The following is an edited transcription of the August 6, 2009 conference call hosted by Stifel Nicolaus featuring two guest speakers: Bill Rennicke and Jeffrey Elliott. The call featured a detailed discussion of Railroad industry dynamics in the “new normal” environment. Included in the discussion was commentary on the extent to which railroads have been able to reduce cost structures amid unprecedented volume declines, and how sustainable these cost takeouts are, along with an update on the regulatory environment in the Rail industry. We have attempted to recreate the experience of listening to the call live in the ensuing pages, having placed the relevant slides referred to by the speakers throughout the document.
