Communicate.com Inc. (Communicate), incorporated in 1995, manages the business of its subsidiaries, Domain Holdings, Inc. (DHI) and FrequentTraveller.com, Inc. (FT). DHI is in the business of utilizing its exclusive ownership of domain names to develop Internet-related business ventures. DHI holds title to a portfolio of domains in a variety of categories, including Health & Beauty (such as Cologne.com and Perfume.com) and Sports & Recreation (such as Wrestling.com and Boxing.com). FT is in the business of selling travel services to travelers visiting the geographic regions that are encompassed by Communicate's domain names. FT's business plan is to generate revenues on products sold for third parties and inventory purchased on account from tour operators and hotel establishments. Domain Holdings, Inc. Communicate's principal operating subsidiary, Domain Holdings, Inc. (DHI) was incorporated under the laws of British Columbia on July 4, 1994 under the name IMEDIAT Digital Creations Inc. DHI changed its name on April 14, 1999 to Communicate.com Inc. and, on April 5, 2002, changed its name to Domain Holdings Inc. On December 31, 2005, DHI reorganized by transferring certain domain name assets into its wholly owned subsidiary, Acadia Management Corp. (Acadi), a British Columbia company incorporated on December 1, 2005. Communicate seeks opportunities to use these rights to develop, by itself and through alliances with other entities, a network of online businesses which can, among other things, facilitate the retail ordering of goods and services. The business model for these operating businesses includes multiple revenue streams via revenue sharing, leasing, Web-advertising, trading of domain names and electronic online retailing. The Company recognizes opportunities, which arise to monetize its ownership of domain names by selling or leasing the domain names, which may be more valuable than the exploitation of the ownership value of the names. In 2003, the Company agreed to sell four domain names (automobile.com, exercise.com, makeup.com and body.com) to Manhattan Assets Corp. in order to improve working capital. In 2005, there was no sale of domain name assets. Lease opportunities are also being sought for domain names to companies who want to benefit from the availability of advertising and Internet traffic that is generated by generic domain names. Communicate is also actively seeking opportunities to lease its domain names to companies who want to benefit from the availability of advertising and Internet traffic that is generated by generic domain names. Communicate entered into an arrangement with Overture Services, Inc. (Overture) in 2001, pursuant to which Communicate is paid a fee for referrals to sites with connections to Overture. Subsequent growth in Internet advertising has reaped rewards for Communicate. In 2005, referral advertising revenue now accounts for 87% of all advertising revenue. Potential domain name sales are now evaluated against potential foregone advertising revenue. FrequenTraveller.com, Inc. On October 1, 2003, Communicate acquired a 71% controlling interest in FrequentTraveller.com Inc. (FT), a private Nevada corporation incorporated on October 29, 2002. As of December 31, 2005, the Company owned a 50.4% interest in FT, which provides travel services to customers online and by telephone to destinations encompassed by the geographic domain names owned by Communicate.com, namely Indonesia.com, Malaysia.com and Vietnam.com. FT commenced limited operations in November 2003. FT's travel sites were launched late in 2003 and have conducted limited business in 2005 as FT continued to develop its product mix, identify travel partners and suppliers for the region, hire and train travel staff, and develop its administrative and reporting system. FT has not yet become profitable as it is being developed and is expected to continue to operate at a loss in 2006. Amidst its development efforts, FT faced events that were particular to the region and outside its control, such

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