Stock Purchase Analysis

Texas Representative Sid Miller Campaign Fund November 2008 to Present Prepared By: Hal Hensley J Carnes For Texas Campaign

In The Beginning The Original Buys

Between the dates of November 25th and December 23rd, 2008, the campaign fund of Rep. Sydney Sid Miller, (Texas Ethics Account # 00042143) reported 29 expenditures to the payee E-Trade Securities, LLC. These expenditures were for the purchase of shares of stock in 21 different companies. [http://204.65.203.5/public/400563.pdf - Pages 20 - 27] In the same period, Mr. Millers fund reported the sale of all of the shares in one (1) of these companies: Particle Drilling Technologies [http://204.65.203.5/public/400563.pdf - Page 39]

No further activity regarding these stocks was reported until Mr. Millers semiannual report dated July 7th, 2012 in which he reported the sale of shares from five (5) of these companies [http://204.65.203.5/public/538551.pdf - final two (2) pages].
In January of 2013, Mr. Miller filed a Final report with the Texas Ethics Commission [http://204.65.203.5/public/561015.pdf]. In his own words during a candidate interview, When I finally left office, I went back and cleared everything out and closed my account down [http://www.youtube.com/watch?v=yBk1fZK35Zs - 10:50 mark approx.] This was done, however, without accounting for the majority of the stocks purchased in 2008, which by law Mr. Miller would be required to do. Nor was there any accounting of dividends accrued. Further, significant errors in reporting occurred where the transaction amounts reported on Mr. Millers TEC reports could not possibly have occurred on the dates stated resulting in large amounts of unaccounted for funds. When initially confronted with questions regarding these stocks Mr. Miller stated he had used them to pay off debts to himself and make a contribution to a church. This was not reflected in his reports, nor had he ever previously mentioned this in reference to the loans and donation made. The following is an audit of the stocks purchased, sold and unaccounted for by Mr. Miller.

Summary
Total Purchase Price of Portfolio: $97,738.10 Total Reported Sales of Portfolio: $21,507.21 Current Value of Stocks Unaccounted for (as of 1/17/2014): $114,991.22 Accrued Dividends to Portfolio (as of 1/17/2014): $7,235.17 Total Value of Portfolio (as of 1/17/2014): $122,226.39 Cost Basis Errors Resulting in Unaccounted for Funds: $14,876.73 - $15,090.78
Purported Stock Payments on 1/15/2013 Final Report Donation - Cowboy Church of Erath County $6,326.21 Sid Miller Loan Repayment $31,384.34 Sid Miller Loan Repayment $1,698.18 Sid Miller Loan Repayment $2,000.00 Sid Miller Schedule G Loan Repayment $25,833.49 Total Donations/Repayments: $67,242.22

Missing Assets Presuming Stocks Used For Donations/Repayments: Low: $122,226.39 - 67,242.22 = $54,984.17 High: $122,226.39 + $15,090.78 - 67,242.22 = $70,074.95
Missing Assets Presuming Stocks Not Used For Donations/Repayments: Low: $122,226.39 High: $122,226.39 + $15,090.78 = $137,317.17

5 Easy Questions
While we realize the following questions are uncomfortable, they are necessary in order for the citizens of Texas to know whether or not Mr. Miller is ethically equipped to act as their Commissioner of Agriculture. While these questions may be uncomfortable, they can easily be answered in that there has to be a paper trail and all Mr. Miller has to do is (to paraphrase a popular movie character) Show Us The Money. Given that campaign finances are a matter of public record and reports filed with the Texas Ethics Commission should, by law, reflect all financial transactions conducted by a campaign, Mr. Miller should have no objection to making bank statements and E-Trade statements from his previous campaign public. Doing so would go a long way in answering these questions. 1. Mr. Millers filings indicate these stocks were purchased utilizing an E-Trade account. Was the account owned by the campaign or did Mr. Miller transfer money from the campaign account to a personal trading account? (Shown utilizing campaign bank statements and E-Trade statements) 2. If these stocks were purchased through an account owned by the campaign, at what point was that account closed and what was the disposition of the stocks in that account? (Shown utilizing E-Trade statements)

5 Easy Questions
3. If, indeed, Mr. Miller did take possession of these stocks to satisfy campaign debts and contribute to a church, there is a large gap between the amount used for these purposes $67,242.22 and the value of the stock portfolio. This gap can be as low as $54,984.17 or as high as $70,074.95. Given that the IRS would not necessarily know these stocks were purchased utilizing third-party money, has Mr. Miller reported this amount to the IRS as ordinary income and paid the appropriate taxes? (Shown utilizing IRS tax returns) 4. Over the life of this portfolio, who has paid taxes on dividends accrued and presumably reported on annual 1099s? (Shown utilizing IRS tax returns) 5. Given Mr. Miller not mentioning the use of stocks to repay debt obligations and make contributions utilizing stocks when the issue of the repayment of a loan became public last year, we are skeptical that this actually occurred. Mr. Miller needs to make public his former campaign bank accounts statements in order to prove no checks were written to satisfy these debts? (Shown utilizing campaign account bank statements) Answering these questions and being forthcoming with the documentation supporting the answers will go a long way in satisfying the mystery surrounding these missing assets. Failing to do so will, in our opinion, leave little doubt something is terribly wrong in how assets were handled by Mr. Miller and his campaign.

Abiomed Inc. (ABDM) TEC Report # 400563, Item # 76, ID # 1323510

Total Reported Shares Purchases: 400 Reported Date(s) and Amount(s) of Purchase: 12/01/2008 Reported Total Paid: $5,225.99 Per Share Cost Basis: $13.0649 (Fits within days trading price range per share below) Per Share Price Range: $11.80 - $13.88 Current Status: Open - 250 Shares Closed - 150 Shares Sold - TEC Report # 538551, Item # 1, ID # 55239 $1,611.00 [$10.74 per share) (Does not fit within days trading price range per share below)

Reported Sale Price 5/21/2012:

Per Share Price Range 5/21/2012: $23.03 - $24.50

Discrepancy in Transaction: Should have sold for between $3,454.50 and $3,675.00; between $1,843.50 and $2,064.00 missing)

Current Price Per Share As of Market Close 1/17/2014: $27.76 Dividends Per Share Paid To Date: $ 0.00 Current Value (Share value plus accrued dividends): $6,940.00

Alcoa Inc (AA) TEC Report # 400563, Item # 73, ID # 1323500

Total Reported Shares Purchases: 400 Reported Date of Purchase: 11/28/2008 Reported Total Paid: $4,049.99 Per Share Cost Basis: $10.124975 (Fits within days trading price range per share below) Per Share Price Range 11/28/2008: $9.97 - $10.80 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $11.36 Dividends Per Share Paid To Date: $ 0.74 Total: $296.00 (400 shares times $0.74) Current Value (Share value plus accrued dividends): $4,840.00 (400 shares times $11.36 plus total dividends paid $296.00)

American International Group (AIG) TEC Report # 400563, Item # 77, ID # 1323509 TEC Report # 400563, Item # 78, ID # 1323508
Total Reported Shares Purchases: 4000 (2 Transactions) Reported Date of Purchase: Reported Total Paid: Transaction 1: 12/01/2008 Transaction 2: 12/01/2008

$7,479.98 Transaction 1: $1,709.99 - 1,000 Shares Transaction 2: $5,769.99 - 3,000 Shares Per Share Cost Basis: Transaction 1: $1.7099 (Fits within days trading price range per share below) Transaction 2 - $1.923 (Fits within days trading price range per share below) Per Share Price Range 12/01/2008: $1.65 - $2.00 Current Status: Open (No further activity reported, so presumed still owned) [Note: Reverse Stock Split (1:20) on 7/01/2009 - New Share Total 200 Shares] Current Price Per Share As of Market Close 1/17/2014: $50.89 Dividends Per Share Paid To Date: $ 8.90 Total: $1,780.00 (200 shares times $8.90)

Current Value (Share value plus accrued dividends): $11,958.00 (200 shares times $50.89 plus total dividends paid $1,780.00)

Atwood Oceanics Inc (ATW) TEC Report # 400563, Item # 74, ID # 1323502
Total Reported Shares Purchases: 200 Reported Date of Purchase: 11/28/2008 Reported Total Paid: $3,631.99 Per Share Cost Basis: $18.1599 (Fits within days trading price range per share below) Per Share Price Range 11/28/2008: $17.58 - $18.82 Current Status: Closed - 200 Shares Sold - TEC Report # 538551, Item # 2, ID # 55238 Reported Sale Price 5/21/2012: $4,323.00 [$21.615 per share) (Does not fit within days trading price range per share below) Per Share Price Range 5/21/2012: $38.83 - $40.46

Discrepancy in Transaction:

Should have sold for between $7,766.00 and $8,092.00; between $3,443.00 and $3,769.00 missing)

Dividends Per Share Paid To Date: $ 0.00 Current Value (Share value plus accrued dividends): $0.00

Bank Of America (BAC) TEC Report # 400563, Item # 72, ID # 1323498 TEC Report # 400563, Item # 94, ID # 1323522
Total Reported Shares Purchases: 400 (2 Transactions) Reported Date of Purchase: Reported Total Paid: Transaction 1: 11/26/2008 Transaction 2: 12/23/2008

Per Share Cost Basis:

$5,479.98 Transaction 1: $4,179.99 - 300 Shares Transaction 2: $1,299.99 - 100 Shares Transaction 1: $13.9333 (Fits within days trading price range per share below) Transaction 2 - $12.9999 (Fits within days trading price range per share below)

Per Share Price Range: Transaction 1 - 11/26/2008 $13.75 - $15.46; Transaction 2 - 12/23/2008 $12.72 - $13.58 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $17.01 Dividends Per Share Paid To Date: $ 0.20 Total: $80.00 (400 shares times $0.20)

Current Value (Share value plus accrued dividends): $6,884.00 (400 shares times $17.01 plus total dividends paid $80.00)

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Citigroup, Inc. (C) TEC Report # 400563, Item # 79, ID # 1323498 TEC Report # 400563, Item # 92, ID # 1323522 TEC Report # 400563, Item # 93, ID # 1323522
Total Reported Shares Purchases: 1150 (3 Transactions) Reported Date of Purchase: Transaction 1: 12/01/2008 Transaction 2: 12/15/2008 Transaction 3: 12/19/2008

Reported Total Paid:

$8,735.97 Transaction 1: $5,490.99 - 700 Shares Transaction 2: $2,184.99 - 300 Shares Transaction 3: $1,059.99 - 150 Shares
Transaction 1: $7.84 (Fits within days trading price range per share below) Transaction 2 - $7.28 (Fits within days trading price range per share below) Transaction 3 - $7.07 (Fits within days trading price range per share below)

Per Share Cost Basis:

Per Share Price Range: Transaction 1 - 12/01/2008 $6.34 - $7.92; Transaction 2 - 12/15/2008 $7.23 - $7.78 Transaction 2 - 12/19/2008 $6.91 - $7.51 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $52.27 [Note: Reverse Stock Split (1:10) on 7/01/2009 - New Share Total 115 Shares] Dividends Per Share Paid To Date: $ 0.21 Total: $24.15 (115 shares times $0.21)

Current Value (Share value plus accrued dividends): $6,035.20 (115 shares times $52.27 plus total dividends paid $24.15)
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Copart, Inc. (CPRT) TEC Report # 400563, Item # 69, ID # 1323497

Total Reported Shares Purchases: 200 Reported Date of Purchase: 11/25/2008 Reported Total Paid: $5,231.99 Per Share Cost Basis: $26.15995 (Fits within days trading price range per share below) Per Share Price Range 11/28/2008: $25.82 - $26.82 Current Status: Open - 100 Shares (No further activity reported, so presumed still owned) Closed - Closed - 100 Shares Sold - TEC Report # 538551, Item # 3, ID # 55241

Reported Sale Price 5/29/2012: $1,432.00 [$14.32 per share) (Does not fit within days trading price range per share below)

Per Share Price Range 5/29/2012: $27.08 - $27.50

Discrepancy in Transaction: Should have sold for between $2,708.00 and $2,750.00; between $1,276.00 and $1,318.00 missing)

Current Price Per Share As of Market Close 1/17/2014: $35.74 Dividends Per Share Paid To Date: $ 0.00 Current Value (Share value plus accrued dividends): $3,574.00 (100 shares times $35.74 plus total dividends paid $0.00)

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Cross Timbers Royalty Trust (CRT) TEC Report # 400563, Item # 68, ID # 1323525
Total Reported Shares Purchases: 100 Reported Date of Purchase: 11/25/2008 Reported Total Paid: $2,920.99 Per Share Cost Basis: $29.2099 (Fits within days trading price range per share below) Per Share Price Range 11/25/2008: $28.90 - $29.90 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $29.82 Dividends Per Share Paid To Date: $ 12.531 Total: $1,253.10 (100 shares times $12.531) Current Value (Share value plus accrued dividends): $4,235.10 (100 shares times $29.82 plus total dividends paid $1,253.10)

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GameStop Corp. (GME) TEC Report # 400563, Item # 80, ID # 1323511

Total Reported Shares Purchases: 200 Reported Date of Purchase: 12/01/2008 Reported Total Paid: $3,989.99 Per Share Cost Basis: $19.9499 (Fits within days trading price range per share below) Per Share Price Range 12/01/2008: $19.10 - $21.65 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $37.65 Dividends Per Share Paid To Date: $ 1.90 Total: $380.00 (200 shares times $1.90) Current Value (Share value plus accrued dividends): $7,910.00 (200 shares times $37.65 plus total dividends paid $380.00)

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General Motors (Old GM - Delisted) TEC Report # 4000563, Item # 81, ID # 1323506 TEC Report # 400563, Item # 95, ID # 1323523
Total Reported Shares Purchases: 1300 (2 Transactions) Reported Date of Purchase: Reported Total Paid: Transaction 1: 12/01/2008 Transaction 2: 12/23/2008

Per Share Cost Basis:

$5,459.98 Transaction 1: $4,519.99 - 1,000 Shares Transaction 2: $939.99 - 300 Shares Transaction 1: $4.5199 Transaction 2 - $3.1333

Per Share Price Range: Unknown Current Status: Open (No further activity reported, so presumed still owned) [Note: Company taken into bankruptcy; stock delisted] Current Price Per Share As of Market Close 1/17/2014: $0.00 Dividends Per Share Paid To Date: $ 0.00 Total: $0.00

Current Value (Share value plus accrued dividends): $0.00

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Halliburton Company (HAL) TEC Report # 400563, Item # 82, ID # 1323505

Total Reported Shares Purchases: 200 Reported Date of Purchase: 12/01/2008 Reported Total Paid: $3,029.99 Per Share Cost Basis: $15.14995 (Fits within days trading price range per share below) Per Share Price Range 12/01/2008: $15.09 - $16.84 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $50.66 Dividends Per Share Paid To Date: $ 1.965 Total: $393.00 (200 shares times $1.965) Current Value (Share value plus accrued dividends): $10,525.00 (200 shares times $50.66 plus total dividends paid $393.00)

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Juniper Networks, Inc. (JNPR) TEC Report # 400563, Item # 83, ID # 1323503
Total Reported Shares Purchases: 200 Reported Date of Purchase: 12/01/2008 Reported Total Paid: $3,167.99 Per Share Cost Basis: $15.83995 (Fits within days trading price range per share below) Per Share Price Range 12/01/2008: $15.25 - $16.99 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $26.00 Dividends Per Share Paid To Date: $ 0.00 Total: $0.00 Current Value (Share value plus accrued dividends): $5,200.00 (200 shares times $50.66 plus total dividends paid $0.00)

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LTX Credence Corporation (LTXC) TEC Report # 400563, Item # 91, ID # 1323519
Total Reported Shares Purchases: 1,500 Reported Date of Purchase: Reported Total Paid: Per Share Cost Basis: 12/11/2008

$4,959.99 $3.30666 (Does not fit within days trading price range per share below)

Per Share Price Range: $0.32 - $0.38 Discrepancy in Transaction: Current Status: Should have paid between $480.00 and $570.00; between $4,389.99 and $4,479.99 unaccounted for)

Open - 800 Shares - (No further activity reported, so presumed still owned) Closed - 700 Shares Sold - TEC Report # 538551, Item # 4, ID # 55240

Reported Sale Price 6/28/2012: $4,428.00 [$6.3257 per share) (Fits within days trading price range per share below)
Per Share Price Range 5/23/2012: $6.04 - $6.52 Current Price Per Share As of Market Close 1/17/2014: $8.63 Dividends Per Share Paid To Date: $ 0.00 Total: $0.00

Current Value (Share value plus accrued dividends): $6,904.00 (800 shares times $8.63 plus total dividends paid $0.00)

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Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) TEC Report # 400563, Item # 96, ID # 1323510
Total Reported Shares Purchases: 2,000 Reported Date of Purchase: 12/05/2008 Reported Total Paid: $3,089.99 Per Share Cost Basis: $1.5449 (Fits within days trading price range per share below) Per Share Price Range 12/05/2008: $1.50 - $1.95 Current Status: Open - 1,000 Shares (No further activity reported, so presumed still owned) Closed - 1,000 Shares Sold - TEC Report # 538551, Item # 5, ID # 55242

Reported Sale Price 6/28/2012: $2,795.00 ($2.795 per share) (Does not fit within days trading price range per share below)

Per Share Price Range 6/28/2012: $4.28 - $4.36

Discrepancy in Transaction: Should have sold for between $4,280.00 and $4,360.00; between $1,485.00 and $1,565.00 missing)

Current Price Per Share As of Market Close 1/17/2014: $4.43 Dividends Per Share Paid To Date: $ 1,310.00 (Held) + $930.00 (Sold) = $2,240.00 Current Value (Share value plus accrued dividends): $6,670.00 (1000 shares times $4.43 plus total dividends paid $0.00)

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Pacific Sunwear of California, Inc. (PSUN) TEC Report # 400563, Item # 86, ID # 1323512
Total Reported Shares Purchases: 1,728 Reported Date of Purchase: 12/02/2008 Reported Total Paid: $2,425.81 Per Share Cost Basis: $1.4038 (Fits within days trading price range per share below) Per Share Price Range 12/02/2008: $1.39 - $1.80 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $2.85 Dividends Per Share Paid To Date: $ 0.00 Total: $ 0.00 Current Value (Share value plus accrued dividends): $4,924.80 (1,728 shares times $2.85 plus total dividends paid $0.00)

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Particle Drilling Technologies (Delisted) TEC Report # 400563, Item # 75, ID # 1323499 TEC Report # 400563, Item # 88, ID # 1323515 TEC Report # 400563, Item # 90, ID # 1323517
Total Reported Shares Purchases: 29,226 (3 Transactions) Reported Date of Purchase: Transaction 1: 11/28/2008 Transaction 2: 12/04/2008 Transaction 3: 12/08/2008

Reported Total Paid:

$2,636.51 Transaction 1: $200.39 - 2,380 Shares Transaction 2: $1,746.36 - 19,293 Shares Transaction 3: $689.76 - 7,553 Shares Transaction 1: $0.084 Transaction 2 - $0.0905 Transaction 3 - $0.0913

Per Share Cost Basis:

Per Share Price Range: Unknown

Current Status:

Closed - 27322 Shares Sold - TEC Report # 400563, Item # 1, ID # 24456 Closed - 1704 Shares Sold - TEC Report # 400563, Item # 3, ID # 24457 Closed - 200 Shares Sold - TEC Report # 400563, Item # 2, ID # 24458

Total Sale Price (12/10/2008 - 12/11/2008): $6,918.21

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Research In Motion/Blackberry Ltd. (BBRY) TEC Report # 400563, Item # 70, ID # 1323501
Total Reported Shares Purchases: 110 Reported Date of Purchase: 11/28/2008 Reported Total Paid: $4,580.49 Per Share Cost Basis: $41.6408 (Does not fit within days trading price range per share below) Per Share Price Range 11/28/2008: $41.93 - $44.32 Discrepancy in Transaction: Should have paid between $4,612.30 and $4,875.20; between -$31.81 and -$294.71 unaccounted for; trade would fall in range of previous day trading 10/26/2008)

Current Status: Open (No further activity reported, so presumed still owned)

Current Price Per Share As of Market Close 1/17/2014: $9.08

Dividends Per Share Paid To Date: $ 0.00 Total: $ 0.00 Current Value (Share value plus accrued dividends): $998.80 (110 shares times $9.08 plus total dividends paid $0.00)

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Sprint Nextel Corp. - now Sprint Corp. (S) TEC Report # 400563, Item # 84, ID # 1323514
Total Reported Shares Purchases: 2,200 Reported Date of Purchase: 12/04/2008 Reported Total Paid: $5,091.99 Per Share Cost Basis: $2.3145 Per Share Price Range 12/04/2008: Unknown Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $8.97 Dividends Per Share Paid To Date: $ 0.00 Total: $ 0.00 Current Value (Share value plus accrued dividends): $19,734.00 (2,200 shares times $8.97 plus total dividends paid $0.00) ($17,590.10 if opted for 7/11/2013 Cash buyout option)

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Transocean Ltd. (RIG) TEC Report # 400563, Item # 71, ID # 1323496 TEC Report # 400563, Item # 89, ID # 1323518
Total Reported Shares Purchases: 163 (2 Transactions) Reported Date of Purchase: Reported Total Paid: Transaction 1: 11/25/2008 Transaction 2: 12/09/2008

Per Share Cost Basis:

$8,949.00 Transaction 1: $4,601.49 - 75 Shares Transaction 2: $4,347.51 - 88 Shares Transaction 1: $61.3532 (Fits within days trading price range per share below) Transaction 2 - $49.4035 (Does not within days trading price range per share below)

Per Share Price Range: Transaction 1 - 11/25/2008 $60.45 - $64.06; Transaction 2 - 12/09/2008 $52.46 - $57.25 Discrepancy in Transaction: Should have paid between $4,616.48 and $5,038.00; between -$268.97 and -$690.49 unaccounted for; trade would fall in range of previous day trading 12/05/2008)

Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $46.69 Dividends Per Share Paid To Date: $ 4.84 Total: $788.92 (163 shares times $4.84)

Current Value (Share value plus accrued dividends): $8,399.39 (163 shares times $46.69 plus total dividends paid $788.92)

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USEC Inc. (USU) TEC Report # 400563, Item # 85, ID # 1323504

Total Reported Shares Purchases: 1,200 Reported Date of Purchase: 12/01/2008 Reported Total Paid: $4,329.99 Per Share Cost Basis: $3.608 (Fits within days trading price range per share below) Per Share Price Range 12/01/2008: $3.38 - $3.90 Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $5.41 Dividends Per Share Paid To Date: $ 0.00 Total: $ 0.00 Current Value (Share value plus accrued dividends): $6,492.00 (1,200 shares times $5.41 plus total dividends paid $0.00)

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Welwind Energy International Corp. (WWEI) TEC Report # 400563, Item # 87, ID # 1323513
Total Reported Shares Purchases: 3,500 Reported Date of Purchase: 12/03/2008 Reported Total Paid: $3,159.99 Per Share Cost Basis: $0.90285 (Does not fit within days trading price range per share below) Per Share Price Range 12/03/2008: $0.08 - $0.12 Discrepancy in Transaction: Should have paid between $280.00 and $420.00; between $2,739.99 and $2,879.99 unaccounted for) Current Status: Open (No further activity reported, so presumed still owned) Current Price Per Share As of Market Close 1/17/2014: $0.0006

Dividends Per Share Paid To Date: $ 0.00 Total: $ 0.00

Current Value (Share value plus accrued dividends): $2.10 (3,500 shares times $0.0006 plus total dividends paid $0.00)

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