1、A business of Marsh McLennanNorth American Freight Rail PerformanceQ3 2024 Financial and Operations ReviewA business of Marsh McLennan2 Oliver WymanOliver Wymans quarterly North American Freight Rail Performance report compiles and analyzes publicly available data from the seven largest North Americ

2、an railroads:BNSF Railway(BNSF)Canadian National Railway(CN)Canadian Pacific Kansas City Railway(CPKC)CSX Transportation(CSX)Ferromex(FXE)Norfolk Southern Railway(NS)Union Pacific Railroad(UP)Data sources include the US Surface Transportation Board(STB),the Association of American Railroads(AAR),the

3、 Federal Railroad Administration(FRA),industry financial reports,and public company informationAll dollar figures are US dollars.Financial figures for CN,CPKC,and FXE are converted to US dollars using the exchange rate at the end of the latest quarterINTRODUCTION23 Oliver WymanCONTENTS(1/2)Total rev

4、enue for Q3 2024 compared to Q3 2023 and peak quarter5Total revenue two-year trend with compound quarterly growth rate(CQGR)for Q3 2022 to Q3 20246Total revenue units for Q3 2024 compared to Q3 20237Average freight revenue per unit for Q3 2024 compared to Q3 20238Carloads and intermodal units for Q3

5、 2024 compared to Q3 20239Non-coal and coal carloads for Q3 2024 compared to Q3 202310Revenue ton-miles(RTMs)for Q3 2024 compared to Q3 202311Freight revenue per RTM for Q3 2024 compared to Q3 202312Adjusted operating ratio(OR)for Q3 2024 compared to Q3 202313Unadjusted operating ratio(OR)for Q3 202

6、4 compared to Q3 202314Operating ratio two-year trend with CQGR for Q3 2022 to Q3 202415Freight revenue and operating expense per RTM for Q3 2024 compared to Q3 2023164 Oliver WymanCONTENTS(2/2)Total employees for Q3 2024 compared to Q3 202317Total employment count and RTMs Q3 2017 to Q3 202418RTMs