Inteliquent, Inc. Watch

from S-1/A 2 pages 016570| 003590|127c|restricted||4|057-423 Common Stock Par Value $0.001 Certificate Number Zq 000000 This Certifies That Is the Owner of Common Stock This Certificate Is Transferable in Canton, Ma and Jersey City, Nj Shares * * 6 0 0 6 2 0 * * * * * * * * * 6 0 0 6 2 0 * * * * * * * * * 6 0 0 6 2 0 * * * * * * * * * 6 0 0 6 2 0 * * * * * * * * * 6 0 0 6 2 0 * * Neutral Tandem, Inc. Incorporated Under the Laws of the State of Washington

from S-1/A 2 pages [Signature Page Follows]

from S-1/A 2 pages [Signature Page Follows]

from S-1/A 14 pages Warrant to Purchase Certain Shares of the Capital Stock of Neutral Tandem, Inc

from S-1/A 14 pages Warrant to Purchase Certain Shares of the Capital Stock of Neutral Tandem, Inc

from S-1/A 13 pages Warrant to Purchase Shares of Series B-1 Preferred Stock of Neutral Tandem, Inc

from S-1/A 13 pages Warrant to Purchase Shares of Series a Preferred Stock of Neutral Tandem, Inc

from S-1/A 5 pages Neutral Tandem, Inc. Two North Lasalle Street Suite 1615 Chicago, Il 60602 November 26, 2003

from S-1/A 34 pages Neutral Tandem, Inc. Second Amended and Restated Registration Rights Agreement

from S-1/A 28 pages Neutral Tandem, Inc. First Amendment to Second Amended and Restated Stockholders’ Agreement

from S-1/A 34 pages Neutral Tandem, Inc. Second Amended and Restated Stockholders’ Agreement

from S-1/A 8 pages Neutral Tandem, Inc. Voting Agreement