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

Class 1 Railroads' Intermodal Revenues

RR Intermodal Revenues
US$s in millions

$5,500
BNI
$5,000

$4,500

$4,000 UNP

$3,500

The North American $3,000 NSC
Intermodal sector's
fortune is inextricably
$2,500
linked to international

CSX
trade! About 60
percent of N. A. rail $2,000 CNR

intermodal traffic
consists of $1,500
merchandise imports CP
and exports. In 2008, $1,000
the number of
international $500
intermodal containers
moved by rail from
$0 KSU
the seaports totaled
7.8 million.
00

01

02
20

03
20

04
20

05
20

06
20

07
20

08
20

09
20

20

20
KSU, 9-yr. ('00-'09) CP, 9-yr. ('00-'09) CNR, 9-yr. ('00-'09) CSX, 9-yr. ('00-'09) NSC, 9-yr. ('00-'09) UNP, 9-yr. ('00-'09) BNI, 9-yr. ('00-'09)
CAGR = +12.4% CAGR = +4.2% CAGR = +4.3 CAGR = +0.3 CAGR = +3.5% CAGR = +3.0% CAGR = +4.5%

AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.

U.S. Maritime Port and Railroad Container Volumes
TEUs in thousands
45,000
45,000
44,400

42,000 Totals are for all container ports, including all container traffic (both loaded and empty
40,000 TEUs) in U.S. international maritime activity, U.S. imports and exports.

38,700
38,000

35,000 36,300
Totals are for all container ports, reflecting only loaded containers
(as TEUs) in U.S. international maritime activity, U.S. imports and exports.
32,700
30,000 Totals reported by the National
Retail Federation's & Global
28,969 Insight's Port-Tracker data, TEUs
28,190
27,600 shipped through major U.S.
25,000 26,100 container ports.

23,900

21,300 AAR reported total U.S.
20,000
and Canadian container
19,700 (COFC + TOFC) load
volumes.

16,504
16,428
15,000

15,402

15,200
14,639 14,437
14,027

13,939 13,959
13,160

12,700
12,465

12,108 11,996
11,600

10,000 11,383

5,000

0
2002 2003 2004 2005 2006 2007 2008 2009

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

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

Class 1 Railroads' Intermodal Revenues
GrossRevenues Avg. On-road Diesel
US$s in millions Price, US$s/gal.
$16,000
$3.750
$161

$1,400
Fuel surcharges increases $213 $254 $3.550
$14,000
considerably masked otherwise
dull revenue growths. $1,257 $1,318
$3.350
$1,580
$220
$12,000 $1,394 $1,382
$1,161 $3.150
$143
$1,466
$1,130 KSU, 9-yr. ('00-
$60
$1,270 $1,412 $1,356 $2.950 '09)
$1,035 CAGR =
$10,000 +12.4%
$1,337
$53 $2,058 CP, 9-yr. ('00-
$1,362 $2.750
$940 $1,117 '09)
$51 $1,921 CAGR = +4.2%
$1,971
$50 $44 $882 $1,204
$782 $1,101 $2.550 CNR, 9-yr. ('00-
$8,000 $804 $1,346 '09)
$1,052 $1,826 CAGR = +4.3
$919 $969 $1,530
$1,264 $3,023 $2.350
CSX, 9-yr. ('00-
$1,180 $1,537 $2,805 $2,925 '09)
$1,168 $1,112 CAGR = +0.3
$6,000 $2.150
$1,239 $2,466 NSC, 9-yr. ('00-
$1,181 $2,486
$1,119 $1,123 '09)
$2,240 $1.950 CAGR = +3.5%

$2,066 UNP, 9-yr. ('00-
$4,000
$1,995 '09)
$1,909 $1,905 $1.750 CAGR = +3.0%

$5,551 BNI, 9-yr. ('00-
$5,140 $5,168
$1.550 '09)
$4,383 CAGR = +4.5%
$2,000 $3,979
$3,608
$2,783 $3,072 Avg. On-road
$2,669 $2,618 $1.350 Diesel Price,
US$s/gal.

$0 $1.150
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Container and Intermodal Volumes vs. RR Intermodal Revenues,
2006 - 2009
Total Container Volumes, Total RR Intermodal Revenues,
in thousands US$s in millions
20,000 $16,000

$15,238

$14,324 $14,000
$14,192

17,500 $12,000
17,375 $11,809

16,865

16,428 16,504 $10,000

16,051

15,000 15,200 $8,000

$6,000
13,746

12,500 12,700 $4,000

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.
$2,000
What does not arrive at the ports is not transported across the Nation.

10,000 $0
2006 2007 2008 2009

RR Intermodal Shipments NRF Port Volumes RR Intermodal Revenue

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

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

KSU
2%
CP CSX
9% 11%
CNR NSC
10% 14%

BNI
UNP
35%
19%

BNI CNR CP CSX KSU NSC UNP


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

KSU
1%
CP CSX
10% 10%
CNR NSC
11% 13%

UNP
BNI
21%
34%

BNI CNR CP CSX KSU NSC UNP


Western (BNI, UNP & KSU) vs. Eastern (CSX & NSC)
Intermodal Revenues, U.S. Railroad Intermodal Revenues
US$s in millions

$9,000

BNI,
The Mississippi River essentially
UNP
$8,000 separates the spheres of influence of the BNI,
BNI, & KSU
Western-focused railroads (BNI, UNP and UNP
UNP $8,735
& KSU
KSU) from CSX and NSC, which likewise & KSU
$8,347
$7,000 dominate the Eastern third of the U.S. $8,158
BNI,
UNP
BNI,
& KSU
$6,000 UNP
$7,069
BNI, & KSU
UNP $6,608
$5,000 BNI, & KSU
BNI, UNP $5,908
BNI,
BNI, UNP & KSU
UNP
$4,000 UNP & KSU $5,191
& KSU
& KSU $4,829
$4,628
$4,567
$3,000
CSX CSX
CSX CSX
CSX & NSC & NSC
& NSC & NSC
CSX CSX & NSC $3,383 $3,524
$2,000 CSX CSX $3,188 $3,277
& NSC $2,883 CSX
& NSC & NSC & NSC
$2,287 & NSC
$2,235 $2,361 $2,503
$2,734
$1,000

$0
BNI,
2000 2001 UNP & KSU
2002
2003
2004 CSX & NSC
2005
2006
2007
2008
2009
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.


Population Density Drives Overall Freight Ton Miles:

AmherstAlphaAdvisors LLC

Freight Tonnage on Highways, Railroads, and Inland Waterways:

AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and 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.

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

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!


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 Source Data: JB Hunt Transport Inc.

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

AmherstAlphaAdvisors LLC

Intermodal Load Volumes: AAR U.S. vs. JBHT Intermodal
AAR Total U.S.
Intermodal Loads, JBHT Total
in thousands Intermodal Loads

JBHT's 9-year Intermodal 900,000
12,000 Volume CAGR = +8.9% 12,280,000
12,030,000
915,413
11,690,000

11,510,000
11,000 AAR U.S. RRs' 9-year Intermodal
Volume CAGR = +0.7% 11,000,000 800,000
837,575

10,000

9,881,000
9,956,000 738,207
700,000
9.3%
9,000 9,286,000 9,350,000
9,045,000

629,533
8,000 600,000
598,857
581,894
7.3%
7,000
527,404 500,000

473,856
6,000 6.1%
446,569
425,304 400,000
5.3% 5.3%
5,000 5.1% 5.1% 5.1%
4.9%
4.6%
4,000 300,000

3,000
200,000

2,000

100,000
1,000

0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
AAR Total US Intermodal JBHT Total Intermodal JBHT Intermodal
Loads, 9-yr. ('00-'09) Loads, 9-yr. (''00-'09) as % of AAR total
CAGR = 0.7% CAGR = 8.9% U.S. Intermodal

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

Intermodal Gross Revenues: Class 1 Railroads vs. JBHT Intermodal
Class 1 RRs' Intermodal JBHT's Intermodal
Gross Revenues, Gross Revenues,
US$s in millions US$s in millions
$18,000 $2,000

JBHT's 9-year Intermodal $1,952
Revenue CAGR = 11.2%
$1,800
$16,000
Class 1 RR's 9-year Intermodal $1,764
Revenue CAGR = 3.6%

$15,238
$1,653 $1,600
$14,000

$14,324
$14,192

$1,430 $1,400
$12,688
$12,000

$11,809
$1,284
$1,200
$10,943
$10,000
$1,115
$9,735
$1,000
$9,124
$8,616 $8,574
$8,000 $936

$800
$809
$741
$6,000
$681
$600

$4,000
$400

$2,000
$200

$0 $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
7 North American JBHT Intermodal,
Class 1 RRs, 9-yr. ('00-'09) 9-yr. ('00-'09)
CAGR = +3.6% CAGR = +11.2%


Intermodal Marketing Companies (IMCs) vs. JBHT Intermodal
Intermodal Load Totals Load Volumes
1,300,000
1,306,237
1,200,000

1,165,015
1,100,000 1,135,582 1,137,938

1,000,000 1,053,771
994,174

900,000
915,413
800,000
837,575

700,000
738,207
600,000

598,857 629,533
581,894
500,000

400,000 Since YE '04 independent Intermodal Marketing
Companies (the IMCs tracked by IANA) have watched
300,000 their annual Intermodal volumes decline by ~312,000
shipments/yr. During that same time span JBHT's annual
200,000 Intermodal volumes grew by an near identical amount,
~334,000 shipments/yr.
100,000

0

2004
2005
2006
2007
2008
JBHT total Intermodal loads, IANA IMC total Intermodal loads, 2009
5-yr. CAGR = +9.5% 5-yr. CAGR = -5.3%

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

Recent Railroad & JBHT Intermodal Unit Volumes
Railroad Intermodal JBHT Intermodal
Unit Volumes Unit Volumes
915,413
900,000 KSU
3-year
('06-'09)
837,575
5,000,000 CAGR =
-7.4%%
800,000
CP
3-year
738,207 ('06-'09)
CAGR =
700,000 -6.0%

4,000,000 CNR
3-year
629,533
('06-'09)
BNI CAGR =
600,000 -2.1%
CSX
3-year
('06-'09)
3,000,000 500,000 CAGR =
-4.4%
NSC
UNP
3-year
400,000 ('06-'09)
NSC
CAGR =
-8.1%
2,000,000 UNP
3-year
300,000 ('06-'09)
CSX
CAGR =
-7.1%
BNI
200,000 3-year
CNR ('06-'09)
1,000,000
CAGR =
CP -10.7

100,000 JBHT
3-year
KSU ('06-'09)
CAGR =
+13.3%
0 0
2006 2007 2008 2009

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

Key Intermediaries' Intermodal Revenues
Intermodal Revenues,
US$s in millions
$2,000
Little has changed for
Pacer and Hub Group
in the nine full years $1,764
$1,750 between
2000 and 2009!

$1,500

$1,250
$1,191

$1,055
$1,004
$1,000
$959

In the meantime, JB Hunt has nearly tripled
$750 its Intermodal revenues, and surely to
$681
Pacer's and Hub's considerable detriment!
Now facing JBHT's formidable traction here, do
either PACR or HUBG have much
$500
chance for substantive Intermodal growth?

$250

$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

LSTR CHRW HUBG PACR JBHT


Key Intermediaries Gross Intermodal Revenues
Gross Intermodal Avg. On-road
Revenues, Diesel Price,
US$s in millions US$s/gal.
$2,000 $4.000

$1,750 $3.500

$1,500 $3.000

$1,250 $2.500

$1,000 $2.000

$750 $1.500

$500 $1.000

$250 $0.500

$0 $0.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

LSTR CHRW PACR HUBG JBHT Avg. On-road
9-year ('00-'08) 9-year ('00-'08) 9-year ('00-'09) 9-year ('00-'09) 9-year ('00-'09) Diesel Price,
CAGR = +1.4% CAGR = +10.4% CAGR = +2.4% CAGR = +0.5% CAGR = +11.2% US$s/gal.


Comparing HUBG, PACR and JBHT Intermodal Revenues
Gross Intermodal Avg. On-road
Revenues, Diesel Price,
US$s in millions US$s/gal.

$2,000 $4.000

$1,952
$3.750
$1,800

$1,764
$3.500
$1,600 $1,653 $1,633
$1,568
$3.250
$1,492
$1,400 $1,430
$1,403
$3.000
$1,329
$1,284
$1,200 $1,250
$1,206 $2.750
$1,173 $1,191
$1,154
$1,115
$1,076 $1,080
$1,000 $1,053 $1,055 $2.500
$1,004 $1,015
$959 $977
$936
$905 $915
$2.250
$800
$809
$741
$2.000
$681
$600 As fuel prices and fuel surcharges
declined, HUBG's and PACR's Intermodal
$1.750
revenues fell even faster.
$400 Little wonder that neither HUBG nor PACR
disclose Intermodal segment shipping $1.500
volumes or margins.
$200
$1.250

$0 $1.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

HUBG PACR JBHT Avg. On-road
9-year ('00-'09) 9-year ('00-'09) 9-year ('00-'09) Diesel Price,
CAGR = +0.5% CAGR = +2.4% CAGR = +11.2% US$s/gal.


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

CH
RW
LST
R, $ , $7 HUBG
67 m 6m
il., 2 il., $1,004 million
% 3%
37%
JBHT
$681 million
24%

PACR
$959 million
34%




CHRW
LST HUBG
R, $ $167million
123
mil. 4% $1,173 million
, 3%
27%

JBHT
$1,430 million
33%

PACR
$1,492 million
33%




CHRW HUBG
LST
R, $
76 m
$186 million $1,055 million
il., 2 4%
% 25%

JBHT
$1,764 million PACR
41% $1,191 million
28%

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
Revenues,
US$s in millions
$4,000

JBHT's 9-year
$3,732
Total Revenue
$3,500 CAGR = 4.5%
$3,490

$3,328
$3,203
$3,128
$3,000

JBHT's 9-year
Intermodal Revenue $2,786
CAGR = 11.2%
$2,500
$2,433

$2,248
$2,160
$2,000 $2,100
$1,952

$1,764
$1,653
$1,500
$1,430
$1,284

$1,000 $1,115

$936
$809
$741
$681
$500

$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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


Opr. Income, JBHT Operating Incomes, Total vs. Intermodal Intermodal's % of
US$s in thousands Total Opr.Income
$375,000 80.0%
JBHT's 9-year Total $373,000
$369,000
Opr.Income
$350,000 $358,418
CAGR = 16.4%
$343,900 74.0%
$325,000 70.0%
70.8%
JBHT's 9-year Intermodal
Opr.Income
$300,000 $310,223
CAGR = 19.1%
64.8%
60.0%
$275,000

57.9% 58.3%
$250,000
$253,913
54.1% $247,971
$239,000 50.0%
$225,000
49.1% 48.8%

$200,000
43.6%
42.2% 40.0%
$175,000 $185,635 $183,377
$182,000

$150,000
$149,800 30.0%

$125,000 $131,000

$100,000
$101,000 20.0%
$91,200
$75,000
$72,200
$63,400
$50,000 $54,600 10.0%
$42,100
$36,700
$25,000

$0 0.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Total operating income (FSC included), Intermodal operating income (FSC included), Intermodal's % of Total Operating Income
9-yr. CAGR = +16.4% 9-yr. CAGR = +19.6%


JBHT Intermodal Revenues and Operating Incomes
US$s in millions
$2,000.0 $1,952 $300.0

$1,800.0 $1,764

$1,653
$254 $250.0
$1,600.0
$239

$1,430
$1,400.0

$1,284 $200.0

$1,200.0
$182 $183
$1,115

$1,000.0 $150.0
$936
$150

$809
$131
$800.0 $741
$681
$100.0
$600.0
$91

$400.0

$55 $50.0

$42
$200.0 $37

$0.0 $0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
JBHT Intermodal Gross Revenue JBHT Intermodal Operating Income
9-yr. ('00-'09) CAGR= +11.2% 9-yr. ('00-'09) CAGR= +19.6%


Comparing Gross Revenues
Gross Revenues
US$s in millions of JBHT Intermodal to Regular-truckers Werner & Swift

$3,163
$3,115
$3,000
$3,048 $3,043

$2,654
$2,500

$2,338
Swift

$2,000

$1,952
$1,882
$1,801 $1,795
$1,742 $1,764
$1,653 JBI
$1,500
$1,507
$1,430 $1,438
WERN
$1,284

$1,115
$1,000 During YE 2009, the TL segments
of Swift and WERN failed to
match even their YE 2004
revenues; yet JBHT Intermodal
$500 (JBI) was ~58% above its '04
performance.

$0
2004 2005 2006 2007 2008 2009

Werner - Trucking Revenues, JBHT Intermodal Revenues, Swift - Trucking Revenues,
5-yr. ('04-'09) 5-yr. ('04-'09) 5-yr. ('04-'09)
CAGR= -0.9% CAGR= +9.6% CAGR= -2.5%


JBHT Intermodal's Operating Income Grows ('09 vs. '04)
Operating Incomes
US$s in millions Amidst Declines of Regular-truckers Werner & Swift
$250 $254

$239
$235

$200

$184 $182 JBHT
Intermodal
$170 $183 mil.

$150 $156
$150

$136
$131 Swift
Trucking
$122 $122
$132 mil.
$113 $115
$100

$95

WERN
Trucking
$50 $68 mil.

$0
2004 2005 2006 2007 2008 2009

Werner - Trucking Opr.Income JBHT Intermodal Opr.Income Swift - Trucking Opr.Income
5-yr. ('04-'09) 5-yr. ('04-'09) 5-yr. ('04-'09)
CAGR= -12.9%. CAGR= +7.0% CAGR= -4.9%


JBHT Intermodal's Per-truck Per-month Operating Incomes
Operating Incomes
Per-Truck Per-Month
Far Surpass Those of Regular-truckers Werner & Swift
$12,000
$11,792

$10,475
$10,000 $10,213
$9,915

$9,158

$8,000

JBHT
$6,927
$6,000

$4,000

$2,000

$1,488 $1,489
$1,339
$1,091 $1,187
$986 WERN
$763 $840
$962 Swift
$505 $524
$0 $659

2004 2005 2006 2007 2008 2009

Werner - Trucking Opr.Income JBHT Intermodal Opr.Income Swift - Trucking Opr.Income
Per Trk. Per Month Per Trk. Per Month Per Trk. Per Month
5-yr. ('04-'09) CAGR= -6.4% 5-yr. ('04-'09) CAGR= -5.4% 5-yr. ('04-'09) CAGR= -2.9%


JBHT Intermodal % of JBHT Overall Results

74.0%
75.0%

Intermodal's % of JBHT's 70.8%
total operating income.

64.8%
Intermodal's % of
65.0% JBHT's total revenue.

57.9% 58.3%

54.1%
55.0%
55.1%

49.1% 48.8% 52.3%
%

45.0% 43.6% 47.4%
42.2%

43.0%
41.0%
40.0%
38.5%
35.0%
36.0%
35.3%

31.5%

25.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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


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

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

Intermodal accounted for 76% of PACR's 2009 gross revenue. Pacer International - PACR, $234

Intermodal accounted for 70% of HUBG's 2009 gross revenue. Hub Group - HUBG, $1,060

Intermodal accounted for 4% of LSTR's 2009 gross revenue. Landstar System - LSTR, $2,000

Intermodal accounted for 55% of JBHT's 2009 gross revenue. JB Hunt Transport - JBHT, $4,510

Intermodal accounted for 2% of CHRW's 2009 gross revenue. CH Robinson - CHRW, $8,840

Kansas City Southern
Intermodal accounted for 12% of KSU's 2009 gross revenue.
KSU, $3,490

Intermodal accounted for 26% of CP's 2009 gross revenue. Canadian Pacific - CP, $9,140

Intermodal accounted for 28% of CSX's 2009 gross revenue. CSX Corp. - CSX, $19,420

Intermodal accounted for 19% of NSC's 2009 gross revenue. Norfolk Southern - NSC, $19,830

Intermodal accounted for 18% of CNR's 2009 gross revenue. Canadian National - CNR, $27,170

Intermodal accounted for 28% of BNI's 2009 gross revenue.
Burlington Northern - BNI, $34,140

Intermodal accounted for 18% of UNP's 2009 gross revenue. Union Pacific - UNP, $35,590

$0.001 $10.000 $100,000.000
SPECIAL NOTE: This a 3 decimal point logarithmic scale, from Zero to $100.0 billion ($100,000 millions).

AmherstAlphaAdvisors LLC Source Data: NYSE and NASDAQ records.

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The North American Intermodal Marketplace @ YE2009

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