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MARION COWELL NAMED TO BOARD OF DIRECTORS

May 29, 2007

RALEIGH, NC -- The North Carolina Railroad Company (NCRR) announces the election of Marion Cowell to its Board of Directors, effective May 1, 2007. Mr. Cowell’s election was made by North Carolina Governor Mike Easley.

Cowell is an attorney and is Of Counsel with the Charlotte office of the law firm of Kilpatrick Stockton, after serving as Executive Vice President and General Counsel for First Union Corporation (now Wachovia Corporation) until 1999. A North Carolina native, Cowell received both his Bachelor of Science in Business Administration and his Juris Doctor degrees from the University of North Carolina at Chapel Hill. He is active in the North Carolina Bar Association, a member of the Boards of the N.C. Department of Transportation and the Southern Environmental Law Center and is active in other civic organizations.

The North Carolina Railroad Company owns and manages the 317-mile rail corridor extending from Morehead City to Charlotte. The railroad carries 70 freight trains and eight passenger trains daily. It manages, improves and protects its properties and corridor to enhance freight and passenger service and promote economic development. NCRR is the state’s oldest corporation but remains at the forefront of rail improvements and partnership development to promote jobs and rail-served industry across the state.