The Rising Tide of Liquid Cargo on the Inland Waterways Supply and Demand Outlook for the Tank Barge Market Ken Eriksen Senior Vice President May 1, 2014 St. Louis, Prepared for

Liquid Barge Commodities 2

New Found Oil Reserves Coming to the Surface A old technology brings gushing liquid gold 3

New Found Oil Reserves Coming to the Surface – Shale Plays and Refineries 4

Liquid Tank Barge Commodity Volumes Distribution of Tons million tons Distribution of Ton-Miles 53.6 billion ton-miles Historically chemical products and crude petroleum have been lower volume moves, but chemical has been longer distance while crude (and food and farm) shorter distance moves. 5

Liquid Commodity Movements – Surging Crude Petroleum Crude drives higher, others remain anemic. 6

Going the Distance with Tank Movements Longer distances emerging for crude shipments while other liquid remain static. 7

Liquid Commodity Movements – Surging Crude Petroleum Crude drives higher, other remain anemic. 8

Barge Supply and Demand 9

Liquid Tank Barge Fleet Expanding Shifting fleet profile, younger fleet emerging. 10

Liquid Tank Barge Fleet Pressure Indices Tonnage versus Ton-Miles? Fleet dynamics, capacity utilization tied to distances traveled. 11

Liquid Tank Barge Fleet to Expand Further to Keep Pressure Steady 12

The Rising Tide of Liquid Cargo on the Inland Waterways Supply and Demand Outlook for the Tank Barge Market Ken Eriksen Senior Vice President May 1, 2014 St. Louis, Prepared for