Document:

<PAGE>
                                                                     EXHIBIT 4.2

                                 [Face of Note]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

<PAGE>
                                                                 CUSIP 020813AG6

No. 4                                                         ** $220,000,000 **

                                 ALPHARMA INC.

                          8 5/8% Senior Notes due 2011

Issue Date:     , 2003

     Alpharma Inc., a Delaware Corporation (the "Company", which term includes
any successor under this Indenture hereinafter referred to), for value received,
promises to pay to CEDE & CO., or its registered assigns, the principal sum of
Two Hundred Twenty Million Dollars ($220,000,000) on May 1, 2011.

Interest Payment Dates:  May 1 and November 1, commencing November 1, 2003.

Record Dates:  April 15 and October 15.

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.
<PAGE>
IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officers.

                                     ALPHARMA INC.

                                     By:
                                        ---------------------
                                     Name:
                                     Title:

                                     By:
                                        ---------------------
                                     Name:
                                     Title:

                    (Trustee's Certificate of Authentication)

     This is one of the 8 5/8% Senior Notes due 2011 described in the
within-mentioned Indenture.

         Dated:

         Wachovia Bank, National Association

         as Trustee

         By:
             --------------------------------
                    Authorized Signatory
<PAGE>
                             [Reverse Side of Note]

                                 ALPHARMA INC.
                          8 5/8% Senior Notes due 2011

     Capitalized terms used herein shall have the meanings assigned to them in
this Indenture referred to below unless otherwise indicated.

     1. Interest. The Company promises to pay interest on the principal amount
of this Note at 8 5/8% per annum from the date hereof until maturity and shall
pay the Liquidated Damages, if any, payable pursuant to Section 5 of the
Registration Rights Agreement referred to below. The Company shall pay interest
and Liquidated Damages, if any, semi-annually in arrears on May 1 and November 1
of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an "Interest Payment Date"). Interest on the Notes shall
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of original issuance; provided that if
there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest
Payment Date shall be November 1, 2003. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest and Liquidated Damages (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months.

     2. Method of Payment. The Company shall pay interest on the Notes (except
defaulted interest) and Liquidated Damages, if any, to the Persons who are
registered Holders of Notes at the close of business on the record date
immediately preceding the Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as
provided in Section 2.13 of the Indenture with respect to defaulted interest.
The Notes shall be payable as to principal, premium and Liquidated Damages, if
any, and interest at the office or agency of the Company maintained for such
purpose in The City of New York maintained for such purposes, or, at the option
of the Company, payment of interest and Liquidated Damages, if any, may be made
by check mailed to the Holders at their addresses set forth in the register of
Holders, and provided that payment by wire transfer of immediately available
funds shall be required with respect to principal of and interest, premium and
Liquidated Damages, if any, on, all Global Notes and all other Notes the Holders
of which shall have provided wire transfer instructions to the Company or the
Paying Agent. Such payment shall be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.

     3. Paying Agent and Registrar. Initially, Wachovia Bank, National
Association, the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The

<PAGE>
Company may change any Paying Agent or Registrar without notice to any Holder.
The Company or any of its Subsidiaries may act in any such capacity.

     4. Indenture. The Company issued the Notes under an Indenture dated as of
April 24, 2003 ("Indenture") among the Company, the Guarantors and the Trustee.
The terms of the Notes include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939, as amended.
The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Indenture
pursuant to which this Note is issued provides that an unlimited aggregate
principal amount of Additional Notes may be issued thereunder.

     5. Optional Redemption. (a) Except as set forth in paragraph 5(b) below,
the Company shall not have the option to redeem any Notes prior to May 1, 2007.
Thereafter, the Company shall have the option to redeem the Notes, in whole or
in part, upon not less than 30 nor more than 60 days' prior notice, at the
redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the
applicable redemption date, if redeemed during the twelve-month period beginning
on May 1of the years indicated below:

<TABLE>
<CAPTION>
         Year                                                                         Percentage
         ----                                                                         ----------
<S>                                                                                   <C>
         2007..................................................................        104.313%
         2008..................................................................        102.156%
         2009 and thereafter...................................................        100.0000%
</TABLE>

     (b) Notwithstanding the foregoing, at any time prior to May 1, 2006, the
Company may redeem up to 35% of the aggregate principal amount of Notes
originally issued under the Indenture at a redemption price of 108.625% of the
principal amount thereof, plus accrued and unpaid interest and Liquidated
Damages, if any, to the redemption date, with the net cash proceeds of one or
more Qualified Equity Offerings of the Company; provided that (A) at least 65%
of the aggregate principal amount of the Notes originally issued under the
Indenture remains outstanding immediately after the occurrence of such
redemption, excluding Notes held by the Company and its Subsidiaries; and (B)
the redemption must occur within 60 days of the date of the closing of such
Qualified Equity Offering. In addition, at any time prior to May 1, 2007, the
Company may redeem all or part of the Notes upon not less than 30 days nor more
than 60 days' notice at a redemption price equal to the sum of (i) the principal
amount thereof, plus (ii) accrued and unpaid interest, if any, to the applicable
date of redemption, plus (iii) the Make-Whole Premium.

     6. Repurchase at Option of Holder. (a) Upon the occurrence of a Change of
Control, each Holder of Notes will have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of
such Holder's Notes pursuant to the offer described below (the "Change of
Control Offer") at an offer price in cash equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest and Liquidated Damages
thereon, if any, to the date of purchase (the "Change of Control Payment").
Within 30 days following any Change of Control, the Company will mail a notice
to each Holder describing the
<PAGE>
transaction or transactions that constitute the Change of Control and offering
to repurchase Notes on the date specified in such notice, which date shall be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed (the "Change of Control Payment Date"), pursuant to the procedures
required by the Indenture and described in such notice.

     (b) Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply such Net Proceeds at its option: (i) to repay
unsubordinated Secured Indebtedness secured by such assets as required to be
repaid with the proceeds of the sale of such assets and, if the Secured
Indebtedness being repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto; (ii) to acquire all or substantially
all of the assets of, or a majority of the Voting Stock of, another Permitted
Business; (iii) to make a capital expenditure in or that is used or useful in a
Permitted Business; or (iv) to acquire other long-term assets in or that are
used or useful in a Permitted Business. Pending the final applications of any
such Net Proceeds, the Company may temporarily reduce revolving credit
borrowings or otherwise invest such Net Proceeds in any manner that is not
prohibited by the Indenture. Any Net Proceeds from Asset Sales that are not
applied or invested as provided in the preceding paragraph will constitute
"Excess Proceeds." When the aggregate amount of Excess Proceeds exceeds $10.0
million, the Company will make an offer (an "Asset Sale Offer") to all Holders
of Notes and all holders of other Indebtedness that is pari passu with the Notes
containing provisions similar to those set forth in this Indenture with respect
to offers to purchase with the proceeds of sales of assets to purchase the
maximum principal amount of Notes and such other pari passu Indebtedness that
may be purchased out of the Excess Proceeds at an offer price in cash equal to
100% of the principal amount thereof plus accrued and unpaid interest and
Liquidated Damages, if any, to the date of purchase. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Company may use such
Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If
the aggregate principal amount of Notes and such other pari passu Indebtedness
tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Trustee shall select the Notes to be purchased on a pro rata basis based on the
principal amount of Notes and such other pari passu Indebtedness tendered as
advised to the Trustee in an Officers' Certificate delivered to the Trustee by
the Company. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero.

     7. Selection and Notice of Redemption. If less than all of the Notes are to
be redeemed or purchased in an offer to purchase at any time, the Trustee shall
select the Notes to be redeemed or purchased among the Holders of the Notes in
compliance with the requirements of the principal national securities exchange,
if any, on which the Notes are listed or, if the Notes are not so listed, on a
pro rata basis, by lot or in accordance with any other method the Trustee
considers fair and appropriate. In the event of partial redemption by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption date by
the Trustee from the outstanding Notes not previously called for redemption.
Notices of redemption may not be conditional. If any Note is to be redeemed in
part only, the notice of redemption that relates to that Note will state the
portion of the principal amount thereof to be redeemed. A new Note in principal
amount equal to the unredeemed portion of the original Note will be issued in
the name of the Holder thereof upon cancellation of the original Note. Notes
called for redemption become due on the date fixed for redemption. On and after
the redemption date, interest and Liquidated Damages, if any, cease to accrue on
Notes or portions of them called for redemption.
<PAGE>
     8. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company is not required to transfer or exchange
any Note selected for redemption. Also, the Company is not required to transfer
or exchange any Note for a period of 15 days before a selection of Notes to be
redeemed.

     9. Persons Deemed Owners. The registered Holder of a Note will be treated
as its owner for all purposes.

     10. Amendment, Supplement and Waiver. Subject to certain exceptions, the
Indenture or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in principal amount of the then outstanding Notes
and Additional Notes, if any, voting as a single class (including, without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes), and any existing default or compliance with
any provision of the Indenture or the Notes may be waived with the consent of
the Holders of a majority in principal of the then outstanding Notes and
Additional Notes, if any, voting as a single class (including, without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes). Without the consent of any Holder of a Note,
the Indenture or the Notes may be amended or supplemented to cure any ambiguity,
defect or inconsistency, to provide for uncertificated Notes in addition to or
in place of certificated Notes; to provide for the assumption of the Company's
or any Guarantor's obligations to Holders of Notes in the case of a merger or
consolidation or sale of all or substantially all of the Company's or such
Guarantor's assets; to make any change that would provide any additional rights
or benefits to the Holders of Notes or that does not adversely affect the legal
rights under the Indenture of any such Holder; to comply with requirements of
the SEC in order to effect or maintain the qualification of the Indenture under
the Trust Indenture Act; to provide for the issuance of Additional Notes in
accordance with the limitations set forth in the Indenture as of its date; or to
allow any Guarantor to execute a supplemental Indenture and a Note Guarantee
with respect to the Notes.

     11. Defaults and Remedies. In the case of an Event of Default arising from
certain events of bankruptcy or insolvency, with respect to the Company or any
of its Restricted Subsidiaries that is a Significant Subsidiary, all outstanding
Notes will become due and payable immediately without further action or notice.
If any other Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately by notice in writing to
the Company specifying the Event of Default. Holders of the Notes may not
enforce the Indenture or the Notes except as provided in the Indenture. Subject
to certain limitations, Holders of a majority in principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders of the Notes notice of any continuing
Default or Event of Default (except a Default or Event of Default relating to
the payment of principal or interest or Liquidated Damages) if it determines
that withholding notice is in their interest. The Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any
<PAGE>
existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or
Liquidated Damages on, or the principal of, the Notes.

     In the case of any Event of Default occurring by reason of any willful
action or inaction taken or not taken by or on behalf of the Company with the
intention of avoiding payment of the premium that the Company would have had to
pay if the Company then had elected to redeem the Notes pursuant to Section
3.07(a) of the Indenture concerning optional redemption on and after May 1,
2007, an equivalent premium shall also become and be immediately due and payable
to the extent permitted by law upon the acceleration of the Notes. With respect
to periods prior to May 1, 2007, if an Event of Default occurs during any time
that the Notes are outstanding, by reason of any willful action (or inaction)
taken (or not taken) by or on behalf of the Company with the intention of
avoiding payment of the premium that the Company would have had to pay if the
Company then had elected to redeem the Notes pursuant to Section 3.07(b) of the
Indenture concerning optional redemption prior to May 1, 2007, then the premium
specified in the Indenture as being payable upon an optional redemption prior to
May 1, 2007 shall also become immediately due and payable to the extent
permitted by law upon the acceleration of the Notes.

     12. Trustee Dealings with Company. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

     13. No Recourse Against Others. No director, officer, employee,
incorporator or stockholder of the Company or any Guarantor, as such, shall have
any liability for any obligations of the Company or the Guarantors under the
Notes, the Indenture, the Note Guarantees or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. The waiver may not be
effective to waive liabilities under the federal securities laws.

     14. Authentication. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

     15. Additional Rights of Holders of Restricted Global Notes and Restricted
Definitive Notes. In addition to the rights provided to Holders under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes
shall have all the rights set forth in the Registration Rights Agreement dated
as of April 24, 2003, between the Company, the Guarantors and the parties named
on the signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes shall have the rights
set forth in one or more registration rights agreements, if any, between the
Company, the Guarantors and the other parties thereto, relating to rights given
by the Company and the Guarantors to the purchasers of Additional Notes (the
"Registration Rights Agreement").

     16. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP
<PAGE>
numbers to be printed on the Notes and the Trustee may use CUSIP numbers in
notices of redemption as a convenience to Holders. No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

     The Company shall furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to:

                  Alpharma Inc.
                  One Executive Drive
                  Fort Lee, New Jersey  07024

                  Facsimile:  (201) 947-0795
                  Attention: Robert F. Wrobel, Esq., Chief Legal Officer

with a copy to:

                  Kirkland & Ellis
                  Citigroup Center
                  153 East 53rd Street
                  New York, NY 10022

                  Facsimile:  (212) 446-4900
                  Attention:  Andrew E. Nagel, Esq.
<PAGE>
                                 Assignment Form

     To assign this Note, fill in the form below:

     (I) or (we) assign and transfer this Note to:

                                                  ------------------------------
                                                  (Insert assignee's legal name)

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

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

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

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

     and irrevocably appoint
                            ----------------------------------------------------

     to transfer this Note on the books of the Company. The agent may substitute
     another to act for him.

     Date:
          ---------------------

                            Your Signature:
                                            ------------------------------------
                                            (Sign exactly as your name appears
                                                on the face of this Note)

     Signature Guarantee*:
                          -----------------------------

     * Participant in a recognized Signature Guarantee Medallion Program (or
     other signature guarantor acceptable to the Trustee).
<PAGE>
                       OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

                        [ ] Section 4.10 [ ] Section 4.14

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you
elect to have purchased:

                             $
                              ---------------------

     Date:
          ---------------------

                            Your Signature:
                                           -------------------------------------
                                           (Sign exactly as your name appears
                                                on the face of this Note)

                            Tax Identification No.:
                                                   -----------------------------

     Signature Guarantee*:
                          ----------------------

     * Participant in a recognized Signature Guarantee Medallion Program (or
     other signature guarantor acceptable to the Trustee).
<PAGE>
              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been
made:

<TABLE>
<CAPTION>
                                                                        Principal Amount at
                        Amount of Decrease in  Amount of Increase in         Maturity             Signature of
                         Principal Amount at    Principal Amount at     of this Global Note    Authorized Officer
                              Maturity                Maturity            Following such          of Trustee or
   Date of Exchange      of this Global Note    of this Global Note   decrease (or increase)     Note Custodian
   ----------------      -------------------    -------------------   ----------------------     --------------
   <S>                  <C>                    <C>                    <C>                      <C>
</TABLE><PAGE>
                                                                               .
                                                                               .
                                                                               .

<TABLE>
<S><C>
                                                                                                                         EXHIBIT 4.1

Number *0*                                                                                               Shares *0*

                                                                                                SEE REVERSE FOR IMPORTANT
                                                                                                NOTICE ON TRANSFER RESTRICTIONS
                                                                                                AND OTHER INFORMATION

                                                                                                                    CUSIP __________

                                                  THIS CERTIFICATE IS TRANSFERABLE
                                                     IN THE CITIES OF _________

                                                       DELPHI PROPERTIES, INC.
                                    a Corporation Formed Under the Laws of the State of Maryland

         THIS CERTIFIES THAT **Specimen**

is the owner of **Zero (0)** fully paid and nonassessable shares of ___% Non-cumulative Redeemable Exchangeable Series A Preferred
Stock, $.10 par value per share, mandatorily redeemable on          , 2043, subject to the requirements of the Maryland General
Corporation Law, of

                                                       Delphi Properties, Inc.

(the "Corporation") transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney,
upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be
held subject to all of the provisions of the charter of the Corporation (the "Charter") and the Bylaws of the Corporation and any
amendments thereto. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized
officers.

DATED __________________

Countersigned and Registered:
                  Transfer Agent
                  and Registrar                                                         _____________________________________(SEAL)
                                                                                        President

By:___________________________                                                          ___________________________________________
   Authorized Signature                                                                 Secretary

</TABLE>

<PAGE>

<TABLE>
<S><C>
                                                          IMPORTANT NOTICE

         The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information
required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the
designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority
to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the
relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of
Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge
to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office or to the
Transfer Agent.

         The shares of Series A Preferred Stock represented by this certificate are subject to the terms of the Charter of the
Corporation and a certain Amended and Restated Exchange Agreement, dated July 22, 2003, requiring their exchange in certain
circumstances into Series AA Preferred Stock of Delphi Corporation, a Delaware corporation. The Corporation will mail to the
stockholder a copy of the Charter of the Corporation and such agreement, without charge, within five days after receipt of a written
request therefor.

         The shares represented by this certificate are subject to restrictions on Constructive Ownership and Transfer for the
purpose of the Corporation's maintenance of its status as a REIT under the Code. If any of the restrictions on transfer or ownership
are violated, the shares of Preferred Stock represented hereby may be automatically transferred to a Trust for the benefit of one or
more Charitable Beneficiaries. In addition, upon the occurrence of certain events, attempted Transfers in violation of the
restrictions described above may be void ab initio. All capitalized terms used in this legend have the meanings defined in the
Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer
and ownership, will be furnished to each holder of shares of Preferred Stock of the Corporation on request and without charge.

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

                               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:

         TEN COM    -  as tenants in common                    UNIF GIFT MIN ACT  ____________________       Custodian
         TEN ENT    -  as tenants by the entireties                               (Custodian)                    (Minor)
         JT TEN     -  as joint tenants with right of                             under Uniform Gifts to Minors Act of
                       survivorship and not as tenants                            __________________________
                       in common                                                  (State)
                         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 Preferred Stock of the Corporation represented by this Certificate and do
hereby irrevocably constitute and appoint ________________________________ attorney to transfer the said shares of Preferred Stock
on the books of the Corporation, with full power of substitution in the premises.

Dated _______________________

                                                      _____________________________________________________________
                                                      NOTICE: The Signature To This Assignment Must Correspond With The Name As
                                                      Written Upon The Face Of The Certificate In Every Particular, Without
                                                      Alteration Or Enlargement Or Any Change Whatever.

</TABLE>

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