Primus Guaranty, Ltd. Common Share Certificate Form

  - ------------------------------------------------------------------------------------------------------------------------------------ NUMBER [PRIMUS GUARANTY, LTD. LOGO] SHARES ---------------------- INCORPORATED UNDER THE LAWS OF BERMUDA ---------------------- PRS ---------------------- ---------------------- COMMON SHARES COMMON SHARES THIS CERTIFICATE IS TRANSFERABLE IN RIDGEFIELD PARK, NJ OR NEW YORK, NY ----------------------------------------------------------------------------------------------- THIS CERTIFIES THAT SEE REVERSE FOR CERTAIN DEFINITIONS IS THE REGISTERED HOLDER OF ----------------------------------------------------------------------------------------------- FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $ EACH OF THE CAPITAL OF Primus Guaranty, Ltd. (hereinafter called the "Company"), transferable on the books of the Company by the holder hereof in person or by duly authorized attorney, upon surrender of this certificate properly endorsed. This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. COUNTERSIGNED AND REGISTERED: MELLON INVESTOR SERVICES LLC TRANSFER AGENT AND REGISTRAR, By AUTHORIZED SIGNATURE COMMON SHARE CERTIFICATE Witness, the seal of the Company and the signatures of its duly authorized officers. Dated /s/ Thomas W. Jasper [PRIMUS GUARANTY, LTD. /s/ Michael P. Esposito, Jr. CHIEF EXECUTIVE OFFICER CORPORATE SEAL CHAIRMAN OF THE BOARD BERMUDA 1998] - ------------------------------------------------------------------------------------------------------------------------------------ AMERICAN BANK NOTE COMPANY.  PRIMUS GUARANTY, LTD. ------ 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 (Cust) (Minor) JT TEN - as joint tenants with under Uniform Gifts to Minors right of survivorship Act 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 - ------------------------------------------------------------------------- represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney - ----------------------------------------------------------------------- to transfer the said shares on the books of the within named Company 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. SIGNATURE(S) GUARANTEED: - ------------------------------------------------------- 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. THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE ISSUED AND SHALL BE HELD SUBJECT TO ALL THE PROVISIONS OF THE MEMORANDUM OF ASSOCIATION AND BYE-LAWS OF THE COMPANY, COPIES OF WHICH ARE ON FILE WITH THE TRANSFER AGENT, AND SHALL BE TRANSFERABLE IN ACCORDANCE THEREWITH, TO ALL OF WHICH THE HOLDER BY ACCEPTANCE HEREOF ASSENTS.