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CHARLES E. BURNELL, JR. PROMOTED TO VICE PRESIDENT, REAL ESTATE

May 30, 2007

RALEIGH, NC -- The North Carolina Railroad Company (NCRR) announces the promotion of Charles (Chuck) E. Burnell to the position of Vice President, Real Estate, effective May 17, 2007. In addition to managing the 200-foot wide corridor, Burnell is responsible for NCRR properties located adjacent to the rail corridor with both commercial and industrial site potential for attracting rail-served industries.

Burnell has managed the NCRR Property Department since April, 2004, licensing businesses operating within the corridor, overseeing utilities and municipalities licensing, developing and managing NCRR properties. He has more than 25 years experience as a senior manager in manufacturing and mining operations that include his most recent NCRR position as Assistant Vice President. He has a Bachelor of Science degree as a double major in Business Administration and Accounting from La Roche College in Pittsburgh, Pennsylvania and an Associate of Science degree in Mechanical Engineering from College of Allegheny County, also in Pittsburgh.

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The North Carolina Railroad Company owns and manages the 317-mile rail corridor from Morehead City to Charlotte that serves as the backbone of the state’s rail system. The railroad carries more than 70 freight and passenger trains daily. NCRR’s mission is to manage, improve and protect the state’s rail properties and corridors in a manner that will enhance freight and passenger service and promote economic development.