Not all stocks have a par value. For these no-par-value stocks , the directors state a value. This value, called the s ___ d value, is usually set close to the amount that the corporation actually receives from the issuance of the stock. The difference between this amount and cash received is A ________ P __ -i C _____ just as in the case of par-value stock. Below is an example of a stock “without par value.” Note the upper right corner of the certificate.

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HC 25453 HC 254693 ENRON SEAL OREGON This is to certly for Enron Corp. SIGN-WAYIN100 2086403200 Common Stock WITHOUT PAR VALUE COX 298563 16 h 1452020 the owner of pod and bless of Con Stock of Enron Catherined to as the operation I transferable in the banks of the Corporation by the holes besef in p Bald January 9, 2003 Eqeve Trust Company ALS Paula & Bicker Joncurahon