BMI maintains its cautiously positive outlook on the US freight sector. We have downgraded our US real
GDP growth forecast for 2013 to 2.1% from 2.3%, due mainly to base effects from late 2012, and the
decision to maintain the 'sequester' cuts to federal spending. Nevertheless, our core view on the US
economy is that the recovery is becoming increasingly entrenched, and that by 2014 many of the headwinds
to growth will be dissipating