Laidlaw Transportation, Inc. and Subsidiaries - Page 9

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               3.   Growth of LTL                                                     
               From 1959 to 1969, LTL and its predecessors bought trucking            
          businesses in the United States and Canada.  LTL bought Superior            
          Sanitation in 1969.  LTL began to buy passenger bus service                 
          businesses in Canada in 1973.  LTL's subsidiaries entered the               
          solid waste services business in the United States in January               
          1978.  LTL bought the largest operator of school buses in Canada            
          in 1979.  In October 1980, LTL bought all of the stock of Theta             
          Systems, Inc. (TSI), which operated solid waste services                    
          businesses in Indiana, Illinois, and Ohio.  TSI changed its name            
          to LWSI.  LWSI had subsidiaries active in the solid waste                   
          business in North America.                                                  
               LTL's subsidiaries entered the passenger bus business in the           
          United States in September 1983.  LTL sold its trucking business            
          in 1984.  By the end of 1988, LTL and its subsidiaries were the             
          third largest solid and hazardous waste management services                 
          company and the largest provider of school bus transportation               
          services in North America.                                                  
               LTL financed its expansion in the United States by lending             
          money and contributing capital to its subsidiaries in the United            
          States.  Before 1969, LTL financed its growth primarily with its            
          own earnings and loans from banks and finance companies.  LTL               
          first made a public offering of its stock in 1969.  LTL raised              

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