THIS CERTIFICATE IS TRANSFERABLE IN CUSIP 039581 10 3 NEW YORK, NY AND RIDGEFIELD PARK, NJ SEE REVERSE FOR IMPORTANT NOTICE ON TRANSFER RESTRICTIONS AND OTHER INFORMATION [ARCHSTONE LOGO] ARCHSTONE COMMUNITIES TRUSTRights Agreement • June 23rd, 1998 • Security Capital Pacific Trust • Real estate investment trusts
The Common Shares evidenced by this Certificate are subject to the Bylaws of the Trust and the Amended and Restated Declaration of Trust, dated as of June 30, 1998 (the "Declaration of Trust"), such as amended from time to time, such Declaration of Trust being filed and of record with the State Department of Assessments and Taxation of Maryland and is hereby incorporated and made a part of this Certificate. The holder hereof has no interest, legal or equitable, in any specific property of the Trust.
