Railway Operating Revenues First Quarter $ Millions

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Railway Operating RevenuesFirst Quarter(
Millions)
2,303
1,961
2005 2006

Change vs. Prior Period 17
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Railway Operating RevenueVariance AnalysisFirst
Quarter 2006 vs. 2005
17
12
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Carloads Revenue per
Revenue
Unit / Mix


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Railway Operating ExpensesFirst Quarter(
Millions)
1,752
1,558
2005 2006

Change vs. Prior Period 12
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Railway Operating Expense Analysis First Quarter
2006 vs. 2005 ( Millions)
117
81
35
Conrail Rents and Services
Casualties and Other Claims
Depreciation
Other
Materials, Services and Rents
Diesel Fuel
- 1
Compensation and Benefits
- 3
- 10
- 25
Net increase 194 Million / 12
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Compensation Benefits Analysis First Quarter
2006 vs. 2005 ( Millions)
Effects from SFAS 123(R) 31
Retirement Eligible - 27 Stock Options - 4
Stock Price Increase 14
Retirement Agmts Waiver Agmts 13
Net Increase 117 Million 19
Performance Based Compensation 13
Other Stock-Based Compensation 11
Medical Benefits (Active Retiree) 9
Payroll Taxes 8
Wage Rates 6
TE Hours 6
Other Items 6
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Compensation Benefits Analysis First Quarter
2006 vs. 2005 ( Millions)
Effects from SFAS 123(R) 31
Retirement Eligible - 27 Stock Options - 4
Stock Price Increase 14
Retirement Agmts Waiver Agmts 13
Net Increase 117 Million 19
Performance Based Compensation 13
Other Stock-Based Compensation 11
Medical Benefits (Active Retiree) 9
Payroll Taxes 8
Wage Rates 6
TE Hours 6
Other Items 6
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Railway Operating Expense Analysis First Quarter
2006 vs. 2005 ( Millions)
117
81
35
Conrail Rents and Services
Casualties and Other Claims
Depreciation
Other
Materials, Services and Rents
Diesel Fuel
- 1
Compensation and Benefits
- 3
- 10
- 25
Net increase 194 Million / 12
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Diesel Fuel Cost AnalysisFirst Quarter 2006 vs.
2005( Millions)
5
231
25
51
150
First Qtr 2005
Reduced Hedge Benefit
First Qtr 2006
Increased Consumption
Higher Prices
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Railway Operating Expense Analysis First Quarter
2006 vs. 2005 ( Millions)
117
81
35
Conrail Rents and Services
Casualties and Other Claims
Depreciation
Other
Materials, Services and Rents
Diesel Fuel
- 1
Compensation and Benefits
- 3
- 10
- 25
Net increase 194 Million / 12
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Materials, Services Rents First Quarter 2006
vs. 2005 ( Millions)
Volume-Related Purchased Services 19
Net Increase 35 Million 8
Maintenance Activities 10
Equipment Rents 8
Other 2
12
Railway Operating Expense Analysis First Quarter
2006 vs. 2005 ( Millions)
117
81
35
Conrail Rents and Services
Casualties and Other Claims
Depreciation
Other
Materials, Services and Rents
Diesel Fuel
- 1
Compensation and Benefits
- 3
- 10
- 25
Net increase 194 Million / 12
13
Railway Operating Expense Analysis First Quarter
2006 vs. 2005 ( Millions)
117
81
35
Conrail Rents and Services
Casualties and Other Claims
Depreciation
Other
Materials, Services and Rents
Diesel Fuel
- 1
Compensation and Benefits
- 3
- 10
- 25
Net increase 194 Million / 12
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Railway Operating RatioFirst Quarter(Percent)
79.4
76.1
2005 2006

Change vs. Prior Period - 4
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Income From Railway OperationsFirst Quarter(
Millions)
551
403
2005 2006

Change vs. Prior Period 37
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Total Other Income (Expense)First Quarter 2006
vs. 2005( Millions)
Change 2006 vs. 2005 Favorable (Unfavorable)
First Qtr 2005
First Qtr 2006
Other Income - Net Gain on Sale of Property
and Investments 19 7 12 Interest
Income 17 7 10 Expenses Related to Tax
Credit Investments (14) (23) 9 Coal
Royalties 12 12 -- All
Other 1 (1) 2 Other Income - Net 35
2 33 Interest Expense on
Debt (120) (128) 8 Total
(85) (126) 41
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Income Before Income Taxes First Quarter(
Millions)
466
277
2005 2006

Change vs. Prior Period 68
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Provision for Income TaxesFirst Quarter(
Millions)
161
83
2005 2006

Change vs. Prior Period 94
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Net Income First Quarter( Dollars)
305
194
2005 2006

Change vs. Prior Period 57
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Diluted Earnings Per Share First Quarter(
Dollars)
0.72
0.47
2005 2006

Change vs. Prior Period 53
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