United States of America, State of California - Union Transportation Company.

First Mortgage Five Per Cent. Sinking Fund, Twenty-Year Gold Bond. Number...... $1000.

For Value Received, the UNION TRANSPORTATION COMPANY, a corporation, organized and existing under the laws of the State of California, and having its principal place of business at Los Angeles, County of Los Angeles, State of California, promises to pay to the bearer hereof or to the registered holder of this bond, if the same be registered, One Thousand Dollars ($1,000) in gold coin of the United States of America, of the present standard of weight and fineness, on the first day of February, in the year 1926 at the office of the Title Insurance and Trust Company in the City of Los Angeles,! State of California, or at the Corn Exchange Bank in the City of New York, State of New York, and to pay interest thereon from the date hereof until paid, at the rate of five per centum per annum, at the places specified in the annexed coupons, in like gold coin semi-annually on the first days of February and August in each year, upon the presentation and surrender of said interest coupons as they severally mature. This bond is one of a series of First Mortgage Five Per Cent. Sinking Fund Twenty-Year Gold Bonds of the Union Transportation Company, of the denomination of one thousand dollars ($1,000) each, numbered from one (1) to three thousand (3,000), both inclusive, issued and to be issued to an amount not exceeding in the aggregate the principal sum of three million dollars ($3,000,000), under the provisions of, and be equally secured by, a mortgage or deed of trust dated February 1st, A. D. 1906, and executed by the Union Transportation Company to the Title Insurance and Trust Company of Los Angeles, California, as Trustee, to which mortgage or deed of trust reference is hereby made for the description of the property, rights and franchises mortgaged, the nature and extent of the security and rights of the holders of bonds under the same and the terms and conditions upon which the bonds are issued and secured. This bond shall pass by delivery unless registered in the name of the owner on the books of said Union Transportation Company, such registry being noted on the bond by said last mentioned corporation. After such registry, no transfer shall be valid unless made on said books by the registered owner in person, or by his attorney duly authorized, and similarly noted on the bond. The same may be discharged from registry by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored, but this bond may again, from time to time, be registered and transferred to bearer as before. Such registry, however, shall not affect the negotiability of the coupons which shall continue to be transferable by delivery. This bond shall not be obligatory for any purpose until the certificate of the said trustee authenticating the same shall have been duly signed by said trustee.

In Witness Whereof, the Union Transportation Company has caused these presents to be signed by its President, and its corporate seal to be hereunto affixed, to be attested by its Secretary, and coupons for said interest with the engraved fac simile signature of its Secretary to be attached hereto, as of the first day of Februarv, A. D. 1906.

UNION TRANSPORTATION COMPANY.

By....................

President. Attest..................................

Secretary.

Coupon No._______ $25.

On the first day of......................, 19...., the Union Transportation Company will pay to bearer, at the American National1 Bank in the City of Los Angeles, State of California, or at the Corn Exchange Bank in the City of New York, State of New York, at the option of the holder hereof, Twenty-five Dollars ($25) in United States gold coin, of the present standard of weight and fineness, being six months' interest then due on its First Mortgage Five Per Cent. Sinking Fund Twenty-Year

Gold Bond, No...........

W. A. Carney, Secretary.

The TITLE INSURANCE AND TRUST COMPANY, of Los Angeles, California, the trustee within named, hereby certifies that the within bond is one of the series of bonds therein mentioned; that said company has examined the records of the proceedings taken for the incorporation of said UNION TRANSPORTATION COMPANY and for the execution and issuance of said bonds and of the deed of trust herein referred to; that from such examination it appears:

That said UNION TRANSPORTATION COMPANY is duly incorporated under the laws of the State of California, and is empowered bylaw to issue said bonds and to execute said deed of trust; that all the requirements of law have been complied with in the authorization, execution and issuance of said bonds and of said deed of trust; and that said deed of trust and said bonds are subsisting and legal obligations.

Said TITLE INSURANCE AND TRUST COMPANY hereby certifies that said deed of trust has been delivered and recorded as required by law, and that said company has issued in its usual form and under its Order No. 95,665, a policy of title insurance upon the title to that certain property described in said policy, insuring the owners or legal holders of said bonds against loss by reason of any defect in or lien or incumbrance on the title to the property described in said policy, subject only to the written and printed exceptions contained in said policy.

TITLE INSURANCE AND TRUST COMPANY,

Trustee. By.................., President.