As illustrated in the accompanying tables, the performance of the Global Railroad Index was driven primarily by the four domestic rail giants (Union Pacific, Burlington Northern, Norfolk Southern, and CSX), resulting in a 13.6% market cap-weighted gain for the 37-company index versus a slight loss of 0.6% on an equal-weight basis over the past year. The index includes companies over $200 million market caps which are involved in rail transport, infrastructure, and railcar/locomotive manufacturing. The four major domestic rail companies also comprise over 30% of the stock holdings in the iShares Dow Transports ETF (IYT), reflecting both the growing importance of rail transport to our economy and the rise in the stock prices of these companies.



$31.52 (09/14/08)







