VALUE OF PANHANDLE RAIL LINE

August 12, 2004

Note that the numbers presented below are preliminary ME Companies Fair Market Value appraisal numbers which have NOT been accepted by the Continental Appraisal review team. Continental has requested additional documentation and will not accept or reject the ME Companies’ appraisal numbers until such documentation is supplied.

Further, ME Companies’ preliminary appraisal report included a “value in place” of $28 million for the total value of all bridge structures on the Panhandle. ORDC staff discussions with Continental and ME officials indicate that no such value will be included in the final appraisal report. Therefore, the valuations below include zero value for bridges, an assumption that is commonly made in the railroad industry, and has been ORDC’s practice in past projects.

FAIR MARKET VALUE INCLUDING 50% OF VALUE OF JOINTLY OWNED COLUMBUS TO NEWARK RAIL LINE

Real Estate Track and OTM Totals

Cols. to Newark $6,319,450 $1,940,952 $8,260,402

(50/50 Ownership

with CSX)

Newark to Mingo $5,661,100 $12,984,118 $18,645,218

& Branches

(100% Ownership)

Totals $11,980,550 $14,925,070 $26,905,620

lj34/PanhandleValue