GENERAL

     We are a leading owner and operator of short line and regional freight railroads in North America. We own, lease and/or operate a diversified portfolio of 43 railroads with approximately 8,000 miles of track located in the United States and Canada. Through our diversified portfolio of rail lines, we operate in numerous geographic regions with varying concentrations of commodities hauled. We seek to grow both through the expansion of the traffic base on our existing railroads and acquisitions of additional North American railroads.

     Pursuant to this strategy, we have completed the following...