Document:

<PAGE>

COMMON STOCK                                                        COMMON STOCK

   NUMBER                                                              SHARES
   A 0006                                                             SPECIMEN

                          CITADEL HOLDING CORPORATION

<TABLE>
<S>                                          <C>                                                       <C>
THIS CERTIFICATE IS TRANSFERABLE IN                                                                      SEE REVERSE FOR
RIDGEFIELD PARK, NJ OR NEW YORK, NY          INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA        CERTAIN DEFINITIONS
</TABLE>

                                                               CUSIP 172862 20 3

THIS CERTIFIES THAT

                                   SPECIMEN

IS THE RECORD HOLDER OF

         FULLY PAID AND NONASSESSABLE SHARES OF THE CLASS A NONVOTING
                       COMMON STOCK, $.01 PAR VALUE, OF

                          Citadel Holding Corporation

transferable on the books of the Corporation 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.

                             CERTIFICATE OF STOCK

Dated:

       /s/ [TO COME]                                         /s/ [TO COME]
          SECRETARY                 [SEAL]                 CHAIRMAN OF THE BOARD

COUNTERSIGNED AND REGISTERED:
     CHASEMELLON SHAREHOLDER SERVICES, L.L.C.
          TRANSFER AGENT AND REGISTRAR

BY
                      SPECIMEN
                AUTHORIZED SIGNATURE

<PAGE>

  The Corporation will furnish to any stockholder, upon request and without
charge, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences
and/or rights, so far as the same shall have been fixed, and of the authority of
the Board of Directors to designate and fix any preferences, rights and
limitations of any wholly unissued series.  Any such requests should be
addressed to the Secretary of the Corporation at its corporate headquarters.

  KEEP THIS CERTIFICATE IN A SAFE PLACE.  IF IT IS LOST, STOLEN, OR DESTROYED
THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE
OF A REPLACEMENT CERTIFICATE.

  The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                <C>
  TEN COM - as tenants in common                   UNIF GIFT MIN ACT - .........................Custodian.......................
  TEN ENT - as tenants by the entireties                                        (Cust)                           (Minor)
  JT TEN  - as joint tenants with right of                             under Uniform Gifts to Minors
            survivorship and not as tenants                            Act......................................................
            in common                                                                           (State)
                                                   UNIF TRF MIN ACT -  .........................Custodian (until age...........)
                                                                                  (Cust)
                                                                       ..................................under Uniform Transfers
                                                                                    (Minors)
                                                                       to Minors Act............................................
                                                                                                     (State)
</TABLE>

    Additional abbreviations may also be used though not in the above list.

  FOR VALUE RECEIVED,______________________hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

----------------------------------------

----------------------------------------

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

__________________________________________________________________________Shares
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

________________________________________________________________________Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated_____________________

                              X ________________________________________________

                              X ________________________________________________
                       NOTICE:  THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                                CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE
                                FACE OF THE CERTIFICATE IN EVERY PARTICULAR,
                                WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
                                WHATEVER.

Signature(s) Guaranteed

By_____________________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15.<PAGE>

    COMMON STOCK                                                COMMON STOCK

       NUMBER                                                      SHARES
       B 0006                                                     SPECIMEN

                          CITADEL HOLDING CORPORATION

<TABLE>
<S>                                         <C>                                                      <C>
THIS CERTIFICATE IS TRANSFERABLE IN                                                                    SEE REVERSE FOR
RIDGEFIELD PARK, NJ OR NEW YORK, NY        INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA        CERTAIN DEFINITIONS
</TABLE>

                                                               CUSIP 172862 30 2

THIS CERTIFIES THAT

                                   SPECIMEN

IS THE RECORD HOLDER OF

          FULLY PAID AND NONASSESSABLE SHARES OF THE CLASS B VOTING
                       COMMON STOCK, $.01 PAR VALUE, OF

                          Citadel Holding Corporation

transferable on the books of the Corporation 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
Register.
     WITNESS the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

                              CERTIFICATE OF STOCK

Dated:

     /s/ [TO COME]                    [SEAL]               /s/ [TO COME]
        SECRETARY                                        CHAIRMAN OF THE BOARD

COUNTERSIGNED AND REGISTERED:
     CHASEMELLON SHAREHOLDER SERVICES, L.L.C.
          TRANSFER AGENT AND REGISTRAR

BY                   SPECIMEN
               AUTHORIZED SIGNATURE

<PAGE>

     The Corporation will furnish to any stockholder, upon request and without
charge, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or
series thereof and the qualifications, limitations or restrictions of such
preferences and/or rights, so far as the same shall have been fixed, and of the
authority of the Board of Directors to designate and fix any preferences, rights
and limitations of any wholly unissued series. Any such requests should  be
addressed to the Secretary of the Corporation at its corporate headquarters.

     KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED
THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE
OF A REPLACEMENT CERTIFICATE.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

<TABLE>
     <S>                                                   <C>
     TEN COM - as tenants in common                        UNIF GIFT MIN ACT - ............. Custodian ..............
     TEN ENT - as tenants by the entireties                                        (Cust)               (Minor)
     JT TEN  - as joint tenants with right of                                  under Uniform Gifts to Minors
               survivorship and not as tenants              UNIF TRF MIN ACT - .......... custodian (until age......)
               in common                                                         (Cust)
                                                                               .............. under Uniform Transfers
                                                                               to Minors Act ........................
                                                                                                      (State)
</TABLE>

    Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
---------------------------------------

---------------------------------------

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Shares
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint _____________________________________________
______________________________________________________________ Attorney to
transfer the said stock on the books of the within named Corporation with full
power of substitution in the premises.

Dated _____________________________

                                    X __________________________________________

                                    X __________________________________________

                              NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                                      CORRESPOND WITH THE NAME(S) AS WRITTEN
                                      UPON THE FACE OF THE CERTIFICATE IN EVERY
                                      PARTICULAR, WITHOUT ALTERATION OR
                                      ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By _______________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C.
RULE 17Ad-15.

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