X0201 5 2004-01-02 1 0 0 0000704159 PAULSON CAPITAL CORP PLCC 0001217810 PARKER TRACY H 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 0 0 0 1 See Footnote (1) Stock Option (Right to Buy Common Stock) 4.4375 1999-08-16 2004-08-15 Common Stock 7000 12500 D Stock Option (Right to Buy Common Stock) 7.01 2002-03-19 2007-03-18 Common Stock 3000 12500 D Stock Option (Right to Buy Common Stock) 8.10 2003-11-10 2008-11-09 Common Stock 2500 12500 D As of October 1, 2003 Tracy Parker is no longer an officer of Paulson Investment Company, Inc. (a wholy owned subsidiary of Paulson Capital Corp.) Harry L. Striplin, Attorney-in-Fact for Tracy Parker 2004-01-23