INDEX TO FINANCIAL STATEMENTS Page Pennsylvania Company Comptroller's Certificate Opinion of Independent Certified Public Accountants Company Only Statements: Earnings-five years ended December 31, 1969.. Source and Application of Funds-three years ended December 31, 1969. Retained Earnings-five years ended December 31, 1969. Consolidated Statements: Balance sheet-December 31, 1969.... Earnings and Retained Earnings-five years ended December 31, 1969.. Schedule of Investments and Advances (Company Only)-December 31, 1969.. 35 Notes to Financial Statements.. 40 42 50 .... Consolidated Earnings and Retained Earnings-five years ended December 31, 1969.. Consolidated Source and Application of Funds-two years ended December 31, 1969.... Penn Central Transportation Company (Company Only) Earnings-five years ended December 31, 1969.. Balance Sheet-December 31, 1969...... Retained Earnings-five years ended December 31, 1969.. 50-934 O-71-9 18 39 41 42 PENNSYLVANIA COMPANY (COMPANY ONLY) PENNSYLVANIA COMPANY AND CONSOLIDATED SUBSIDIARIES COMPTROLLER'S CERTIFICATE The undersigned hereby certifies that in his opinion the statements of earnings and retained earnings of Pennsylvania Company and of Pennsylvania Company and consolidated subsidiaries for the four years 1965 to 1968 present fairly the results of their operations in conformity with generally accepted accounting principles applied on a consistent basis except that with respect to Pennsylvania Company and consolidated subsidiaries no provision for deferred Federal income taxes has been made, and that the statement of source and application of funds of Pennsylvania Company for the years 1967, 1968 and 1969 presents fairly the information contained therein. Wilmington, Del. W. W. RILEY OPINION OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors Pennsylvania Company: We have examined the balance sheets of Pennsylvania Company (an indirect subsidiary of Penn Central Company) and of Pennsylvania Company and consolidated subsidiaries as of December 31, 1969 and the related statements of earnings and retained earnings for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, such financial statements present fairly the financial position of Pennsylvania Company at December 31, 1969 and the results of its operations for the year then ended, and, except that no recognition has been given to deferred income taxes as explained in note 5, the financial position of Pennsylvania Company and consolidated subsidiaries at December 31, 1969 and the results of their operations for the year then ended, all in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. The schedule of investments and advances of Pennsylvania Company (company only) at December 31, 1969 has been subjected to the same auditing procedures and, in our opinion, the data shown therein is stated fairly in all material respects when considered in conjunction with the basic financial statements taken as a whole. Philadelphia, Pennsylvania March 12, 1970, except as to note 11 which is as of March 31, 1970 PEAT, MARWICK, MITCHELL & CO. PENNSYLVANIA COMPANY (COMPANY ONLY) REAL ESTATE COMPANIES-PROPERTIES HELD for Development or Re- 173,468 INVESTMENT IN CONSOLIDATED SUBSIDIARIES IN EXCESS OF Net Assets EXCESS OF NET ASSETS ACQUIRED OF CONSOLIDATED SUBSIDIARIES OVER 45,962 |