RAILROAD SUBSIDIARIES
Alabama Railroad CO. (ALAB)
Alabama & Florida Railway Co. (AF)
Decatur Junction Railway Co. (DT)
Elkhart & Western Railroad Co. (EWR)
Fort Smith Railroad Co. (FSR)
The Garden City Western Railway, Inc. (GCW)
Gettysburg & Northern Railroad Co. (GET)
Indiana Southwestern Railway Co. (ISW)
Kendallville Terminal Railway Co. (KTR)
Keokuk Junction Railway Co. (KJRY)
Michigan Southern Railroad Co. (MSO)
Mississippi Central Railroad Co. (MSCI)
Shawnee Terminal Railway Company (STR)
Vandalia Railroad Company (VRRC)
West Michigan Railroad Co. (WMI)

OTHER SUBSIDIARIES
Pioneer Railroad Equipment Co., LTD. (PREL)
Pioneer Railroad Services, Inc. (PRS)
Pioneer Resources, Inc. (PRI)
Pioneer Air, Inc. (PAR)