Re: Text of the agreement

Memorandum of Understanding
Between the Cumbres and Toltec Scenic Railroad Commission And the Rio Grande Railway Preservation Corp.
February 8, 2003
The Cumbres and Toltec Scenic Railroad Commission (Commission) hereby enters into a memorandum of Understanding with the Rio Grande Railway Preservation Corp. (RGRPC) for the purpose of managing the Commission property for the 2003 operating season ending December 31, 2003.
The RGRPC shall manage the business of the Cumbres & Toltec Scenic Railroad at the direction of the Commission for a management fee to be specified contractually.
This memorandum of Understanding will he followed up with a contract developed with the aid of the Attorney Generals' office and signed by both parties prior to April 1,2003.
Carol A. Salisbury Richard A. Casford
Chair, C&TSRR Commission Treasurer, RGRPC