A MODERN RAILCAR LESSOR

NACCO owns and manages a fleet of 4,000 predominantly 4-axle

cars leased to 150 shippers in 15 countries.

Most cars are registered on the SNCF or DB and operate

throughout the Continent. A growing number of cars have been

designed to U.K. loading gauge and operate equally either in

the U.K., on the continent or in regular cross-channel service.

The fleet is maintained and overhauled according to the exacting

standards of each registering railroad in approved workshops

throughout Europe. Nacco's policy is to maintain the fleet at the

highest levels, as close to the customer as feasable.

Nacco acquires new cars each year built to the latest technical

standards and customers' specific requirements. The replacement

value of the total fleet exceeds 250 millions EUROS .