Topic Report: Industry Overview FOR UNION PAC CORP(UNP) provided BY BEAR STEARNS COMPANIES, INC. (THE)

Bear Stearns Companies, Inc. (The) issued Topic Report July 14, 2004: BURLNGTN NSF CP, CNF INC, CDN PAC RLWY, CSX CORP, FEDEX CORP, GENESEE & WYO, KANSAS CITY SOU, FORWARD AIR CRP, NORFOLK SOUTHRN, RAILAMERICA INC, UNION PAC CORP, US XPRESS ENTRP, CDN NATL RY CO