1. Projects proposed for RRIF Financing Don Cleland

3. Projects to be funded through RRIF Refinance of existing capital debt Key bridge projects Rehab of Ashland Line to bring 15 miles up to FRA Class 2 track Certified railroad scale Expansion of yard switching capacity Construct a locomotive servicing shop facility Restore to service one GP-38 locomotive Lay new 115# rail on selected curves

4. Refinance of existing capital debt Take advantage of longer terms and lower interest rates Better manage cash flow to address necessary maintenance and enhance flexibility to respond to growth opportunities

5. Key Bridge Projects Replace timber structure with steel and concrete at Mansfield, OH.

6. Track Rehab of Ashland Line Timber and surface 15 miles of track

7. Certified Railroad Scale Rail scale to address customer demand

8. Expansion of Yard Increase switching capacity

9. Construct Locomotive Servicing Facility Most servicing and repair work is currently performed without protection from the elements Enhance safety, productivity, and better manage environmental regulation compliance

10. Restore a locomotive to service Rebuild prime mover and traction motors

11. Lay new 115# rail 3.5 miles of curves where traffic is heaviest

12. ORDC – Railroad partnership Ashland Railway considered applying for RRIF assistance for a number of years Access to private funding is not expected to meet our needs ORDC guidance and support is providing important assistance as we go through the RRIF process Ashland Railway will continue to be a strong partner in state and local development of new opportunities for job creation in the communities we serve