Industry indicators

Railway Age, April, 2004

[GRAPHICS OMITTED]

TRAFFIC ORIGINATED

CARLOADS                   WEEK 10 ENDING MARCH 13, 2004

MAJOR U.S. RAILROADS

By commodity                  2004      2003   % Change

Agricultural products       42,240    39,461       7.0%
Chemicals                   34,854    33,479       4.1%
Coal                       130,829   135,360      -3.3%
Forest products             17,471    16,975       2.9%
Metallic ores & min.        29,480    29,340       0.5%
Motor veh. & equip.         25,820    26,771      -3.6%
Nonmetallic min. & prod.    37,626    34,136      10.2%
Other carloads              15,526    14,950       3.9%
Totalkiiii cars loaded     333,846   330,472       1.0%

CANADIAN RAILROADS

By commodity                  2004      2003   % Change

Agricultural products       14,032    10,493      33.7%
Chemicals                   15,349    15,185       1.1%
Coal                         9,108     6,297      44.6%
Forest products             11,103    10,090      10.0%
Metallic ores and min.       5,722     4,918      16.3%
Motor veh. & equip.          8,814     7,769      13.5%
Nonmetallic min. & prod.     3,581     3,869      -7.4%
Other carloads               2,036     1,721      18.3%
Total cars loaded           69,745    60,342      15.6%

U.S./Canadian total        403,591   390,814       3.3%

U.S. TOTAL            10 weeks: 3,274,623 * % change from 2003: 2.7%
CANADIAN TOTAL        10 weeks: 648,719 * % change from 2003: 6.0%
U.S./CANADIAN TOTAL   10 weeks: 3,923,342 * % change from 2003: 3.2%

MEXICO (TFM reporting)

All commodities              9,206     8,736       5.4%

TOTAL                 10 weeks: 82,169 * % change from 2003: -8.3

INTERMODAL
UNITS                      WEEK 10 ENDING MARCH 13, 2004

U.S. TRAFFIC

Trailers                    54,898    48,673      12.8%
Containers                 144,649   136,582       5.9%
Total Units                199,547   185,255       7.7%

CANADIAN TRAFFIC

Trailers                     3,067     4,697     -34.7%
Containers                  35,324    34,015       3.8%
Total units                 38,391    38,712      -0.8%

U.S./Canadian total        237,938   223,967       6.2%

U.S. TOTAL            10 weeks: 1,958,818 * % change from 2003: 6.6%
CANADIAN TOTAL        10 weeks: 388,391 * % change from 2003: -1.7%
U.S./CANADIAN TOTAL   10 weeks: 2,347,209 * % change from 2003: 5.2%

MEXICO (TFM reporting)

Trailers                        24       466     -94.8%
Containers                   3,722     3,145      18.3%
Total units                  3,746     3,611       3.7%

TOTAL                 10 weeks: 33,880 * % change from 2003: -8.8%

Estimated ton-miles (billions),

                              U.S. Class I railroads

Week 10                       2004      2003   % Change

                              30.0      29.2       2.7%

Totals                2004: 293.2 * 2003: 281.7 * % change: 4.1%

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

Railcar deliveries
a revised forecast

2003    32,180
2004F   42,600
2005F   46,350
2006F   50,850
2007F   55,550
2008F   57,700
2009F   59,850

Source: Economic Planning Associates, Inc.--February 2004

Note: Table made from bar graph.