CN Update

Rick:

With respect to CN: They were eager to meet with us to talk about a JV, and
joint advocacy of competitive issues in the regulatory arena. We exchanged
information (white paper, rate design theories, etc). I talked to CN's
attorney last week, and he said that their management had been slow in
getting back to him on this (even though they were pushing the idea
initially). He speculated that they were waiting to see the STB's new
merger rules before getting together with us. In any event, he said he
would get back to me on this.

I left word with Dan on this last week.

Let me know if you have any questions.

Lisa