_________________________________________________________________
| |
| THE PENN STREET FUND, INC. |
| |
| THIS CERTIFIES THAT____________________________ is the |
| Registered owner of____________________________ shares |
| |
| of the Global Equity Portfolio of the par value of $0.01 |
| per share. Transferable on the books of the Corporation |
| by the holder hereof in person, or by his duly authorized |
| attorney upon surrender of the Certificate properly |
| endorsed. |
| |
| IN WITNESS WHEREOF, the Corporation has caused this |
| Certificate to be executed by its duly authorized officers |
| by their facsimile signature and the facsimile seal to be |
| printed hereon. |
| |
| The Corporation will provide the owner of this certificate |
| upon request and without charge, with a full written |
| statement of the rights, powers, limitations and |
| restrictions of the Global Equity Portfolio shares in |
| accordance with section 2-211 of the Maryland General |
| Corporation Law. |
| |
| |
| PRESIDENT |
| |
| TREASURER |
| |
|_______________________________________________________________|
