Gulfstream International Group Inc Watch

from S-1/A 4 pages [Face of Certificate] Common Stock Gia [Logo] Common Stock Cusip 402738 10 8 See Reverse for Certain Definitions Gulfstream International Group, Inc. Incorporated Under the Laws of the State of Delaware This Certifies That Is the Owner of Fully Paid and Non-Assessable Shares of the Common Stock, $0.01 Par Value, of Gulfstream International Group, Inc. (Herein Called the “Corporation”), Transferable on the Books of the Corporation by the Holder Hereof in Person or by Duly Authorized Attorney Upon Surrender of This Certificate Properly Endorsed. This Certificate Is Not Valid Unless Countersigned and Registered by the Transfer Agent and Registrar. Witness the Facsimile Seal of the Corporation and the Facsimile Signatures of Its Duly Authorized Officers. Dated: Countersigned and Registered: American Stock Transfer & Trust Company (New York, Ny) Transfer Agent and Registrar by Authorized Officer Secretary

from S-1 8 pages Gulfstream Acquisition Group, Inc. 12% Subordinated Debenture Due March 14, 2009