; Coal 9%

Freight-related revenues 61.0 37.1% Switching; Traction service; Infrastructure

All other revenues 5.4 3.3%

Total operating revenues 164.4 100.0%

Operating expenses:Labor and benefits 46.2$ 28.1%Equipment rents 23.0 14.0% Leased locomotives and freight carsPurchased services

35.2 21.4%Contract drivers/traction in Europe; Port/terminal handling & trucking in U.K.

Depreciation and amortization 5.7 3.5%Diesel fuel used in train operations 11.9 7.2%Electricity used in train operations 5.0 3.0% New category for U.K. and Continental EuropeCasualties and insurance 1.5 0.9%Materials 8.5 5.2%Trackage rights 12.5 7.6% Track access feesNet gain on the sale of assets - 0.0%Other expenses 7.2 4.4%

Total operating expenses 156.7$ 95.3%Income from Operations 7.7$ 4.7%

Introduction to the U.K./Europe Segment


Reconciliation of Non-GAAP Financial Measures


Non-GAAP Financial Measure This presentation contains references to Free Cash Flow which is a “non-GAAP financial measure” as this term is defined in Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities Exchange Act of 1934. In accordance with these rules, G&W has reconciled this non-GAAP financial measure to its most directly comparable U.S. GAAP measures.

Management views Free Cash Flow and Free Cash Flow Before New Business Investments, an important financial measure of how well G&W is managing its assets and a useful indicator of cash flow that may be available for discretionary use by G&W. Management also views this non-GAAP financial measure as a way to assess comparability between periods. Key limitations of the Free Cash Flow and Free Cash Flow Before New Business Investments measures include the assumptions that G&W will be able to refinance its existing debt when it matures and meet other cash flow obligations from financing activities, such as principal payments on debt.

Non-GAAP financial measures are not intended to represent, and should not be considered more meaningful

than, or as an alternative to, their most directly comparable GAAP measures. Non-GAAP financial measures

may be different from similarly-titled non-GAAP financial measures used by other companies.

The following table set forth reconciliations of Free Cash Flow and Free Cash Flow Before New Business Investments to their most directly comparable GAAP measure (in millions).


Free Cash Flow

Twelve Months Ended

December 31, 2015 - Outlook

Original (February 2015)

Net cash provided by operating activities 569$ Net cash used in investing activities (277) Net cash used for acquisitions - Free cash flow 292$ New business investments 37 Free cash flow before new business investments 329$


Documents

Genesee & Wyomingir.gwrr.com/sites/genesee.investorhq.businesswire.com/files/event/...Genesee & Wyoming Inc. 2 ... LPG/NGL volumes from new NGL fractionation plants in Utica and Marcellus