stefansson-wrangel-09-36-005-001

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THE STEFANSSON ARCTIC EXPLORATION & DEVELOPMENT COMPANY LIMITED

BALANCE SHEET

As at .


ASSETS
Accounts Receivable:-
Jafet Lindeberg $ 775.00
Allan Crawford 192.98
Milton Galli 156.00
$ 1,123.98
Union Bank of Canada - Current Account 17.84
Profit and Loss Accounts:-
General Expenses and Salaries $ 17,232.44
Expense - Outfitting 4,331.58
"Silver Wave", Charter 2,617.35
Stationary and Office Supplies 110.59
Interest, Discount & Exchange 643.22
24,935.18
$ 26,077.00

LIABILITIES
Capital:-
Authorized, 1,000 Shares of $ 100.00 each $ 100,000.00
Issued, 239 Shares fully paid in cash $ 23,900.00
Sundry Creditors:-
Loans with accrued interest $ 1,070.70
Salaries outstanding 760.00
Received on Account of Shares not yet issued 250.00
Sundry Accounts 96.30
2,177.00
$ 26, 077.00

We have examined the Accounts of the Stefansson Arctic Exploration
and Development Company Limited
from (date of Incorporation) to
, and we hereby certify that the foregoing Balance Sheet is, in our
opinoon, properly drawn up so as to exhibit a true and correct view of the state
of the Company's affairs as at , according to the best of our
information and the explanatons given to us and as shown by the Books of the
Company.

Vancouver, B. C.

Buttar + Chiene
Chartered Accountants.

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