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                Stock Code APC01 |  | 1988 certificate, issued 
                to Virginia Eatman, for 200 shares of common stock in this 
                speciality chemicals company. Brown ornate 
                border with vignette of eagle. Printed signature of 
                Mark H Lee, president and Jacqueline S Gwaltney, company 
                secretary. 
                Certificate size is 
                20 
                cm high x 30 cm wide. It will be double mounted in a 
                mahogany frame, with gold inlay. 
                American Pacific was founded 
                in 1955 as Pacific Engineering & Production Co. of Nevada . 
                PEPCON quickly became a leading manufacturer of perchlorate 
                chemicals. PEPCON initially issued stock to the public in 1972 
                and in 1982 completed a merger with American Pacific 
                Corporation, a real estate development and financial services 
                company with interests in California, Florida and New York. By 
                1985 the Company determined it was in the best interest of its 
                stockholders to divest all of its non-Nevada real estate 
                development and all financial services activities. It began to 
                look at ways to diversify and grow the business to strengthen 
                its position in the specialty chemicals marketplace. In 1989, 
                the Company designed and constructed a new state-of-the-art 
                manufacturing facility, and relocated its manufacturing 
                operations to Utah.  |