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MEDIA CONTACT	ED WHALEN
TEL.	(312) 928-0856
FAX	(312) 928-0890
FOR IMMEDIATE RELEASE	Oct 7, 2003

Johnstown America delivers major orders for new covered hopper cars

Johnstown, Pennsylvania, October 7, 2003 - Johnstown America Corporation announced delivery today of 575 new 3200 cubic foot covered hopper cars for high density lading, including cement and roofing granules. CIT Rail Resources (NYSE:CIT) acquired nearly all of the cars, which will be used by shippers throughout North America.

Tom Petersen, Assistant Vice President - Maintenance Operations of CIT Rail Resources, said, "These cars help us meet cement industry demands for equipment at several locations across the country. We have had good experience working with Johnstown America in getting these cars built for our customers. In spite of a shortage of railcar truck castings, Johnstown America was able to maintain its delivery schedule."

For over a century, Johnstown America Corporation has been a leading producer of railcars in North America. Johnstown manufactures aluminum coal cars, covered hopper cars, flat cars, mill gondola cars, heavy haul intermodal cars, aggregate cars, the new aluminum motor vehicle carrier, the AVC™, and the VersaCoil™ steel coil car.

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