Transit Industry Veteran Ken Bauer to Join RailWorks Corporation

White Plains, N.Y. - (January 31, 2003) -- RailWorks Corporation, a leading provider of construction, maintenance and material solutions for the rail and rail-transit industries, announced today that transit industry veteran Ken Bauer, president of the Long Island Rail Road, will join the company as its chief financial officer.

Bauer will be responsible for all budgeting, treasury and financial operations at RailWorks Corporation and its subsidiaries. In addition, he will oversee information systems and internal auditing. Bauer will report to President and Chief Operating Officer Jim Kimsey and will be based at RailWorks administrative offices in White Plains, N.Y.

RailWorks Chairman and CEO Ab Rees said Bauer offers valuable leadership and expertise to the company during a critical time in its history, soon after its emergence from Chapter 11 reorganization. "Ken is a proven leader with multifaceted skills and unrivaled transit industry experience. He will play a key role in ensuring our financial stability as we build RailWorks into the premier provider for the rail and rail-transit industries."

Kimsey added that Bauer will be an integral member of the RailWorks Executive Committee, which oversees all corporate operations and planning. "Ken brings a hands-on management style, great people skills and critical industry knowledge to our company."

Bauer will join RailWorks following a 30-plus-year career with the Metropolitan Transportation Authority, a regional mass transit network serving 2.3 billion commuters annually in the greater New York metropolitan area. During his three-year tenure as president of the Long Island Rail Road, the nation's largest commuter railroad, he led the company to new standards in operational performance, safety and customer satisfaction. He won favor with commuters and employees for listening to their concerns and responding with needed changes.

Bauer earned his bachelor's degree in finance from Bradley University in Peoria, Ill. A native of Lynbrook N.Y., Bauer lives in Lido Beach, N.Y., with his wife Belle Bauer.