To: Kerm Yerman who wrote (9588 ) 11/27/2003 3:14:48 AM From: Kerm Yerman Read Replies (1) | Respond to of 24921 Tier III Material Change Report Current Cash Balance Prior To Below Transactions $ 9,383.70 TransactionsCanScot Resources 2500 Shares Original Purchased Cost $1.19 / $2,966.00 Company was bought out by by APF Energy Inc. for either $2.60 cash per share or, APF Energy Trust Units. The Portfolio Management did not react to the exchange in a timely manner and was forced into accepting the cash value amounting to a total of $6,500.00. Such total will be added to the cash component of this portfolio.Lexxor Energy 700 Shares Original Purchased Cost $2.10 / $1,470.00 Company has merged with Sine Energy to form a new entity identified as Find Energy (FE-Tor). The 700 shares were consolidated on a 1 for 2 basis (350) and the portfolio gained an additional 70 warrants to purchase 70 shares at $2.16/share which the portfolio exercised. Further, to provide a round lot final quantity, I purchased an additional 580 shares, thus resulting in a grand total of 500 shares held in Find Energy. The portfolio will reflect the following; 350 shares acquired @ $2.00 /share $ 700.00 70 shares acquired @ $2.16 /share $ 151.20 580 shares acquired @ $2.16 /share $ 1,252.80 1000 total shares @ $2.074/share $ 2,074.00 Also, cash in the amount of $1,403.00 will be removed from the cash component of this portfolio. The following purchases were made at the opening on 11/26/03 1,500 shares AAE Argo Energy $2.25/share Total $3,375.00 1,500 shares TLR.A Trilock Resources $2.69/share Total $4,035.00 1,000 shares GO.A Galleon Energy $2.50/share Total $2,500.00 7,500 shares Terraquest Exploration $0.17/share Total $1,275.00 A total $11,185.00 will be removed from the cash component of the portfolio as a result of these four transactions. Ending Portfolio Cash Component $ 3,295.00