Welsh Highland Railway (Caernarfon)
As part of the 1998 agreement, the FR Co. and WHR Ltd agreed to use the trading names Welsh Highland Railway (Caernarfon) or WHR (C) and Welsh Highland Railway (Porthmadog) or WHR (P) for their respective WHR operations.
The Welsh title Rheilffordd Eryri or RhE (literally, Snowdonia Railway) was and still is given to WHR (C), but was not part of the agreement on titles with WHR Ltd whose operation is also marketed as Rheilffordd Ucheldir Cymru (literally, Welsh Highland Railway).
When the WHR was completed to Porthmadog, the FR Co. operation started trading as Welsh Highland Railway as part of the combined Ffestinog and Welsh Highland Railways. WHR Ltd began trading as the Welsh Highland Heritage Railway.