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Pioneer Railroad Equipment Co., Ltd. (PREL)
, formed on April 1, 1990, leases equipment to the Company's subsidiary railroads and also leases railcars and locomotives to unaffiliated third parties.  PREL also earns income from non-company railroads on its fleet of  1,264 railcars (as of December 31, 2004) when they carry freight on non-company railroads (AAR reporting marks "PREX").

Contact Joseph Evans for further information

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