This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of two allegorical men sitting on both sides of a picture of a building.This item has the printed signatures of the companys president and is over 20 years old.The Company has filed a Form 15 with the Securities and Exchange Commission (the “Commission”) to terminate the registration of its Common Shares under the Securities Exchange Act of 1934 and the Company will cease filing reports under that act.

Some businesses, for whatever reason, simply cannot survive for much longer in the future.

The City Investing Company Liquidating Trust (the 'Trust') was created on September 25, 1985, pursuant to an Agreement and Declaration of Trust ('Trust Agreement') by and between City Investing Company ('City') and the three trustees of the Trust ('Trustees').

The Trust Agreement is governed by the laws of the State of Delaware.

The common stock transfer books of City were permanently closed on September 25, 1985, and the holders of record of common stock of City as of the close of business on that date became holders of units of beneficial interest in the Trust on the basis of one unit of beneficial interest for each share of common stock of City held on September 25, 1985.

After September 25, 1985, the outstanding certificates that formerly represented shares of common stock of City are deemed to evidence the same number of units of beneficial interest in the Trust.