| 1.  | I      have reviewed this annual report on Form 10-K of Ironstone Group, Inc. for      the year ended December 31, 2008; |
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| 2. | Based      on my knowledge, this annual report does not contain any untrue statement      of a material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      annual report; |
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| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this annual report, fairly present in all material respects      the financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this annual      report. |
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| 4. | The      registrant’s other certifying officer and I are responsible for      establishing and maintaining disclosure controls and procedures (as      defined in Securities Exchange Act of 1934, as amended, Rules 13a-15(e)      and 15d-15(e)) and internal control over financial reporting (as defined      in Securities Exchange Act of 1934, as amended, Rules 13a-15(f) and      15d-15(f) for the registrant andhave: |
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|  | a) | designed      such disclosure controls and procedures, or cause such disclosure controls      and procedures to be designed under our supervision, to ensure that      material information relating to the registrant, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this annual report is      being prepared; |
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|  | b) | designed      such internal control over financial reporting, or caused such internal      control over financial reporting to be    designed      under supervision, to provide reasonable assurance regarding the      reliability of financial reporting and preparation of financial statements      for external purposes in accordance with generally accepted accounting      principles; |
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|  | c) | evaluated      the effectiveness of the registrant’s disclosure controls and presented in      this report our conclusions about the  effectiveness of the      disclosure controls and procedures, as of  the end of the period      covered by this report based on such evaluation;  and |
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|  | d) | disclosed      in this report any change in the registrant’s internal control over      financial reporting that occurred during the registrant’s most recent      fiscal quarter that has materially affected, or is reasonably likely to      materially affect, the registrant’s internal control over financial      reporting  ;      and |
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| 5. | The      registrant’s other certifying officer and I have disclosed, based on our      most recent evaluation, to the registrant’s auditors and the registrant’s      board of directors (or persons performing the equivalent      function): |
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|  | a) | all      significant deficiencies and material weakness in the design or operation      of internal control over financial reporting which reasonably likely to      adversely affect the registrant’s ability to record, process, summarize      and report financial information;and |
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|  | b) | any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant’s internal control      over financial reporting. |
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| 6. | The      registrant has indicated in this annual report whether or not there were      significant changes in internal controls or in other factors that could      significantly affect internal controls subsequent to the date of our most      recent evaluation, including any corrective actions with regard to      significant deficiencies and material  weaknesses. |
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| Date:  | March      30, 2009 |   | /s/ William R.      Hambrecht                                    |   |
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|   |                |   | William      R. HambrechtChief      Executive  Officer |   |