In re: Canadian Superior Securities Litigation, No. 1:2009cv10087 - Document 73 (S.D.N.Y. 2011)

Court Description: MEMORANDUM OPINION & ORDER re: (62 in 1:09-cv-10087-SAS, 62 in 1:09-cv-10087-SAS) MOTION for Settlement and Plan of Allocation of Settlement Proceeds. MOTION for Attorney Fees and Expenses filed by Gino Stroker. For the reasons stated above, plaintiffs' motion for Final Approval of Settlement and Plan of Allocation of Settlement Proceeds is granted. Co-Lead Plaintiffs' Counsel's motion for an Award of Attorneys' Fees and Expenses is granted, but not for the amounts requested. The Clerk of the Court is directed to close this motion [Docket No. 62], this case, and all related cases. (Signed by Judge Shira A. Scheindlin on 11/16/2011) Filed In Associated Cases: 1:09-cv-10087-SAS, 1:10-cv-06024-SAS(cd)

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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------------){ IN RE CANADIAN SUPERIOR SECURITIES LITIGATION 09 Civ. 10087 (SAS) -------------------------------------------------------------){ This Document Relates To: ALL ACTIONS. -------------------------------------------------------------){ SHIRA A. SCHEINDLIN, U.S.D.J.: Plaintiffs have brought putative securities class actions against officers of Canadian Superior Energy, Inc. ("Canadian Superior"). On June 9, 2011, the parties filed a Stipulation and Agreement of Settlement ("Stipulation") that seeks to conclude this litigation. l Following the Court's preliminary approval of the proposed settlement/ plaintiffs now move for Final Approval of Settlement and Plan of Allocation of Settlement Proceeds. Co-Lead Plaintiffs' Counsel move for an Award of Attorneys' Fees and Expenses. A fairness hearing was held on November 8, 2011, and no objections were raised. For the reasons stated below, plaintiffs' motion for Final Approval of Settlement and Plan of Allocation of See Docket No. 59. The terms of the StipUlation are incorporated into this Order by reference. All capitalized terms not defined in this Order have the meaning given to them in the Stipulation. 2 See Docket No. 60. -1 Settlement Proceeds is granted. Co-Lead Plaintiffs' Counsel's motion for an A ward of Attorneys' Fees and Expenses is granted, but not for the amounts requested. I. CLASS CERTIFICATION For purposes of settlement only, the Court finds that the prerequisites for a class action under Federal Rule of Civil Procedure 23(a) and (b)(3) have been satisfied in that: (a) the number of U.S. Class Members is so numerous that joinder of all members thereof is impracticable; (b) there are questions of law and fact common to the U.S. Class; (c) the claims of the U.S. Lead Plaintiff are typical of the claims of the U.S. Class he seeks to represent; (d) the U.S. Lead Plaintiff has and will fairly and adequately represent the interests of the U.S. Class; (e) the questions oflaw and fact common to the members of the U.S. Class predominate over any questions affecting only individual U.S. Class Members; and (f) a class action is superior to other available methods for the fair and efficient adjudication of the controversy. Pursuant to Rule 23 and for purposes of the Settlement only, this Court hereby finally certifies the U.S. Action as a class action on behalf of all individuals and entities who purchased or otherwise acquired Canadian Superior common stock between January 14,2008 and February 17,2009, inclusive, other -2 than members of the Canadian Class and Excluded Persons. Included within the definition of Excluded Persons and excluded from the U.S. Class are the individuals and/or entities who have requested exclusion from the U.S. Class by filing a timely and valid request for exclusion as listed on Exhibit 1 annexed hereto. II. NOTICE Notice of the pendency of the U.S. Action as a class action and of the proposed Settlement was given to all U.S. Class Members who could be identified with reasonable effort. The form and method of notifying the U.S. Class of the pendency of the U.S. Action as a class action and of the terms and conditions of the proposed Settlement met the requirements of Rule 23, Section 21D(a)(7) of the Securities Exchange Act of 1934, 15 U.S.C. §78u-4(a)(7), as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), Rule 23.1 of the Local Rules of the Southern and Eastern Districts of New York, and due process, and constituted due and sufficient notice to all individuals and entities entitled thereto. III. APPROVAL OF SETTLEMENT I find that the proposed settlement is fair, adequate, and reasonable and in the best interests of the U.S. class. Initially, a strong presumption of -3 fairness attaches because the settlement was reached by experienced counsel after arm's length negotiations. 3 In addition, the Grinnell factors weigh in favor of approving the settlement. 4 First, the complexity, expense, and duration of the litigation justify the settlement. The litigation would likely be lengthy and relatively expensive as many of the witnesses are located in Canada. There would be technical questions concerning oil exploration efforts off the coast of Trinidad and Tobago, which would require expert discovery and testimony. Second, the reaction of the class weighs in favor of settlement - no objections have been made, and only three Class Members have opted out of the settlement. Third, the stage of proceedings favors settlement although there has been no formal discovery, plaintiffs' counsel have done an adequate factual investigation to be thoroughly apprised of the merits of their case. Fourth, the risk of establishing liability favors settlement. Although plaintiffs survived a motion to dismiss, defendants could raise several defenses that would pose serious obstacles on summary judgment - specifically, defendants 3 See Wal-Mart Stores, Inc. v. Visa US.A., Inc., 396 F.3d 96, 116 (2d Cir. 2005) . See City ofDetroit v. Grinnell Corp., 495 F .2d 448, 463 (2d Cir. 1974), abrogated on other grounds by Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000). 4 -4 contend that (a) the statements at issue were speculative and forward looking; (b) the defendants did not make the statements or omissions with the requisite scienter; and (c) plaintiffs would have difficulty establishing that their losses were caused by defendants' alleged misrepresentations. Fifth, plaintiffs would have difficulty quantifying and proving the amount of their damages. Sixth, the risk of maintaining the Class Action through trial favors settlement. Defendants would oppose class certification, and the settlement avoids defendants raising "intractable management problems" as a defense to class certification. s Seventh, the settlement is reasonable in light of the best possible recovery and the attendant risks of litigation. The settlement provides an immediate payment to the Class of a settlement that constitutes 8.5% of "Lead Plaintiff's most aggressive estimate of maximum provable damages.,,6 Although not a spectacular recovery, it does exceed the average recovery in shareholder litigation. 7 Eighth, the ability of defendants to withstand a greater judgment weighs heavily in favor of settlement. Canadian Superior is in receivership. The S Amchem Prods., Inc. v. Windsor, 521 U.S. 591,620 (1997). 6 Lead Plaintiff's Memorandum of Law in Support of Motion for Final Approval of Settlement and Plan of Allocation of Settlement Proceeds at 16. See Ellen M. Ryan, Laura E. Simmons, Securities Class Action Settlements, 2010 Review and Analysis, at 5 (Cornerstone Research 2011). 7 -5 only source of recovery is the directors' and officers' liability insurance policy, which was wasting away each day. Accordingly, the Settlement is approved as fair, reasonable, and adequate. The U.S. Action is hereby dismissed in its entirety with prejudice and without costs. IV. PLAN OF ALLOCATION The Plan of Allocation is approved as fair and reasonable, and plaintiffs' counsel and the Claims Administrator are directed to administer the Stipulation in accordance with its terms and provisions. Without further order of the Court, the parties may agree to reasonable extensions of time to carry out any of the provisions of the Stipulation. V. ATTORNEYS' FEES AND EXPENSES Co-Lead Plaintiffs' Counsel requests $109,787.62 in expenses on behalf of all of plaintiffs' firms. In support of these expenses, Co-Lead Plaintiffs' Counsel has submitted a summary expense report for each firm. 8 These costs See 9/2111 Declaration of Jeffrey A. Berens, plaintiffs' counsel, Filed on Behalf of Dyer & Berens LLP in Support of Application for Award of Attorneys' Fees and Expenses ("Berens Decl.") at 1-2; 9/1/11 Declaration of Michael L Fistel, Jr., plaintiffs' counsel, Filed on Behalf of Holzer Holzer & Fistel LLC in Support of Application for Award of Attorneys' Fees and Expenses ("Fistel Decl.") at 2; 9/13/11 Declaration of Ellen Gusikoff Stewart Filed on Behalf of Robbins Geller Rudman & Dowd LLP in Support of Application for Award of Attorneys' Fees and Expenses ("Stewart Decl.") at 2-3. 8 -6 include routine expenses relating to copying, court fees, postage and shipping, phone charges, legal research, and travel and transportation. The bulk of the expenses relate to experts, consultants, and investigators. 9 No objections were filed to these expenses. The expenses total approximately two percent of the Settlement Amount. I find that these expenses are reasonable. These expenses, particularly those attributable to professional services, were a contributing factor to achieving the settlement. 1O Accordingly, I grant plaintiffs' counsel $109,787.62 in expenses, plus interest on such amount at the same rate as that earned by the Gross Settlement Fund. In addition to expenses, Co-Lead Plaintiffs' Counsel also request a fee of thirty percent of sixty percent of the Settlement Amount, or $936,000, for U.S. counsel. 11 Although I intend to use the percentage method to award fees in this 9 See Stewart Decl. at 2. See In re Global Crossing Sec. & ERISA Litig., 225 F.R.D. 436,468 (S.D.N.Y.2004). 10 See Co-Lead Counsel's Memorandum of Law in Support of Motion for an Award of Attorney's Fees and Expenses at 17. In addition, Canadian Counsel are requesting twenty-five percent of forty percent of the Settlement Amount, or $520,000. See id. at 1 n.2. Due to the greater amount of work expended by U.S. Counsel, I find that the sixty-percent/forty-percent split of fees between Canadian Counsel and U.S. Counsel is reasonable. 11 -7 matter, the lodestar is often used as a cross-check. Co-Lead Plaintiffs' Counsel represent that the aggregate loadstar for all plaintiffs' firms is $760,006.25 for 1,654.4 hours. 12 Because the lodestar is being used merely as a cross-check, it is unnecessary for the Court to delve into each hour of work that was performed by counsel to ascertain whether the number of hours reportedly expended was reasonable. \3 After reviewing the supporting declarations, which include a summary of the hours expended by and the billing rates for every attorney, paralegal, and staff member that worked on this litigation, I find that $760,006.25 is a reasonable lodestar for the time expended by plaintiffs' firms. I further find that a fee of twenty-five percent of sixty percent, or $780,000, is reasonable after assessing the Goldberger factors. First, I find that the time and labor expended by plaintiffs' counsel support a twenty-five percent fee. As noted, plaintiffs' counsel have invested approximately 1,650 hours in these actions. They also expect additional time to be expended administering and distributing the settlement funds. However, there was no formal discovery in these 12 See id. at 17; see also Stewart Decl. at 1; Berens Decl. at 1; Fistel Decl. at 1. See Goldberger, 209 F.3d at 50 (citing In re Prudential Ins. Co. Am. Sales Litig., 148 F.3d 283,342 (3d Cir. 1998) ("Of course, where [the lodestar is] used as a mere cross-check, the hours documented by counsel need not be exhaustively scrutinized by the district court."). 13 -8 actions. Due to the early stage of this litigation, a lower fee of twenty-five percent fee is appropriate. Second, while these actions, like all securities class actions, would likely have required expert discovery and motion practice, this action is not on the large side of securities litigations. It focused on alleged misstatements and/or omissions concerning discrete issues by officers of one corporation in receivership. A twenty-five percent fee is reasonable compensation considering the size and relative simplicity of this litigation. Third, the risk of this litigation supports a twenty-five percent fee. "It is well-established that litigation risk must be measured as of when the case is filed."14 Although there was certainly a risk of plaintiffs receiving nothing in this action, I do not find that the risk was substantial enough to justify a thirty-percent fee. Fourth, I find that plaintiffs' counsel ably represented the interests of the Class. Still, the Second Circuit has held that "the quality of representation is best measured by results."15 In this case, although plaintiffs have recovered 8.5% of the maximum amount of estimated damages, I find that the total recovery of 14 Id. at 55 (citations omitted). 15 Id. -9 $5,200,000 is not so extraordinary as to justify a thirty-percent fee. In this case, the result is underwhelming despite counsel's best efforts. This factor weighs in favor of a fee award of twenty-five percent. Fifth, I find that a twenty-five percent fee is reasonable in relation to the settlement. In addition to the fee requested by U.S. Counsel, Canadian counsel also requested twenty-five percent of forty percent of the Settlement Amount. In total, plaintiffs' counsel seek at least $1,565,787.62 in fees and expenses. 16 This figure is not reasonable in light of the settlement. I see no reason why U.S. counsel should receive a thirty-percent fee while Canadian counsel receive twenty-five percent. As noted previously, the recovery of $5.2 million is by no means an overwhelming recovery. A twenty-five percent fee is reasonable in relation to the settlement. Sixth, I find that a twenty-five percent fee is adequate to further the public policy of encouraging private lawsuits to protect investors. Plaintiffs' counsel will recover their lodestar and all expenses invested in these lawsuits. In these actions, a significant multiplier of the lodestar is not necessary to further public policy goals. This figure represents fees sought by U.S. and Canadian Counsel and expenses sought by U.S. Counsel. The expenses sought by Canadian Counsel are not known to this Court. 16 -10 After reviewing the Goldberger factors I award plaintiffs' counsel fees of twenty-five percent of sixty percent of the Settlement Amount, or $780,000. I find that the Goldberger factors do not require a multiplier of the lodestar. The difference between the lodestar and the awarded fee is de minimis. This fee should therefore adequately compensate but not overcompensate - counsel for their time and labor. The award of fees and expenses are intended to compensate plaintiffs' counsel for all of the time and labor spent until the conclusion of this litigation, including that associated with the distribution of the settlement fund. However, I realize that by awarding a fee close to the lodestar I am not compensating counsel for the risks associated with bringing these actions. However, the risks here - together with the recovery achieved do not warrant additional fees. VI. CONCLUSION For the reasons stated above, plaintiffs' motion for Final Approval of Settlement and Plan of Allocation of Settlement Proceeds is granted. Co-Lead Plaintiffs' Counsel's motion for an Award of Attorneys' Fees and Expenses is granted, but not for the amounts requested. The Clerk of the Court is directed to close this motion [Docket No. 62], this case, and all related cases. -11 Dated: New York, New York November 16,2011 -12 - Appearances For Plaintiffs: David Avi Rosenfeld, Esq. Samuel Howard Rudman, Esq. Robbins Geller Rudman & Dowd LLP (LI) 58 South Service Road, Suite 200 Melville, New York 11747 (631) 367-7100 Ellen Anne Gusikoff Stewart, Esq. Robbins Geller Rudman & Dowd LLP (San Diego) 655 West Broadway, Suite 1900 San Diego, California 92101 (212) 661-1100 Marshall Pierce Dees, Esq. Michael Ira Fistel , Jr., Esq. Holzer Holzer & Fistel, LLC 200 Ashford Center North, Suite 300 Atlanta, Georgia 30338 (770) 392-0090 David A.P. Brower, Esq. Brower Piven 488 Madison Avenue New York, New York 10022 (212) 594-5300 Lawrence P. Eagel, Esq. Paul D. Wexler, Esq. Bragar, Wexler & Eagel, P.C. 885 Third Avenue, Suite 3040 New York, New York 10022 (212) 308-5858 -13 Mark Peter Kindall, Esq. Schatz and Nobel PC 20 Church Street, Suite 1700 Hartford, Connecticut 06103 (860) 493-6294 Robin Bronzaft Howald Glancy Binkow & Goldberg LLP (NYC) 30 Broad Street, Suite 1401 New York, New York 10004 (212) 382-2221 For Defendants: Jack C. Auspitz, Esq. Jamie A. Levitt, Esq. Morrison & Foerster LLP (NYC) 1290 Avenue of the Americas New York, New York 10104 (212) 468-8046/9640 -14 IlIlilll !IIIIIIIII m IIIIIIIIIIIIIIIIIIIIIIII~IIII illllllllllllllllllllllll~1 ~IIIIIIIII ~~~~~~~~: ~EC OCT 0 3 2011 CLAIMS CENTER Exclusion Cover Page Case Name: Canadian Superior Energy Case Code: CANADIAN Exclusion Deadline: 1011 0/20 11 (Postmark Date) Name of Person Filing Exclusion: Bret & Kimberly Andrews Exhibit 1 OPT OUT LETTER FOR CANADIAN SUPERIOR SECURITIES LITIGATION Bret Andrews & Kimberly Andrews Telephone: 20 September 2011 Canadian Superior US Class Action Exclusions Claims Administrator clo Gilardi & Co. LLC PO Box 990 Corte Madera, CA 94976-0990 Dear Sir: This letter confirms our desire to opt out of the above mentioned class action. The nwnber of shares of Canadian Superior purchased on the US AMEX exchange from 1/14/2008 211712009: 39200 The number of shares of Canadian Superior sold on the US AMEX exchange from 1114/2008 - 2/1712009: 39200 Detail (broker statements enclosed): Date 1117/2008 2/4/2008 2/13/2008 3/512008 3/10/2008 3/12/2008 ~ purchase purchase purchase sale sale sale #shares 11000 17000 11200 9000 9400 20800 Page 1 9/20/2011 Capital gains Multiple Investment Accounts Short-Tenn Gains Canadian Superior Energy Inc Canadian Superior Energy Inc Canadian Superior Energy Inc Canadian Superior Energy Inc Canadian Superior Energy Inc Canadian Superior Energy Inc Canadian Superior Energy Inc Total Short-Term Gains Grand Total 9,000 '2,000 7,400 9,600 900 9,100 1,200 1/17/2008 1/17/2008 2/4/2008 2/4/2008 2/13/2008 2/13/2008 2/13/2008 3/5/2008 3/10/2008 3/10/2008 3/12/2008 3/12/2008 3/12/2008 3/12/2008 30,149.66 6,579.93 24,345.72 32,159.64 3,014.97 30,029.66 3,959.96 130,239.54 32,490.00 7,220.00 26,122.00 33,888.00 3,150.00 31,850.00 4,176.00 138,896.00 (2,340.34) (640.07) (1,776.28) (1,728.36) (135.03) (1,820.34) (216.04) (8,656.45) 130,239.54 138,896.00 (8,656.46) m AMERITRADE Statement Reporting Period: 02/01/08 - 02/29/08 Apex Statement for Account 10-669-3900 ) AMERITRAOE VISION OF TO AMERITRAOE INC ) BOX 2209 vlAHA, NE 68103-2209 'otal Prior Value Current Value westment lands 1argin Loan 1MDA 10ney Market :hart Balance ;tocks :hort Stacks )ptions :hart Options 1utual Funds )ther Period Change Portfolio Summary % Estimated Income Change 1,860,225.86 $ 4,040.63 $ (12,961.15) Announcements: (12,978.10) (324,525.19) (14.9)% Estimated Yield Portfolio Allocation Portfolio Allocation (100.0)% 2,184,751.05 RETIREMENT PLANNING IS EASIER WITH OUR NO-HASSLE APPROACH AND FREE CONSULTATIONS AT OUR 100 NATIONWIDE BRANCHES. OPEN AND FUND AN EASY IRA ATTDAMERITRADE.COMIlRA BY APRIL 15 AND RECIEVE POTENTIAL TAX SAVINGSI (320.8)% 12,978.10 $ (8,920.52) $ 0.5% 18,328.32 1.0% Margin Loan 0.5% 99.5% Stocks 99.5% $1,851,305.34 'argin equity $2,201,769.78 (15.9)% $18,328.32 1.0% Income & Expense Summary Current )penlng balance iecurities Purchased iecurities Sold :unds Deposited unds Disbursed lcome :xpense >ther ($350,464.44) 100% 100.0% ash Activity Summary :Ioslng balance ~ KIMBERLY JANE ANDREWS & BRET WILLIAM ANDREWS COMMUNITY PROP YTD $4,040.63 (124,260.00) 430,857.60 78,770.00 (412,000.00) 700.00 (13.23) 12,984.48 $45.50 (1 ,678,472.81) 1,529,300.28 139,770.00 (413,000.00) 9,914.33 (13.23) 403,535.41 ($8,920.52) ($8,920.52) page 1 of 9 Performance Summary Taxable Non-Taxable Income Dividends Interest Other Expense Interest Fees Other Net YTD YTD Cost Basis As Of - 02129/08 $700.00 $ $9,820.46 Unrealized Gains 93.87 Unrealized Losses Funds Deposited/(Disbursed) Income/(Expense) (13.23) Securities Received/(Delivered) (13.23) $686.77 $0.00 $9,901.10 $1,590,339.71 283,118.15 {13,232.00) (273,230.00) 9,901.10 0.00 Statement for Account 02/01/08 ~ 02129108 Income Summary Detail Current $ 10,939.55 0.00 (13.23) 700.00 6.38 )escrlptlon )rdinary Dividends nterest Income Credit Balance Aargin Interest Charged lualified Dividends Aoney Mkt Fund Div Year to Date $ 0.01 93.87 (13.23) 700.00 230.22 Account Positions rlvestment Description Average Cost Unrealized Gain(Loss) Annual Income Yield $ 55.73 $103,645.50 $ 4,055.52 1.0% 38.24 (2,520.00) 5,234.88 3.5% 215,540.95 19.42 22,776.05 128,184.00 01/17/08 138,896.00 3.54 (10,712.00) 3.85 413,105.00 10/11/07 373,353.57 3.48 39,751.43 11,000 24.50 269,500.00 01/17/08 239,133.67 21.74 30,366.33 6,160.00 2.3% 700 259.01 181,307.00 09/29/06 99,529.92 142.19 81,777.08 2,430.1-1 1.3% 2,100 42.95 17.18 90,195.00 09/29/06 86,041.00 40.97 4,154.00 447.80 0.5% 1,322.86 05/13/05 675.10 8.77 647.76 Purchase Date Cost Basis Symbol! CUSIP Quantity Current Price XLE 5,100 $ 76.05 XLU 4,000 37.61 150,440.00 08/17107 152,960.00 BDE 11,100 21.47 238,317.00 11127/07 SNG 39,200 3.27 CHQ 107,300 GPI ILF Market Value itocks ¢ Margin ,MEX SPDR INDEX :NERGY SELECT INDEX \MEX SPDR INDEX ITILITIES SELECT INDEX lOIS D'ARC ENERGY LLC :OM :ANADIAN SUPERIOR :NERGY INC ;OM ;HALLENGER ENERGY CORP ;OM ;ROUP 1 AUTOMOTIVE INC. $ 387,855.00 09/29/06 $284,209.50 ~OM SHARES ;&P LA TIN AMERICAN 40 \JDE)( FD 'OWERSHARES QQQ QQQQ 'ETRA TECH INC DEL COM TTl 77 'otal stocks $1,860,225.86 $1,590,339.71 $269,886.15 $18,328.31 1.0% 'otal Margin account $1.860,225.86 $1,590,339,71 $269,886.15 $18,328.31 1.0% page 20f9 - Statement for Account 02/01/08 - 02129108 Account Activity 'rade late Settle Date Symboll Cusip Account Type Transaction Description )pening balance 12101/08 02/01/08 Cash Journal 02104/08 Cash Journal MOVE CASH BALANCE TO MARGIN 1/29/08 02101/08 Margin Sell MICROSOFT CORP COM 1/29/08 02/01/08 Margin Sell 1/29/08 1/29/08 02/01/08 Margin 02/01/08 Margin 02101/08 Margin Sell Sell Journal VANGUARD INDEX TRUST VIPERS MSCI US SM CAP GROWTH PROCTER GAMBLE CO COM BOIS D'ARC ENERGY LLC COM PURCHASE TDAM MONEY MARKET PORTFOLIO SE 2/01/08 Price Amount Balance $4,040.63 STOP PAYMENT FEE REVERSAL 779884501 2104/08 Quantity ) $ 0.00 $ 25.00 4,065.63 0.00 (25.00) 4,040.63 MSFT VBK 4,500- 32.60 146,698.38 1,500- 64.40 96,598.93 150,739.01 247,337.94 PG BDE 2,000- 64.79 18.58 129,578.57 9,289.89 376,916.51 386,206.40 0.00 (386,206.40) 0.00 500- 2/01/08 02/01/08 Margin Journal 112 0.00 (25.00) (25.00) 2/01/08 02/01/08 Margin Ck# TD BANK USA CHECKING Check #:114 0.00 (400,500.00) (400,525.00) 1/30108 02/04/08 Margin Buy CHQ 3.98 (25,074.00) (425,599.00) 2/04/08 02104/08 Margin Journal 0.00 25.00 (425,574.00) 2/04/08 02/04/08 Margin Journal CHALLENGER ENERGY CORP COM MOVE CASH BALANCE TO MARGIN REDEMPTION TDAM MONEY MARKET PORTFOLIO SE 0.00 399,184.50 (26,389.50) 2104/08 02104/08 Margin Received APARTMENT INVT &MGMT CO COM Stock Div\Split on 5000 Shares Reinvestment Price 10.00 Payable: 01/31/2008 AIV 2104108 02/04/08 Margin Div/lnt APARTMENT INVT &MGMT CO COM CREDIT CASH IN LIEU Payable: 01/31/2008 Ordinary Dividends 30.97 AIV 2/05/08 02106/08 Margin ACH IN page 3 of 9 6,300 219 0.00 (26,389.50) 0.00 30.97 (26,358.53) 0.00 77,480.00 51,121.47 Statement for Account 02/01/08 - 02129108 Account Activity rrade late Settle Date Account Type Transaction Description )2106/08 02106/08 Margin Journal PURCHASE TDAM MONEY MARKET PORTFOLIO SE )2104/08 02107/08 Margin Sell )2/04/08 02107108 Margin Sell APARTMENT INVT &MGMT CO COM APARTMENT INVT &MGMT CO COM )2104/08 02107/08 Margin Buy CANADIAN SUPERIOR ENERGY INC COM )2107/08 02107/08 Margin Journal )2/13/08 )2/t3/08 Symboll Cusip Quantity Price 0.00 40.6001 Amount (51,121.47) Balance 0.00 771.39 771.39 40.60 8,119.91 8,891.30 3.53 (60,010.00) (51! 118.70) REDEMPTION TDAMMONEY MARKET PORTFOLIO SE 0.00 51,118.70 02/14/08 Margin ACH OUT - 0211312008 04:57PM 0.00 (500.00) (500.00) ACH IN 0.00 Journal 0.00 )2/15/08 02115108 Margin Div/lnt PURCHASE TDAM MONEY MARKET PORTFOLIO SE PROCTER GAMBLE CO COM Payable: 02115/2008 QUALIFIED DIVIDENDS 700.00 1,290.00 (790.00) 790.00 )2/14/08 02114108 Margin 02114108 Margin 0.00 700.00 700.00 )2115/08 02115/08 Margin Journal PURCHASE TDAM MONEY MARKET PORTFOLIO SE 0.00 (700.00) )2113/08 02/19/08 Margin Buy CANADIAN SUPERIOR ENERGY INC COM SNG 10,000 3.50 (35,000.00) (35,000.00) )2113/08 02/19/08 Margin Sell AMEX SPDR INDEX UTILITIES SELECT INDEX XLU 1,000- 39.77 39,769.56 4,769.56 )2/13/08 02/19/08 Margin Buy CANADIAN SUPERIOR ENERGY INC COM SNG 1,200 3.48 (4,176.00) 593.56 )2/19/08 02119108 Margin Journal PURCHASE TDAM MONEY MARKET PORTFOLIO SE 0.00 (593.56) 0.00 )21.27108 02128/08 Margin ACH OUT - 02127/2008 04:58PM 0.00 (11,000.00) }2128/08 02128/08 Margin REDEMPTION TDAM MONEY MARKET PORTFOLIO SE 0.00 2,086.33 Journal page4of9 AIV 19- AIV 20017,000 SNG PG 0.00 0.00 0.00 (11,000.00) (8,913.67) Statement for Account #_ 02/01/08 - 02/29/08 Account Activity 'rade )ate Settle Date '2/28/08 02128/08 Margin Div/lnt 2129/08 02129/08 Margin Div/lnt Account Type Transaction Description TDAM MONEY MARKET PORTFOLIO SELECT Money Market Fund Dividends Payable: 02129/2008 Money Market Fund Divi 6.38 MARGIN INTEREST CHARGE Payable: 02129/2008 Symbol/ Cuslp Quantity ZTD89 Amount Balance 0.00 6.38 (8,907.29) 0.00 (13.23) (8,920.52) Price balance ,agln Date 2/01/08 2/04/08 2128/08 2/29/08 Marglll~~I~nce $ (1,315.50) $ (26,358.53) (8,907.29) (8,920.52) TO AMERITRADE Cash Interest Credit/Expense Number Credit Balance of Days Interast Rate 3 6.75 2 6.25 1 6.75 1 6.75 otallnterest income/(expense) ,egin $13.23 Date~alance 2106/08 2107108 2/08/08 2/11/08 2/12108 2/13/08 2/14/08 2115/08 2119/08 2/20108 2/21/08 2122108 2/25/08 2/26/08 Interest Debited $ 0.74 $ 9.15 1.67 1.67 $ 51, 121 .47 2.77 2.77 2.77 2.77 2.77 792.77 1,492.77 2,086.33 2,086.33 2,086.33 2,086.33 2,086.33 2,086.33 page 5 af9 Money Market Fund Account Interest Credited Number of Days Interest Rate Interest Accrued 1 3.1315 $ 4.39 1 3.0998 3 3.0936 1 3.0733 3.0541 1 1 3.0419 1 3.0212 0.06 4 2.9305 0.48 1 2.8909 0.17 1 2.8252 0.16 1 2.8151 0.16 3 2.7943 0.48 1 2.7847 0.16 1 2.7820 0.16 MTD Accrued $ 4.39 4.39 4.39 4.39 4.39 4.39 4.45 4.93 5.10 5.26 5.42 5.90 6.06 6.22 Intarest Credited $ 0.00 MTDPAID $ Statement for Account.~ 02/01/08 - 02129108 3e91" Date )2/27/08 Money Market Fund Account Interest Credited Number of Days Interest Rate Interest Accrued 1 2.7730 0.16 Balance 2,086.33 MTD Accrued 6.38 $6.38 rotallnterest income nvestment Description \MEX SPDR INDEX JTILITIES SELECT INDEX ,PARTMENT INVT &MGMT CO MTD PAID 6.38 co Account Symbol! Type CUSIP Margin XLU Margin Positions Closed This Period Purchase Cost Quantity Date Basis 1,000 08/17/07 $ 38,240.00 AIV rota I $38,240.00 Sales Proceeds $ 39,769.56 Realized Galn(Loss) $ 1,529.56 ST 02101108 02/01/08 Sale Date 02/13/08 30.97 $39,800.53 % 30.97 ST $1,560.53 Gain(Loss) 4.0% Trades Pending Settlement nvestment Description 3ELL Account Symbol! TYPit CUSIP Margin XLU page 6 of9 Quantity 4,000 Trade Price Date $ 38.85 02/28/08 Settle Date 03/04108 Amount $ 155,398.29 Statement for Account _ 02101/08 ¢ 02129/08 )ate Check :Ieared Number )pening balance 12/01/08 Date Written Transaction 02/01/08 Received 12/04/08 02/04/08 Delivered 12106/08 02/06/08 Received 12/07/08 02/07108 Delivered '2/14/08 02/14/08 Received 12115/08 02115/08 Received 12/19/08 02/19/08 Received 12128/08 02/28/08 Delivered Money Market Fund Account Activity Tracking Descri~tlon Code Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Purchase Tdam.Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se Expense Code Amount Balance $12,978.10 $ 386,206.40 399,184.50 (399,184.50) 0.00 51,121.47 51,121.47 (51,118.70) 2.77 790.00 792.77 700.00 1,492.77 593.56 2,086.33 (2,086.33) 0.00 $ 0.00 :Ioslng balance Important Information Keep this statement for income tax purposes page 7 of 9 #_ Statement for Account 02/01/08 - 02129108 Important Information he above prices are provided only as a general guide to value your portfolio. Current quotations are available through TO AMERITRAOE. Certificates of deposit re priced at market prices. Sale of bonds prior to maturity may result in a loss of principal. Mortgage backed positions are valued using the remaining balance and Ie current market price. on-Standard Assets: This statement shows all assets in your account including certain direct investments that may be held by a third party. TO AMERITRAOE Is Jt responsible for third-party Information, including the valuation of certain non-standard assets. The price shown represents an estimated value that is provided by " annual report or other source. The estimated value of these assets may not be realized when you try to liquidate the position. Assets held by a third party are not )vered by the Securities Investor Protection Corporation (SIPC) page 8 of9 Portfolio Report Guide AMERITRADE provides monthlY Portfolio Reports for accounts with activity and quartal1y oorts for If\actlve accounts with assets. 1 rtIOllo Summ ary ICks the current value of your portfolio ss of the nsport dete and compares It to the prior nth) The a.... t allocaUon Indicate. your portfolio dlversl1ication by Investment type. I~ple allocations unde,r 5% will be grouped Into the category of ·Other" In the pie chart. ",In Equity .. Total Ac<:ount Equlty/(Tolal Long Marglnable Value + Total Short Value) livIty Summary ,opening and closing cash balances are reconCiled here for your quick reference, All :aunt activity Is summarized for the current perkld and year-te-data. om. & Exp.ns. Summary (non-IRAa only) ,section details the Income and expense IOtals from the Actlvlly Summery and clauifie. lax treatment. IIr.ment Accoun! Summary (IRAe only) ,lew the IRS regulated transactions lor the current and prior yeans. IRS Form 549B fair rketvalue ill based on the current vatue as 01 December 31 of the previous year end wilt be Iished to the Intemal Revenue Service. 'forman..,. Summary nltor your annual portfolio performance and the unrealized gains and losses lor your future ,atment stretegy. loun! Poaltlon. w your Investments at the currenllnllrket value and compare the original cost to s... oali2:ed gains and losoes In your portfolio. Original cost Is aslgned using the first-In, finst-out :0) method, which assumes the first share. you sail are those you purchased finst. The mated Investment Income 2 and average cost per share are displayed lor your relerence (the Ht purchase date Is shown lor an indication alyour holding penod). TO AMERIl HADE TO AMERITRAOE does not pw.ide ~ legal, orlBX atMce. Please consult your legal adWIor or !aX aa;:ountant wI'Ien nec.eIISaIY. As a standard industJy pradice, phOne COI'MInsations may be reca:ded for quailty (XltlII'o1 and trBrtsactIon ",rlftcation purposes. For TO AMERITRADE lnstibJIjonal clients, your 8d<.<Isor linn Is seperale from and nol affillalBd with TO AMERITRAOE, Inc. or TO AMERITRADE Oeanng, inc., and each linn Is not responsJble for the products III1d s8lllices of 1tte other. Accuracy of Repom If you lind any e."".. CC' omIaelons In your account sla18lT11nt you ahould IlllITIOdIalltlycall us at Ihto nunaor IIa1Itd on page one of yow .!Alman!. You should also QOn!IIct our C'-Ini linn. TO AMERITRADE CIMling, Inc. at 402.a70-77:I4. PIeaM re;;aw this stamment careflJUy. ~ you disagree with any transaction, or If there em any elTOn! or omlasions, please noilly 8 alMt Set\/lces mpresenta1t.e or your lOcal bmnch ofIice. "" well a6 TO AMERITRAOE Clearing, nc.ln WTidng will'lln ten (10) days of your receipt of this a_ment. Any 0l'Il1 stalootnents lIIat you h ..... made to us shoold be confirmed in wrillng. The stell!ment will othe/Wise be CO<'Isldered CCiOdus"..... Pleese noIIIy uspromplly of eny changes in your OO!lIBCt information. Tran88C1lons I8ftec1ad on your report will be oonclusi".,ly deemed ao::urate unless you nodly TO AMERITRADE Immediately. lount Aetlvlty Tu The poIIIbIlorepolt Is nol a tax document You will racei..., Form 1099 lor annual tax "'POrI!ng In compliance wllh IRS requlremenlll (11'IQJ\Jdes _Ie Interetl~ dMdends, capital gains, _ withheld, and Sales ~s)< Some payments are subject to reclaMl1\cat!on whiGtl will be relledl!d on subsequent IBX rep:lIts. lnca. de. Pending hlll.men! lftrm your executed trades with II settlemenl date aftar month end. These transactions wi!! refteetea In the Account Activity section next month. ¢ nOrd.rs flew your open IImlt.onders for accuracy and notify us Immediately II you wish to change or leel an order. Ih Managem.nt Activity Ih management transactions (including check, debit card and A Th1 ectivlty) that cleared 11'19 this month ens tlsted In date order. Reporting Cost Basis Cost-Baslll, tax tot and performance reporting and Gainskeaper am offered and conductad by CCH INCORPOAATED. TO AMERITRAOE is not responsible fortl1e raliability or suitability of the information. TO AMERITRADE and its lrlformation p!'Ol>ldera ('Pro'oidera") do not guamnlM the accuracy of tI1e Inlormation and data p""';ded. CCH INCORPORATED Is a separate company and is not affiliated with TO AMERITRADE . Margln and 0pII0na Account Agreements PItIITIp1Iy acMse TO AMERITRAOE In wrtting of any cI1ange in your in_!ment objectM>s or financial sibJeeon as they pedain ID your margin or options account agRIBments. A summary of commissions and cI1a..,es Incurred wtth!he e>ecutlon of options transactions Is available. Current Market Pricft The marlee! 'o'lIlues of aecurilies tts.... been obl8lned, awlIable, from quotadon SeMces and other Independent sourt:eS, Values are based on the doSing price, the mean between !he bid and asldng prices, or 0Iher melhoda. Non-f>riced securities are indlc:al!ld by 'NP" and may I!ffect sl:alement balances and 1D1aIs. The IIQ/uatIons on your pocttolIo !aport are pn;Mded as gooll!l!llnfomle1ion and we do not gullf1lnlee the IIICCUI'IICY of any securtties prices. n 'ue to rOlJnding adjustments, tI1e statement details may not equal the statement tolals. sUrriated Annuel tnccme and EsUmatad Annual Yield values are based upon the number of ,rea owned as of the .tatement date and the most recent dividend rata provided Dlsclm;ures All transecllons are subject to (I) tl\e constitution, rules, mgulatlons, customs and usages of the exchange or rnarle"t, and 1111 clearinghouse, II any, on which such transactions ans executed; (II) lederallaws, Including the Securides Act of 1933 and the Securities Exchange Act 01 1934, each as amended to dab!! and In the luture, and the nula. and r..guladono promulgated thereu nder; and (III) the rules and regulations of the NASD end the Federal Reserve System. For en Investor brochure that IncludeS Information describing !l1e NASD's Public Discioauns Program. please contact the NASD at 800-289-9999 or WYIW.naSdr.CQm, m The Interest rata shown for AMERITRAOE Cash i. taken from the applicable Interest rate tier for !he Market Value bala nee In the AMERITRAOE Cash, .s 01 the statement closing date. Simple interest i. accrued dally baled on the InlBrst rate tier applicable to each day'. balanea. Interest rateo on TO AMERITRAOE Cash balanC1lla are baoed on tiers as delermlned by balances held In those sweep vehicles ¢ ¢ lollows: $.01 to $1 ,999, $2,000 to $9,999, $10,000 to $24,999, $25,000 to $99,898, $100,000 and above m The annual percentage yiald aarned lor the statement perloo on Account Prototdlon Deposits made into II TO Bank USA. NA Money Me",et Deposn Account are Insured by Itte FDIC (not t:XNered by SIPC) up Il:l $100,000 per deposIlor (up to $250,000 of prolllction ror the COfI'Ibined tJ:lIal of the traditional and RottliRAs. seIf-directed Keogh. and cet1llln ottler I8lirement acoounlll). Securities. including mutlJal lunds. held In your Brokerage ACCOlJnt am nol deposits or obligations of, Of guaranlMd by, any bank, are not FDlCinsured. and in\Q!", In_tmenl riSKS, including pouibIe lOss of principal. TO AMERITRADE. Inc. Is a membet 011119 Sacurities In_tor ProleC1lon Corporation. Securtties in your account PI'OlOCIl'Xi up to $500.000. For details, pl...... e ...sil wwwJllpo.orgorc.alt(202)371-8300. Up Il:l an eggregate of 250 million of additiorW securilie& protection, of whiGtl $900,000 may be applied Il:l cash, Is ~ by London insu","" also hmited ID a combined return 10 any client from a Trustee, SIPC and London 01 S15() million. This co.erage prtMdes you pmIecIIon against brokerage Insoil....1ICY and does not protect against loss in m9l1<a1 \lall/B 01 the securities. account activity I. Clearly deflned, tisted In date order, and re~ected in the closing cash ,Itlon. Clo.ed thl. Month iJdes securities sold this month showing the oldest trade date lor the original purchase and realized Gain or·loss. Regulatory Umi1ad Pat1nersh1ps and IlC>f'lolIIIded Real Estate In~nl Trusts are ganetaJly UUquid and hINo no public marlt:els; amualllllluations an; obtained !!om a third party or the general pMner. The 8OO:II1dety1Tl8ll<&tforCelll!lcaIBII of Deposits (CDs) Is generally IIllquld and the<ldual \OiIua maybe dil!erent!!om the purchs:se price. A significant loss of principal may IUlUlt from the sale of a CD prtorto maturity; Portfolio report\etuations may not ",presento.eJes~. m AMERITRADE Cash balance8 Is an annualized rate that refleCI& the telationship between the amount ollntenest actually earned In your accounts during the statement period and the average daily balance In the acctlunl for the period Financial Sl8tement NotifloaUon The statement of financial condh",n lor TO AMERITRAOE is .,a,iable twice a year and may be obtamed a' no cost l via the intemet al http://WWw.taamentrade.comifinanclalstatement.html. Allocation Method In the event any of your securities are called or aSSIgned, the securities selected on an impartial, random basis. wm be Free Credit B.lan.... (Rule 15e3-2 & 3) ,Under the client proleCtlon rules. we may ule free credit batances in your account In the on;linary cou",e of our bualness which are payable to you on demand. n Margin Accounts (Ragulauon if you have a margin account. this report is a combination or your ma",in eccouni and a opeClal memorandum account. Trading on margin poses additional risks and Is not suitable for 811lnveolora. A complete IiSI 01 the risk. essoclated with margin trading Is available In the margin risk disclosure document You may obtain a copy of this document by contactinQ us al the number listed on page one 01 your statament. Payment for Order Flow iSEC Rules 606 and 607) In Some circumstances, m AMERI1AAOE receives compensation for directing eeriain over-the-countar and listed equitY Order Ilaw to selected market maKers. broksl15 or dealers. Compensation is In the form of a per share cash payment. We post quarteriy reports disclosing the venu... lor order routing execullon at www.tdameritrade.com. A written copy Is available upon reqlJ<lst. It Is our policy, absent client ordars to the contrary, to select brokers, dealers, and market maken; based on tI1e abRIty to prollide bBSt execution and the of seeking price Improvement on market ordens. Price Improvement Is Ie under certain market conditions. and we regularty monitor eXOl(;utions to lest for such Improll8ment If available. Trade Conflrmatlon. (Rule 10b-10) All conflrma~ons are transmltled on the InInsactlon date Privacy Policy Notlflcatlon A copy of the TO "'MERITRADE prillacy policy Is avallaols at WN\N,tdametitrac6.com m AMERITRADE Statement Reporting Period: 03/01/08 - 03/31/08 Apex Statement for Account 10-669-3900 ) AMERITRAOE VISION OF m AMERITRADE INC ) BOX 2209 IAAHA, NE 68103-2209 nvestment londs ~argin Loan ~ Announcements: KIMBERLY JANE ANDREWS & BRET WILLIAM ANDREWS COMMUNITY PROP Current Value $ (382,347.34) Prior Value $ (8,920.52) Portfolio Summary Glo Period Estimated Change Change Income $ $ (373.426.82) (4186.2)% 1,363,604.68 1,860,225.86 (496,621.18) ROLL OVER YOUR OLD 401(K) OR IRA TO TO AMERITRAOE AND PUT YOUR MONEY TO WORK FOR YOUI VISIT A BRANCH NEAR YOU BY 7/31/08 AND GET A FREE RETIREMENT CONSULTATION. OR CALL 888-365-2739 TO GET STARTED NOW. Estimated Yield Portfolio Allocation Portfolio Allocation 21.9% Margin Loan 21.9% ~MOA ~oney Market ihort Balance itocks ,hart Stocks >ptions ihort Options ~utual Funds 'otal 0.9% 78.1% 78.1% $981,257.34 $1,851,305.34 ($870,048.00) (47.0)% $12,727.44 1.3% 100% 72.0% ash Activity Summa Income & Expense Summary Current :.oslng balance 12,727.44 Stocks Nargin equity )pening balance iecurities Purchased lecurities Sold :.unds Deposited ;unds Disbursed rlcome :xpense )ther (26.7)% YTD ($8,920.52) $45.50 (1,678,472.81) 1,944,815.67 286,570.00 (1,348,502.63) 11,454.33 (1,803.90) 403,546.50 ($382,347.34) 415,515.39 146,800.00 (935,502.63) 1,540.00 (1,790.67) 11.09 ($382,347.34) page 1 of 7 Performance Summa Taxable Non-Taxable Income Dividends Interest Other Expense Interest Fees Net $1,540.00 YTD YTD Cost Basis As Of - 03/31/08 $11,360.46 Unrealized Gains 93.87 Unrealized Losses Funds Oeposited/(Oisbursed) Income/(Expense) (1,803.90) Securities $ (1,790.67) Received/(Oeliver~d) ($250.67) $0.00 $9,650.43 $1,173,300.71 209,567.54 (19,263.57) (1,061,932.63) 9,650.43 0.00 Statement for Account ~ 03/01/08 - 03/31/08 Apex Savings Your Apex status continues to save you money. You saved an estimated $50.00 in service fees this month. Free acess to NASDAQ Level It, Streaming News and Advanced analyzer saves you $59.97 per month in subscription fees. Income Summary Detail Current $ 0.00 0.00 (1,790.67) 1,540.00 11.09 )e.cMptlon )rdinary Dividends i'lterest Income Credit Balance ~argln Interest Charged lualified Dividends ~oney Mkt Fund Div Year to Date $ 0.01 93.87 (1,803.90) 2,240.00 241.31 Account Positions r'lvestment Description Symbol! CUSIP Quantity Current Price XLE 5,100 $ 74.06 BDE 9,100 21.49 195.,559.00 11/27/07 176,398.95 19.38 19,160.05 CHQ 107,300 3.30 354,090.00 10/11/07 373,353.57 3.48 (19,263.57) G?I 11,000 23.48 258,280.00 01/17/08 239,133.67 21.74 ILF 700 252.50 176,750.00 09/29/06 99,529.92 TIl 77 15.84 1,219.68 05/13/05 675.10 Market Value Purchase Date Cost Basis Average Cost Unrealized Gain(Loss} Annual Income Yield $ 4,137.32 1.1 % 19,146.33 6,160.00 2.4% 142.19 77,220.08 2,430.11 1.4% 8.77 544.58 ltocks ¢ Margin 1M EX SPDR INDEX :NERGY SELECT INDEX lOIS D'ARC ENERGY LLC ;OM ;HALLENGER ENERGY COR? ;OM ,ROUP 1 AUTOMOTIVE INC. ;OM SHARES .&P LATIN AMERICAN 40 \JDEX FD 'ETRA TECH INC DEL COM $ 377,706.00 09/29/06 $284,209.50 $ 55.73 $ 93,496.50 'otal stocks $1,363,604.68 $1,173,300.71 $190,303.97 $12,727.43 0.9% 'otal Margin account $1,363,604.68 $1,173,300.71 $190,303.97 $12,727.43 0.9% Account Activity irade late Settle Date Account Transaction Description Type )pening bala.nce 12128/08 03/04/08 Margin Symboll Cusip Quantity Price Amount Balance $ 155,398.29 146,477.77 ($8,920.52) Sell AMEX SPDR INDEX UTILITIES SELECT INDEX page 20f7 XLU 4,000 $ 38.85 Statement for Account 03/01/08 - 03/31/08 Account Activity rrade late Settle Date Account Type Transaction Description Symbol! Cusip )3/04/08 03/04/08 Margin )3/05/08 03/05/08 Margin )3/05/08 03/05/08 Margin Div/lnt TDAM MONEY MARKET PORTFOLIO SELECT Money Market Fund Dividends Payable: 03/31/2008 Money Market Fund Divi 11.09 )3/06/08 03/06/08 Margin Journal REDEMPTION TDAM MONEY MARKET PORTFOLIO SE )3/05/08 03/10/08 Margin Sell SNG )3/06/08 03/11/08 Margin Sell CANADIAN SUPERIOR ENERGY INC COM POWERS HARES QQQ )3/10/08 03/13/08 Margin Sell )3/12/08 03/17/08 Margin Sell )3/17/08 03/17/08 Margin )3/17/08 Quantity Price Amount PURCHASE TDAM MONEY MARKET PORTFOLIO SE 0.00 (146,477.77) WIRE FUNDS WIRE SENT 03/05/2008 13:50:06 Journal 0.00 (809,716.00) Balance 0.00 (809,716.00) 0.00 11.09 (809,704.91 ) 0.00 146,4 77. ('7 (663,227.14 ) 9,000- 3.35 30,149.66 (633,077.48) QQQQ 2,100- 42.59 89,438.01 (543,639.47) CANADIAN SUPERIOR ENERGY INC COM CANADIAN SUPERIOR ENERGY INC COM SNG 9,400- 3.29 30,925.65 (512,713.82) SNG 10,500- 3.35 35,174.61 (477,539.21) Divllnt GROUP 1 AUTOMOTIVE INC. COM Payable: 03/17/2008 QUALIFIED DIVIDENDS 1540.00 GPI 0.00 1,540.00 (475,999.21 ) 03/17/08 Margin Ck# TO BANK USA CHECKING Check #:115 0.00 (8,986.63) (484,985.84) )3/13/08 03/18/08 Margin Sell CANADIAN SUPERIOR ENERGY INC COM 10,300- 3.30 33,989.62 (450,996.22) )3/20108 03/24/08 Margin (433,196.22) 03/28/08 Margin 2,000- 0.00 20.22 17,800.00 )3/25/08 40,439.55 (392,756.67) ZTD89 SNG ACH IN Sell BOIS D'ARC ENERGY LLC COM page 3 of 7 BDE Statement for Account 03/01/08 - 03/31/08 Account Activity Account Type Transaction Description rrade late Settle Date '3/28/08 03/28/08 Margin Cash Rec'd 13/28/08 03/28/08 Margin Ck# 13/31/08 03/31/08 Margin Oiv/lnt Symbol! Cusip Amount Balance 0.00 129,000.00 (263,756.67) 0.00 (116,800.00) (380,556.67) 0.00 (1,790.67) (382,347.34) Price Quantity CASH RECEIPT ROC 106 TO BANK USA CHECKING Check #:117 MARGIN INTEREST CHARGE Payable: 03/31/2008 :Ioslng balance ($382.347.34) TO AMERITRADE Cash Interest Credit/Expense legln .Date 3/01/08 3/05/08 3/10108 3/11/08 3113/08 3/17/08 3/18/08 3124/08 3/28/08 Margin Balancfil $ (8,920.52) $ (663,227.14) (633,077.48) (543,639.47) (512,713.82) (484,985.84) (450,996.22) (433,196.22) (380,556.67) Number of Days 3 5 1 2 4 1 6 4 4 Credit Balance Interest Rate 6.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 'otallnterest Income/(expense) aegln Date 3/04/08 'otallnterest income Balance $ 146,477.77 Account Symbol! westment Description Type CUSIP ;OIS D'ARC ENERGY LLC COM Margin BDE SNG :ANAOIAN SUPERIOR ENERGY IN Margin :OM ;ANAOIAN SUPERIOR ENERGY IN :OM "SAd) Margin SNG page 4 of 1 Money Market Fund Account Interest Credited Number of Days Interest Rate Interest Accrued $ 11.09 2.7633 Positions Closed This Period Purchase Cost Quantity Date Basis 2,000 11/27/07 $ 39,142.00 9,000 01117/08 32,490.00 9,000 02/04/08 (2,340.34) Sale Date 03/25/08 03/05/08 03/05/08 Interest Debited $ 5.02 $ 437.55 83.53 143.46 270.60 63.99 357.04 228.63 200.85 $1,790.67 Interest Credited MTD PAID $ 11.09 $11.09 MTD Accrued $ 11.09 Sales Proceeds $ 40,439.55 30,149.66 $ 0.00 Realized Gain(Loss) $ 1,297.55 ST (2,340.34) ST % Gain(Loss) 3.3% (7.2)% 2,340.34 ST (100.0)% .. Statement for Account 03/01/08 - 03/31/08 Positions Closed This Period Purchase Cost Quantity Date Basis 2,000 01/17/08 7,220.00 % SUPERIOR ENERGY IN Account Symboll Type CUSIP Margin SNG SUPERIOR ENERGY IN Margin SNG 7,400 02/04/08 28,046.28 03/10/08 SUPERIOR ENERGY IN Margin SNG 9,400 02/13/08 (4,340.63) 03/10/08 SUPERIOR ENERGY IN Margin SNG 1,600 02/04/08 6,064.06 03/12/08 5,359.94 (704.12) ST (11.6)% SUPERIOR ENERGY IN Margin SNG 8,000 02/04/08 28,240.00 03/12/08 26,799.70 (1,440.30) ST (5.1)% SUPERIOR ENERGY IN Margin SNG 900 02/13/08 3,438.03 03/12/08 3,014.97 (423.06) ST (12.3)% SUPERIOR ENERGY IN Margin SNG 1,600 02/13/08 (704.12) 03/12/08 704.12 ST (100.0)% Margin SNG 200 02113/08 (36.01) 03/12/08 36.01 ST (100.0)% Margin SNG 10,100 02/13/08 40,086.72 03/13/08 33,329.63 (6,757.09) ST :ANADIAN SUPERIOR ENERGY IN :OM Margin SNG 200 02/13/08 732.01 03/13/08 659.99 (72.02) ST 'QWERSHARES QQQ 'QWERSHARES QQQ 'otal Margin Margin QQQQ QQQQ 2,000 100 09/29/06 02/01/07 81,640.00 4,401.00 $264,079.00 03/06/08 03/06/08 85,179.06 4,258.95 $260,117.10 3,539.06 LT (142.05) L T $(3,961.90) nvestment Description :ANADIAN :OM :ANADIAN :OM :ANADIAN :OM VSAdj :ANADIAN :OM :ANADIAN :OM :ANADIAN :OM :ANADIAN :OM VSAdj :ANADIAN SUPERIOR ENERGY IN :OM VSAdj :ANADIAN SUPERIOR ENERGY IN :OM )ate Check :Ieared Number )penlng balance 13/04/08 Date Written Transaction 03/04/08 Received 13/06/08 03/06/08 Delivered Sale Date 03/10/08 Sales Proceeds 6,579.93 Realized Galn(Loss) (640.07) ST Gain(Loss) (8.9)% 24,345.72 (3,700.56) ST (13.2)% Money Market Fund Account Activity Tracking Descrietlon Code Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se 4,340.63 ST Expense Code (100.0)% (16.9)% (9.8)% 4.3% ~% $ 146,477.77 Balance $ 0.00 146,477.77 (146,477.77) 0.00 Amount $ 0.00 :Iosing balance Important Information page 5 of 7 - Statement for Account 03/01/08 - 03/31/08 Important Information Keep this statement for income tax purposes Ie above prices are provided only as a general guide to value your portfolio. Current quotations are available through TD AMERITRADE. Certificates of deposit e priced at market prices. Sale of bonds prior to maturity may result in a loss of principal. Mortgage backed positions are valued using the remaining balance and 9 current market price. )n-Standard Assets: This statement shows all assets in your account including certain direct investments that may be held by a third party. TD AMERITRADE is It responsible for third-party information, including the valuation of certain non-standard assets. The price shown represents an estimated value that is provided by annual. report or other source. The estimated value of these assets may not be realiz.ed when you try to liquidate the position. Assets held by a third party are not ,vered by the Securities Investor Protection Corporation (SIPC) ~quired Annual FINRA Information: FINRA maintains a toll-free Public disclosure hotline where investors may call to request disclosable background information on Iy licensed broker or broker-dealer. To call the hotline, dial 1-800-289-9999. FINRA also maintains an Internet web site where investors may obtain useful 'ormation concerning FINRA policies. procedures and services. The web site can be accessed at WINW.finra.org. Additionally, FINRA has a brochure which Iscribes the investor education and protection program. You may request this brochure either through the FINRA web site or by calling the toll-free public disclosure Itline. }rtain purchases of Class A Mutual Funds may be eligible fora breakpOint discount on the sales charge. To learn more about breakpoint discounts, go to :p:/IWINW.flnra .org/web/groups/rules_regs/documentslrules_regs/p01 0543.pdf luity And Option Positions In Gfi Group, Inc., Which Is Scheduled To Split An Ex-Dividend Date Of 4/1/2008, Is Reflected After The Effects Of The The Security Positions And Account Activity Sections Of This stement. page 60f7 TO Portfoho Report GUide ~MERl1RAoE provides monthly Portfolio Repom. for eccountll with adMty and quarterly RegUlatory AMERITRADE ,rIS for Inactive accountll with assets. 1 lDAMERfI'RAOE dOeII notprtMde 1n\.esIrnent.legal, ortaxacMce. PIeas& COI1SIit your legal ~ or tax ecr:auntant when necessary. tv. a st:!lndard Industry pnk:IIaa, phone cocr.ersations may be I'IlICQIdeIcI b- quality oonllol end transaction ;eriflcstIon purpoaeos. Itollo Summary :1<8 the ~unnsnt value of your portlolio 8S of the report datAl and compares It to tile prior ItIl. 2 The essetallocatlon indicates your portfolio diversification by Investment type. m AMERIlRADE, be. or m AMERfTRAoE C1e.aring. Inc.. and each firm Is not responsibie for the 'dple allocations under 5% will be grouped Into the categOry of 'Other' In tI1e pie chart. kcurM'y ", Reports gin Equity. Total Account Equlty/(Total Long Merginable Value .. Total Short Value) /I you find any ...,...,... or omiealons In your IICCOW'II_nt you should Inwnedt_1y call LIS at the nLll'1"ber Itlt.d an _ one of your stale....nt. You should contact our Cteertng flm1, TO AMERITRADE CIe!u:1n;, Inc:. 111402-870-7724. Pleese I'IMew this sl3tement carefUlly. ~ you dI:!IagreG will any transaction, or If Ihere are any errors or oml1ssions, please noltfy a alent SIlf\'Icas IeIlrasentalil.e or your local branch office, as well as m AMERrTRAoE Clearing, Inc. In writing will'n ten (10) dIIyI of your receipt of this staiBmenl AnyoraJ stalBments that you haw made 10 1.19 should be corrlirmaa In writing. The stal8ment will othetWise be considered COr1Ciusllla, Ivtty Summary opening and closing caah balances are reconciled here for your quick reference. All )I.lnt setlvlty is summaril:ed for the current period end ysar-to-dalll. IIfte & Expenell Summary (non-IRA. only) ,section details the Income and expense totals from the Activity Summary and classifies ISX tre8im8nl. '",manl Account Summery (IRA. only) lew the IRS regulated transactions tor the current and prior yea"'. IRS Form 5498 fair kat VIIlue hi besed on the current value as of Oecember 31 of the previOUS yeer and will be shed to the Interne' Revenue Service. 'omllln~ Summary ,itor your annual portfolio pertormance and the unrealized gains and 10s98. for your Mure atment slralegy. Ollnt Po.ltlons ¢ your IlMIstmen1lS at tha currant market value and compare the original cost to see ",llzed gains end louas In your portfolio. Original cost hi assigned using the firat"n. first·out 0) melhod, which eRumes the first ahar. you 1811 ere those you purchased first. The l1IIted Investment Income 2 and average cost per shere ans displayed for your ",f"",nee (the sl purchsse date I. shown for an Indication of your holding Ollnt Activity =I.lnt actMty is cleeriy defined. listed In data order, and ns"ectad in the closing cash nee. lIIonl Cloud this Month Ides securities sold this month showing the aides! lrade date for the original purchase and realized gain or loss. l .. Pendtng Settlement firm your executed trades w~h a settlement date after month end. These transactions will 'fleeted In lha Account Activlly section nexl month, .nOnden lew your open limit ordera for accuracy and notify us Immediately if you wi.h :.1 an order. h Manlll!ement Activity h management transactions ng this month are listed In to change or chad<, debit card and ATM sctlvlty) Ihat cleared Je to rounding adjustments, the statemenl details may not equal the .tatement totals. ltimated Annual tncome and EsUrnaied Annual Yield values are based upon the number of 'es owned lIS 01 tha sl8tement date end the most recent dividend rate provided For TO AMERIlRADE In$til1Jtlonai cllems, your ecMsorfirm Is aepe!I!le from end not dlalsd with prod\X:ts and ""r.lces of the other. .0 PIeeM I'IO!ify us prompdy of any changes In your conlaCt informelton, Transactions relectad on AMERfTRADE your report wOl be conclusi-..ely deemed accurate unless you noltfy immedialely. m Account ProIectIon 0ep0ejIs made into a 10 Bank USA, NA Money Market Depoeh Account are insured by the FOIC (not covered by SIPC) up to $1()(),000 per depositor (up to S250,OOO of pro!ec:ljon tor the combined total of the tradiIional end Roth IRAs. sell-<lireded Keoghs and certain other retirement =oots), Securities, ineluding mutual fUnds, held in your BroIcemge Account are noldeposi!3 or obligations DisGi()sures All transactions ans subject to (I) tha constitution. rules. regulations, customs and usages of the exchange or merket, and Its clearinghouse, ~ any, on Wtllch such tran&ecUons ans executed; (iI) lederailewa. Including the Securities Act of 1933 and the Securities exchange Act of 1934. each as amended 10 data and In Ihe future, and the rules and reguletions promulgated thereunder; end (UI) the rules and regulations of the NASD and the Federal R84erve SYitam. For en InveslOr brochure that Includas Information Public Disdosure Program. plsase contact the NASO at the NASD's 289-9999 or WNW ,nssdr .com. The Interest rate shown lor TO AMERITRAoE Cash is taken from the applicable Inlensst rete tier for the Marital Value balance In the TO AMERITRADE Cash, as of lhe stalement closing date, Simple Inlerest Is accrued daily based on the Interst rate tier applicable 10 eaCh day'. balance. Interest rates on TD AMERITRADE Cash balances are based on !Iel'll a8 determined by balances held In those sweep vehicles as follows; $.01 to $1,999. $2,000 to $9.999, $10.000 to $24,999,525,000 to $99,999. $100,000 end above The annual percentage yield eerned for the statemenl penod on TO AMERITRAoE C ¢ ¢h balanca. is an annuellzed rate that renects the relationship between the·amount of interest actually earned In your 8=unts during the statement period and the al/erage dally batance In the account for the period of, or guaranteed by, any bank, are not FOIClnsured, and iMlol"'lllrMlStment r1aka.lncludlng possible lou of prindpat. m AMERfTRADE, Inc. Is a member of !he Se<:J.Jrltles ·nvestot Proteclion Corpomtion. Secu1itIes in your account proll3ded up III $SOO.OOO. For details. plaaoe WIlt WWW.lllpc.org or cell (202)371-8300. Up to an aggregale of 250 mlUion of additional securltias proiIIc:IlOn, of which $900.000 may be appUed to cash,ls pfO'Aded by London Insurers, also Umlled to 8 combined notum to ilnydientfmm a Truela$, SPC and London of $150 miWon. This COIIIOIage pn:Mdes you protaction against brokerage Inso!lency and does not ptOtect against loss In man:et lIlIiue of ille IEICl.tritie.s, Financial Statement Notmcatlon The stetement of finanCial condition lor TO AMERITRADE I. available twiCe a year and may be obtained at no cost, vllllhe Inlemet al http.J/www.ldamerltr8de.comifinancia istatement.html. Tax ReponIng The portfolio report is not a tax document. You wlll f1)csiw Form 1099 for annual tax ",porting In compllance wlIh IRS reqlJinoments (lOCIudes _ble in_~ _ , capltai gains, _ wit!lIleId, end sale!! proceeds~ Some peymenIs are subject 10 mclassification whicn witt be Free Credit Belonce. (Rule 15c3·2 & 3) Under the client protection rules, we may use free cre.dlt balances In your a=unt In the ordinary course of our bUllness which are payable to you on demand. ~ on subsequent tax reports. Mergln Accounts (Regulation 1') If you have a margin account. tI1ls report i. a comblnaijon of your margin account end a spectal memorandum account. Trading on margin poses additional risks and Is not suitable for allll1VestDrs. A compiete list of the risks essociated with margin trading I. available In the margin risk disclosure document. You may obtain a copy of this document by conlactlM us at the number lisled on pege one of your statement. Cost B.'" CoIIt.alllls, tax lot end performance repordng and Gainskaepet are ofiellId and conducted by CCH INCORPORATED. m AMERfTRADE Is not responsible for the reliability or suitability of1he Infmnatlon. TO AMERfTRADE and its Irrto!mation pro";ders ("PrcMders') do not guarantao> the accuracy of the InfOrmation end data p""';ded. CCH INCORPORATED Is a saparaIB company and Is not sllllialed with m AMERrTRADE, MlI4"gln end Optlons A<x:oW'll As- Promptly IItMse TO AMERfTRADE In writing of any change In your I""""lment objectl_ or financiai aituation as 1I1ey pertain to your margin or opt!ons account agn38ments, A summary of commissions and charges lnc<Jrted with 1118 EIlC!lQJtion of options 1rBnsacnons Is 811l111ah4e, Current Markel Pr~ The mBIItet II8Iues of seaJrtties ha.... been obbllned, ~ !lll8lleb1e, fltIm quolBtion oEll\lces end other Independent soun:es. Values "'" based on 1I1e dosing price, the mean between the bid and asking prices, or CCher met!1ods. Nor>-Prload seaJiitlM _Indicated by 'N?" and may _ _moot balances end 1Otl>Is. The Y8Iuatio<1s on your portlollO repoIt are plt1>lided as general information and we do not guarantee 1I1e acancy of anY Sea.llities prices. UmImd Par1nemhl;>a and non.Jreded Reel EstBtB irMIs!ment Trusts are generally IU!quid end have no pub&: malkets; annuaIlIlIluaIians are 01ltVied from a 1I1kt1 party or !he general petlrW, The sec:onda'y market b- Cefllfica189 of Deposits (CDs) Is genemlly III>:\tAd and the adlJal wtue may be d Ifte!ant fltIm the putt:hase price. A slgniftcanllou of principal may result from the sale of e CD prior to mab.irity, Port1oIIo f1)port lIBluations may not represent sales proceeds. Allocillon Method In the avent any 01 your securities are called or assigned, the securities will be selected on an Impertial. random basis. Payment for Onder Flow ~EC Rules 606 and 607) In some circumstances, TO AMERITRADE receives compensation for directing certain over-lhe-countsr end listed equity order flow to selected market makers. brokers Or dealers. Compensation Is in the form of a per share cash payment We post quarterly reports disctosing the vanues for order routing execution at www.tdamerltrede.com. A written COpy is available upon request. Ills our poilcy. absent client orde", 10 the contrary, to .eleci brokers, dealers, and market make", based on the ebility to provide best execution and the history of seeking price Improvement on market orders. Price improvement i. aveiteble under cartaln market conditions. and we reguLarly monitor e~ecutions to tast for such Improvement if available. nede Conflrmatlons (Rule 10b-10) All confirma60ns are tranemltted on Ihe transaction date Prlvecy Policy Notlflcatlon A copy of the TO AMER!TRAoE privacy policy is available at www.tdameritrade.com !l AMERITRADE Apex Statement Reporting Period: 01/01/08 - 01/31/08 Statement for Account #_ _ )-669-3900 AMERITRAOE IISION OF TO AMERITRADE INC I BOX 2209 ~AHA. NE 68103·2209 Current Value $ 4,040.63 ivestment ands ash IMDA laney Market hart Balance tacks hart Stocks ptions hart Options iutual Funds otal Prior Value $ 45.50 WE WORK CONSTANTlY TO ENSURE THE SECURITY OF YOUR ACCOUNT. TO LEARN MORE· AND FOR STEPS YOU CAN TAKE TO HELP PROTECT YOURSELF ONLINE VISIT OUR SECURITY CENTER AT I.fI'NW.TDAMERITRADE.COMlSECURITYI Portfolio Summary Period % Estimated Estimated Portfolio Change Change Income Yield Allocation $ $ 3,995.13 8780.5% 1,126.44 27.9% 0.2% 12,978.10 403,305.19 (390,327.09) (96.8)% 2,184,751.05 1,748,217.49 436,533.56 25.0% Portfolio Allocation 0.6% 25,024.54 1.1% Other 0.8% 99.2% Stocks $2,201,769.78 $2,151,568.18 2.3% $26,150.98 1.2% Income & Expense Summa ash Activity Summary CUrrent 'penlng balance ecurities Purchased ecurities Sold unds Deposited unds Disbursed lcome xpense ther $50,201.60 99.2% 100% 100.0% largin equity lOSing balance Announcements: KIMBERLY JANE ANOREWS & BRET WILLIAM ANDREWS COMMUNITY PROP YTO $45.50 (1,554,212.81) 1,098,442.68 61,000.00 (1,000.00) 9,214.33 $45.50 (1,554,212.81) 1,098,442.68 61.000.00 (1,000.00) 9,214.33 390,550.93 $4,040.63 Income Dividends Interest Other Expense Interest Fees 390,550.93 Other $4,040.63 Net page 1 of 11 Performance Summary Taxable Non·Taxable $9,120.46 93.87 $9,214.33 YTO Cost Basis As Of· 01131108 $9,120.46 Unrealized Gains 93.87 Unrealized Losses Funds Deposited/(Disbursed) Income/(Expense) Securities Received/(Delivered) $ $0.00 $9,214.33 YTO $1,918,839.16 300,727.29 (34,815.40) 60,000.00 9,214.33 0.00 Statement for Account ~ 01/01/08 - 01/31/08 Income Summary Detail Current $ (10,939.54) 93.87 223.84 lescrlptioll_ .~ ._ _ _ _ __ )rdinary Dividends "!terest Income Credit Balance 10ney Mkt Fund Div Year to Date $ (10,939.54) 93.87 223.84 Account Positions westment Description Annual Income Yield $ 55.73 $ 70,750.50 $ 4,055.52 1.1% 38.24 4,900.00 6,543.60 3.3% 225,330.95 19.43 (3,770.95) 38,610.00 01/17/08 39,710.00 3.61 (1,100.00) 4.39 443.390.00 10/11/07 348.279.57 3.45 95,110.43 11,000 26.46 291,060.00 01/17/08 239,133.67 21.74 51,926.33 6,160.00 2.1% 700 240.44 168,308.00 09/29/06 99,529.92 142.19 68,778.08 2,430.11 1.4% MSFT 4,500 32.60 146,700.00 12/17/07 157,994.75 35.11 (11,294.75) 1,980.00 1.3% QQQQ 2,100 45.13 94,773.00 09/29/06 86,041.00 40.97 8,732.00 447.80 0.5% 65.42 15.65 64.83 130,840.00 12/31/07 147,560.00 675.10 99,174.70 73.78 8.77 66.12 (16,720.00) 2,800.00 2.1% 529.95 (1,929.70) 607.50 0.6% Symbol! CUSIP Quantity Current Price XLE 5,100 $ 69.60 XLU 5,000 39.22 196,100.00 08/17/07 191,200.00 BDE 11,600 19.10 221,560.00 11/27/07 SNG 11,000 3.51 CHQ 101,000 GPI ILF Market Value Purchase Date Cost Basis Average Cost Unrealized Galn(Loss) .tocks ¢ Margin MEX SPDR INDEX .NERGY SELECT INDEX MEX SPDR INDEX 'TILITIES SELECT INDEX OIS D'ARC ENERGY LLC OM ANADIAN SUPERIOR NERGYINC OM HALLENGER ENERGY CORP OM iROUP 1 AUTOMOTIVE INC. OM )HARES &P LATIN AMERICAN 40 JOEX FD IICROSOFT CORP COM OWERSHARES QQQ ROCTER GAMBLE CO COM ETRATECH INC DEL COM ANGUARD INDEX TRUST IPERS MSCI US SM CAP PG TTl VBK 2,000 77 1,500 $ 354,960.00 09/29/06 $284,209.50 1,205.05 05/13/05 97,245.00 03/07/07 otal stocks $2,184,751.05 $1,918,839.16 $265,911.89 $25,024.53 1.1% otal Margin account $2,184,751.05 $1,918,839.16 $265,911.89 $25,024.53 1.1% page 2 of 11 Statement for Account 01/01/08 - 01/31/08 Account Activity rrade )ate Settle Date Account Type Transaction Description Quantity Price Amount Balance $45.50 )penlng balance 11/04/08 01/04/08 Cash Divllnt 11/07/08 01/07108 Cash Journal 2131/07 11/02108 01102/08 Margin 01/02/08 Margin Journal 11/03/08 01/03/08 Margin Div/lnt '1/03/08 01/03/08 Margin Div/lnt '1/03/08 01/03/08 Margin Journal 2/31/07 01/04/08 Margin Buy 2131/07 2131/07 2131/07 01/04/08 Margin Sell 01/04/08 Margin 01104/08 Margin Buy Buy APARTMENT INVT &MGMT CO COM 2131/07 2131/07 01104/08 Margin 01104/08 Margin Buy 2131/07 2131/07 213'1/07 2131/07 Symboll Cusip ADJUST MONEY MARKET INTEREST Payable: 1213112008 MOVE CASH BALANCE TO MARGIN $ 0.00 0.00 (93.81) 45.50 ACHIN PURCHASE TDAM MONEY MARKET PORTFOLIO SE AMEX.SPDR INDEX UTILITIES SELECT INDEX Payable: 01/03/2008 Ordinary Dividends 1635.90 AMEX SPDR INDEX ENERGY SELECT INDEX Payable: 01/03/2008 Ordinary Dividends 1013.88 0.00 7,000.00 (7,045.50) 7,045.50 0.00 XLU 0.00 1,635.90 1,635.90 XLE 0.00 1,013.88 2,649.78 0.00 (2,649.78) 0.00 1,000 34.69 (34,690.00) (34,690.00) CSCO 4,000- 27.04 108,158.34 ORCL AIV 7,000 22.72 (159,040.00) 73,468.34 (85,571.66) 1,000 34.71 (34,710.00) (120,281.66) MICROSOFT CORP COM MSFT 2,000 (71,620.00) Buy VENOCO INC COM va 500 35.81 19.9899 (9.994.95) (191.901.66) (201 .896.61) 01104/08 Margin Buy PROCTER GAMBLE CO COM PG 2,000 (147,560.00) (349,456.61 ) 01104/08 Margin Buy VENOCO INC COM 900 (17,964.00) (367,420.61 ) 01104/08 Margin 01104/08 Margin Buy Buy VENOCO INC COM va va va ( 19,999.90) (4,630.72) (387,420.51 ) PURCHASE TDAM MONEY MARKET PORTFOLIO SE APARTMENT INVT &MGMT CO COM CISCO SYSTEMS INC COM ORACLE CORP COM VENOCO INC COM page 3 of 11 AIV 1.000 232 73.78 19.96 19.9999 19.96 $ 93.81 139.31 0.00 (392.051.23) Statement for Account _ 01/01/08 - 01/31/08 Account Activity Account Type Transaction Description irade late Settle Date )1/04108 01/04/08 Margin Divllnt 11/04/08 01/04/08 Margin Journal 11/07/08 01/07/08 Margin Journal 11/07/08 01/07/08 Margin Journal 11/16/08 11/17/08 01/17/08 Margin 01/17/08 Margin Journal '1/16/08 01/22108 Margin Buy '1/16/08 01/22108 Margin Buy 11/16/08 01/22/08 Margin '1/22/08 Symboll Cusip Quantity Price Amount Balance 0.00 2,430.11 (389,621.12) 0.00 389,621.12 0.00 MOVE CASH BALANCE TO MARGIN 0.00 93.81 93.81 PURCHASE TDAM MONEY MARKET PORTFOLIO SE ACH IN PURCHASE TDAM MONEY MARKET PORTFOLIO SE CHALLENGER ENERGY CORP COM 0.00 (93.81 ) 0.00 0.00 0.00 42,000.00 (42,000.00) 42,000.00 0.00 ISHARES S&P LATIN AMERICAN 40 INDEX FD Payable: 01/04/2008 Ordinary Dividends 2430.11 REDEMPTION TDAM MONEY MARKET PORTFOLIO SE ILF CHQ 6,000 4.00 (24,000.00) (24,000.00) CHALLENGER ENERGY CORP COM CHQ 700 3.86 (2,702.00) (26,702.00) Buy CHALLENGER ENERGY CORP COM CHQ 2,600 3.91 (10,166.00) (36,868.00) 01/22108 Margin Journal REDEMPTION TDAM MONEY MARKET PORTFOLIO SE 0.00 36,868.00 11/17/08 01/23/08 Margin Buy 11/17/08 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM GROUP 1 AUTOMOTIVE INC. COM '1/17/08 01/23/08 Margin Buy '1/17/08 01123/08 Margin 11/17/08 7/08 0.00 CHQ 4,500 4.00 (18,000.00) (18,000.00) GPI 1,000 21.74 (21,740.00) (39,740.00) CHALLENGER ENERGY CORP COM CHQ 4,000 4.00 (16,000.00) (55,740.00) Buy GROUP 1 AUTOMOTIVE INC. COM GPI 2,000 21.80 (43,600.00) (99,340.00) 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 200 21.63 (4,326.00) (103,666.00) 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 33 21.64 (714.12) (104,380.12) page 4 of 11 - Statement for Account 01/01/08 - 01/31/08 Account Activity rrade late SeHle Data 11/17/08 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 1,767 21.65 (38,255.55) (142,635.67) 11/17108 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 2,000 3.99 (7,980.00) (150,615.67) 7108 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 200 21.79 (4,358.00) (154,973.67) 11/17/08 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 2,800 21.80 (61,040.00) (216,013.67) 11/17/08 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 6,512 3.94 (25,657.28) (241,670.95) '1/17108 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 2,488 3.93 (9,777.84) (251,448.79) '1/17/08 01/23/08 Margin Buy GROUP 1 AUTOMOTIVE INC. COM GPI 3,000 21.70 (65,100.00) (316,548.79) '1/17/08 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM . CHQ 4,000 3.89 (15,560.00) (332,108.79) 1/17108 01/23/08 Margin Sell ORACLE CORP COM ORCL 7,000- 21.59 151,127.68 (180,981.11 ) 1/17/08 1/17/08 1/17/08 01/23/08 Margin 01/23/08 Margin Sell VENOCO INC COM VQ 3,000- 17.00 50,999.21 (129,981.90) Sell VENOCO INC COM VQ 3,632- 17.00 61,743.05 (68,238.85) 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 4,000 3.87 (15,480.00) (83,718.85) 1/17/08 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 5,000 3.8797 (19,398.45) (103,117.30) 1/17/08 01/23/08 Margin Buy CHALLENGER ENERGY CORP COM CHQ 1,000 3.88 (3,880.00) (106,997.30) 1/17108 01/23/08 Margin Sell APARTMENT INVT &MGMT CO COM AIV 1,600- 33.72 53,951.17 (53,046.13) 1/17/08 01123/08 Margin Sell APARTMENT INVT &MGMT CO COM AIV 1,400- 33.8601 47,403.41 (5,642.72) 1/17108 01123/08 Margin Sell APARTMENTINVT &MGMT CO COM AIV 2,100- 33.88 71,146.91 65,504.19 1/17/08 01/23/08 Margin Sell APARTMENT INVT &MGMT CO COM AIV 1,900- 33.79 64,200.01 129,704.20 Account Transaction Description Type page 5 of 11 Symboll Cusip Quantity Price Amount Balance Statement for Account 0.1/0.1/0.8 - 0.1/31/0.8 Account Activity rrade ) ate )1117/0.8 '1/17/0.8 '1/17/0.8 11/17/08 11/17/0.8 )1/23/0.8 11/18/0.8 11/18/0.8 11/24/0.8 11/25/08 11/25/0.8 11/28/0.8 11/31/0.8 11/31/0.8 Account Transaction Description Type Buy CHALLENGER ENERGY CORP 0.1123/0.8 Margin COM Buy CHALLENGER ENERGY CORP 0.1/23/0.8 Margin COM CANADIAN SUPERIOR ENERGY 0.1/23/0.8 Margin Buy INC COM 01/23/0.8 Margin Buy CHALLENGER ENERGY CORP COM CHALLENGER ENERGY CORP 0.1/23/08 Margin Buy COM 0.1/23/0.8 Margin Journal REDEMPTION TDAM MONEY MARKET PORTFOLIO SE Buy DIAMONDS TRUST SERIES I COM 0.1/24/0.8 Margin 0.1/24/0.8 Margin Sell DIAMONDS TRUST SERIES I COM Journal REDEMPTION TDAM MONEY 0.1/24/0.8 Margin MARKET PORTFOLIO SE Cash Rec'd CASH RECEIPT 0.1/25/0.8 Margin ROC 3119 TO BANK USA CHECKING Check Ck# 0.1/25/0.8 Margin #:113 Journal PURCHASE TDAM MONEY 0.1/28/08 Margin MARKET PORTFOLIO SE Divllnt APARTMENT INVT &MGMT CO 0.1/31/08 Margin COM Payable: 0.1/31/20.08 Ordinary Dividends 40.40..57 Divllnt 0.1/31/0.8 Margin INTEREST CREDIT Payable: 0.1/31/20.0.8 Settle Date !Iosing balance Symbol! Cusip Quantity Price Amount Balance CHQ 8,0.0.0. 3.88 (31,0.40..0.0.) 98,664.20. CHQ 14,0.0.0. 3.87 (54,180..0.0.) 44,484.20. SNG 11,0.0.0. 3.61 (39,710..0.0.) 4,774.20. CHQ 6,0.0.0. 3.78 (22,680..0.0.) ( 17,90.5.80.) CHQ 2,20.0. 3.99 (8,778.0.0.) (26,683.80.) 0..0.0. 26,683.80. 0..00. 122.47 122.4301 0..0.0. (489,880..0.0.) 489,712.90. 167.10. (489,880..0.0.) (167.10.) 0..0.0. 0..0.0. 12,0.0.0..0.0. 12,0.0.0..0.0. 0..0.0. (1,0.0.0..0.0.) 11,0.0.0..0.0. 0.0.0. (11,0.00.0.0.) 0..0.0 0..0.0. 4,0.40..57 4,040..57 0..0.0. 0..0.6 4,0.40..63 DIA DIA AIV 4,0.0.0. 4,0.0.0. $4,040.63 page 6 of 11 Statement for Account ~ 01/01/08 - 01/31/08 8egln Date )1/25/08 )1/31/08 TD AMERITRADE Cash Interest Credit/Expense Number Credit Balance of Days Interest Rate Margin Balance $ $ 11,000.00 4,040.57 3 1 0.05 0.05 Interest Debited rotallnterest income/(expense) :Jegln Date )1/01/08 )1/02/08 )1/03/08 )1/04/08 )1/07/08 )1/08/08 )1/09/08 )1/10/08 )1/11/08 )1/14/08 )1/15/08 )1/16/08 )1/17/08 )1/18/08 )1/22/08 )1/23/08 )1/24/08 )1/25/08 )1/28/08 )1/29/08 )1/30/08 )1/31/08 Interest Credited $ $ 0.00 Balance $ 403,305.19 410,350.69 413,000.47 23,379.35 23,473.16 23,473.16 23,473.16 23,473.16 23,473.16 23,473.16 23,473.16 23,473.16 65,473.16 65,473.16 28,605.16 1,921.36 1,754.26 1,754.26 12,754.26 12,754.26 12,754.26 12.754.26 Money Market Fund Account Interest Credited Number Interest Accrued Interest Rate of Da~s 1 1 1 3 1 1 1 1 3 1 1 1 1 4 1 1 1 3 1 1 1 1 4.3096 4.2787 4.2558 4.2734 4.2058 4.1935 4.1901 4.1679 4.1703 4.1454 4.1023 4.0735 4.0586 4.0320 3.8311 3.7530 3.6654 3.6265 3.5841 3.5548 3.4933 3.3783 MTDAccrued $ 47.62 48.10 48.16 8.21 2.70 2.70 2.69 2.68 8.05 2.67 2.63 2.62 7.28 28.93 3.01 0.19 0.18 0.52 1.26 1.24 1.22 1.18 $ 47.62 95.72 143.88 152.09 154.79 157.49 160.18 162.86 170.91 173.58 176.21 178.83 186.11 215.04 218.05 218.24 218.42 218.94 220.20 221.44 222.66 223.84 rotallnterest income nvestment Description Account Symbol! Type CUSIP I,PARTMENTINVT&MGMTCOCO \PARTMENTINVT&MGMTCOCO I,PARTMENTINVT&MGMTCOCO I,PARTMENTINVT&MGMTCOCO I,PARTMENTINVT&MGMTCOCO Margin Margin Margin Margin Margin AIV AIV AIV AIV AIV page 7 of 11 Positions Closed This Period Purchase Cost Quantity Date Basis 1,600 12/17/07 $56,520.00 1,400 12/17/07 49,420.00 2,000 12/17/07 70,800.00 100 12/31/07 3,631.05 1,900 12/31/07 68,913.95 Sale Date 01/17/08 01/17/08 01/17/08 01/17/08 01/17/08 Sales Proceeds Realized Gain(Loss) $53.951.17 47,403.41 67,758.96 3,387.95 64,200.01 $ (2,568.83)ST (2,016.59)ST (3,041.04)ST (243.10)ST (4,713.94)ST $ 0.05 0.01 $0.06 MTD PAID $ - 223.84 $223.84 % Galn(Loss) (4.5)% (4.1)% (4.3)% (6.7)% (6.8)% Statement for Account ~ 01/01/08 ~ 01/31/08 Positions Closed This Period "vestment Description Account Symbol! Type CUSIP Margin AIV ,PARTMENTINVT&MGMTCOCO vSAdj IIAMONDS TRUST SERIES I COM Margin )RACLE CORP COM 'ENOCO INC COM 'ENOCO INC COM 'ENOCO INC COM 'ENOCO INC COM VSAdj Margin Margin Margin Margin Margin DIA ORCL VQ VQ VQ VQ Quantity 2,000 Purchase Date 12/31/07 Cost Basis (3,145.00) Sale Date 01/17/08 4,000 7,000 3,000 1,000 2,632 2,632 01/18/08 12131/07 11/27/07 11/27/07 12131/07 12/31/07 489,880.00 159,040.00 55,500.00 18,500.00 56,538.26 (3,948.69) 01/18/08 01/17/08 01/17/08 01/17/08 01/17/08 01/17/08 $1,021,649.57 'otal Sales Proceeds 489,712.90 151,127.68 50,999.21 16,999.74 44,743.31 $990,284.34 Realized Gain(Loss) 3,145.00 ST % Gain(Loss) (100.0)% (167.10) ST (7,912.32) ST (4,500.79) ST (1,500.26) ST (11,794.95) ST 3,948.69 ST 0.0% (5.0)% (8.1 )% (8.1 )% (20.9)% (100.0)%1 $(31,365.23) Trades Pending Settlement lVestment Description ;ELL Account Symboll CUSIP T~pe Margin MSFT Quantity 4,500 ;ELL Margin VBK 1,500 .ELL Margin PG ,ELL Margin .UY Margin page 8 of 11 Trade Price Date $ 32.60 01/29108 Settle Date 02/01108 $ 146,698.38 64.40 01/29108 02/01108 96,598.93 2,000 64.79 01/29/08 02/01/08 129,578.57 BDE 500 18.58 01129/08 02101108 9,289.89 CHQ 6,300 3.98 01/30/08 02104108 (25,074.00) Amount Statement for Account 01/01/08 - 01/31/08 )ate Check Number :Ieared )pening balance Date Written Transaction 11/02/08 01/02/08 Received '1/03/08 01/03/08 Received 1/04/08 01/04/08 Delivered 1/07/08 01/07/08 Received 1/17/08 01/17/08 Received 1/22/08 01/22/08 Delivered 1/23/08 01/23/08 Delivered 1/24/08 01/24/08 Delivered 1/28/08 01/28/08 Received 1/31/08 01/31/08 Received Money Market Fund Account Activity Tracking Code Descri~tion Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se Tdam Maney Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Maney Market Portfolio Select Purchase Tdam Money Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Maney Market Portfolio Se Tdam Money Market Portfolio Select Redemption Tdam Money Market Portfolio Se Tdam Maney Market Portfolio Select Redemption Tdam Maney Market Portfolio Se Tdam Maney Market Portfolio Select Purchase Tdam Money Market Portfolio Se Money Market Fund Dividends Expense Code Amount Balance $403,305.19 $ 7,045.50 410,350.69 2,649.78 413,000.47 (389,621.12) 23,379.35 93.81 23,473.16 42,000.00 65,473.16 (36,868.00) 28,605.16 (26,683.80) 1,921.36 (167.10) 1,754.26 11,000.00 12,754.26 223.84 12,978.10 $12,978.10 :'08Ing balance page 9 of 11 Statement for Account 01/01/08 - 01/31/08 Important Information Keep this statement for income tax purposes he above prices are provided only asa general guide to value your portfolio. Current quotations are available through TD AMERITRADE. Certificates of deposit re priced at market prices. Sale of bonds prior to maturity may result in a loss of principal. Mortgage backed positions are valued using the remaining balance and Ie current market price. on-Standard Assets: This statement shows all assets in your account including certain direct investments that may be held by a third party. TO AMERITRAOE is ,t responsible for third-party Information, Including the valuation of certain non-standard assets. The price shown represents an estimated value that is provided by 1 annual report or other source. The estimated value of these assets may not be realized when you try to liquidate the position. Assets held by a third party are not )vered by the Securities Investor Protection Corporation (SIPC) quity And Option Positions In Quicksilver Resources, Which Is Scheduled To pHt With Ex-Dividend Date Of 2-1-08, Is Reflected After The Effects Of The plit In The Security Positions And Account Activity Sections Of This tatement. page 10 of 11 Portfolio Report Guide AMERfTRAOE provides monlllly Portfolio Reports for accounts with acti\ltty and quarte~y ,rts for inactive accounts with assets. T 1:10110 Summary TO AMERITRAOE TO AMERITRAOE does not provide Investment. legal, or tax atMoe. Piea.. consun your legal advlsor or tax accountant when necessary. As a standan:llnduaby practice, phone conve",aHons may be recorded for quality control and transaction verttlca~on purposes. Cka Ihe current velue 01 your portfolio as 01 the report date and compares it 10 Ihe prior ,th. 2 The .eset allocation Indicates your portfolio dlversl/ieatlon by investment type. A<:......qt of Reports II YOIl ffnd any erro", or omissions In your account stetement you should immadlately call ua allhe numbar lI11ad on page ona of your statemant. You should alao contact tlpie alloeafton. under 5'1. will be grouped Into the category of ·Otf1er' In the pie chart. alit Ctaaring IIrm, Ttl AMERITRADE Cle.ring, Inc, at 402-970.7124. Please review this statement carafully. If you disagree wkl1 any transaction, or If there are any errotll or omissions, please notlfy a Client ServW:es representative or your local branch olllce, as well as TO AMERITRADE Clearing, Inc. In writing within ten (10) days of your receipt of this statement. Any oral statements tf1at you have made to UII should be confirmed In writing. The st.9tament will otharwise be considered conelualve. -gin Equity ,. Total Account Equity/(Total Long Merglnabla Value .. Tot.91 Short Value) h'fty Summary . Opening and dosing cash balancos are reconciled here for your quick reference. All ount actMty Is summarized for the current period and yeer·to-date. )me & Expense Summary (non-lRAa only) sec1ion details the Income and expense Iotalslrom the Activfty Summaty and classifies tax lreatmen!. I In".,.nt AOCOllnt Summary (IRAe only) iew lhe IRS t1I9ulated Iransactlons for the current and prior yeers. IRS Form 5498 fair kat\l8lue Is based on. the current \l8lue as of Oecember 31 of the previous yesr and will be lished to the Intemal Revenue SelVlce. formanee Summary 'hor your annual portfolio performance and the unrealized gains and losse. for your future ,stman! Il1rategy. ,gunt Poaltlona ¢ your Investments at the current merltat velua and compare the Original cost to s ¢ ¢ lsllted gain_ and losses in your portfolio. Origlrllli cost is assigned using the first·ln. flrst-<lut 0) method. which U8umes the flrst shares you .all are those you purchased first. The InV8stmentlncome 2 and average cost per share are displayed for your reference (me ",t purchase date Is shown for an Indication of your holding period). ".1Itd ,guM ActlYlty Iccount activity Is clearly defined, listed in date order, and reflected In the closing cash Inee. Itlone Cloaed thl. Month Jdea securities sold this month shOWing the oldest trade date for the original purchase and reelized gain or lou. ~ea Pending Setttement ,firm your executed tredes with a settlement date attar month end. These transacllons will efiec!ed In the Account Activity section next month. In Orde", 'Iew your open limit orders for accuracy and notify us immediately if you wish to change or eel an order. ,h Management Activity .h manegement transactions (Including check, debit card and A1M activity) that cleared ng this month are ilstad In dete order. Ue to rounding adjustments, the .tatement delalls may not equal the statement totals. I1lmatad Annual Income and Estimated Annual YISld values are based upon tf1e number of rea own«! as of the.8talement date and the Il>08t recent dividend rate provided Please notify uS promptly of any changes in your contact Information. Transections reflected on your report will be conclusively deemad accurate unlest! you notify TO AMERITRADE Immedlataly. Aocollnt Protection Oeposlts made Into a TO Bank USA, NA Monay Markel Deposit Account are Insured by the FDIC (not covered by SIPC) up to $100,000 per depositor (up to $250,000 of protection for Ihe combined total of the traditional and RolillRAs, self-<llrected Keogha and cerIIlin ather reHrement accounts). Securttles, Including mutual fund., held in your Brokerage Account are not deposits or obligations of. or guaranteed by. any bank. are not FDIC-Insured, end involve invastment risks, Including possible i<)ss of principel. TO AMERITRADE. Inc. is a member of the S9C1.Jrltles Investor Protection Corporation. Securities in your account protected up 10 $500,000. For demils. plaua visit www.sipc.org or cell (202)311·8300. Up 10 an aggregate of 250 million of additional secunties protection. of which $900.000 may be applied to caSh. I. prov,ded by London insure... also limited Ie a combIned return 10 any client from e Truetee, SIPC and London of $150 million. This cavarage provides you protection "9ainst brokerage insolvency and does not protect against loss In market value of the secut1tles. Tax Raportlng The portfolio report Is not a tax document. You will receive Form 1099 for annual tax reporting In compliance with IRS reqUirements (includes taxable interest, dividends. capital gains, taxes withheld, and sales proceeds). Same payments are subject to reclassiflcation which will be reflected on subsequentt_x reports. Cost Baals Cost-Basia, tax lot and performance reporting and Gainskeeper are offered and conducted by CCH INCORPORATED. TO AMERITRAOE is not responsible for the reliability or suitability of the Intormation. TO AMERITRADE and its Information ptoviders (·Provider.') do not guarantee Ihe accuracy of the informlllion and data provided. CCH INCORPORATED is a saparate company and Is oot affiliated with TO AMERITRADE. Margin and Options Account Agrnment. Promptly advise TO AMERITRADE in wrfilng of any change In your investment objectives or financial situation as lIley partain 10 your margin or options account agreements. A summary of commissions and charges incurred with the execution of options transactions Is_Uable. CUmlnl Markot Prien The market values of securities have been obt.9lned. if available. from quotation services and other Independent sources. Values are based on the closing price, the mean between the bid and asking prices, or other method ¢. Non-Priced securities are indicated by 'NP' and may affect statament balanoes and IOtals. The valuations on your portfolio report are provided .s generlillinformation and we do not guarantee the accuracy of any securities prices. Umlted Partnerships and non-traded Reel E3te1e Investment Trusts are generally iliquld and have no public mafklllll; annual valtJations are obtained from a third party or the general partner. The sacondary market for Certificates of Oeposl\$ (COs) Ie generally illiquid and the actual value may be different from the purchase price. A significant loas of principal may result hom the sale 01 a CD prior to maturity. Portfolio report valuations may not rep_ent sa les proceeds. Reyuiatory Disclosures AI! transactions are subject to (I) the consUtulion, rules, regulations, CU510rm and usages of tf1a exchange or market, and Hs clearinghouse, ~ any. on which such transacti<)ns are executed; (II) federal law ¢ ¢ Including th.. Securtties Act of 1933 and the Securities Exchallge Act of 1934, each as amended 10 date and In lIIe fututa, and tf1a rules and regulatioN. promulgated thereunder; and (III) the rules and regula~on8 of the NASD and the Federal Reserv" Sy.tem. For an Inveslor brochure that includes Information describing the NASD's Public Disciosure Program, pl ....e cont.9ct tf1e NASD at 800·289-9999 or www.na.dr.com. The Inter".t rate shown for TO AMERITRAOE Cash Is taken from the applicable Interest rate tier for me Market Value balance In the TO AMERITRAOE Cash, as of the statement closing data. Simple Inlerest Is accrued dally based on the Interst rate fier applicable to each day'a balance. Interest rata. on TO AMERliRAOE Cash balances are based on liera as determined by balances held In those sweep vehicles as follows: $.01 10 $1,999, $2,000 to 59.999, $10,000 to $24,999, $25,000 10 S99,999. $100,000 and above The annual percentage yield earned for the statement periOd on TO AM ER ITRADE Cash balance_ Is an annualized nile that raflects llie relatlon.hlp between the amount of Interest actually earned in your accounts during tl"Ie statement pertod and the B... rege dally balen"" in the aCCOunt for the period FInancial Statament Notification The statement of financ,al condition for TO AMERITRADE Is available twice. year and may be obtained at no COSt, via the internet at htlp1Iwww.tdamernrade.eorrvftnanCialstalement.hlml. AUocallon Method .In the event any of your ""curlties .re called or assigned. the securities will be selected on an ImpartJal. rendom basis. Free Credtt B.lances (Rule 15;:3·2 & 3) Under the client protection rules. _ may UM free credit balances In your account in the ordinary course 01 our business which are payable to you on demand. Margin AccountEo (Relilulatlon T) If you have a margin account. thla report Is 8 combination or your margin account and a special memorandum account. Trading on margin POS$S additional rlaka and Is nat suitable for allinveators. A complete 115t of the risks associated with margin trading I. &valiable in the margin risk disclosure document. You may obtain a copy of this document by contacting uS allhe number listed on page one of your statement. Payment for Order Flow (SEC RUles 605 and 501) In some circumstances. TO AMERITRADE receIVe. comp""setion for dlrecllng certain over-the-<:ounter and listed equity ondar flow to selected market maker1l. brokers or dealers. Compensallon is In the form of a per share caSh payment. We past quarterly repot1s discio.'ng lIle venues for order routing execuuon at """"'.tdameEitrade.oom. A written copy Is available upon request. It Is our polley. absent client ord.... Ie the contrary, to select brokers. dealers. and market makel1l basad on the ability to provide bast execution and the history of seeking price Improvement on market orde ... Price Improvamentis available under certain market COnditions, and we regularly monitor executions 10 test for such Improvement If available. Trade Conftrmlltlone (Rule 10MO) All confrrmatlons are trsnsmitted on the transaction date Privacy Polley Mod:fleatlon A copy of the TO AMERITRADE privacy policy is available 01 """"'.tdamerttrade.com n ~ \), '0 "\ ~ C} % ()o ~~ r G) V\ t X --- ~ ~\:? ",-' () ~ )" ~ ~ - 7 5' S) \ ~ ----.S) ----r ~. t¥i- C> \) ~ ~ ~ ~ -- ~ ~ ~ "1 "\ - \ cy" V\ \\ (\ ~ f\ "'w V\ ~ V' ~ ~ ~ 'i- D J \) \'- ~ ~ ~ ~ t) ,.;-. ~-.ji-:..:;-»~~~:·_i~~.· ...~ C ~ \' ~ f 0 :-::;,,;~,??).; t- w () .~ IIIII'IIIIIIII'II.II~~~~~: !J~EC OCT 11 2011 CLAIMS CENTER Exclusion Cover Page Case Name: Canadian Superior Energy Case Code: CANADIAN Exclusion Deadline: 10/1012011 (Postmark Date) Name of Person Filing Exclusion: Columbus Capital Offshore Fund, LTD. OPT OUT LETTER FOR CANADIAN SUPERIOR SECURITIES LITIGATION Columbus Capital Management, LLC Telephone: 05 October 2011 Canadian Superior US Class Action Exclusions Claims Administrator c/o Gilardi & Co. LLC PO Box 990 Corte Madera, CA 94976-0990 Dear Sir: This letter confirms our desire to opt out of the above mentioned class action for the two investment partnerships that we manage. Columbus Capital Partners, L.P.: The number of shares of Canadian Superior purchased on the US AMEX exchange from 6/26/2008 - 8/12/2008: 637,500 The number ofshares of Canadian Superior sold on the US AMEX exchange from 8/14/2008 1111 8/2008: 637,500 I Market Street-Spear Tower I Suite 3790 I San Francisco.CA94105 I Tel: (415)986-5085 I Fax: (415)986-5130 Columbus Capital Offshore Fund, LTD.: The number of shares of Canadian Superior purchased on the US AMEX exchange from 6/26/2008 811212008: 112,500 The number of shares of Canadian Superior sold on the US AMEX exchange from 8/14/2008 - 11I19/2008: 112,500 Details will be provided if requested. Sincerely, Robert J. Morelli, Jr. Chief Financial Officer t.l:,io\~ L¢'\i~.4{.lCJ.\ 'JO' . Columbus Capital Management,LLC ---' ,llR ,:,j~,T ,~l.otoJ~.M.;(".~.~ (, " ' , ' ·t- ..... / " ',_ : ,.'~ .:, ~'-', ~. "-'. ImJ5~~ Canadian Superior Securities Litigation Claims Administrator c/o Gilardi & Co. LLC P,O. Box 990 Corte Madera, CA 94976-0990 CANADIAN OCT 1 1 2011 CLAIMS CENTER 11.11111111111111 ¢ ¢ ¢ 1.11111111.1.1111.11111.1.1.11111.111111.1 ~EC 11111111 ~IIIIIIIIIII~ IIIII "IIIIIIIII~III r111111111111111111111 '" 1'~llIli 1111111111 ~~~:~: OCT 1 1 2011 CLAI MS CENTER Exclusion Cover Page Case Name: Canadian Superior Energy Case Code: CANADIAN Exclusion Deadline: 10/10/2011 (Postmark Date) Name of Person Filing Exclusion: Columbus Capital Partners, L.P. OPT OUT LETTER FOR CANADIAN SUPERIOR SECURITIES LITIGATION Columbus Capital Management, LLC Telephone: 05 October 20 II Canadian Superior US Class Action Exclusions Claims Administrator clo Gilardi & Co. LLC PO Box 990 Corte Madera, CA 94976-0990 Dear Sir: This letter confirms our desire to opt out of the above mentioned class action for the two investment partnerships that we manage. Columbus Capital Partners, L.P.: The number of shares of Canadian Superior purchased on the US AMEX exchange from 6/26/2008 - 8/12/2008: 637,500 The number of shares of Canadian Superior sold on the US AMEX exchange from 8114/2008 IlIIS/2008: 637,500 I MarketSlreet-$pearTower I Suite 3790 I San Fr.mclsco,CA94105 i Tel: (415)9&6-5085 I Fax: (415)9&6-5130 Columbus Capital Offshore Fund, LTD.: The number ofshares of Canadian Superior purchased on the US AMEX exchange from 6/26/2008 ~ 811212008: 112,500 The number of shares of Canadian Superior sold on the US AMEX exchange from 8/14/2008 - 11119/2008: 112,500 Details will be provided if requested. Sincerely, Robert 1. Morelli, Jr. Chief Financial Officer Columbus Capital Management, LLC CM:~L~\::{\J() C;,i.\.:J .. 'f'(~ :-"'1>'~'.'~'" ,I,,, \" .. ¢ ,'.' ·~:'-8"t ,,'~, ," .~ ,(~. ~\.' ".. "I' o. , .If': >.: ~;J;.".< I "' ".,~~I: ,:,' ~ .,g , ¢ I ,...Lb.., .;,~,. .~-"'·I~!".'~_' .. f1l@@~J][0 Canadian Superior Securities Utigation Claims Administrator clo Gilardi & Co. LLC P.O. Box 990 Corte Madera, CA 94976-0990 CANADIAN OCT 1 1 2011 CLAIMS CENTER Il.l.ullllllllllllll.1I1I1 II ¢ ¢ 111111.111111111.11111111111111 NPT+RICEPOINT CLASS ACTION seRVICES Opt-out Report Administration: Canadian Superior Energy (IiCSE") Securities Litigation Court: Ontario Superior Court of Justice - 1626CP, 1358/10CP & CV-I0-14848 United States District Court Southern Court of New York - 1:09-cv 10087-SAS Opt-out Deadline: October 10, 2011 Date of Report: October 14, 2011 Prepared For: {via email} Anthony O'Brien Siskinds LLP Charles Wright Siskinds LLP A. Dimitri Lascaris - Siskinds LLP Jay Strosberg - Sutts, Strosberg LLP Ellen Gusikoff - Robbins Geller Rudman & Dowd LLP Michael!. Fistel, Jr. - Holzer Holzer & Fistel, LLC Jeffrey A. Berens Dyer & Berens LLP Gavin Price - Jensen Shawa Solomon Duguid Hawkes LLP Jamie A. Levitt - Morrison & Foerster, LLP Cathy Crang - Carscallen Leitch LLP V. Phil Lalonde - McLeod & Company LLP Steven Leitl- Macleod Dixon LLP Prepared By: Ivan Bobanovic Contact: Phone: 519-432-3405 x 328 Email: ibobanovic@nptricepoint.com 300-633 Colborne St. ¢ London, ON ¢ N6B 2V3 www.nptricepoint.com ¢ 519.432.5534 Opt-out Summary Name .to . . . ' Postmark Date ¢ 300-633 Col borne S1. ¢ London, ON ¢ N6B 2V3 www.nptricepoint.com ¢ 519.432.5534 Notes

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