X0202 4 2005-04-13 0 0000704159 PAULSON CAPITAL CORP PLCC 0000898196 PAULSON CHESTER L F 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 1 1 1 0 President & Chairman 0000897686 PAULSON JACQUELINE M 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 1 1 1 0 Corporate Secretary/Treasurer Common Stock 2005-04-13 4 S 0 19395 8.00 D 1535977 I See Footnote Common Stock 2005-04-13 4 S 0 30000 8.00 D 1505977 I See Footnote Form filed by more than one reporting person. In addition to Chester L.F. Paulson, the following are reporting parties: Jacqueline M. Paulson (Mr. Paulson's spouse), Paulson Investment Company, Inc. ("PICI"), and the Paulson Family LLC ("LLC"). These reporting parties collectively own over 10%. The address for each of the reporting parties is the same as that provided for Chester L.F. Paulson. PICI is a registered broker/dealer and a wholly owned subsidiary of Paulson Capital Corp. ("PLCC"). Mr. and Mrs. Paulson are controlling managers of the LLC, which is a controlling shareholder of PLCC, which is the parent company of PICI. Mr. and Mrs. Paulson and the LLC expressly disclaim any beneficial ownership of securities held in the name of PICI. 30,000 shares sold in the name of the Paulson Family LLC, and 19,395 shares sold in the name of Chester L.F. Paulson and Jacqueline M. Paulson. After these transactions, 1,445,977 shares of the securities are held in the name of the LLC; 30,000 shares of the securities are held in an IRA for the benefit of Mr. Paulson; 30,000 shares of the securities are held in an IRA for the benefit of Mrs. Paulson; 0 shares of the securities are held jointly by Mr. and Mrs. Paulson. Carol A. Rice, Attorney-in-Fact for Chester L.F. Paulson 2005-04-14 Carol A. Rice, Authorized Agent for Paulson Investment Co., Inc. 2005-04-14 Carol A. Rice, Authorized Agent for Paulson Family, LLC. 2005-04-14 Carol A. Rice, Attorney-in-Fact for Jacqueline M. Paulson 2005-04-14