1

Professional Logistics Group

Oil & Natural Gas:

The Evolving Freight

Transportation ImpactsPrepared for

March 5, 2013 La Quinta, CA

Rail Equipment Finance

Conference 2013

» Boutique consulting firm specializing in logistics, engineering, and

supply chain

Established in 2001

Over 90 clients and 200 engagements

» Headquarters in Chicago USA, with team members throughout

the US and with “on the ground” experience in:

North America / Europe / South America / Asia / Middle East

» Consulting services

Strategy & optimization

Assessments & benchmarking

Transportation assets & infrastructure

Logistics operations

M&A/investments/private equity

» Key industry verticals:

Oil & gas

Chemicals & plastics

Wind energy & project cargo

Bulk commodities (minerals, mining, agricultural)

Industrial manufactured goods

Private equity

About PLG Consulting

2

3

The Shale Development

Revolution – Big Picture

New Technologies

Hydraulic Fracking

Horizontal Drilling

Key Drivers

Destination Markets

Price

Logistics

CapitalContinuous Evolution

New Energy Paradigms

Rapid Change

Hydraulic Fracturing and

Horizontal Drilling

4

Hydraulic Fracturing

Equipment Staging Area

Source: JPTOnline.org

Frac Tanks/Fluid Storage

Chemical Trucks

Blender

Sand Storage

Unit

Pump Trucks

Data Van

5

US Shale Plays

6

Shale Driving Growth in Natural

Gas and Crude Oil Production

» 1,762 rigs in operation as of February 13, 2013

» 700% increase in shale gas production since 2007

» Domestic oil production at 14-year high (6.9MM bbl/d)

» “Unconventional” becomes “conventional” by 2015

7Source: EIA 2012

Source: Baker Hughes 2013

GAS OIL THERMALSource: EIA 2012

U.S. Crude Oil Production

Nov. 2012

6.89MM bpd

8

Shale Development Supply Chain

and Downstream Impacts

Feedstock (Ethane)

Byproduct (Condensate)

Home Heating (Propane)

Other Fuels

Other Fuels

Gasoline

Inputs >> Wellhead >> Direct Output >> Thermal >> Fuels >> Raw Materials >> Downstream Products

Gas

NGLs

Crude

Proppants

OCTG

Chemicals

Water

Cement

Generation

Process Feedstocks

All Manufacturing

Steel

Fertilizer (Ammonia)

Methanol

Chemicals

Petroleum Products

Petrochemicals

» Shale development impact on the railcar industry is long-term, wide-ranging, and positive with only one exception

Hydraulic Fracturing Materials

Inputs and Logistics – Per Well

9

Materials

Chemicals

Clean Water/

Cement

Proppants

OCTG (Pipe)

Source to

Transloading

2

Local source

40

5

Transloading to

Wellhead Site

8

~1,000

160

20

47 Total

Railcars

~1,200 Total

Truckloads

Oil/Gas/NGLs

Truck, Rail,

Pipeline

Waste Water

~500 Total

Truckloads

Correlation of Operating Rig Count

with Sand and Crude Shipments

10STCC 14413 (sand) and 13111 (petroleum) Data sources: US Rail Desktop, Baker Hughes

1,695

1,814

1,270

886939

1,073

1,299

1,467

1,6041,6651,691

1,798

1,9111,9721,9481,965

1,864

1,7631,762

0

500

1000

1500

2000

2500

0

20,000

40,000

60,000

80,000

100,000

120,000

2007 Avg. 2008 Avg. 2009 2010 2011 2012 2013

Op

era

tin

g O

nsh

ore

Rig

s

San

d C

arlo

ads

Quarterly Data

Operating On Shore Rigs

All Sand Carloads

Petroleum Carloads

All Sand Handled by

Railroad

11

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2008 2009 2010 2011 2012

Car

load

s

Quarterly Data

BNSF

UP

NS

CN

CPRS

CSXT

KCS

STCC 14413 Source: US Rail Desktop

Sand Mining Overcapacity:

New Reality

12

» Growth in Wisconsin sand mining industry

has slowed

60 mine/processing operations proposed June 2011

– June 2012

Four (4) proposed June 2012 – January 2013

» Minnesota opposition to sand mining grows

Pattison (Prairie du Chien, WI) asked to withdraw

permit application

MN state senate committee has passed a one-year

mining moratorium

» Transportation costs continue to concern WI

and MN sand shippers

» Established Illinois companies seeing

significant upturns in volumes and financial

returns

» Industry consolidation continues

Changes in Rail Shipment Pricing

2012 / 2013 - Sand

» Pricing spreads continue to widen between unit train and manifest

shipments

On a per-ton basis between Wisconsin and Texas, spreads are 17-29%

» Shippers who are willing to ship unit trains and make volume commitments

have realized significant savings with longevity over public pricing

» Western carriers are driving single line hauls and encouraging longer trains

to Eagle Ford via pricing differentials

» Canadian and Eastern carriers are aggressively working to grow their

markets by providing very competitive pricing and securing sand

originations

CN/Superior Silica Sands – Poskin (Barron), WI

» Major sand providers establishing “in the play” transloading facilities to

provide ready access to product

U.S. Silica - East Liverpool, OH

U.S. Silica – San Antonio, TX

Potential 2nd facility under consideration in San Antonio, TX

13Source: PLG analysis

Processed Sand Total

Delivered Cost

Source: PLG analysis 14

» Benchmark cost with well-executed performance Example unit train movement from Wisconsin to

Texas with total delivered cost of approx. $180/ton

Logistics drives ~60% of total delivered sand cost

» Potential for significant cost add-

ons caused by strategic and

tactical issues

Sub-optimal logistics network design or

infrastructure Manifest service (rail)

Multi-carrier vs. single line haul (rail)

Equipment/driver shortages

Poor planning and/or execution Rail and/or truck demurrage costs

– Performance penalties

Uncompetitive sand price

Poor sand quality

Sand Railcar Market

Conditions

» New-build market has run its course Much smaller backlog

– 3Q 2011: 10,000 cars, ten month wait

– Today: no significant wait

Significant drop off from ~14,000 new cars per year

– 2013 closer to 2,000-3,000 new cars

No new spec building by lessors – all deal specific now

Normalized pricing: older cars less expensive than new

Some new cars going into storage

» Lease market also post-peak Available inventory from multiple directions

– Lessors, builders, oversubscribed shippers

Existing 286K cars available now

Cars with sub-optimal specs (grain, <286K, cement) are being

phased out of frac sand fleet

Credit-worthiness an important criteria

» Long-term horizon

Some signs of activity in cement market may help offset

remaining surplus of sand cars

Optimism in industry that sand car demand will strengthen in

Q3-Q4 2013

15

Shale Play Product

Flows Outbound

» Natural Gas

Majority via pipelines, some trucks

» Natural Gas Liquids (NGLs)

Requires processing (fractionation)

3-9 gallons/MCF (thousand cubic feet)

– Ethane 63%

– Propane 22%

– Butane 8%

– Pentane 5%

– Other 2%

– Condensate (liquid hydrocarbons)

» Crude Oil

Bakken play as a model

Surging Permian and Eagle Ford development

16

Shale Development Natural

Gas Impacts - Thermal

» Industry a “victim of its own success” Fracking results in oversupply; gas prices down 50%

since 2010

Rigs leave Marcellus, other gas plays for oil plays

Helped to deflate frac sand boom

» Significant displacement of coal for

electricity generation Natural gas now supplying approx. 30% of thermal fuel

demand

Adversely affecting coal industry, railroad coal loadings

17Source: NYMEX

Source: EIA

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2008

2009

2010

2011

2012

Carl

oad

s

Quarterly Data

Rail Shipments: Coal, Sand & Crude

Sand

Crude

Coal

18

Shale Related Rail Traffic Still

Small Relative to Coal Volumes

STCC 14413 (sand), 13111 (petroleum), 11212 (coal) Source: US Rail Desktop

Coal, Crude & Sand Trends:

Carloads and Revenue

Coal Shipments

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

5.5

6

6.5

7

7.5

8

20082009201020112012

Billi

on

s

Carl

oad

s

Mil

lio

ns

Carloads Revenue

Crude & Sand Shipments

19

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

0

50

100

150

200

250

300

350

400

Billi

on

s

Th

ou

san

ds

Sand Crude Revenue

STCC 14413 (sand), 13111 (petroleum), 11212 (coal) Source: US Rail Desktop

Shale Gas Driving US

Manufacturing Renaissance

» Huge upside for domestic manufacturing from low-cost electricity

generation “Re-shoring” due to low electricity prices

Benefits ALL manufacturing in US

» Certain industries that use natural gas as a feedstock poised for a

renaissance Methanol

– 16MM m/t new capacity under consideration

Fertilizer

Steel

» Broad implications for a wide variety of railcar types

20

Shale Gas Will Drive Steel

Manufacturing Comeback in US

21

» Shale gas boom makes direct-reduced iron steel economical DRI plants viable with growth in shale gas

Not new technology, but preferable with lower cost natural gas

DRI process uses natural gas in place of coal to produce iron

Cost of production 20% lower per ton vs. traditional blast furnace

» U.S. jobs and international investment Steel production in the U.S has shrunk 3.4% since 2008

– Compare to 14% growth in steel production internationally

– Domestic steel industry capacity running at 74%

At least five new DRI steel plants being considered in the U.S. – now

economical for the first time in 30 years due to low cost of natural gas

Both domestic and international firms investing in the technology

Initial investments create up to 500 jobs and 150 permanent employees

» Reciprocal growth Increased demand for U.S. steel creates greater demand for U.S. gas

Joint venture between Nucor Corp. and Encana Corp. commits $3 billion to

development of new gas wells to support DRI plants

DRI-derived steel of higher quality than that created from recycled scrap,

further driving demand

Shale Gas Development

Impact on Fertilizer Market

» Natural gas is a feedstock for ammonia production

» Lower gas prices directly benefit American farmers

Increased demand for corn, soybeans has driven fertilizer costs higher

Excess natural gas supply can be utilized to produce greater volumes of fertilizer

more economically

Economic advantage of domestic production vs. imports for the first time in 20+

years due to low gas prices from fracking

» Cheap U.S. natural gas means billions in investment for new

domestic fertilizer plants, displacing imports

Orascom/Iowa Fertilizer Company - Wever, IA

CHS - Spiritwood, ND

Ohio Valley Resources - Spencer County, IN

Yara - Belle Plaine, SK Canada

North Dakota Grain Growers Association - Williston Basin, ND

CF Industries – expansions at Donaldsonville, LA and Port Neal, IA

PotashCorp - resumption of ammonia production at Geismar, LA

Agrium – KY or MO (anticipated)

» If new plant construction/expansions are completed, imports of

nitrogen-based fertilizers could be reduced to “near zero” by 2018

22

Looking Ahead:

Natural Gas

» Factors that could revive demand and

prices (>$4/MMbtu)

Industrial use expansions come online over next 5

years

Continued toughening of EPA regulations of coal

Historic import/export reversal of US/Canada

natural gas flows by 2014 (Marcellus gas exports

to Canada)

Technology advancements for increased use of

CNG as a transportation fuel

» Potential for LNG exports

Political/policy battle between domestic industrial

users and producers

Sabine Pass, LA now permitted for exports; more

terminals in application phase

Expect only moderate volumes of LNG exports to

be approved

– Avoids exposure of natural gas to similar market

forces that have affected oil

– Useful foreign policy instrument for Executive

Branch

» Expect any significant revival of dry gas

fracking to re-ignite frac sand car market,

transportation

23Source: Waterborne Energy Inc. Data in $US/MMBtu

Source: Union Gas, RBN Energy

Shale Development

NGL Impacts

» Leading NGL and “wet gas” plays are Eagle Ford, Utica,

Permian

Significant investment and expansion of gathering, fractionation, and

takeaway capacity underway in the Utica Play

Takeaway capacity in Eagle Ford well exceeds current production (4x)

» Requires fractionation facilities proximal to production

“Y-grade” must be separated into purified products

75% of fractionation capacity in US Gulf Coast

Mt. Belvieu, TX major trading & storage hub

» Similar to dry gas, strong production due to fracking has

resulted in oversupply and depressed prices

» However, also similar to dry gas, abundant supplies have

sparked chemical industry renaissance

Ethane is “cracked” to make ethylene, the most basic building block in the

chemicals supply chain

Over $15B in new announced ethylene expansions will come on-line over

the next five years, increasing capacity by 33% (11 MMmt)

USA is now the low-cost producer of ethylene-based chemicals due to

abundant supplies of ethane from shale plays (up to 60% raw materials

cost advantage)

24

0

500

1000

1500

2000

2500

$/T

on

HDPE Calculated Cost

Sources: CMAI, TopLine Analytics, and Alembic analysis,

2012

Natural Gas & Petrochemical

Downstream Products

Feedstock/

Intermediary

Finished

Products

Natural Gas,

OIl

Ethane,

Naphtha, etc.

Ethylene

Miscellaneous

Vinyl Acetate

Linear

Alcohols

Ethyl

Benzene

Ethylene

Oxide

Ethylene

Dichloride

High Density

Polyethylene

Low-Density

Polyethylene

Adhesives, coatings, textile/

paper. finishing, flooring

Detergents

Styrene

Ethylene

Glycol

Vinyl Chloride

House wares, crates,

drums, food containers,

bottles.

Food packaging, film,

trash bags, diapers, toys

PVC

Antifreeze

Fibers

PET

Miscellaneous

Polystyrene

SAN

SBR

Latex

Miscellaneous

Medical gloves,

carpeting,

coatings

Tire, hose

Instrument lenses,

house wares

Insulation, cups

Siding, windows,

frames, pipe, medical

tubing

Pantyhose,

carpets, clothing

Bottles, film

Looking Ahead: NGLs

» The (somewhat) hidden Condensate story

Used as diluent for heavy Canadian tar sands oil – critical for

transportation as “Dilbit”

Trades at ~$110/bbl at Edmonton

Significant investment in infrastructure being made to deliver Eagle

Ford, Utica condensate to Western Canada

Primary delivery via pipeline, but major rail volumes ex. Utica are

required to get to Midwest pipeline injection points

Additional stressor on tight tank car supplies

Demand expected to grow from 200 MMb/d to 500 MMb/d by 2020

» Expect export market for NGLs to expand

Pipeline reversals undertaken to meet demand, particularly ex. Utica to

Sarnia, ON petrochemical complex and export storage and dock

facilities in Philadelphia

» Continued strong NGL production will drive chemical

industry growth

Domestic end-use of materials, i.e. plastics, will expand significantly

Up to 40% of new petrochemical output will be for export

New demand for plastic resin hoppers, specialty and pressure tank cars

26

Source: Canadian Energy Research Institute

Source: MarkWest, Rextag

Shale Development

Crude Oil Impacts

» Dramatic increases in

US production due to

fracking Projected to grow by ~30%

over next four years

Strong play in Bakken;

surging Permian and Eagle

Ford development

» Decreasing dependency

on foreign crude Combination of US shale plus

Canadian oil sands estimated

to reduce imports to <15% by

2020

West African imports already

down ~70% from 2010 levels

» Rail critical to total

crude market Bakken as case study

27Source: BENTEK Energy

Source: Morgan Stanley, February 2013Source: Morgan Stanley, February 2013

Bakken Oil Production –

History and Forecast

28

0

100000

200000

300000

400000

500000

600000

1952 1962 1972 1982 1992 2002 2012

Ba

rre

ls P

er

Da

y

Year

First outbound

unit train

shipment

December, 2009

~704,000 BPD December 2012

Source: North Dakota Oil and Gas Division January 2013Source: North Dakota Industrial Commission, North Dakota Department of Mineral Resources -

January 2013

» Change in past 15 months

November 2011:

– 2012 Bakken discount vs. WTI have ranged from

$8-12 bbl

– Undervalued due to logistics constraints

“stranding” the oil

January 2013:

– Bakken vs. WTI near even to ~$4 discount due to

improved logistics

» Significant expansion of crude by

rail terminal capacities in 2011-

2012, but slowing in 2013

Increasing M&A activity, private equity

interest in infrastructure

29

Bakken Crude No Longer

“Stranded” Due to Logistics

Source: North Dakota Industrial Commission, PLG analysis

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

Dec. 2010 Dec. 2011 Jun-12 Aug-12 Oct-12 Dec-12

ND Crude Production and Rail Transport

ND Production (bpd) Crude by Rail (bpd)

29

Facility LocationLoading Capacity

(Barrels per Day)

Rail

CarrierMusket Corp Dore 60,000 BNSF

Savage Services Trenton 90,000 BNSF

Red River Supply Williston 10,000 BNSF

Hess Oil Tioga 60,000 BNSF

Plains All American Manitou 65,000 BNSF

Bakken Transload (Plains) Ross 20,000 (65k Q2 2013) BNSF

EOG Stanley 65,000 BNSF

Basin Transload Zap 40,000 BNSF

Bakken Oil Express Dickinson 100,000 BNSF

Enserco Gascoyne 10,000 (60k Q2 2013) BNSF

Inergy Partners Epping 120,000 BNSF

Enbridge Berthold 10,000 (60k Q2 2013) BNSF

Great Northern Fryburg 65,000 BNSF

BNSF Total Capacity 715,000

Global Stampede 60,000 CP

Dakota Plains New Town 40,000 CP

Plains All American Van Hook 35,000 (65k Q2 2013) CP

CP Rail Total Capacity 135,000

Total Crude by Rail Capacity 850,000

(Existing by December 2012 and planned for 2013)

Crude Oil by Rail – North

Dakota Terminals

Source: PLG analysis 30

North Dakota Class I Railroads

and Crude Oil Terminals

31Source: RBN Energy

Map by PLG Consulting 31

32Bpd = Barrels per Day

Bakken Area

Outbound Pipelines

Current Capacity ( Q1 2013) - 440,000 bpd

Announced pipeline capacity expansions

Company Project BBL's/day Expected in

Name Capacity service date

Enbridge Berthold Expansion 145,000 1Q 2013

Sandpiper 225,000 2016

Plains All American Bakken North 75,000 1Q 2013

Saddle Butte High Prairie 160,000 1Q 2014

Oneok Partners Bakken Express 200,000 2015

Trans Canada Bakken Marketlink 100,000 2015

Keystone XL 830,000 2015?

Total New Pipelines: 1,535,000

NEW pipeline capacity expected operational:

2013 220,000

2014 160,000

2015 325,000

TBD (K XL) 830,000

Source: PLG analysis, North Dakota Governors Pipeline Summit 2012, ND Pipeline Authority Jan 201332

Bakken Express

‘postponed’ November

30, 2012 due to lack of

subscription

32

Bakken Production vs. Takeaway

Capacity: 2012–2014 Projection

Year ND Production

Forecast (Bpd)

Pipeline

Capacity*

Rail Terminal

Capacity

Rail Carrier

Capacity

ND Refinery

Consumption

Total

Outbound &

Refinery

Capacity

Excess

Logistics

Capacity

2012 700,000 460,000 670,000 1,200,000 60,000 1,190,000 490,000

2013 790,000 650,000 880,000 1,300,000 60,000 1,590,000 800,000

2014 860,000 900,000 880,000 1,350,000 60,000 1,840,000 980,000

Source: PLG Analysis

33

* Excludes Keystone XL Bpd = Barrels per Day

Crude Oil Pipelines –

Existing and Future

Source – CAPP Report 201134

Crude Oil by Rail

vs. Pipeline

» Current pipeline options ~ 30-45% lower

cost vs. rail

» Near-term offsetting rail advantages:

Site permitting, construction is much quicker and easier

Much lower capital cost and scalable

Shorter contracts

Transit to destination - 5-7 days via unit train vs. 30+

days via pipeline (between Bakken and US Gulf Coast)

Origin and destination flexibility/opportunistic to new

markets

» Long-term challenges that will affect rail

volumes and margins:

Pipeline expansions

Bakken-WTI price equilibrium

Any significant narrowing of price differential between

Brent and WTI

$6.50

$11.50 $10.50

$14.70

$-

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Pipeline toCushing

Rail to Cushing Pipeline to PtArthur

Rail to PtArthur

Do

lla

rs P

er

Ba

rre

l

Source: PLG analysis

35

Crude Oil by Rail

Volume Growth

36

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2008 2009 2010 2011 2012

Car

load

s

Quarterly Data

BNSF

UP

CPRS

CN

CSXT

KCS

NS

Source - US Rail Desktop

37

Shale Development Impact on

Crude Oil Market Dynamics

Key Drivers

Destination Markets

Price

Logistics

Capital

» Crude oil will find its way to market one way or

another Price differentials

– Bakken and WTI trading at ~$20/bbl less than Brent

– Alberta Bitumen trading at ~$40/bbl less than Brent

E&P, midstream players willing to rapidly deploy significant

capital to enable access

– Multi-modal logistics hubs in shale plays

– New multi-modal terminals/trading hubs at destination markets (i.e.

Cushing, OK, St. James, LA, Pt. Arthur, TX, Albany, NY, Bakersfield, CA)

– Lease and purchase of railcar fleets

– Pipeline expansions, reversals, new construction

Refineries installing unit train receiving capability

– Particularly coastal refineries previously captive to waterborne imports (i.e.

Philadelphia, PA, St. John, NB, Anacortes, WA, Ferndale, WA)

» However, not all crudes are created equal Light/sweet vs. heavy/sour

– Brent, WTI, and US shale play crudes (Bakken, Permian, Niobrara,

Permian) are light/sweet

– Heavy/sour crudes include Western Canada, Venezuela, Mexico, Alaska

North Slope (ANS), Middle East (light/sour)

– Light/sweet requires less downstream processing

– Heavy/sour has higher sulfur content

– Bakken has higher gas, jet, and distillate yield than peer crudes37

38

Shale Development Impact on Crude

Oil Market Dynamics (continued)

» Refineries are generally configured to run certain types of crude

Significant investments made ($48B since 2005) at select refineries to install coker units that will allow processing of heavy/sour

Major heavy/sour refining clusters: Corpus Christi, Houston, Chicago, southern Illinois, Ohio, West Coast

» The special case of the Canada Oil Sands

Heavy/sour crude has a natural home in Midwest and US Gulf Coast

Pipeline capacity to US Midwest refining centers is at capacity

As Canada waited for pipelines, Bakken built rail infrastructure to provide 50+% of takeaway capacity

Pipeline developments to coasts, US markets still 2+ years away, while tank car supply constrains rail options

Alberta producers’ opportunity cost at $60MM/day due to Bitumen discounting

Province of Alberta receives 25% of its $40B annual budget from oil royalties

Source: PLG Consulting38

39

Shale Development Impact on Crude

Oil Market Dynamics (continued)

» The gusher of new US light/sweet shale oil production made possible by fracking

has upended the traditional oil logistics and trading patterns Result: “Wrong place/wrong oil” supply displacements, i.e. Cushing overflow

Rapid investment in new logistics infrastructure, routes, modes, and terminals

The biggest current bottleneck: Railcars

– Current order backlog runs to 3Q 2014

– Major purchases by oil majors and midstream companies

– Extremely tight market with very high lease rates

» A “new normal” in crude oil flows will emerge in conjunction with continued North

American oil production over the next five years

39

Looking Ahead: Crude Oil Production

Growth and Anticipated Product Flows

40

= Light/Sweet

= Heavy/Sour

= Pipeline

= Marine

= Rail

= Storage terminal(s)

= Refinery cluster –

Sweet/Intermediate

= Refinery cluster –

Sour/Intermediate

= Current b/d (000)

= Future b/d (000) additional by 2017 +420123

Bakken

+855

704

Oil Sands

+2,3001,615

Eagle Ford

+1,087352

Permian

+607514

Source: BENTEK Energy, CAPP, Railroad Commission of Texas, PLG Consulting

The Shale Development Revolution – Big

Picture for the Railcar Industry

41

Look Beyond Today

Crude Cars

Small Cube Hoppers

Downstream Opportunities

Price

Logistics

CapitalExpect Change

New Energy Paradigms

Rapid Change

Thank You!For follow up questions and information, please contact:

Taylor Robinson, President

+1-508-982-1319 / trobinson@prologisticsgroup.com

Graham Brisben, CEO

+1-708-386-0700 / gbrisben@prologisticsgroup.com

Jean Arndt, Vice President

+1-630-505-0273 / jarndt@prologisticsgroup.com

Jeff Dowdell, Senior Consultant

+1-732-995-6696 / jdowdell@prologisticsgroup.com

Gordon Heisler, Senior Consultant

+1-215-620-4247 / gheisler@prologisticsgroup.com

Jeff Rasmussen, Senior Consultant

+1-317-379-5715 / jrasmussen@prologisticsgroup.com

Eric Lamy, Business Manager

+1-508-633-3993 / elamy@prologisticsgroup.com

Jay Olberding, Analyst

+1-636-399-5628 / jolberding@prologisticsgroup.com

This presentation is available at:

WWW.PROLOGISTICSGROUP.COM

Professional Logistics Group

42