Company Ownership

According to the 2008 Annual Report, the CEO owns 22,300,000 shares, or 28.5% of the company, but only 13,500,000 (17.3%) individually- another 8,800,000 (11.3%) are owned "jointly with spouse". The outcome of this court case may have changed that, and makes one wonder why it hasn't been mentioned in any of the SEC filings, since it was filed in March of 2008. Maybe the next quarterly report (for the period ending June 30, due to SEC Aug 15) will have something about it:

Bedford County Circuit -Civil Division Case Details Case Number: CL08000204-00 Filed: 03/27/08 Filing Type: Divorce Number of Plaintiffs: 0001 Number of Defendants: 0001 Commenced By: Initial Filing Bond: Complex Case: Plaintiffs Plaintiff: GILLISPIE, MARTHA ANN Trading as: Attorney: CUNNINGHAM, RICHARD P Defendants Defendant: GILLISPIE, DONALD LEE Trading as: Attorney: BICE, DAVID B Bedford County Circuit -Civil Division Pleadings/Orders Detail Case Number: CL08000204-00 Filed Type Party Judge Book Page Remarks 03/27/08 Interrogatory SHOEN INTERROGATORIES AND 03/27/08 Request SHOEN FOR PRODUCTION 03/27/08 Notice SHOEN HEARING 04/28/08 @ 11:00AM 04/16/08 Motion BICE TO CONTINUE 04/16/08 Answer BICE FOR DEF: DONALD GILLISPIE 04/16/08 Cross Bill BICE FOR DEF: DONALD GILLISPIE 04/21/08 Consolidation Order BICE JWU 0 0 CONSENT ORDER 05/07/08 Answer SHOEN TO CROSS-CLAIM 06/17/08 Order SHOEN JWU 0 0 SUBSTITUTION OF ATTY 05/18/09 (PSA ) Not in Translation Table CUNNING PROPERTY SETTLEMENT AGREEM 05/19/09 Order BICE JWU 0 0 PSA RATIFIED, AFFIRMED Build #: 3.6.2

NUMBER OF SHARES OF COMMON STOCK PERCENT OF CLASS NAME AND ADDRESS OF BENEFICIAL OWNER (1) BENEFICIALLY OWNED BENEFICIALLY OWNED (2) --------------------------------------------------------- ------------------------ ----------------------- Donald Gillispie, President, CEO, COO and Director 22,300,000(3) 28.53% Gregory E. Kane, Vice President and Director 1,000,000 1.28% John Franz, Vice President and Director 1,080,000 1.38% Rick J. Bucci, Vice President and Chief Financial 4,015,045(4) 5.14% Officer Jennifer Ransom, Senior Vice President and Secretary 6,000,000 7.68% Leon Eliason, Director 1,000,000 1.28% Kenneth A. Strahm, Sr., Director 1,000,000 1.28% Ralph Beedle, Director 1,000,000 1.28% James M. Taylor, Director (5) 1,000,000 1.28% Taylor Gillispie (6) 4,149,999 5.31% 3440 Union Church Road Thaxton, VA 24174 All directors and executive officers as a group (nine persons) 42,545,044 54.43% --------------------- (1) Except as noted above the business address for all listed individuals or entities is 911 E. Winding Creek Dr., Suite 150, Eagle, ID 83616. (2) On December 31, 2008, the Company had 78,187,040 shares of its common stock issued and 77,787,040 outstanding. (3) 13,500,000 Shares held individually; 8,800,000 held jointly with spouse (4) 4,010,319 Shares held directly; 4,726 held indirectly through spouse (5) On December 1, 2008, Alternate Energy Holdings, Inc. accepted the resignation of Mr. James M. Taylor from the Board of the Directors and subsequently appointed him a Board Advisor. (6) Daughter of Donald Gillispie