Archipelago Holdings Inc Watch

from S-1/A 3 pages Common Stock Par Value $.01 [Archipelago Logo] Common Stock This Certificate Is Transferable in New York, Ny or Chicago, Il Certificate Number Zq 000266 Archipelago Holdings, Inc. Incorporated Under the Laws of the State of Delaware Shares **600620****** ***600620***** ****600620**** *****600620*** ******600620** This Certifies That Mr. Sample & Mrs. Sample & Mr. Sample & Mrs. Sample Cusip 03957a 10 4 See Reverse for Certain Definitions Is the Owner of ***Six Hundred Thousand Six Hundred and Twenty*** Fully-Paid and Non-Assessable Shares of the Common Stock Of

from S-1/A 56 pages Registration Rights Agreement Among Archipelago Holdings, L.L.C., General Atlantic Partners 77 L.P., Gap Coinvestment Partners II, L.P., Gapstar, LLC, Gapco Gmbh & Co. Kg, Gap-W, LLC, Gap Archa Holdings, Inc. and the Other Parties Listed Herein Dated: November 12, 2003