Providence and Worcester Railroad Company Announces Dividend

WORCESTER, Mass.--(Business Wire)--
Providence and Worcester Railroad Company (NASDAQ: "PWX") announced that, at its
regular quarterly meeting on April 29, 2009, the Board of Directors of the
Company declared a dividend of $.04 per share on the outstanding Common Stock of
the Company, payable May 26, 2009 to shareholders of record on May 11, 2009.

This release contains "forward-looking statements" within the meaning of section
21E of the Securities and Exchange Act of 1934, as amended. These
forward-looking statements represent the Company`s present expectations or
beliefs concerning future events. The Company cautions that such statements are
necessarily based on certain assumptions which are subject to risks and
uncertainties, including, but not limited to, changes in general economic
condition, and changing competition which could cause actual results to differ
materially from those indicated herein. Further information on these risk
factors is included in the Company`s filings with the Securities and Exchange
Commission.

P&W
Marie A. Angelini, 508-755-4000 (x365)

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