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DAWSON CAPITAL MANAGEMENT INC
> TLR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2011 | Timberline Resources Corp | TLR | 0 | -35,000 | 0 | -20,000 | |
| 09/30/2011 | Timberline Resources Corp | TLR | 35,000 | 0 | 20,000 | -7,000 | $0.57 |
| 06/30/2011 | Timberline Resources Corp | TLR | 35,000 | -15,000 | 27,000 | -21,000 | $0.77 |
| 03/31/2011 | Timberline Resources Corp | TLR | 50,000 | 0 | 48,000 | -12,000 | $0.96 |
| 12/31/2010 | Timberline Resources Corp | TLR | 50,000 | 0 | 60,000 | 2,000 | $1.20 |
| 09/30/2010 | Timberline Resources Corp | TLR | 50,000 | 0 | 58,000 | 11,000 | $1.16 |
| 06/30/2010 | Timberline Resources Corp | TLR | 50,000 | 50,000 | 47,000 | 47,000 | $0.94 |
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