1. AASHTO SCORT Presentation September 21, 2009

2. Stillwater Central Railroad Map

3. Central Region Map

4. Carload Growth

5. Oklahoma City Transload Facility

6. How we grew 1989 – Osage Railroad begins operation in Tulsa on purchase from the Union Pacific 1990 – South Kansas and Oklahoma Railroad created by purchase from Santa Fe connecting SEK Railroad with Tulsa 1998 -- SLWC enters into agreement with State of Oklahoma on Aggie Sub Division and Sooner Sub No traffic is moving on Sooner Sub Division 2004 – SLWC purchases railroad from OKC to Long, OK 2005 – SKO/SLWC begins joint line move of cement from Chanute, KS to OKC 2006 – SLWC leases BNSF terminal operations in OKC from BNSF on Frisco Line

7. How we grew 1989 – Osage Railroad begins operation in Tulsa on purchase from the Union Pacific 1990 – South Kansas and Oklahoma Railroad created by purchase from Santa Fe connecting SEK Railroad with Tulsa 1998 -- SLWC enters into agreement with State of Oklahoma on Aggie Sub Division and Sooner Sub No traffic is moving on Sooner Sub Division 2004 – SLWC purchases railroad from OKC to Long, OK 2005 – SKO/SLWC begins joint line move of cement from Chanute, KS to OKC 2006 – SLWC leases BNSF terminal operations in OKC from BNSF on Frisco Line

8. Track Projects -- $3 mm in 2009 The Cowboy Sub – The Cowboy Sub program is to maintain the main line for the existing customers. Grain and feed are the primary commodities railed on the Cowboy Sub.  Miles: 8.5  Ties: 2500  Rail:  Cost: $264,991 Sooner Sub– The Sooner Sub Rehabilitation will allow for increased annual tonnage per mile. This will allow and increase in speed reducing travel time on customer shipments. Improvements will also reduce risk assessment allow for improved safety.  Miles: 95  Ties: 11,165 Bridge & cross ties  Rail: 29,057’ between MP 438.8 & MP 532  Cost: $2.4 million Lawton Sub – The Lawton Sub needs ties rail and surfacing for about 26 miles. Improvements will increase tonnage per mile and reduce delays for customer shipments.  Miles: 26  Ties: 2000  Rail: 9,000’  Cost: $398,848

9. Stillwater Central Customers All Trans Port Services Anchor Drilling Fluids Anheuser-Busch, Inc. API Enterprise Arrowhead Lumber Sales Inc Ash Grove Cement Co Baker Hughes Drilling Fluids Capitol Steel & Iron Carbo Ceramics Citgo Petroleum Corporation Comanche Home Center Crude Marketing D & M Distribution Services, Inc. Fox Building Supply, Inc. Garrett Tubular Services, LLC. GATX Corporation Goodyear Tire & Rubber Co Inc. Griswold Energy Harrison Gypsum Helm Financial Corp. Helm U.S. Corporation Hexion Specialty Chemicals HLI Rail And Rigging International Paper J M Huber Corp January Environmental Services Jones Seed Lafarge Building Materials Inc. N.A Letica Corporation Lone Star Railroad Contractors Lonestar Distribution Martin Mareitta Materials Mckinley Hardwoods Mid-American Lumber Musket Corp National Standard Company Newpark Drilling Fluids, Inc. Northwest Rubber OKC Warehouse Oklahoma City Reload Oklahoma Construction Materials Poly Films Inc Ponderosa Pro Petro Source LP Quebecor World Color Reload Inc. Republic Paperboard Company Rock-n-Rail, LLC Ryerson Tull Inc Sid Richardson Carbon & Energy Co Silverline Plastics Company SLWC Eagle Location Steagall Oil Co. Stillwater Milling Co Inc Superior Well Service Temple Inland Thomas Metal Group Trinity Industries Inc Tuttle Grain And Supply Tuttle Lumber Company United States Army Univar Usa Inc.

10. 10 Questions

11. Passenger Service Currently Oklahoma Heartland Flyer Service connects Dallas to Oklahoma City. Strong desire to connect Tulsa to Oklahoma City to connect to national rail network Two opportunities: Build new line between Oklahoma City and Tulsa on the Turnpike, truly high speed Build all at one time Rebuild line on Sooner Sub, reach speeds of 79 mph for a reduced cost Incremental improvements SLWC is willing to be part of any solution

12. The Future Watco wants to continue to work with Customers in Oklahoma to grow the business and provide transportation solutions We are very proud of the growth on the Stillwater Central Railroad Sooner Sub is a true public private partnership State preserved the asset Watco has grown the traffic from 0 cars in 1998 to more than 30,000 projected in 2010 To do this we must continue to stay true to our Foundation Principles

13. 13 Improve Customer Satisfaction Right Car Right Time In the Right Condition At the Right Price Improve Profitability Revenue Growth Rate EBITDA Growth Return on Assets > WACC% Free Cash Flows Economic Value Add (EVA) Do Both Over the Long-Term Building Relationships Customers Employees Communities Vendors Investors Watco Companies A Customer First Company

14. 176 - Reps

16. 42 Senators