1 Pricing Supplement dated March 10, 1999 Rule 424(b)(3) (To Prospectus dated February 11, 1998 and File No. 333-45105 Prospectus Supplement dated September 10, 1998) UNION TANK CAR COMPANY MEDIUM-TERM NOTES, SERIES C - FIXED RATE - -------------------------------------------------------------------------------- Trade Date: March 10, 1999 Original Issue Date: March 15, 1999 Principal Amount: $15,000,000 Net Proceeds to Issuer: $14,910,000 Currency: U.S. $ Minimum Denomination: $1,000 Issue Price: 99.400% Selling Agent's Commission: N/A Interest Rate: 6.35% Interest Payment Date(s): March 1 and September 1, commencing September 1, 1999 Maturity Date: March 17, 2008 - -------------------------------------------------------------------------------- Form: X Book-Entry --- Certificated --- Redemption: X The Notes cannot be redeemed prior to maturity --- --- The Notes may be redeemed prior to maturity Initial Redemption Date: N/A Initial Redemption Price: N/A Annual Redemption Price Reduction: N/A Repayment: X The Notes cannot be repaid prior to maturity --- The Notes can be repaid prior to maturity at the option of --- the holder Repayment Price: N/A Repayment Date: N/A Discount Note: Yes --- X No --- Total Amount of OID: N/A Original Yield to Maturity: N/A Initial Accrual Period OID: N/A Method Used to Determine Yield for Initial Accrual Period: Approximate Exact --- --- Capacity: Agent X Principal --- --- If as principal: X The Registered Notes are being offered at varying --- prices related to prevailing market prices at the time of resale. The Registered Notes are being offered at a fixed --- initial public offering price ___% of Principal Amount. The Registered Notes are being reoffered to dealers with a reallowance not to exceed ___% of the Commission or Fee. MORGAN STANLEY DEAN WITTER