___________________________________________________________________
| |
| THE PENN STREET FUND, INC. |
| |
| THIS CERTIFIES THAT_________________________________ is the |
| Registered owner of _________________________________ shares |
| |
| of the Global Income 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 Income Portfolio shares in accordance with section |
| 2-211 of the Maryland General Corporation Law. |
| |
| PRESIDENT |
| |
| TREASURER |
| |
|__________________________________________________________________|
