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Cape Range Wireless (CAG, $0.59)

Cape Range Wireless Limited (CAG) entered the telecommunications market in March 1998 via
a joint venture with Paradox Digital Pty Ltd for the lease of bandwidth to 100 internet service
providers (ISPs) – or 300,000 underlying customers – in Australia. Prior to this Cape Range was
engaged in oil exploration activities.

At present CAG maintains an investment program in the communications industry, supporting
the development and deployment of equipment based on the Internet Protocol Multiple Access
(IPMA) standard by Dunfold Ltd (45% owned), as well as the growth and expansion of Paradox
Digital Pty Ltd.

Dunfold Limited initially developed its range of equipment for the local loop; it has now become
apparent that it can be employed in both Voice over Internet Protocol (VoIP) and Wireless
Internet Access (WIP) applications. In essence it is designed to handle data traffic more
effectively than existing protocols such as CDMA.

CAG has also just announced that it has acquired 20% of Arcadian Wireless Inc (formerly Rural
Networks Limited), a company with its headquarters in Silicon Valley, California. Rural Networks
has been developing spread spectrum radio technology for the past three years and has adopted
IPMA under a licensing agreement from Dunfold into its last-mile fixed wireless digital millimetre
radio for rural and suburban markets. The advantage of the alliance is that the merged entity will
jointly pursue a marketing attack on international telecommunications companies, which are
expected to result in several contracts to trial the technology commercially

The group also has a 30% interest in Satellite TV Hawaii providing a package of entertainment,
Internet Data and Telephony services via satellite to a potential market of over 100,000 dwelling
units.

*********** rates CAG as one of the preferred stocks in the emerging telecommunications
market. We believe that the development and deployment of its IPMA network through its
subsidiary Dunfold will drive this stock in the long term
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