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(The New York Regional Rail Corp. issued the following news release on May 14.)

NEW YORK — New York Regional Rail Corporation is pleased to announce finalization of a new long-term lease with Conrail Shared Asset Corporation for its Greenville Yard in Jersey City, NJ and settlement of all disputes.

The Greenville Yard, a one-mile long, 22.27-acre parcel, serves as the New Jersey base of operations. This facility allows direct access to New York Harbor and the New York City consumer market. It connects by rail to the National Rail Freight Network through Oak Island freight yard in Newark, New Jersey.

Wayne A. Eastman, president of NYRR stated, “As our business has grown, client companies have begun to invest substantial capital in our strategically vital New Jersey facility. The new long-term lease which runs until 2023 with a 10 year option to renew avails clients, governmental agencies, as well as NYRR, the very important ability to justify capital improvements at our facility. Also key is that we have been granted an option to lease an additional 4.67-acre parcel at Greenville Yard, for further expansion. We believe this agreement will usher in a new era of cooperation mutually beneficial to Conrail, its parent companies, CSX Transportation (NYSE symbol: “CSX”) and Norfolk Southern (NYSE symbol: “NSC”) railroads, as well as the Company’s subsidiary, the New York Cross Harbor Railroad. This is the cornerstone for growth and the viability of our Company as we go forward.”

Ronald Bridges, director of NYRR, stated, “Because larger rail clients often have customized needs, a unique feature of the rail industry is that it is customary for those clients to directly invest in the rail facility. Thus it is very difficult to attract larger clients without a long-term lease that affords suitable amortization. This agreement was a critically important step to ensuring the long-term development of our Company.”

“We are pleased not only with the terms of this new lease but also with the professionalism exhibited on both sides of the negotiating table. It’s much more than a win-win for our two companies as the surrounding business community will also enjoy increased opportunity. And as we continue to grow, that should mean more job creation and an increased tax base for New Jersey. All involved will benefit from this new agreement and we thank Conrail Shared Asset for being a part of it,” he concluded.

New York Regional Rail is a transportation holding company. Its two principal subsidiaries are New York Cross Harbor Railroad (“NYCH”) and JS Transportation (“JST”).

NYCH owns and operates the only rail-float barge operation in the New York Harbor. NYCH serves businesses on both sides of the harbor with daily crossings between Jersey City, NJ and Brooklyn, NY. NYCH’s operation provides New York City and Long Island with connections to the national rail freight system.

JST is a rapidly growing short-haul regional trucking company, whose clients include many Fortune 1000 companies. JST currently serves a six-state region including NY, NJ, PA, DE, MD and VA.

To learn more about New York Regional Rail’s complete transportation solutions, visit our website at www.nyrr.com or contact: Wayne Eastman, at (201) 433-0360.