L. E. Peabody & Associates, Inc.

AARON T. RYAN
PROJECT MANAGER

PROFESSIONAL EXPERIENCE:

L. E. Peabody & Associates, Inc. (Since 1994) -- Mr. Ryan is responsible for the collection and manipulation of the annual expenditures of each Class I railroad in the United States for use in the various economic models developed and used by L. E. Peabody & Associates, Inc. These expenditures, along with capital costs included in each Class I railroad's Annual Report Form R-1 to the Surface Transportation Board ("STB"), form the inputs needed to develop an individual railroad's unit costs based on the Uniform Railroad Costing System ("URCS"). Mr. Ryan also has developed proforma URCS formulas for the merged western railroads (BNSF and UP/SP) and NS/CSX after the acquisition of Conrail both with and without anticipated cost synergies.

Mr. Ryan has assisted in gathering, analyzing and summarizing railroad costs associated with moving coal in unit trains in all parts of the United States. These costs, along with the traffic and operating characteristics for a particular move, provide the basis for developing variable costs analyses used in both litigation and contract negotiations.

Mr. Ryan has provided analytical support for testimony presented by L. E. Peabody & Associates, Inc. through the gathering and manipulation of data originating at the Federal Energy Regulatory Commission ("FERC"), the STB and various other sources. Specifically, these analyses include the development of the delivered costs of fuels to various utilities located throughout the United States. Mr. Ryan develops graphic design products enhancing the L. E. Peabody & Associates, Inc. reports, testimony, and other deliverables to its or on behalf of its clients.

Mr. Ryan has been involved in transportation and coal supply contract administration which includes such contract analyses as forecasting of potential or existing rate adjustment mechanisms and evaluating contract reopeners.

Mr. Ryan is responsible for managing our document library that efficiently retrieves critical information used in a number of major litigation proceedings involving contract disputes between electric utilities and either railroads or coal suppliers. Mr. Ryan is the company?s principal Information Technology Specialist maintaining the company?s network, hardware and software.

EDUCATION:

Mr. Ryan received a BS in both Economics and Finance from Virginia Polytechnic Institute and State University in 1994.