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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT face=verdana,geneva>I see two impending issues that stand to reduce coal traffic on the railroads.</FONT></P><FONT face=verdana,geneva> <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></FONT> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; mso-list: l0 level1 lfo1; tab-stops: list .5in"><FONT face=verdana,geneva>1)<FONT size=2><SPAN style="FONT: 7pt 'Times New Roman'">      </SPAN>The EPA mercury regulations.</FONT></FONT></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; mso-list: l0 level1 lfo1; tab-stops: list .5in"><FONT face=verdana,geneva>2)<FONT size=2><SPAN style="FONT: 7pt 'Times New Roman'">      </SPAN>The cap and trade system.</FONT></FONT></P><FONT face=verdana,geneva> <o:p></o:p></FONT><FONT face=verdana,geneva> <o:p></o:p></FONT> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT face=verdana,geneva>Mr. Frailey discussed the effect of item #1, but not item #2.</FONT></P><FONT face=verdana,geneva> <o:p></o:p></FONT> <P mce_keep="true"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT face=verdana,geneva size=2>If both items were imposed today, I do not know which would have the larger effect on reducing the use of coal, but item #2 will reduce consumption of everything that is transported by rail, not just coal.</FONT></SPAN></P>
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