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The Cincinnati Union Terminal Company Bonds

In August, 1944, The Cincinnati Union Terminal Company issued $24,000,000, princi¬
pal amount, of its First Mortgage 2^% Bonds, Series G, due August 1,1974, for the purpose
of providing part of the funds for the redemption on November 1, 1944, at 106, of a like
principal amount of the Terminal Company's First Mortgage 3>^% Bonds, Series D, due
May 1, 1971. The payment of the principal, interest and sinking fund payments in respect
of these Bonds is jointly and severally guaranteed by The Cleveland, Cincinnati, Chicago
and St. Louis Railway Company and the other proprietary companies of the Terminal
Company under Guaranty Agreement dated July 1, 1930, as amended by Supplemental
Guaranty Agreement dated May 1, 1936, and by endorsement on the Bonds pursuant
thereto. This Company assumed obligation and liability in respect of such guaranty by
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company under the provisions
of the lease under which it operates the properties of that company.

Terminal Railroad Association of St. Louis Bonds

During the year the Terminal Railroad Association of St. Louis issued $7,860,000,
principal amount, of its Refunding and Improvement Mortgage 4% Bonds, Series C, due
July 1, 2019, for the purpose of acquiring stocks of St. Louis Bridge Company and Tunnel
Railroad of St. Louis, lessor companies. The Cleveland, Cincinnati, Chicago and St. Louis
Railway Company joined in a Guaranty Agreement dated July 1, 1944, whereby each of
the proprietary companies of the Terminal Association severally guarantees payment of its
stock ownership proportion of the interest on, and the installments of sinking fund for,
these Bonds, such proportion being two-sixteenths in the case of the Missouri Pacific Rail¬
road Company and one-sixteenth in the case of each of the other proprietary lines, including
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company. This Company
assumed obligation and liability in respect of such guaranty by The Cleveland, Cincinnati,
Chicago and St. Louis Railway Company under the provisions of the lease under which it
operates the properties of that company.