X0201 3 2003-05-22 0 0001075773 ALTERNATE ENERGY CORP ARGY 0001283811 FROATS SEAN 3325 NORTH SERVICE ROAD UNIT 105 BURLINGTON ON CANADA 1 1 0 0 Secretary Common Shares 50000000 I Corporate (see explanation below) Common Shares 5000000 I See note Options .10 2003-07-07 2006-07-07 Common Shares 1000000 D Mr. Froats is the beneficial owner of 50% of First Flotialla (BWI) Inc.that owns 50,000,000 shares in AEC I entitling it to 50,000,000 Alternate Energy common shares once AEC I makes a distribution. There is no assurance that AEC I will make such a distribution. Currently, Mr. Froats has no independant right to vote, hypothecate or dispose of these shares of Alternate Energy Corp., but is a director of AEC I. Mr. Froats is the beneficial owner of 5,000,000 of AEC I , Inc. entitling him to 5,000,000 Alternate Energy common shares if AEC I makes a distribution of the shares. There is no assurance that AEC I will make such a distribution. Mr. Froats has no right to vote, hypothecate or dispose of these shares of Alternate Energy Corp. AEC I Inc., a Nevada corporation, owns 104,870,715 shares of Alternate Energy Corp. Mr. Froats in conjunction Blaine Froats and Marilyin Froats control the majority of the shares of AEC I, Inc., and thereby may have voting power over all shares of Alternate Energy Corp. held by AEC I. Sean Froats disclaims beneficial ownership of any shares except those as noted above. Sean Froats 2004-03-15