New President Appointed at Procor Limited

June 15, 2001

Ronald W. Waye has been appointed President of Procor Limited, Union
Tank Car's sister company, headquartered in Oakville, Ontario. He
replaces Roy Wik who retired after 31 years of service including the
last two years as President of Procor Limited.

Ron brings extensive management experience to his new position. For the
last 10 years he has been President of Rentway, Inc., Canada's largest
full service truck lessor. The business included 39 branches and more
than 900 employees across Canada. Prior to joining Rentway, he was Vice
President and General Manager of Canadian Pacific's Truck Division.
Other experience includes work for General Electric of Canada in various
financial and management positions including the presidency of two
wholly owned oil and gas service companies in Alberta.

Ron has a bachelor's degree in mathematics from Acadia University and an
M.B.A. degree from York University. He is a resident of Burlington,
Ontario.

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