CLEVELAND, June 7 - Members of the Brotherhood of Locomotive Engineers and
Trainmen ratified a new six-year contract with the Port Authority
Trans-Hudson Corporation (PATH) in late May.

The agreement covers 166 BLET members and provides six years of wage
increases at 3 percent per year, which includes retroactive payments to
2005. The agreement also provides increases in pension contributions each
year and continues health and welfare coverage that is 100 percent
employer-paid.

According to BLET Vice President Marcus J. Ruef, who helped negotiate the
contract, the BLET sought the services of the National Mediation Board
(NMB) when negotiations stalled regarding the issue of health care cost
sharing.

"BLET General Chairman Ralph Nunziato and his committee deserve high
praise for involving the service of the NMB and producing a real wage
increase while maintaining important fringe benefits," Vice President Ruef
said.

In particular, he thanked NMB Staff Mediator Zachery Jones for his efforts
in bringing the parties together.

"Mediator Zachery Jones really brought the Parties together and got them
to see middle ground," Ruef said. "When both sides listen to the mediator
with an open mind, fair agreements can be reached that serve both parties'
interests."

General Chairman Nunziato thanked Vice President Ruef for his assistance,
and thanked members of his negotiating team, including Vice General
Chairman John Kochenash and Gerald Orrico of BLET Division 497.

PATH was formed in 1908 as the Hudson & Manhattan Railroad connecting
Manhattan with New Jersey through the famous "Hudson Tubes," which were
the first Hudson tunnels. It is a publicly owned rapid transit/commuter
railroad connecting Manhattan with Hoboken, Jersey City and Newark, N.J.
It is a third rail, 600 volt DC system using MU passenger cars that are
very similar to the equipment used by the New York City subway system.

The heavy rail transit system serves as the primary transit link between
Manhattan and neighboring New Jersey urban communities and suburban
railroads. PATH carries 227,000 passengers each weekday. This volume is
expected to continue to increase with the anticipated growth in regional
residential, commercial and business development.

The annual passenger trips for 2006 were 66.9 million.