Investor Presentaiton

Diversified Revenue, Large Customers and Stable End Markets RAL-NOT ENTR Iron Ore Uses: Domestic steel production, export Fertilizers Uses: Domestic agricultural production, export Limestone and cement Uses: Construction of buildings, roads, bridges Salt (Road Salt) Uses: Keeps icy roads safe during winter months 2019 Domestic Dry Bulk Revenue Breakdown (36% of CY 2019 EBITDA) Construction Grain (wheat, barley, soy bean, corn, canola) Uses: Domestic food production, export Petroleum Products Uses: Supply gas stations and provide heating for homes throughout the region 2019 Ocean Self-Unloader Revenue Breakdown (31% of CY 2019 EBITDA) Gypsum 12% Commentary The customer, geographic and operational diversity of the Company mitigates negative economic impact to the sectors in which it operates - The Company operates in industrial trades located in leading, developed countries across the globe Does not trade in countries with high geopolitical risk Trusted provider of shipping services for the key players in the steel, mineral, refined products, and iron ore industries - Significant partner to the U.S. construction and infrastructure end-markets 30-40 customers make up 90% of the Great Lakes market; not a lot of movement of customers Select Key Customers - Large, well-entrenched customer base many of whom are investment grade-rated ArcelorMittal Cargill Compass Minerals Esso Imperial Oil LAFARGE ARGE 18% Iron & Steel GP Salt 47% Coal Georgia-Pacific 20% 32% Aggregates 56% HEIDELBERG IRVING Agriculture (Grain) 15% A Martin Mariettc Rio Tinto National Gypsum (USS) 25 Source: Company materials. RICHARDSON Your Marine Carrier of Choice T

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