X0201 3 2003-09-04 0 0001059404 PATH 1 NETWORK TECHNOLOGIES INC PNO 0000704159 PAULSON CAPITAL CORP 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 0 0 1 1 See Footnote (1) 0000898196 PAULSON CHESTER L F 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 0 0 1 1 See Footnote (1) 0000897686 PAULSON JACQUELINE M 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 0 0 1 1 See Footnote (1) Common Stock 538666 I See Footnote Warrants (Right to buy stock) 5.40 2003-07-30 2008-07-30 Common Stock 369600 I See Footnote Underwriter Warrants (Right to buy unit) 12.96 2004-07-30 2008-07-30 Common Stock and Warrants 473990 I See Footnote Form filed by more than one reporting person. In addition to Paulson Capital Corp. ("PLCC"), the following are reporting parties: Chester L.F. Paulson, Jacqueline M. Paulson, Paulson Family LLC ("LLC") and Paulson Investment Company, Inc. ("PICI"). These reporting parties collectively own over 10%. The address for each of the reporting parties is the same as that provided for PLCC. PICI is a registered broker/dealer and a wholly owned subsidiary of PLCC. Mr. and Mrs. Paulson are controlling managers of the LLC, which is a controlling shareholder of PLCC, which is the parent company of PICI. Mr. and Mrs. Paulson and the LLC expressly disclaim any beneficial ownership of securities held in the name of PLCC and PICI. One (1) Underwriter Warrant is exercisable into One (1) Path One Unit which consists of three (3) shares of common Stock and two (2) warrants. Each warrant is then exercisable at $5.40 into one (1) share of Common Stock. The warrants expire 07/30/2008. Of the four hundred seventy three thousand nine hundred ninety (473,990) number of securities, two hundred eighty four thousand three hundred ninety four (284,394) are common stock, and one hundred eighty nine thousand five hundred ninety six (189,596) are warrants. Each warrant is then exercisable 07/31/2003 into one (1) common stock at $5.40, and expires 07/30/2008. Harry L. Striplin, Attorney-in-Fact for Chester L.F. Paulson 2003-09-05 Harry L. Striplin, Authorized Agent for Paulson Capital Corp. 2003-09-05 Harry L. Striplin, Authorized Agent for Paulson Investment Co., Inc. 2003-09-05 Harry L. Striplin, Authorized Agent for Paulson Family LLC 2003-09-05 Harry L. Striplin, Attorney-in-Fact for Jacqueline M. Paulson 2003-09-05