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North American Railcar Corporation

PROJECT NAME

North American Railcar Corporation

DATE

JUNE 2005

DESCRIPTION

The North American Railcar Corporation is a wholly owned subsidiary of PWRS Holdings, Inc., reporting to and taking direction from a seven member board of directors. The Board is made up of a diverse group of individuals with business, finance, sales, railway engineering, and computer science experience. The Board does not get involved in day-to-day operations, but maintains an oversight role on legal/contractual, financial and strategic development issues. PWRS Holdings, Inc. is a privately held company with more than 180 shareholders located across North America, Europe, and Australia.

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