Surface Transportation Board February 2, 2009 – Federal Register Recent Federal Regulation Documents

By a decision served on January 28, 2009, the Board modified its methodology for determining the cost of capital for the railroad industry by adopting the average of the estimates produced by its Capital Asset Pricing Model (CAPM) with the Morningstar/Ibbotson multi- stage Discontinued Cash Flow (DCF) model to estimate the railroad industry's cost of equity.