The North American Intermodal Marketplace @ YE2009

Select Views Of The

North American Intermodal Marketplace, Past & Present

Including Its Key Participants,* The Railroads, Intermediaries, and Truckers

*Excepting privately-held Schneider National, Inc., for which data details are not publicly available.

Thom A. Williams, managing director

March 9, 2010

The Objects of Our Affection:

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

BNI

UNP

NSC

CSX

CNR

CP

KSU$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

RR Intermodal RevenuesUS$s in millions

Class 1 Railroads' Intermodal Revenues

KSU, 9-yr. ('00-'09)CAGR = +12.4%

CP, 9-yr. ('00-'09)CAGR = +4.2%

CNR, 9-yr. ('00-'09)CAGR = +4.3

CSX, 9-yr. ('00-'09)CAGR = +0.3

NSC, 9-yr. ('00-'09)CAGR = +3.5%

UNP, 9-yr. ('00-'09)CAGR = +3.0%

BNI, 9-yr. ('00-'09)CAGR = +4.5%

The North American Intermodal sector's

fortune is inextricably linked to international

trade! About 60 percent of N. A. rail intermodal traffic

consists of merchandise imports and exports. In 2008,

the number of international

intermodal containers moved by rail from

the seaports totaled 7.8 million.

AmherstAlphaAdvisors LLC Source Data: RITA-BTS, NRF-PortTracker, and AAR reports and records.

U.S. Maritime Port and Railroad Container Volumes

45,000

38,000

19,70021,300

23,900

26,10027,600

28,96928,190

11,996

32,700

36,300

38,700

44,400

42,000

12,7

00

11,6

00

12,4

65 14,0

27 15,4

02

16,4

28

16,5

04

15,2

00

11,38312,108

13,16013,939

14,639 14,437 13,959

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2002 2003 2004 2005 2006 2007 2008 2009

TEUs in thousands

RITA-BTS U.S. Total All Loaded & Empty TEU Traffic RITA-BTS U.S. Total International International TEU Traffic

NRF-PortTracker Total Loaded TEUs Shipped to Major Retail Ports American Assoc. of Railroads Total Intermodal (COFC + TOFC) Volumes

Totals are for all container ports, reflecting only loaded containers(as TEUs) in U.S. international maritime activity, U.S. imports and exports.

Totals are for all container ports, including all container traffic (both loaded and empty TEUs) in U.S. international maritime activity, U.S. imports and exports.

Totals reported by the National Retail Federation's & Global Insight's Port-Tracker data, TEUs shipped through major U.S. container ports.

AAR reported total U.S. and Canadian container(COFC + TOFC) load volumes.


Class 1 Railroads' Intermodal Revenues

$2,669 $2,618 $2,783 $3,072$3,608

$4,383$5,140 $5,168 $5,551

$3,979

$1,909 $1,905$1,995

$2,066

$2,240

$2,466

$2,805 $2,925$3,023

$2,486$1,119 $1,123$1,181

$1,239

$1,537

$1,826

$1,971 $1,921

$2,058

$1,530

$1,168 $1,112$1,180

$1,264

$1,346

$1,362

$1,412 $1,356

$1,466

$1,204

$919 $969$1,052

$1,101

$1,117

$1,270

$1,394 $1,382

$1,580

$1,337

$782 $804$882

$940

$1,035

$1,161

$1,257 $1,318

$1,400

$1,130

$50 $44

$51

$53

$60

$220

$213 $254

$161

$143

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009$1.150

$1.350

$1.550

$1.750

$1.950

$2.150

$2.350

$2.550

$2.750

$2.950

$3.150

$3.350

$3.550

$3.750

GrossRevenuesUS$s in millions

Avg. On-road DieselPrice, US$s/gal.

KSU, 9-yr. ('00-'09)CAGR =+12.4%CP, 9-yr. ('00-'09)CAGR = +4.2%

CNR, 9-yr. ('00-'09)CAGR = +4.3

CSX, 9-yr. ('00-'09)CAGR = +0.3

NSC, 9-yr. ('00-'09)CAGR = +3.5%

UNP, 9-yr. ('00-'09)CAGR = +3.0%

BNI, 9-yr. ('00-'09)CAGR = +4.5%

Avg. On-roadDiesel Price,US$s/gal.

Fuel surcharges increases considerably masked otherwise dull revenue growths.

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and reports and records of the AAR and NRF-PortTracker.

Container and Intermodal Volumes vs. RR Intermodal Revenues,2006 - 2009

13,746

16,051

16,865

17,375

12,700

15,200

16,50416,428

$14,192 $14,324

$15,238

$11,809

10,000

12,500

15,000

17,500

20,000

2006 2007 2008 2009

Total Container Volumes,in thousands

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Total RR Intermodal Revenues,US$s in millions

RR Intermodal Shipments NRF Port Volumes RR Intermodal Revenue

YE2009 vs. YE2006: Container counts of imported goods fell ~23%, to 12.7 million at YE '09, and the railroads carried ~21% fewer intermodal shipments in '09 than during '06.

What does not arrive at the ports is not transported across the Nation.


2005 Intermodal Railroads' Market SharesHow the 7 Class 1 RRs divided US$12.7 billion of '05 Intermodal revenues:

UNP19%

BNI35%

CNR10%

CP9%

KSU2%

CSX11%

NSC14%

BNI CNR CP CSX KSU NSC UNP


2009 Intermodal Railroads' Market SharesHow the 7 Class 1 RRs divided US$11.8 billion of '09 Intermodal revenues:

UNP21%BNI

34%

CNR11%

CP10%

KSU1%

CSX10%

NSC13%

BNI CNR CP CSX KSU NSC UNP


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

CSX & NSC

BNI, UNP & KSU

BNI,UNP

& KSU$4,628

BNI,UNP

& KSU$4,567

BNI,UNP

& KSU$4,829

BNI,UNP

& KSU$5,191

BNI,UNP

& KSU$5,908

BNI,UNP

& KSU$7,069

BNI,UNP

& KSU$8,158

BNI,UNP

& KSU$8,347

BNI,UNP

& KSU$8,735

BNI,UNP

& KSU$6,608

CSX& NSC$2,287

CSX& NSC$2,235

CSX& NSC $2,361

CSX& NSC$2,503

CSX& NSC$2,883

CSX& NSC$3,188

CSX& NSC$3,383

CSX& NSC$3,277

CSX& NSC$3,524

CSX& NSC$2,734

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

Intermodal Revenues,US$s in millions

Western (BNI, UNP & KSU) vs. Eastern (CSX & NSC)U.S. Railroad Intermodal Revenues

Total annual Freight Ton Miles (Rail and Truck movements, combined) incurred within States east of the Mississippi consistently account for near 60% of total U.S. freight ton mileage, but now just 29% of total RR Intermodal revenues. Keep an eye on NSC's new alliance with JBHT and CSX's with Schneider National; from the freight ton per mile perspective, Eastern U.S. Intermodal revenues may soon far surpass what they are today.

The Mississippi River essentially separates the spheres of influence of the Western-focused railroads (BNI, UNP and KSU) from CSX and NSC, which likewise dominate the Eastern third of the U.S.

AmherstAlphaAdvisors LLC

Population Density Drives Overall Freight Ton Miles:

AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).

Freight Tonnage on Highways, Railroads, and Inland Waterways:

AmherstAlphaAdvisors LLC Source Data: reports of the USDOT FHWA & FRA, and the International Union of Combined Rail-Road Transport Companies (UIRR).

Tonnage on Trailer-on-Flatcar and Container-on-Flatcar RR Intermodal Moves: 2006

This display illuminates: (1) Intermodal’s strengths west of the Mississippi, where longer transport distances (avg. 1,500+ miles) are dominant; and, (2) Intermodal’s still-present challenges to capture revenues from trucking in the much-larger freight markets of the Eastern States, where the shorter transport distances handicap Intermodal’s “rail vs. truck” pricing advantages. Note, e.g., how little Intermodal flows to or from the East via rail from or to St. Louis, Memphis and Dallas.


Major Truck Routes on the National Highway System:

The Interstate Highways are congested, the Rails are open, and Shippers always seek to reduce costs. Herein lie the substantial future Intermodal opportunities for CSX, NSC, JBHT, and others!


Major Freight Corridors:


Components of the Major Freight Corridors:


Current Train Volumes Compared to Current Capacity:

Clearly, CSX & NSC (dominant holders of rail lanes east of the Mississippi River) are far from lacking capacity to increase their revenues via growing Intermodal activities!

AmherstAlphaAdvisors LLC Source Data: JB Hunt Transport Inc.

How the Truckload vs. Intermodal Freight Mix Appears Today:

AmherstAlphaAdvisors LLC Source Data: JB Hunt Transport Inc.

How the Truckload vs. Intermodal Freight Mix Will Look in 10-15 Years:

AmherstAlphaAdvisors LLC

Now, Let’s Take a Closer Look at JB Hunt Intermodal’s Very Successful Journey via Train:

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and AAR reports.

Intermodal Load Volumes: AAR U.S. vs. JBHT Intermodal

9,286,000 9,045,000

9,350,000

9,956,000

11,000,000

11,690,000

12,280,000 12,030,000

11,5

10,0

00

9,88

1,00

0

425,304446,569

473,856

527,404

581,894598,857

629,533

738,207

915,413

837,575

9.3%

7.3%

6.1%

5.1%5.1%5.3%5.3%

5.1%4.9%

4.6%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

AAR Total U.S.Intermodal Loads,in thousands

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

JBHT TotalIntermodal Loads

AAR Total US IntermodalLoads, 9-yr. ('00-'09)CAGR = 0.7%

JBHT Total IntermodalLoads, 9-yr. (''00-'09)CAGR = 8.9%

JBHT Intermodalas % of AAR totalU.S. Intermodal

AAR U.S. RRs' 9-year IntermodalVolume CAGR = +0.7%

JBHT's 9-year IntermodalVolume CAGR = +8.9%


Intermodal Gross Revenues: Class 1 Railroads vs. JBHT Intermodal

$8,616 $8,574$9,124

$9,735

$10,943

$12,688

$14,192

$11,

809

$15,

238

$14,

324

$681$741

$809

$936

$1,115

$1,284

$1,430

$1,653

$1,952

$1,764

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Class 1 RRs' IntermodalGross Revenues,US$s in millions

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

JBHT's IntermodalGross Revenues,US$s in millions

7 North AmericanClass 1 RRs, 9-yr. ('00-'09)CAGR = +3.6%

JBHT Intermodal,9-yr. ('00-'09)CAGR = +11.2%

JBHT's 9-year Intermodal Revenue CAGR = 11.2%

Class 1 RR's 9-year Intermodal Revenue CAGR = 3.6%

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and IANA reports.

20042005

20062007

20082009

1,306,237

1,165,0151,135,582 1,137,938

1,053,771994,174

581,894 598,857 629,533

738,207

837,575

915,413

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

1,300,000

Intermodal Load Totals

Intermodal Marketing Companies (IMCs) vs. JBHT IntermodalLoad Volumes

JBHT total Intermodal loads,5-yr. CAGR = +9.5%

IANA IMC total Intermodal loads,5-yr. CAGR = -5.3%

Since YE '04 independent Intermodal Marketing Companies (the IMCs tracked by IANA) have watched their annual Intermodal volumes decline by ~312,000

shipments/yr. During that same time span JBHT's annual Intermodal volumes grew by an near identical amount,

~334,000 shipments/yr.

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and AAR reports.

Recent Railroad & JBHT Intermodal Unit Volumes

KSU

CP

CNR

CSX

NSC

UNP

BNI629,533

738,207

837,575

915,413

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

2006 2007 2008 2009

Railroad IntermodalUnit Volumes

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

JBHT IntermodalUnit Volumes

KSU3-year('06-'09)CAGR =-7.4%%

CP3-year('06-'09)CAGR =-6.0%

CNR3-year('06-'09)CAGR =-2.1%

CSX3-year('06-'09)CAGR =-4.4%

NSC3-year('06-'09)CAGR =-8.1%

UNP3-year('06-'09)CAGR =-7.1%

BNI3-year('06-'09)CAGR =-10.7

JBHT3-year('06-'09)CAGR =+13.3%


Key Intermediaries' Intermodal Revenues

$1,055$1,004

$959

$1,191

$681

$1,764

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Intermodal Revenues,US$s in millions

LSTR CHRW HUBG PACR JBHT

Little has changed forPacer and Hub Groupin the nine full years

between2000 and 2009!

In the meantime, JB Hunt has nearly tripledits Intermodal revenues, and surely to

Pacer's and Hub's considerable detriment!Now facing JBHT's formidable traction here, do

either PACR or HUBG have muchchance for substantive Intermodal growth?


Key Intermediaries Gross Intermodal Revenues

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Gross IntermodalRevenues,US$s in millions

$0.000

$0.500

$1.000

$1.500

$2.000

$2.500

$3.000

$3.500

$4.000

Avg. On-roadDiesel Price,

US$s/gal.

LSTR9-year ('00-'08)CAGR = +1.4%

CHRW9-year ('00-'08)CAGR = +10.4%

PACR9-year ('00-'09)CAGR = +2.4%

HUBG9-year ('00-'09)CAGR = +0.5%

JBHT9-year ('00-'09)CAGR = +11.2%



Comparing HUBG, PACR and JBHT Intermodal Revenues

$1,080

$1,173$1,206

$1,329

$1,055

$959

$1,076 $1,053

$1,154

$1,250

$1,403

$1,492

$1,568$1,633

$1,191

$681$741

$809

$936

$1,115

$1,284

$1,430

$1,653

$1,952

$1,764

$977$1,015

$915$905

$1,004

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Gross IntermodalRevenues,US$s in millions

$1.000

$1.250

$1.500

$1.750

$2.000

$2.250

$2.500

$2.750

$3.000

$3.250

$3.500

$3.750

$4.000

Avg. On-roadDiesel Price,

US$s/gal.

HUBG9-year ('00-'09)CAGR = +0.5%

PACR9-year ('00-'09)CAGR = +2.4%

JBHT9-year ('00-'09)CAGR = +11.2%


As fuel prices and fuel surcharges declined, HUBG's and PACR's Intermodal

revenues fell even faster.Little wonder that neither HUBG nor PACR

disclose Intermodal segment shipping volumes or margins.


YE 2000 Key Intermodal Intermediaries' Market SharesHow the Top 5 divided US$2.8 billion of 2000 Intermodal Revenue

LSTR, $67 mil., 2%

CHRW, $76 mil., 3%

JBHT$681 million

24%

HUBG$1,004 million

37%

PACR$959 million

34%




LSTR, $123 mil., 3%

CHRW$167million

4%

HUBG$1,173 million

27%

PACR$1,492 million

33%

JBHT$1,430 million

33%




JBHT$1,764 million

41%PACR

$1,191 million28%

HUBG$1,055 million

25%

CHRW$186 million

4%

LSTR, $76 mil., 2%


While these top 5 generated ~$4.27 billion of gross Intermodal revenue during 2009, or ~$1.49 billion more than during 2000, JBHT Intermodal captured 74% (~$1.1 billion) of that total increase.

Have HUBG and PACR been "asleep at the switch" for the past 9 years?


JBHT Total and Intermodal Revenues

$2,160$2,100

$2,248

$2,433

$2,786

$3,128

$3,328

$3,490

$3,732

$3,203

$681$741

$809$936

$1,115

$1,284

$1,430

$1,653

$1,952

$1,764

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Revenues,US$s in millions

Total revenue (FSC included), 9-yr. CAGR = +4.5% Intermodal revenue (FSC included), 9-yr. CAGR = +11.2%

JBHT's 9-yearTotal RevenueCAGR = 4.5%

JBHT's 9-yearIntermodal Revenue

CAGR = 11.2%


JBHT Operating Incomes, Total vs. Intermodal

$63,400$72,200

$101,000

$185,635

$310,223

$343,900

$373,000 $369,000$358,418

$247,971

$36,700$42,100

$54,600

$91,200

$131,000

$149,800

$182,000

$239,000

$253,913

$183,377

57.9% 58.3%

54.1%

49.1%

42.2%43.6%

48.8%

64.8%

70.8%

74.0%

$0

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

$250,000

$275,000

$300,000

$325,000

$350,000

$375,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Opr. Income,US$s in thousands

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

Intermodal's % ofTotal Opr.Income

Total operating income (FSC included),9-yr. CAGR = +16.4%

Intermodal operating income (FSC included),9-yr. CAGR = +19.6%

Intermodal's % of Total Operating Income

JBHT's 9-year TotalOpr.Income

CAGR = 16.4%

JBHT's 9-year IntermodalOpr.Income

CAGR = 19.1%


JBHT Intermodal Revenues and Operating Incomes

$681$741

$809

$936

$1,115

$1,284

$1,430

$1,653

$1,952

$1,764

$91

$131

$150

$182

$239

$254

$183

$37$42

$55

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$1,800.0

$2,000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

US$s in millions

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

JBHT Intermodal Gross Revenue9-yr. ('00-'09) CAGR= +11.2%

JBHT Intermodal Operating Income9-yr. ('00-'09) CAGR= +19.6%


Comparing Gross Revenuesof JBHT Intermodal to Regular-truckers Werner & Swift

$1,115

$1,284

$1,430

$1,653

$1,952

$2,654

$3,115$3,048 $3,043

$3,163

$1,438WERN

$1,507

$1,742$1,801

$1,882$1,795 $1,764

JBI

$2,338Swift

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2004 2005 2006 2007 2008 2009

Gross RevenuesUS$s in millions

Werner - Trucking Revenues,5-yr. ('04-'09)CAGR= -0.9%

JBHT Intermodal Revenues,5-yr. ('04-'09)CAGR= +9.6%

Swift - Trucking Revenues,5-yr. ('04-'09)CAGR= -2.5%

During YE 2009, the TL segments of Swift and WERN failed to match even their YE 2004

revenues; yet JBHT Intermodal (JBI) was ~58% above its '04

performance.


JBHT Intermodal's Operating Income Grows ('09 vs. '04)Amidst Declines of Regular-truckers Werner & Swift

$131

$150

$182

$239

$254

$170

$184

$235

$113 $115

WERNTrucking$68 mil.

$136

$156

$122

$95

$122

JBHTIntermodal$183 mil.

SwiftTrucking$132 mil.

$0

$50

$100

$150

$200

$250

2004 2005 2006 2007 2008 2009

Operating IncomesUS$s in millions

Werner - Trucking Opr.Income5-yr. ('04-'09)CAGR= -12.9%.

JBHT Intermodal Opr.Income5-yr. ('04-'09)CAGR= +7.0%

Swift - Trucking Opr.Income5-yr. ('04-'09)CAGR= -4.9%


JBHT Intermodal's Per-truck Per-month Operating IncomesFar Surpass Those of Regular-truckers Werner & Swift

$9,158

$9,915$10,213

$11,792

$10,475

$763 $840$1,091

$505 $524

WERN$962

$1,339 $1,488 $1,489

$986$1,187

JBHT$6,927

Swift$659 $0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2004 2005 2006 2007 2008 2009

Operating IncomesPer-Truck Per-Month

Werner - Trucking Opr.IncomePer Trk. Per Month5-yr. ('04-'09) CAGR= -6.4%

JBHT Intermodal Opr.IncomePer Trk. Per Month5-yr. ('04-'09) CAGR= -5.4%

Swift - Trucking Opr.IncomePer Trk. Per Month5-yr. ('04-'09) CAGR= -2.9%


JBHT Intermodal % of JBHT Overall Results

31.5%

35.3%36.0%

38.5%40.0%

41.0%

43.0%

47.4%

52.3%

55.1%

57.9% 58.3%

54.1%

49.1%

42.2%43.6%

48.8%

64.8%

70.8%

74.0%

25.0%

35.0%

45.0%

55.0%

65.0%

75.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

%

Intermodal's % of Total Revenue Intermodal's % of Total Operating Income

Intermodal's % of JBHT's total operating income.

Intermodal's % of JBHT's total revenue.

AmherstAlphaAdvisors LLC Source Data: NYSE and NASDAQ records.

Publicly-held North American Intermodal Participants - Market Values on March 8, 2010

CH Robinson - CHRW, $8,840

JB Hunt Transport - JBHT, $4,510

Landstar System - LSTR, $2,000

Hub Group - HUBG, $1,060

Pacer International - PACR, $234

Union Pacific - UNP, $35,590

Burlington Northern - BNI, $34,140

Canadian National - CNR, $27,170

Norfolk Southern - NSC, $19,830

CSX Corp. - CSX, $19,420

Canadian Pacific - CP, $9,140

Kansas City SouthernKSU, $3,490

$0.001 $10.000 $100,000.000

Market Capitalizations@ 3/09/2009, US$s in millions

SPECIAL NOTE: This a 3 decimal point logarithmic scale, from Zero to $100.0 billion ($100,000 millions).

Intermodal accounted for 76% of PACR's 2009 gross revenue.

Intermodal accounted for 70% of HUBG's 2009 gross revenue.

Intermodal accounted for 4% of LSTR's 2009 gross revenue.

Intermodal accounted for 55% of JBHT's 2009 gross revenue.

Intermodal accounted for 2% of CHRW's 2009 gross revenue.

Intermodal accounted for 12% of KSU's 2009 gross revenue.

Intermodal accounted for 26% of CP's 2009 gross revenue.

Intermodal accounted for 28% of CSX's 2009 gross revenue.

Intermodal accounted for 19% of NSC's 2009 gross revenue.

Intermodal accounted for 18% of CNR's 2009 gross revenue.

Intermodal accounted for 28% of BNI's 2009 gross revenue.

Intermodal accounted for 18% of UNP's 2009 gross revenue.

Q & A

For further details and/or inquiries, please contact:

The North American Intermodal Marketplace @ YE2009

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