CONNEXION MOBILITY LTD — Capital/Financing Update 2004

May 27, 2004

US\$250m NASDAO Listing on track for ECSI Report from Managing Director Mr. Graeme Green in Hong Kong

Mr. Graeme Green in a report to the Board of Directors has advised that last minute revisions required by Beauwal Group have caused minor delays to the settlement of US\$5m deposit required under the terms of the agreement. Both Mr Timothy Connors (Chairman of Beauwal Group USA) and Prince Adrien De Merode (Chairman of the Beauwal Group Europe) confirmed that; "the revisions relate to internal requirements of the Beauwal Group only and have no effect on the NASDAO IPO or ECSI /Jeton interests"

None of the revisions, said Mr Green, will affect ECSI's 25% share in PKH with estimated valued at US\$65 million upon completion of IPO.

Mr. Green has advised the board that proof of Beauwal cleared funds in Hong Kong had been given in readiness for transfer to Peak King Holding Ltd. Mr. Green also confirmed that the transfer would occur on signing of revisions by all parties. Upon receipt of these funds the purchase of Jeton will be completed and funds will be remitted to ECSI Ltd in Australia

The main impediment to a timely finalization has been the geographical location of parties within the Beauwal Group in the USA, Phillipines, Europe and Hong Kong. Nonetheless despite these delays all parties continue to work in other key areas to progress the NADAQ IPO.

The board of ECSI recognizes the importance of this transaction to shareholders and investors and has provided this market update to keep all parties informed.