Industry indicators - Illustration

Railway Age, Feb, 2004

TRAFFIC ORIGINATED

CARLOADS                    WEEK 2 ENDING JANUARY 17, 2004

MAJOR U.S. RAILROADS

By commodity                   2004       2003    % Change

Agricultural products        45,042     42,901        5.0%
Chemicals                    35,864     35,345        1.5%
Coal                        134,356    125,915        6.7%
Forest products              18,412     17,938        2.6%
Metallic ores & min.         31,048     31,154       -0.3%
Motor veh. & equip.          22,560     24,175       -6.7%
Nonmetallic min. & prod.     35,409     31,070       14.0%
Other carloads               16,171     14,231       13.6%
Total cars loaded           338,862    322,729        5.0%

CANADIAN RAILROADS

By commodity                   2004       2003    % Change

Agricultural products        12,872      9,495       35.6%
Chemicals                    15,703     15,117        3.9%
Coal                          7,154      6,922        3.4%
Forest products              10,560     11,295       -6.5%
Metallic ores and min.        5,340      4,068       31.3%
Motor veh. & equip.           7,450      8,567      -13.0%
Nonmetallic min.& prod.       3,393      3,179        6.7%
Other carloads                1,708      2,002      -14.7%
Total cars loaded            64,180     60,645        5.8%
U.S./Canadian total         403,042    383,374        5.1%

U.S. TOTAL                  2 weeks: 656,848 * % change from 2003: 0.9%
CANADIAN TOTAL              2 weeks: 127,467 * % change from 2003: 4.1%
U.S./CANADIAN TOTAL         2 weeks: 784,315 * % change from 2003: 1.4%

MEXICO (TFM reporting)

All commodities               8,403      8,976       -6.4%

TOTAL                       2 weeks: 16,125 * % change from 2003: -9.6

INTERMODAL
UNITS                       WEEK 2 ENDING JANUARY 17, 2004

U.S. TRAFFIC

Trailers                     51,569     45,791       12.6%
Containers                  147,863    140,773        5.1%
Total units                 199,452    186,564        6.9%

CANADIAN TRAFFIC

Trailers                      2,974      4,025      -26.1%
Containers                   36,276     33,597        8.0%
Total units                  39,250     37,622        4.3%

U.S./Canadian total         238.702    224.186        6.5%

U.S. TOTAL                  2 weeks: 388,174 * % change from 2003: 4.0%
CANADIAN TOTAL              2 weeks: 79,204 * % change from 2003: 0.4%
U.S./CANADIAN TOTAL         2 weeks: 467,378 * % change from 2003: 3.4%

MEXICO (TFM reporting)

Trailers                        410        517      -20.7%
Containers                    2,853      3,465      -17.7%
Total units                   3,263      3,982      -18.1%

TOTAL                       2 weeks: 5,566 * % change from 2003: -22.7%

Esitmated (ton-miles (billions),

                            U.S. Class I railroads

Week 2                         2004       2003    % Change
                               30.2       28.4        6.3%

Totals 2004                 2004: 58.4 * 2003: 57.2 * % change: 2.1 %

Source: "Weekly Railroad Traffic," Association of American Railroads

Traffic originated in 2003, all commodities

U.S. Class I railroads                2003          2002       % Change

East
  CSX Transportation                3,925,740     3,845,115      2.1%
  Norfolk Southern                  3,286,658     3,319,261     -1.0%
  East total                        7,212,398     7,164,376      0.7%
West
  Burlington Northern and Santa
    Fe                              3,806,086     3,838,628     -0.8%
  Kansas City Southern                321,980       325,372     -1.0%
  Union Pacific                     4,809,713     4,772,825      0.8%
  West total                        8,937,779     8,936,825      0.0%
Class I total                      16,150,177    16,101,201      0.3%

Canadian Railroads
Canadian National                   2,105,236     2,079,324      1.2%
Canadian Pacific                    1,168,287     1,144,388      2.1%
Canadian total                      3,273,523     3,223,712      1.5%

U.S. and Canadian total
* U.S. and Canadian total         20,207,480    20,148,164      0.3%

Intermodal traffic originated in 2003

U.S. railroads                           2003          2002    % Change

East
  CSX Transportation                1,498,825     1,388,372      8.0%
  Florida East Coast                  159,708       162,940     -2.0%
  Norfolk Southern                  1,786,379     1,730,194      3.2%
  East total                        3,444,912     3,281,506      5.0%
West
  Burlington Northern and Santa
    Fe                              3,575,146     3,184,749     12.3%
  Kansas City Southern                 69,100        63,634      8.6%
  Union Pacific                     2,854,204     2,782,471      2.6%
  West total                        6,498,450     6,030,854      7.8%
U.S. total                          9,943,362     9,312,360      6.8%

Canadian Railroads
Canadian National                   1,174,256     1,127,821      4.1%
Canadian Pacific                      989,960       927,150      6.8%
Canadian total                      2,164,216     2,054,971      5.3%

U.S. and Canadian total            12,107,578    11,367,331      6.5%
U.S. and Canadian total

* U.S. total includes Class I's and selected regionals.

Source: AAR