In the news release, Genesee & Wyoming Reports Second Quarter Results, issued earlier today by Genesee & Wyoming over PR Newswire, we are advised by the company that in the table following the section Free Cash Flow Description and Discussion, the item Net Cash Provided by Operating Activities for the Six Months Ended June 30, 2005 should be "$39,357" rather than "19,724" as originally issued inadvertently. The corrected Free Cash Flow Description and Discussion follows: Free Cash Flow Description and Discussion Management views Free Cash Flow as an important financial measure of how well GWI is managing its assets. Subject to the limitations discussed below, Free Cash Flow is a useful indicator of cash flow that may be available for discretionary use by GWI. Free Cash Flow is defined as Net Cash Provided by Operating Activities less Net Cash Used in Investing Activities, excluding the Cost of Acquisitions. Key limitations of the Free Cash Flow measure include the assumptions that GWI will be able to refinance its existing debt when it matures and meet other cash flow obligations from financing activities, such as required dividend payments and principal payments on debt. Free Cash Flow is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of cash flow determined in accordance with Generally Accepted Accounting Principles. The following table sets forth a reconciliation of GWI's Net Cash Provided by Operating Activities to GWI's Free Cash Flow: Six Months Ended June 30, 2005 2004 Net cash provided by operating activities $39,357 $30,711 Net cash used in investing activities (248,792) (11,267) Net cash used for acquisitions 238,204 - Free cash flow $28,769 $19,444 PRNewswire -- August 2 DATASOURCE: Genesee & Wyoming Inc.

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