Core Insights - Greenbrier has appointed Steve Bobb and Jeffrey Songer to its Board, both bringing extensive experience from the rail industry, which will enhance the company's strategic initiatives and operational efficiencies [1][7][12] Group 1: Steve Bobb's Background - Bobb has 36 years of experience at BNSF Railway, including roles in strategic commercial and operational leadership [1] - He served as Executive Vice President and Chief Marketing Officer from 2013 to 2024, overseeing sales, marketing, customer service, and economic development [2] - His previous roles include Group VP Coal and General Manager of Division Operations, focusing on safe and efficient freight train movement and customer satisfaction [3][4] - Bobb holds two B.S. degrees in animal and plant science and has pursued graduate studies in agricultural economics [5] Group 2: Jeffrey Songer's Background - Songer has 30 years of expertise in operations, engineering, and finance, with 18 years in leadership roles at Kansas City Southern [7] - He played a key role in the $31 billion merger that created Canadian Pacific Kansas City, serving as EVP of Strategic Merger and Planning [8] - His experience includes managing operations across the U.S. and Mexico, with a focus on international labor management and risk management [9] - Songer holds a bachelor's degree in architectural engineering and a master's degree in business administration [11] Group 3: Strategic Implications for Greenbrier - Bobb's extensive rail industry experience will support Greenbrier's customer experience model and strategic planning [6] - Songer's insights into U.S.-Mexico relations and supply chain integration will be crucial for enhancing profitability and streamlining business structures [12] - Greenbrier is a leading international supplier of equipment and services to global freight transportation markets, with a significant presence in railcar manufacturing and leasing [13]

Alex Irving, CFA +44 207 676 7044 alex.irving@bernsteinsg.com For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 19-Jun-2025 19 June 2025 Global Logistics Supply Chain Pulse Check: The pull forward David Vernon +1 917 344 8333 david.vernon@bernsteinsg.com Antoine Madre +33 1 58 98 74 52 antoine.madre@bernsteinsg.com Justine Weiss +1 917 344 8433 justine.weiss@bernsteinsg.com The trade policy landscape is marked by significant instability: agreements close to being signed but all of a s ...

Group 1 - The article expresses a growing appreciation for railroads as an investment opportunity and their relevance in consumers' daily lives [1] - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through a blog focused on dividend growth investing [2] - The author has a beneficial long position in the shares of UNP, indicating a personal investment interest in the company [2] Group 2 - The article does not provide specific financial data or performance metrics related to the railroad industry or UNP [3]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Core Points - CN plans to invest approximately US$60 million in Minnesota as part of its 2025 capital investment program to support track maintenance and strategic infrastructure initiatives [1] - The investment aims to ensure safe movement of goods and promote long-term sustainable growth in Minnesota and CN's network [1][2] - In 2024, CN invested approximately US$77 million in Minnesota for similar initiatives, highlighting its commitment to enhancing operations and infrastructure [2][7] Investment Details - The 2025 investment will focus on track maintenance and infrastructure projects to strengthen the resiliency and efficiency of CN's network in Minnesota [2] - Specific projects include upgrading operations at CN's Two Harbors rail yard with over US$9 million allocated and more than US$2.5 million for capacity improvements at Duluth Iron Ore Dock [7] - In 2024, CN's local spending amounted to US$117 million, with cash taxes paid reaching US$19 million [7] Community Impact - The investments are expected to solidify jobs for residents in Two Harbors and support Minnesota's iron ore supply chain [2] - CN's operations contribute to the economy by transporting over 300 million tons of goods across North America annually [5]

Core Insights - Canadian National Railway Company (CNI) is investing $30 million in Tennessee as part of its 2025 capital investment program, indicating strong confidence in the region's economic potential and the future of freight rail [1][9] - The investment focuses on infrastructure, technology, rolling stock equipment, and network improvements to ensure safe movement of goods and support long-term sustainable growth [1][9] Investment Details - CNI's president, Tracy Robinson, emphasized that investing in the network is about building for the future, enhancing resiliency and efficiency across Tennessee [2] - In the previous year, CNI invested nearly $36 million in Tennessee for track maintenance and strategic infrastructure initiatives, including rail and tie replacements and grade crossing work [2][9] Expansion Strategy - CNI is committed to its core strengths of efficiency, innovation, and infrastructure, with recent investments across multiple states and provinces, including $20 million in Indiana, $75 million in Mississippi, and $600 million CAD in Ontario [3][9] - The company has made substantial investments in rail operations expansion, totaling hundreds of millions across various regions, demonstrating a robust growth strategy [3] Investor Confidence - The ongoing investments are expected to strengthen investor confidence and support the long-term performance of CNI's stock, which currently holds a Zacks Rank of 3 (Hold) [4]

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Leadership Changes - Norfolk Southern Corporation has appointed Richard H. Anderson as the independent chair of the board, effective immediately [1][2] - Anderson has a strong background, having served as CEO of Delta Air Lines, President of Optum Health, CEO of Northwest Airlines, and President and CEO of Amtrak [1] - Jack Huffard has been appointed as chair of the Compensation and Talent Management Committee [2] Board Composition - The board has agreed to reduce its size to 12 members, with remaining committee chairs continuing in their existing positions [2] - Anderson has been on Norfolk Southern's board since May 2024 and has contributed valuable business insights [3] Company Performance and Strategy - The President and CEO of Norfolk Southern, Mark George, expressed confidence in Anderson's leadership to advance strategic priorities and deliver long-term value [3] - Anderson noted the company's strong performance and commitment to safety and efficiency during his tenure on the board [3] Company Overview - Norfolk Southern operates a 22-state freight transportation network and has been in operation since 1827 [4] - The company helps customers avoid approximately 15 million tons of yearly carbon emissions by utilizing rail transport [4] - Norfolk Southern delivers around 7 million carloads annually and has the most extensive intermodal network in the eastern U.S. [4]

Core Points - CN plans to invest approximately US$30 million in Tennessee as part of its 2025 capital investment program, focusing on infrastructure, technology, rolling stock equipment, and network improvements [1][2] - The investment aims to enhance the safe movement of goods and support long-term sustainable growth in Tennessee and CN's network [1][2] - In 2024, CN invested approximately US$36 million in Tennessee for track maintenance and key infrastructure initiatives [2] Investment Details - The investment includes over US$7 million for upgrading the locomotive fueling facility at Harrison Yard and more than US$1.3 million for upgrades to CN's transload facility at its Memphis railyard [7] - The investment is expected to increase the fluidity of the entire transportation system in Tennessee, supporting economic growth [2][7] Company Overview - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources, manufactured products, and finished goods throughout North America annually [5] - The company has been contributing to sustainable trade and community prosperity since 1919 [5]

Core Points - CN plans to invest approximately US$20 million in Indiana in 2025 for track maintenance and strategic infrastructure initiatives [1] - The investment aims to increase capacity and upgrade rolling stock, ensuring safe movement of goods and supporting sustainable growth [1][2] - In 2024, CN invested approximately US$28 million in Indiana, with significant allocations for upgrading operations and purchasing equipment [2] Investment Details - The 2025 investment will focus on track maintenance and infrastructure improvements [1] - Previous investments included over US$2 million for projects at CN's Kirk railyard and approximately US$400,000 for equipment purchases [2] - CN's total capital investments in Indiana for 2024 were more than US$28 million [6] Economic Impact - CN's investments are aimed at strengthening the resiliency and efficiency of the rail network in Indiana [2] - The company plays a crucial role in supporting Indiana's manufacturing and agriculture sectors [2] - CN contributes to the economy by transporting over 300 million tons of goods across North America annually [5]