Document:

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                                                                    Exhibit 4.1

                         ORIENTAL FINANCIAL GROUP INC.

                           CERTIFICATE OF DESIGNATION
                    OF THE PREFERRED STOCK PRICING COMMITTEE

            % NONCUMULATIVE MONTHLY INCOME PREFERRED STOCK, SERIES B

         Pursuant to Article 5.01 of the General Corporation Law of the
Commonwealth of Puerto Rico, the undersigned, Carlos O. Souffront, as Secretary
of the Board of Directors of Oriental Financial Group Inc. (the "Corporation"),
a Puerto Rico corporation, HEREBY CERTIFIES that, pursuant to the authority
conferred upon the Board of Directors by the Corporation's Certificate of
Incorporation, as amended, and resolutions duly adopted by the Board of
Directors on August 26, 2003, creating a committee thereof known as the
"Preferred Stock Pricing Committee," the Preferred Stock Pricing Committee on
September    , 2003, duly adopted the following resolutions creating a series of
1,380,000 shares of Preferred Stock designated as the "    % Noncumulative
Monthly Income Preferred Stock, Series B," and that such resolutions have not
been modified or rescinded and remain in full force and effect:

         "RESOLVED, that pursuant to the authority expressly granted to and
vested in the Board of Directors of the Corporation and delegated to the
Preferred Stock Pricing Committee in accordance with the provisions of the
Corporation's Certificate of Incorporation, as amended, a series of Preferred
Stock of the Corporation be and it hereby is created.

         FURTHER RESOLVED, that the Preferred Stock Pricing Committee
designated by the Board of Directors has determined that the preferences and
relative, participating, optional or other special rights of the shares of such
series of Preferred Stock, and the qualifications, limitations or restrictions
thereof, as stated and expressed herein, are under the circumstances prevailing
on the date hereof fair and equitable to all the existing shareholders of the
Corporation.

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                                      -2-

         FURTHER RESOLVED, that the designation and amount of such series and
the voting powers, preferences and relative, participating, optional or other
special rights of the shares of such series of Preferred Stock, and the
qualifications, limitations or restrictions thereof are as follows:

A.       DESIGNATION AND AMOUNT

         The shares of such series of Preferred Stock shall be designated as
the "     % Noncumulative Monthly Income Preferred Stock, Series B" (hereinafter
called the "Series B Preferred Stock"), and the number of authorized shares
constituting such
series shall be          .

B.       DIVIDENDS

         1. Holders of record of the Series B Preferred Stock (the "Holders")
will be entitled to receive, when, as and if declared by the Board of
Directors, out of funds of the Corporation legally available therefor,
noncumulative cash dividends at the annual rate per share of ____% of their
liquidation preferences, or $    per share per month ($    per share per year),
with each aggregate payment made to each record holder of the Series B Preferred
Stock being rounded to the next lowest cent.

         2. Dividends on the Series B Preferred Stock will accrue from their
date of original issuance and will be payable (when, as and if declared by the
Board of Directors out of funds of the Corporation legally available therefor)
monthly in arrears in United States dollars commencing on               , 2003,
and on the last day of each calendar month of each year thereafter to the
holders of record of the Series B Preferred Stock as they appear on the books
of the Corporation on the fifteenth day of the month containing the relevant
date of payment. In the case of the dividend payable on                  , 2003,
such dividend shall cover the period from the date of issuance of the Series B
Preferred Stock to                  , 2003. In the event that any date on which
dividends are payable is not a Business Day, then payment of the dividend
payable on such date will be made on the next succeeding Business Day without
any interest or other payment in respect of any such delay, except that, if
such Business Day is in the next succeeding calendar year, such payment will be
made on the Business Day immediately preceding the relevant date of payment, in
each case with the same force and effect as if made on such date. A "Business
Day" is a day other than a Saturday, Sunday or a general bank holiday in San
Juan, Puerto Rico, or New York, New York.
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                                      -3-

         3. Dividends on the Series B Preferred Stock will be noncumulative.
The Corporation is not obligated or required to declare or pay dividends on the
Series B Preferred Stock, even if it has funds available for the payment of
such dividends. If the Board of Directors or an authorized committee thereof
does not declare a dividend payable on a dividend payment date in respect of
the Series B Preferred Stock, then the holders of such Series B Preferred Stock
shall have no right to receive a dividend in respect of the monthly dividend
period ending on such dividend payment date and the Corporation will have no
obligation to pay the dividend accrued for such monthly dividend period or to
pay any interest thereon, whether or not dividends on such Series B Preferred
Stock are declared for any future monthly dividend period.

         4. The amount of dividends payable for any monthly dividend period
will be computed on the basis of twelve 30-day months and a 360-day year. The
amount of dividends payable for any period shorter than a full monthly dividend
period will be computed on the basis of the actual number of days elapsed in
such period.

         5. Subject to any applicable fiscal or other laws and regulations,
each dividend payment will be made by dollar check drawn on a bank in New York,
New York, or San Juan, Puerto Rico, and mailed to the record holder thereof at
such holder's address as it appears on the register for such Series B Preferred
Stock.

         6. So long as any shares of the Series B Preferred Stock remain
outstanding, the Corporation shall not declare, set apart or pay any dividend
or make any other distribution of assets (other than dividends paid or other
distributions made in stock of the Corporation ranking junior to the Series B
Preferred Stock as to the payment of dividends and

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                                      -4-

the distribution of assets upon liquidation, dissolution or winding up of the
Corporation) on, or redeem, purchase, set apart or otherwise acquire (except
upon conversion or exchange for stock of the Corporation ranking junior to the
Series B Preferred Stock as to the payment of dividends and the distribution of
assets upon liquidation, dissolution or winding up of the Corporation), shares
of common stock or of any other class of stock of the Corporation ranking
junior to the Series B Preferred Stock as to the payment of dividends or the
distribution of assets upon liquidation, dissolution or winding up of the
Corporation, unless (i) all accrued and unpaid dividends on the Series B
Preferred Stock for the twelve monthly dividend periods ending on the
immediately preceding dividend payment date shall have been paid or are paid
contemporaneously, (ii) the full monthly dividend on the Series B Preferred
Stock for the then current month has been or is contemporaneously declared and
paid or declared and set apart for payment, and (iii) the Corporation has not
defaulted in the payment of the redemption price of any shares of Series B
Preferred Stock called for redemption.

         7. When dividends are not paid in full on the Series B Preferred Stock
and any other shares of stock of the Corporation ranking on a parity as to the
payment of dividends with the Series B Preferred Stock, all dividends declared
upon the Series B Preferred Stock and any such other shares of stock of the
Corporation will be declared pro rata so that the amount of dividends declared
per share on the Series B Preferred Stock and any such other shares of stock
will in all cases bear to each other the same ratio that the full dividend on
the Series B Preferred Stock for the then-current dividend period (which shall
not include any accumulation in respect of unpaid dividends for prior dividend
periods) and full dividends, including required or permitted accumulations, if
any, on such other classes of equally ranked stock, bear to each other.

         8. Holders of record of the Series B Preferred Stock will not be
entitled to any dividend, whether payable in cash, property or stock, in excess
of the dividends provided for herein on the shares of Series B Preferred Stock.

C.       CONVERSION

         The Series B Preferred Stock will not be convertible into or
exchangeable for any other securities of the Corporation.

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                                      -5-

D.       REDEMPTION AT THE OPTION OF THE CORPORATION

         1. The shares of the Series B Preferred Stock are not redeemable prior
to    , 2008. On and after that date, the shares of the Series B Preferred Stock
will be redeemable in whole or in part from time to time at the option of the
Corporation, with the consent of the Board of Governors of the Federal Reserve
System (the "Federal Reserve Board") to the extent required by Section D(8)
below, upon not less than thirty nor more than sixty days' notice by mail, at
the redemption prices set forth below, during the twelve month periods
beginning on        , 2008 of the years set forth below, plus accrued and unpaid
dividends to the date fixed for redemption.

                  YEAR                                        REDEMPTION PRICE
                  ----                                        ----------------
                  2008                                             $25.50

                  2009                                             $25.25

                  2010 and thereafter                              $25.00

         2. In the event that less than all of the outstanding shares of the
Series B Preferred Stock are to be redeemed in any redemption at the option of
the Corporation, the total number of shares to be redeemed in such redemption
shall be determined by the Board of Directors and the shares to be redeemed
shall be allocated pro rata or by lot as may be determined by the Board of
Directors or by such other method as the Board of Directors may approve and
deem equitable, including any method to conform to any rule or regulation of
any national or regional stock exchange or automated quotation system upon
which the shares of the Series B Preferred Stock may at the time be listed or
eligible for quotation.

         3. Notice of any proposed redemption shall be given by the Corporation
by mailing a copy of such notice to the holders of record of the shares of
Series B Preferred Stock to be redeemed, at their address of record, not more
than sixty nor less than thirty days prior to the redemption date. The notice
of redemption to each holder of shares of Series B

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                                      -6-

Preferred Stock shall specify the number of shares of Series B Preferred Stock
to be redeemed, the redemption date and the redemption price payable to such
holder upon redemption, and shall state that from and after said date dividends
thereon will cease to accrue. If less than all the shares owned by a holder are
then to be redeemed at the option of the Corporation, the notice shall also
specify the number of shares of Series B Preferred Stock which are to be
redeemed and the numbers of the certificates representing such shares. Any
notice which is mailed as herein provided shall be conclusively presumed to
have been duly given, whether or not the stockholder receives such notice; and
failure duly to give such notice by mail, or any defect in such notice, to the
holders of any stock designated for redemption shall not affect the validity of
the proceedings for the redemption of any other shares of Series B Preferred
Stock.

         4. Notice having been mailed as aforesaid, from and after the
redemption date (unless default be made in the payment of the redemption price
for any shares to be re deemed), all dividends on the shares of Series B
Preferred Stock called for redemption shall cease to accrue and all rights of
the holders of such shares as stockholders of the Corporation by reason of the
ownership of such shares (except the right to receive the redemption price, on
presentation and surrender of the respective certificates representing the
redeemed shares), shall cease on the redemption date, and such shares shall not
after the redemption date be deemed to be outstanding. In case less than all
the shares represented by any such certificate are redeemed, a new certificate
shall be issued without cost to the holder thereof representing the unredeemed
shares.

         5. At its option, the Corporation may, on or prior to the redemption
date, irrevocably deposit the aggregate amount payable upon redemption of the
shares of the Series B Preferred Stock to be redeemed with a bank or trust
company designated by the Board of Directors having its principal office in New
York, New York, San Juan, Puerto Rico, or any other city in which the
Corporation shall at that time maintain a transfer agency with respect to its
capital stock, and having a combined capital and surplus (as shown by its
latest published statement) of at least $50,000,000 (herein after referred to
as the "Depositary"), to be held in trust by the Depositary for payment to the
holders of the shares of the Series B Preferred Stock then to be redeemed. If
such deposit is made and the funds so deposited are made immediately available
to the holders of the shares of the Series B Preferred Stock to be redeemed,
the Corporation shall thereupon be released and discharged (subject to the
provisions of Section D(6)) from any obligation to make payment of the amount
payable upon redemption of the shares of the Series B Preferred Stock to be
redeemed, and the holders of such shares shall look only to the Depositary for
such payment.
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                                      -7-

         6. Any funds remaining unclaimed at the end of two years from and
after the redemption date in respect of which such funds were deposited shall
be returned to the Corporation forthwith and thereafter the holders of shares
of the Series B Preferred Stock called for redemption with respect to which
such funds were deposited shall look only to the Corporation for the payment of
the redemption price thereof. Any interest accrued on any funds deposited with
the Depositary shall belong to the Corporation and shall be paid to it from
time to time on demand.

         7. Any shares of the Series B Preferred Stock which shall at any time
have been redeemed shall, after such redemption, have the status of authorized
but unissued shares of Preferred Stock, without designation as to series, until
such shares are once more designated as part of a particular series by the
Board of Directors.

         8. To the extent required to have the Series B Preferred Stock treated
as Tier 1 capital for bank regulatory purposes or otherwise required by
applicable regulations of the Federal Reserve Board, the shares of Series B
Preferred Stock may not be redeemed by the Corporation without the prior
consent of the Federal Reserve Board.

E.       LIQUIDATION PREFERENCE

         1. Upon any voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, the then record holders of shares of Series B
Preferred Stock will be entitled to receive out of the assets of the
Corporation available for distribution to shareholders, before any distribution
is made to holders of common stock or any other equity securities of the
Corporation ranking junior upon liquidation to the Series B Preferred Stock,
distributions upon liquidation in the amount of $25 per share plus an amount
equal to any accrued and unpaid dividends for the current monthly dividend
period to the date of payment. Such amount shall be paid to the holders of the
Series B Preferred Stock prior to any payment or distribution to the holders of
the common stock of the Corporation or of any other class of stock or series
thereof of the Corporation ranking junior to the Series B Preferred Stock in
respect of dividends or as to the distribution of assets upon liquidation.
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                                      -8-

         2. If upon any voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, the amounts payable with respect to the Series B
Preferred Stock and any other shares of stock of the Corporation ranking as to
any such distribution on a parity with the Series B Preferred Stock are not
paid in full, the holders of the Series B Preferred Stock and of such other
shares will share ratably in any such distribution of assets of the Corporation
in proportion to the full liquidation preferences to which each is entitled.
After payment of the full amount of the liquidation preference to which they
would otherwise be entitled, the holders of shares of Series B Preferred Stock
will not be entitled to any further participation in any distribution of assets
of the Corporation.

         3. Neither the consolidation or merger of the Corporation with any
other corporation, nor any sale, lease or conveyance of all or any part of the
property or business of the Corporation, shall be deemed to be a liquidation,
dissolution or winding up of the Corporation.

F.       VOTING RIGHTS

         1. Except as described in this Section F, or except as required by
applicable law, holders of the Series B Preferred Stock will not be entitled to
receive notice of or attend or vote at any meeting of stockholders of the
Corporation.

         2. If the Corporation does not pay dividends in full on the Series B
Preferred Stock for eighteen monthly dividend periods, whether consecutive or
not, the holders of outstanding shares of the Series B Preferred Stock,
together with the holders of any other shares of stock of the Corporation
having the right to vote for the election of directors solely in the event of
any failure to pay dividends,

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                                      -9-

acting as a single class without regard to series, will be entitled, by written
notice to the Corporation given by the holders of a majority in liquidation
preference of such shares or by ordinary resolution passed by the holders of a
majority in liquidation preference of such shares present in person or by proxy
at a separate general meeting of such holders convened for this purpose, to
appoint two additional members of the Board of Directors, to remove any such
member from office and to appoint another person in place of such member. Not
later than 30 days after such entitlement arises, if written notice by a
majority of the holders of such shares has not been given as provided for in
the preceding sentence, the Board of Directors or an authorized committee
thereof will convene a separate general meeting for the above purpose. If the
Board of Directors or such authorized committee fails to convene such meeting
within such 30-day period, the holders of 10% of the outstanding shares of the
Series B Preferred Stock and any such other stock will be entitled to convene
such meeting. The provisions of the Corporation's Certificate of Incorporation,
as amended, and By-laws of the Corporation relating to the convening and
conduct of general meetings of stockholders will apply with respect to any such
separate general meeting. Any member of the Board of Directors so appointed
shall vacate office if, following the event which gave rise to such
appointment, the Corporation shall have resumed the payment of dividends in
full on the Series B Preferred Stock and each such other series of stock for
twelve consecutive monthly dividend periods.

         3. Any variation or abrogation of the rights, preferences and
privileges of the Series B Preferred Stock by way of amendment of the
Corporation's Certificate of Incorporation, as amended, or otherwise
(including, without limitation, the authorization or issuance of any shares of
the Corporation ranking, as to dividend rights or rights on liquidation,
winding up and dissolution, senior to the Series B Preferred Stock) shall not
be effective (unless otherwise required by applicable law) except with the
consent in writing of the holders of at least two thirds of the outstanding
aggregate liquidation preference of the outstanding shares of the Series B
Preferred Stock or with the sanction of a special resolution passed at a
separate general meeting by the holders of at least two thirds of the aggregate
liquidation preference of the outstanding shares of the Series B Preferred
Stock. Notwithstanding the foregoing, the Corporation may, without the consent
or sanction of the holders of the Series B Preferred Stock, authorize and
issue shares of the Corporation ranking, as to dividend rights and rights on
liquidation, winding up and dissolution, on a parity with or junior to the
Series B Preferred Stock.
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                                      -10-

         4. No vote of the holders of the Series B Preferred Stock will be
required for the Corporation to redeem or purchase and cancel the Series B
Preferred Stock in accordance with the Restated Certificate of Incorporation of
the Corporation.

         5. The Corporation will cause a notice of any meeting at which holders
of any series of Preferred Stock are entitled to vote to be mailed to each
record holder of such series of Preferred Stock. Each such notice will include
a statement setting forth (i) the date of such meeting, (ii) a description of
any resolution to be proposed for adoption at such meeting on which such
holders are entitled to vote, and (iii) instructions for deliveries of proxies.

         6. Except as set forth in this Section F, holders of Series B
Preferred Stock shall have no special voting rights and their consent shall not
be required (except to the extent they are entitled to vote as set forth
herein) for taking any corporate action.

G.       RANK

         The Series B Preferred Stock will, with respect to dividend rights and
rights on liquidation, winding up and dissolution, rank (i) senior to all
classes of common stock of the Corporation and to all other equity securities
issued by the Corporation the terms of which specifically provide that such
equity securities will rank junior to the Series B Preferred Stock (or to a
number of series of Preferred Stock which includes the Series B Preferred
Stock); (ii) on a parity with the Corporation's outstanding 7.125%
Noncumulative Monthly Income Preferred Stock, Series A, and with all other
equity securities issued by the Corporation the terms of which specifically
provide that such equity securities will rank on a parity with the Series B
Preferred Stock (or with a number of series of Preferred Stock which includes
the Series B Preferred Stock); and (iii) subject to the provisions of Section
F(3) hereof, junior to all equity securities issued by the Corporation the
terms of which specifically provide that such equity securities will rank
senior to the Series B Preferred Stock (or to a number of series of Preferred
Stock which includes the Series B Preferred Stock). For this purpose, the
term "equity securities" does not include debt securities convertible into or
exchangeable for equity securities.

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                                      -11-

H.       FORM OF CERTIFICATE FOR SERIES B PREFERRED STOCK; TRANSFER AND
         REGISTRATION

         1. The Series B Preferred Stock shall be issued in registered form
only. The Corporation may treat the record holder of a share of Series B
Preferred Stock, including The Depository Trust Company, New York, New York,
and its nominee and any other holder that holds such share on behalf of any
other person, as such record holder appears on the books of the registrar for
the Series B Preferred Stock, as the sole owner of such share for all purposes.

         2. The transfer of a share of Series B Preferred Stock may be
registered upon the surrender of the certificate evidencing the share of Series
B Preferred Stock to be transferred, together with the form of transfer
endorsed on it duly completed and executed, at the office of the transfer agent
and registrar.

         3. Registration of transfers of shares of Series B Preferred Stock
will be effected without charge by or on behalf of the Corporation, but upon
payment (or the giving of such indemnity as the transfer agent and registrar
may require) in respect of any tax or other governmental charges which may be
imposed in relation to it.

         4. The Corporation will not be required to register the transfer of a
share of Series B Preferred Stock after such share has been called for
redemption.

I.       REPLACEMENT OF LOST CERTIFICATES

         If any certificate for a share of Series B Preferred Stock is
mutilated or alleged to have been lost, stolen or destroyed, a new certificate
representing the same share shall be issued to the holder upon request subject
to delivery of the old certificate or, if alleged to have been lost, stolen or
destroyed, compliance with such conditions as to evidence, indemnity and the
payment of out-of-pocket expenses of the Corporation in connection with the
request as the Board of Directors may determine.

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                                      -12-

J.       NO PREEMPTIVE RIGHTS

         Holders of the Series B Preferred Stock will have no preemptive or
preferential rights to purchase any securities of the Corporation.

K.       NO REPURCHASE AT THE OPTION OF HOLDERS; MISCELLANEOUS

         Holders of Series B Preferred Stock will have no right to require the
Corporation to redeem or repurchase any shares of Series B Preferred Stock, and
the shares of Series B Preferred Stock are not subject to any sinking fund or
similar obligation. The Corporation may, at its option, purchase shares of the
Series B Preferred Stock from holders thereof from time to time, by tender, in
privately negotiated transactions or otherwise."

         IN WITNESS WHEREOF, the Corporation has caused its corporate seal to
be hereunto affixed and this Certificate to be signed and issued by its
Secretary, this ___th day of September, 2003.

                                                  ORIENTAL FINANCIAL GROUP INC.

                                                  By:
                                                  ---------------------------
                                                      Carlos O. Souffront
                                                          Secretary<PAGE>

                                                                     EXHIBIT 4.2

CERTIFICATE                                                    NUMBER OF SHARES
NO.
   ------                                                      ----------------

                         ORIENTAL FINANCIAL GROUP INC.

                          Incorporated under the Laws
                       of the Commonwealth of Puerto Rico

              ___% NONCUMULATIVE MONTHLY INCOME PREFERRED STOCK, SERIES B
                          ($1.00 PAR VALUE PER SHARE)

         This is to certify that ______________________ is the registered
holder of ____________________ (_________) of fully paid and non-assessable
shares of ___% Noncumulative Monthly Income Preferred Stock, Series B, of
Oriental Financial Group Inc. (the "Company"), transferable only on the books
of the Company by the holder hereof in person or by its duly authorized
attorney upon surrender of this Certificate properly endorsed.

         Witness the seal of the Company and the signatures of its duly
authorized officers.

Dated:                                        ORIENTAL FINANCIAL GROUP INC.
        ----------------------

         [CORPORATE SEAL]

                                           -------------------------------------
                                           President and Chief Executive Officer

                                           -------------------------------------
                                                        Secretary

<PAGE>

                         ORIENTAL FINANCIAL GROUP INC.

         The shares represented by this Certificate are subject to limitation
and restrictions as set forth in the Certificate of Incorporation and By-laws
of the Company, as from time to time amended. The Certificate of Incorporation
is on file in the office of the Secretary of State of the Commonwealth of
Puerto Rico, San Juan, Puerto Rico, and the Certificate of Incorporation and
the By-laws are on file with the Secretary of the Company at the Company<180>s
principal offices. The Certificate of Incorporation authorizes the Company to
issue more than one class of stock which may be issued in one or more series.
The Company will furnish to any stockholder upon request and without charge a
full statement of the powers, designation, preferences and relative
participating, optional or other special rights of the __% Noncumulative
Monthly Income Preferred Stock, Series B, evidenced by this Certificate and of
each other class of stock or shares which the Company is authorized to issue
and the qualifications, limitations or restrictions of such preferences and
rights. Any request should be made with the Secretary of the Company.

         For value received, ___________________________________________ hereby
sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE

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

[                               ]
- - - - - -- - - - -  - - - - - -       - - - - - - - - - - - - - -  - - - - -

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

________________________________________________________________________ Shares
of the __% Noncumulative Monthly Income Preferred Stock, Series B, represented
by this Certificate, and do hereby irrevocably constitute and appoint

____________________________________________________________________   Attorney
to transfer the said stock on the books of the Company with full power of
substitution in the premises.

Dated:
      ----------

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

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

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