Exhibit 99

PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

The  Private  Securities  Litigation  Reform  Act of 1995  provides  a new "safe
harbor"  for  forward-looking  statements  to  encourage  companies  to  provide
prospective information about their companies without fear of litigation so long
as those  statements are identified as  forward-looking  and are  accompanied by
meaningful cautionary statements  identifying important factors that could cause
actual results to differ materially from those projected in the statement.  ICRR
desires to take  advantage of the new "safe  harbor"  provisions  of the Private
Securities  Litigation Reform Act of 1995 and is filing this exhibit in order to
do so. The Act became law in late December 1995 and no official  interpretations
of the Act's provisions have been published. Accordingly, ICRR hereby identifies
the following  important  factors which could cause the ICRR's actual  financial
results to differ  materially  from any such results  which might be  projected,
forecast, estimated or budgeted by ICRR in forward-looking statements.

         Through 1996,  ICRR was behind the revenue  growth rate ICRR  estimated
         was necessary to achieve Plan 2000.

         Grain  traffic,  in total,  is subject to the supply  domestically  and
         internationally.  A key factor affecting  supply is the weather.  Grain
         traffic for export is further  impacted by changes in world  supply and
         the   agricultural   and  trade  policies  of  both  U.S.  and  foreign
         governments.

         Coal traffic  depends on stockpiles  and weather in utilities'  service
         territories.  Deregulation  in the  utility  industry  may  shift  coal
         traffic patterns and cause pressure on rail rates.

         Chemical  traffic and paper  shipments  are  sensitive  to the economic
         cycles.   Other  forest  products  are  also  sensitive  to  industrial
         production and housing  starts.  Chemical  traffic could be affected if
         other  railroads  decided to build new track into our  current  service
         territories.

         Market  realities for new ventures,  such as the terminals,  may differ
         from  assumptions  because  of  changes  in the  economy  and timing of
         construction/expansion.

         Because ICRR's mainline track parallels the  Mississippi  River,  barge
         competition is formidable.  Barge rates  fluctuate  partially  based on
         water levels and shipping conditions on the river.

         The merger of SP and UP,  when fully  implemented  could  result in the
         loss of the haulage moves ICRR performs for the SP.

         As to expenses, the most volatile are labor costs and fuel. Negotiating
         locally  with the labor  unions  increases  the risk of a strike  and a
         strike  may  not  be  averted  via  governmental   intervention  as  is
         frequently the case in national  labor  disputes in the  transportation
         industry.

         The  variability  of fuel  prices can be offset via hedging but hedging
         also brings risk.

         Finally,   mergers  in  the  railroad  industry  could  create  traffic
         diversions if the new entity route  traffic  around ICRR's routes or if
         it used its size to block shippers' routing options or pricing.




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