Reno News Publishing Company

						The Reno News Publishing Company stock certificate reads:
Number 1 | 50 Shares
Incorporated under the Laws of the State of Nevada, December 26, 1930
Principal Place of Business: 150 North Virginia Street, Reno, Nevada
Resident Agent: Seth T. Bailey, Reno, Nevada
Reno News Publishing Company
30,00 Shares, Divided into 10,000 Shares of Preferred Stock Having a Par Value of $10.00 per share and 20,000 Shares of Common Stock without nominal or par value. 
Fully Paid and Non-assessable.
Shares No Par Each

This is to Certify that Fred B. Balzar is the owner of Fifty Shares of the Common Stock of Reno News Publishing Company transferable only on the books of the Corporation by the holder hereof in person or by attorney, upon surrender of this Certificate properly endorsed.

The amount of the total authorized capital stock of this corporation is ten thousand (10,000) shares of preferred stock, of the par value of ten ($10.00) dollars per share, amounting in the aggregate to one hundred thousand ($100,000.00) dollars, and twenty thousand (20,000) shares of common stock, without nominal or par value. Such shares so issued, the full consideration for which has been paid or delivered, shall be deemed fully paid stock, and the holders of such shares shall not be liable for any further payment thereon.

The holders of the preferred stock shall be entitled to receive out of the net earnings a cumulative dividend at the rate of seven (7%)  per cent. Per annum when declared by the Board of Directors payable semi-annually on the first day of January and the first day of July each year, before any dividends shall be set apart or paid in any year on the common stock. 

In any year after the preferred stock as received its stipulated dividends, and any arrearages thereon that may be due an unpaid, and the Directors elect to make further distribution of earnings , such shall be made to the holders of the shares of common stock until they have received one dollar ($1.00) per share.

In any year after  the preferred stock has received its stipulated dividends and the common stock has received dividends in the amount of one dollar per share, if the Directors elect to make further distribution of earnings, such distribution shall be made to the preferred and common share and share alike.

The corporation, through its Board of Directors, acting in conformity with the general corporation law of the State of Nevada, may romm time to time, on thirty (30) days notice, redeem, on any dividend date, the whole or any part of the preferred stock at eleven ($11.00) dollars per share plus an amount equal to arrearages of dividends. If less than the whole of the outstanding preferred stock shall be so redeemed at any time, the stock to be redeemed shall be selected in such manner as the Board of Directors may determine.

On and after the date fixed for such redemption, when the corporation shall, after proper demand, have paid to the respective holders of the shares so called for redemption the redemption price thereof, the stock so called for redemption shall cease to be entitled to any dividends, and the respective holders thereof shall have no right or interest therein or thereon or in the corporation by reason of the ownership of said shares, except to receive the said redemption price as a debt without interest upon presentation and surrender of their respective certificate thereof. 

In case of dissolution, and after payment of all the debts of the Company, the assets shall first be applied to the payment of the preferred stock at par plus an amount equal to arrearages of dividends, and the remainder shall be applied first to the payment of the common stock at fifteen ($15.00) dollars per share, and then to the preferred and common stock share and share alike.

Subject to the law of the State of Nevada, the voting power shall vest exclusively in the holders of the common stock.

In Witness Whereof, the said Corporation has caused this Certificate to be signed by its duly authorized officers and to be sealed with the Seal of Corporation this 27th day of December A. D. 1930
Signed by the Secretary S. H. Kleem
Signed by the President Seth. T Bailey

The back side of the Reno Trust Publishing Company stock certificate states:

For value Received, ___ hereby sell, assign, and transfer unto _____ Shares of the Common Stock of the within named Corporation, represented by the within Certificate, and do hereby irrevocably constitute and appoint ______ Attorney to transfer the said shares of said Common Stock on the books of the said Corporation, pursuant to the provisions of the By-Laws thereof, with full powers of substitution in the premises.
Dated _____ A.D. 19__
Signed by ______ 
In Presence of _______