Exhibit 99.2
SELECTED HISTORICAL FINANCIAL DATA OF CONRAIL
The following table sets forth selected historical financial data of
Conrail. The consolidated statements of operations data for the six months ended
June 30, 2004 and 2003 and the consolidated balance sheet data as of June 30,
2004 have been derived from Conrail unaudited consolidated financial statements
which are not included in the Prospectus and Consent Solicitation Statement. The
consolidated statements of operations data for the years ended December 31,
2003, 2002 and 2001, and the consolidated balance sheet data as of December 31,
2003 and 2002, have been derived from Conrail's audited consolidated financial
statements, which are included in the Prospectus and Consent Solicitation
Statement. The consolidated balance sheet data as of June 30, 2003 has been
derived from our unaudited consolidated financial statements which are not
included in the Prospectus and Consent Solicitation Statement. The consolidated
statements of operations data for the years ended December 31, 2000 and 1999,
and the consolidated balance sheet data as of December 31, 2001, 2000 and 1999,
are derived from Conrail's audited consolidated financial statements not
included or incorporated by reference in the Prospectus and Consent Solicitation
Statement. This data should be read in conjunction with the unaudited pro forma
financial information, related notes and other financial information included in
the Prospectus and Consent Solicitation Statement.
<Table>
<Caption>
SIX MONTHS
ENDED
JUNE 30, FOR THE YEARS ENDED DECEMBER 31,
--------------- -------------------------------------------
2004 2003 2003 2002 2001 2000 1999(a)
------ ------ ------ ------ ------ ------ -------
($ IN MILLIONS)
RESULTS OF OPERATIONS
Railway Operating Revenues...... $ 466 $ 457 $ 918 $ 893 $ 903 $ 985 $2,168
Railway Operating Expenses...... 323 328 659 623 639 749 2,033
------ ------ ------ ------ ------ ------ ------
INCOME FROM RAILWAY
OPERATIONS............... 143 129 259 270 264 236 135
Interest Expense................ (49) (50) (99) (104) (109) (124) (151)
Other Income, Net............... 54 41 95 92 96 149 76
------ ------ ------ ------ ------ ------ ------
Income from Continuing
Operations before Income Taxes
and Accounting Change(s)...... 148 120 255 258 251 261 60
Provision for Income Taxes...... 54 44 93 71 81 94 19
------ ------ ------ ------ ------ ------ ------
Income from Continuing
Operations before Accounting
Change(s)..................... 94 76 162 187 170 167 41
Cumulative Effect of Change(s)
in Accounting
Principle(s)(b)............... (1) 40 40 -- -- -- --
------ ------ ------ ------ ------ ------ ------
NET INCOME...................... $ 93 $ 116 $ 202 $ 187 $ 170 $ 167 $ 41
====== ====== ====== ====== ====== ====== ======
</Table>
(footnotes on next page)
<Table>
<Caption>
SIX MONTHS
ENDED
JUNE 30, FOR THE YEARS ENDED DECEMBER 31,
--------------- -------------------------------------------
2004 2003 2003 2002 2001 2000 1999(a)
------ ------ ------ ------ ------ ------ -------
($ IN MILLIONS)
FINANCIAL POSITION (AS OF PERIOD
END)
Total Assets.................... $8,154 $8,075 $8,101 $8,040 $7,958 $7,939 $8,284
Total Long-Term Debt, including
Current Maturities............ 1,139 1,158 1,125 1,180 1,216 1,290 1,621
Stockholder's Equity............ 4,444 4,237 4,350 4,120 3,990 3,887 3,278
OTHER
Capital Expenditures............ $ 9 $ 16 $ 35 $ 23 $ 47 $ 220 $ 176
Employees--End of Period........ 1,296 1,375 1,346 1,415 1,544 1,750 2,315
</Table>
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(a) The operations of Conrail substantially changed beginning June 1, 1999, when
CSXT and NSR began operating a portion of Conrail's properties under
operating agreements. Effective on that date, Conrail's major source of
operating revenues became operating fees and lease rentals from CSXT and
NSR. The composition of Conrail's operating expenses was also impacted by
the change in operations. As a result, Conrail's 1999 results reflect both
freight railroad operations through May 31, 1999 and Conrail's newly
restructured operations thereafter.
(b) Net income in 2004 reflects a cumulative effect accounting change related to
the consolidation of a locomotive leasing company that decreased net income
by $1 million. Net income in 2003 reflects a cumulative effect accounting
change related to the cost to remove railroad crossties that increased net
income by $40 million.