BALMORAL FUNDS-- TELECOM & HIGH TECHNOLOGY

We will finance items in these categories in 2003-2005:

• Audio production equipment & accessories
• Computer storage (CD-ROM, DVD, Video servers, etc.)
• Data Broadcasting, Digital Audio Broadcasting (DAB)
• Digital Television/HDTV Internet Products & Services
• Microwave/Satellite Products and Devices
• Motion Picture/Film Cameras
• Accessories and Services for Multimedia
• Networking: Hardware and Software
• Radio Automation Transmitters and RF Accessories
• Video Production Equipment and Accessories
• Wireless Technologies
• Rural Telecommunications: including IP telephony, VSAT, local loop.

Financing Product Categories

• Internet Products
• Wide Area Networks
• Local Area Networks
• Carrier/ISP Services
• Network Management
• Storage
• Mobility/Wireless
• Embedded Networking
• Security
• Other Products/Services
• Computer Systems/Peripherals
• Internet Content Management

For more on how Licensing and Patents can be used in financing see: http://www.wtn.org/tt/index.html