Document:

Removal of Conditions Statement

Seller:
Capital Builders Development Properties,
a California limited partnership

Subject Property:
2901-2951 Sunrise Boulevard
Rancho Cordova & Associated Land

Purchaser:
Mustaf Arpaci

Date:
May 26, 2000

1. This Removal of Conditions Statement is dated the 25th day of
April 2000, with respect to that Agreement for the purchase and
sale of the property commonly known as 2901-2951 Sunrise
Boulevard dated March 17, 2000 by and between Seller and
Purchaser ("Sale Contract").

2. The Sales Contract contains certain conditions which the
undersigned hereto desires to cancel and rescind as of the date
hereof. In furtherance of the foregoing, the undersigned hereby
cancels, removes and rescinds the following conditions from the
Sales Contract:

(a)	7.B.	Purchaser's Inspections

(1) Physical Inspections

(2) Inspection of Documents, Books and Records

(3) Title Approval

(b)	7.C.	Review of Personal Property

3. All other terms and provisions of the Sales Contract shall
remain unchanged and in full force and effect.

Purchaser:
MUSTAFA ARPACI

By:

Date:

Mustafa Arpaci

Seller:
CAPITAL BUILDERS

By:

Date:

NOTICE TO SELLER AND PURCHASER: CORNISH & CAREY COMMERCIAL IS
NOT AUTHORIZED TO GIVE LEGAL OR TAX ADVICE. NOTHING CONTAINED IN
THIS COUNTER OFFER OR ANY DISCUSSIONS BETWEEN CORNISH & CAREY
AND SELLER AND/OR PURCHASER SHALL BE DEEMED TO BE A
REPRESENTATION OR RECOMMENDATION BY CORNISH & CAREY COMMERCIAL
OR ITS AGENTS OR EMPLOYEES AS TO THE LEGAL EFFECT OR TAX
CONSEQUENCES OF THIS DOCUMENT OR ANY TRANSACTION RELATING
HERETO. ALL PARTIES ARE ENCOURAGED TO CONSULT WITH THEIR
INDEPENDENT FINANCIAL CONSULTANTS AND/OR ATTORNEYS REGARDING THE
TRANSACTION CONTEMPLATED BY THIS COUNTER OFFER.

REMOVAL OF CONDITIONS STATEMENT
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
103ROC3.doc	Page   of 1
CORNISH & CAREY COMMERCIAL

ONCOR INTERNATIONAL
REMOVAL OF CONDITIONS STATEMENT
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
103ROC3.doc	Page   of 1Contract Extension

Seller:
Capital Builders Development Properties,
a California limited partnership

Subject Property:
2901-2951 Sunrise Boulevard
Rancho Cordova & Associated Land

Purchaser:
Mustaf Arpaci
Date:
June 20, 2000

Recitals
This Contract Extension is dated the 20th day of June 2000, with
respect to that Agreement for the purchase and sale of the
property commonly known as 2901-2951 Sunrise Boulevard dated
March 17, 2000 by and between Seller and Purchaser ("Sale
Contract").

Operative Provisions
1. Loan Contingency:  The time for Purchaser to remove the loan
contingency referenced in paragraph 7. A of the contract shall
be extended until July 18, 2000.
2. Closing Date-Escrow:  The closing date referenced in
paragraph 3 shall be extended to August 11th , 2000.
3. Deposit Increase:  Within three business days of execution of
this document the deposit shall be increased to a total of One
Hundred Thousand Dollars ($100,000).
4. Deposit Pass Through:  Within three business days of removal
of the loan contingency the Purchaser shall complete escrow
instructions to effect a transfer of the deposit to the Seller.
Deposit shall be subject to all the terms and conditions of the
original purchase agreement.
5. All other terms and provisions of the Sales Contract shall
remain unchanged and in full force and effect.

Purchaser:
MUSTAFA ARPACI
By:

Date:

Mustafa Arpaci

Seller:
CAPITAL BUILDERS DEVELOPMENT PROPERTIES
A CALIFORNIA LIMITED PARTNERSHIP.
By:

Date:

Michael J. Metzger, President of Capital Builders, Inc.
A California Corporation, Managing General Partner.

NOTICE TO SELLER AND PURCHASER: CORNISH & CAREY COMMERCIAL IS
NOT AUTHORIZED TO GIVE LEGAL OR TAX ADVICE. NOTHING CONTAINED IN
THIS CONTRACT EXTENSION OR ANY DISCUSSIONS BETWEEN CORNISH &
CAREY AND SELLER AND/OR PURCHASER SHALL BE DEEMED TO BE A
REPRESENTATION OR RECOMMENDATION BY CORNISH & CAREY COMMERCIAL
OR ITS AGENTS OR EMPLOYEES AS TO THE LEGAL EFFECT OR TAX
CONSEQUENCES OF THIS DOCUMENT OR ANY TRANSACTION RELATING
HERETO. ALL PARTIES ARE ENCOURAGED TO CONSULT WITH THEIR
INDEPENDENT FINANCIAL CONSULTANTS AND/OR ATTORNEYS REGARDING THE
TRANSACTION CONTEMPLATED BY THIS CONTRACT EXTENSION.

REMOVAL OF CONDITIONS STATEMENT
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
Contract extension.doc	Page   of 1
CORNISH & CAREY COMMERCIAL

ONCOR INTERNATIONAL
CONTRACT EXTENSION
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
Contract extension.doc	Page   of 1Contract Extension

Seller:
Capital Builders Development Properties,
a California limited partnership

Subject Property:
2901-2951 Sunrise Boulevard
Rancho Cordova & Associated
Land

Purchaser:
Mustaf Arpaci

Date:
July 19, 2000

Recitals
This Contract Extension is dated the 19th day of July 2000, with
respect to that Agreement for the purchase and sale of the
property commonly known as 2901-2951 Sunrise Boulevard dated
March 17, 2000 by and between Seller and Purchaser ("Sale
Contract").

Operative Provisions
1. Loan Contingency:  The time for Purchaser to remove the loan
contingency referenced in paragraph 7. A of the contract shall
be extended until August 1, 2000.
2. Closing Date-Escrow:  The closing date referenced in
paragraph 3 shall be extended to August 31th , 2000.
3. All other terms and provisions of the Sales Contract shall
remain unchanged and in full force and effect, including the
first contract extension dated June 20, 2000.

Purchaser:
MUSTAFA ARPACI

By:

Date:

Mustafa Arpaci

Seller:
CAPITAL BUILDERS DEVELOPMENT PROPERTIES
A CALIFORNIA LIMITED PARTNERSHIP.

By:

Date:

Michael J. Metzger, President of Capital Builders, Inc.
A California Corporation, Managing General Partner.

NOTICE TO SELLER AND PURCHASER: CORNISH & CAREY COMMERCIAL IS
NOT AUTHORIZED TO GIVE LEGAL OR TAX ADVICE. NOTHING CONTAINED IN
THIS CONTRACT EXTENSION OR ANY DISCUSSIONS BETWEEN CORNISH &
CAREY AND SELLER AND/OR PURCHASER SHALL BE DEEMED TO BE A
REPRESENTATION OR RECOMMENDATION BY CORNISH & CAREY COMMERCIAL
OR ITS AGENTS OR EMPLOYEES AS TO THE LEGAL EFFECT OR TAX
CONSEQUENCES OF THIS DOCUMENT OR ANY TRANSACTION RELATING
HERETO. ALL PARTIES ARE ENCOURAGED TO CONSULT WITH THEIR
INDEPENDENT FINANCIAL CONSULTANTS AND/OR ATTORNEYS REGARDING THE
TRANSACTION CONTEMPLATED BY THIS CONTRACT EXTENSION.

REMOVAL OF CONDITIONS STATEMENT
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
Contract extension 2.doc	Page   of 1
CORNISH & CAREY COMMERCIAL

ONCOR INTERNATIONAL
CONTRACT EXTENSION
1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815  (916) 920
4400 FAX (916)
920 0854
Contract extension 2.doc	Page   of 1The following  Form of Securities  Purchase  Agreement was entered into with the
following individuals and entities in June 2000 as follows:

<TABLE>
<CAPTION>
Individual / Entity             Shares Purchased             Purchase Price ($)
------------------------------- ---------------------------- ----------------------------
<S>                             <C>                          <C>
Alan B. Snyder                  300,000                      375,000
------------------------------- ---------------------------- ----------------------------
Alan B. Snyder, IRA             100,000                      125,000
------------------------------- ---------------------------- ----------------------------
O.T. Finance, SA                43,500                       54,375
------------------------------- ---------------------------- ----------------------------
Merl Trust                      34,500                       43,125
------------------------------- ---------------------------- ----------------------------
The  Lucien I. Levy  Revocable  14,000                       17,500
Living Trust
------------------------------- ---------------------------- ----------------------------
The  Elvire   Levy   Revocable  8,000                        10,000
Living Trust
------------------------------- ---------------------------- ----------------------------
</TABLE>

                            VDC COMMUNICATIONS, INC.

                                   ----------

                      Form of Securities Purchase Agreement

                                   ----------

                             Shares of Common Stock
                               at $1.25 per Share

                                   ----------

<PAGE>

CONFIDENTIAL
------------

                      FORM OF SECURITIES PURCHASE AGREEMENT

         THIS SECURITIES  PURCHASE AGREEMENT (the "Agreement" or the "Securities
Purchase  Agreement")  is entered into as of the 28th day of June,  2000, by and
between  VDC  Communications,   Inc.,  a  Delaware  corporation  ("VDC"  or  the
"Company"),  and the investor  whose name  appears at the end of this  Agreement
("Purchaser" or "Subscriber").

                                R E C I T A L S:
                                ----------------

         The  Company  wishes  to  obtain  additional  working  capital  and the
Purchaser  desires to provide  such working  capital to the Company  through the
purchase of certain shares of the Company's  common stock,  $.0001 par value per
share (the "Common Stock"), being privately offered by the Company.

         NOW,  THEREFORE,  in  consideration  of the  premises  hereof  and  the
agreements set forth herein below,  the parties hereto,  intending to be legally
bound, hereby agree as follows:

         1.       Sale and Purchase of Shares.
                  ----------------------------

                  Subject to the terms and conditions hereof, the Company agrees
to issue and sell, and the Purchaser agrees to purchase that number of shares of
Common  Stock  (the  "Shares")  identified  on the  signature  page  hereof at a
purchase price of $1.25 per share.  The total purchase price is set forth on the
signature page hereof (the "Purchase Price"). The Purchase Price is payable upon
subscription in cash, certified check or wire transfer.  If paying by check, the
check should be made payable to "VDC Communications,  Inc." and delivered to VDC
Communications,  Inc. at 75 Holly Hill Lane, Greenwich,  Connecticut, 06830. The
sale of  Shares  evidenced  by this  Agreement  is  part of an  overall  private
placement  transaction  (the  "Offering")  being  undertaken by the Company of a
maximum amount of $1,500,000. See Section 3 hereafter.

                  No broker,  investment banker or any other person,  other than
Santa Fe Capital Group (NM),  Inc.  ("Santa Fe"),  will receive from the Company
any  compensation  as a broker,  finder,  adviser  or in any other  capacity  in
connection  with the purchase of the Shares.  The Company  shall pay Santa Fe an
investment  banking fee (the "Santa Fe Fee") based upon gross proceeds  received
by the Company in the Offering from investors introduced to the Company by Santa
Fe (the  "Santa Fe  Proceeds").  Specifically,  Santa Fe is  entitled  to:  five
percent (5%) of the first $1,000,000 in Santa Fe Proceeds; and four percent (4%)
of the second $1,000,000 in Santa Fe Proceeds.  Fifty percent (50%) of the Santa
Fe Fee shall be paid to Santa Fe in shares of Company Common valued at $1.25 per
share.

                                       2
<PAGE>

         2.       Description of the Shares.
                  --------------------------

                  (a)      Restricted   Securities.    The   Shares   shall   be
                           ------------------------
"restricted securities" as that term is defined under Rule 144 of the Securities
Act of 1933, as amended (the "Act"),  and may not be offered for sale or sold or
otherwise  transferred  in a transaction  which would  constitute a sale thereof
within the meaning of the Act unless (i) such security has been  registered  for
sale under the Act and registered or qualified under applicable state securities
laws relating to the offer and sale of securities;  or (ii)  exemptions from the
registration  requirements  of the  Act and the  registration  or  qualification
requirements  of all such state  securities  laws are  available and the Company
shall have received an opinion of counsel, prepared at Purchaser's expense, that
the  proposed  sale or other  disposition  of such  securities  may be  effected
without  registration under the Act and would not result in any violation of any
applicable  state  securities laws relating to the registration or qualification
of securities for sale,  such counsel and such opinion to be satisfactory to the
Company.

                  (b)      Voting Rights; Dividends.  Holders of Common Stock of
                           -------------------------
the Company have equal rights to receive  dividends when, as, and if declared by
the Board of  Directors  out of funds  legally  available  therefor.  Holders of
Common  Stock of the Company  have one vote for each share held of record and do
not have cumulative voting rights.

                  (c)      Liquidation;  Redemption.  Holders of Common Stock of
                           -------------------------
the Company are entitled upon liquidation of the Company to share ratably in the
net assets available for distribution,  subject to the rights, if any of holders
of any preferred stock of the Company then  outstanding.  Shares of Common Stock
of the Company are not redeemable and have no preemptive or similar rights.  All
outstanding   shares  of  Common  Stock  of  the  Company  are  fully  paid  and
nonassessable.

                  (d)      Restriction Upon Resale. The Subscriber hereby agrees
                           ------------------------
that the Shares  shall be  subject  to  restrictions  upon the  transfer,  sale,
encumbrance or other disposition of the Shares. See "Understanding of Investment
Risks" and "Registration Rights".

         3.       Shares Offered in a Private Placement Transaction.
                  --------------------------------------------------

                  The Shares offered by this Securities  Purchase  Agreement are
being offered as a non-public offering pursuant to Section 4(2) and Regulation D
of the Act  ("Regulation  D") by the  Company  on a "best  efforts"  basis  of a
maximum principal amount of $1,500,000 (the "Maximum Offering") to be offered to
certain accredited investors.  Accordingly, there can be no assurances as to the
number of securities that will be sold in the Offering.  The Company may, in its
sole discretion,  reject, in whole or part, subscriptions from purchasers to the
extent such  subscriptions,  when aggregated with other  subscriptions from this
private placement  transaction  exceed the Maximum Offering.  Additionally,  the
Company may, in its sole discretion,  reject any subscription from any purchaser
to the extent all subscription documentation and funds for such subscription are
not received by the Company on or before 5 p.m. Eastern Standard Time on Friday,
July 14,  2000,  (the  "Outside  Subscription  Date").  The  Company  may reject

                                       3
<PAGE>

subscriptions  for other reasons,  in its sole discretion.  The proceeds of this
Offering are intended to raise working capital for the Company.

         4.       Binding Effect of Securities Purchase Agreement; The Closing.
                  -------------------------------------------------------------

                  This Securities Purchase Agreement shall not be binding on the
Company  unless and until an  authorized  executive  officer of the  Company has
evidenced  acceptance thereof by executing the signature page at the end hereof.
The Company may accept or reject this Securities  Purchase Agreement in its sole
discretion.  In the event the Company  rejects this  Agreement,  the Purchaser's
funds will be returned without deduction of any costs and without interest.

                  A closing (the  "Closing") will occur  contemporaneously  with
the acceptance of this Agreement by the Company and the Company's receipt of the
Purchase Price.  The Company shall deliver to the Purchaser  within fifteen (15)
business  days  after  the  Outside   Subscription   Date  a  stock  certificate
representing  the number of Shares  purchased,  bearing  applicable  restrictive
legends, duly executed by the appropriate officer(s) and registered on the books
of the Company in Purchaser's name.

         5.       Representations and Warranties of the Purchaser. The Purchaser
                  ------------------------------------------------
represents and warrants to the Company as follows:

                  (a)      Accredited Investor. The Purchaser has such knowledge
                           --------------------
and  experience  in business and  financial  matters such that the  Purchaser is
capable of  evaluating  the  merits  and risks of  purchasing  the  Shares.  The
Purchaser is either an "accredited investor" as that term is defined in Rule 501
of Regulation D of the Act or a "qualified  institutional buyer" as that term is
defined  in  Rule  144A  of the  Act,  and  represents  that  he  satisfies  the
suitability standards identified in Section 10 hereof;

                  (b)      Loss of  Investment.  The Purchaser('s)  (i)  overall
                           --------------------
commitment   to   investments   which  are  not   readily   marketable   is  not
disproportionate to his net worth; (ii) investment in the Company will not cause
such overall  commitment to become excessive;  (iii) can afford to bear the loss
of his  entire  investment  in the  Company;  and  (iv)  has  adequate  means of
providing for his current needs and personal  contingencies  and has no need for
liquidity in his investment in the Company;

                  (c)      Special Suitability.   The  Purchaser  satisfies  any
                           --------------------
special  suitability or other applicable  requirements of his state of residence
and/or the state in which the  transaction  by which the  Shares  are  purchased
occurs;

                  (d)      Investment Intent. The Purchaser hereby  acknowledges
                           ------------------
that the Purchaser  has been advised that this offering has not been  registered
with, or reviewed by, the Securities  and Exchange  Commission  ("SEC")  because
this offering is intended to be a non-public  offering  pursuant to Section 4(2)
and  Regulation  D of the Act. The  Purchaser  represents  that the  Purchaser's
Shares are being  purchased for the Purchaser's own account and not on behalf of

                                       4
<PAGE>

any other  person,  for  investment  purposes  only and not with a view  towards
distribution or resale to others.  The Purchaser  agrees that the Purchaser will
not attempt to sell, transfer, assign, pledge or otherwise dispose of all or any
portion of the Shares unless they are registered  under the Act or unless in the
opinion  of counsel an  exemption  from such  registration  is  available,  such
counsel  and such  opinion to be  satisfactory  to the  Company.  The  Purchaser
understands  that the Shares have not been registered under the Act by reason of
a claimed exemption under the provisions of the Act which depends, in part, upon
the Purchaser's investment intention;

                  (e)      State Securities Laws. The Purchaser understands that
                           ----------------------
no securities  administrator  of any state has made any finding or determination
relating to the fairness of this investment and that no securities administrator
of any state has  recommended  or endorsed,  or will  recommend or endorse,  the
offering of the Shares;

                  (f)      Authority;  Power;   No  Conflict.    The  execution,
                          ----------------------------------
delivery and performance by the Purchaser of the Agreement are within the powers
of the Purchaser, have been duly authorized and will not constitute or result in
a breach or default under, or conflict with, any order,  ruling or regulation of
any court or other tribunal or of any governmental  commission or agency, or any
agreement or other  undertaking,  to which the  Purchaser is a party or by which
the  Purchaser is bound,  and, if the Purchaser is not an  individual,  will not
violate any  provision  of the charter  documents,  Bylaws,  indenture of trust,
operating agreement, or partnership agreement, as applicable,  of the Purchaser.
The signatures of the Purchaser on the Agreement are genuine, and the signatory,
if the Purchaser is an individual,  has legal competence and capacity to execute
the same, or, if the Purchaser is not an individual, the signatory has been duly
authorized to execute the same; and the Agreement  constitutes the legal,  valid
and binding  obligations  of the Purchaser,  enforceable in accordance  with its
terms;

                  (g)      No General Solicitation.  The Purchaser  acknowledges
                           ------------------------
that no general  solicitation or general advertising  (including  communications
published in any  newspaper,  magazine or other  broadcast) has been received by
him and  that no  public  solicitation  or  advertisement  with  respect  to the
offering of the Shares has been made to him;

                  (h)      Advice of Tax and Legal Advisors.   The Purchaser has
                           ---------------------------------
relied solely upon the advice of his own tax and legal  advisors with respect to
the tax and other legal aspects of this investment;

                  (i)      Broker Fees.   The  Purchaser  is  not aware that any
                           ------------
person,  and has been advised that no person,  will receive from the Company any
compensation as a broker, finder, adviser or in any other capacity in connection
with the purchase of the Shares other than as declared herein;

                  (j)      Access to  Information.  Purchaser  has had access to
                           -----------------------
all material and relevant  information  concerning the Company,  its management,
financial  condition,   capitalization,   market  information,   properties  and
prospects  necessary to enable Purchaser to make an informed investment decision
with respect to its  investment in the Shares.  Purchaser has carefully read and
reviewed,  and is familiar with and understands the contents thereof and hereof,

                                       5
<PAGE>

including,  without  limitation,  the risk factors referenced in this Agreement.
See "Understanding of Investment Risks." Purchaser  acknowledges that it has had
the  opportunity  to ask questions of and receive  answers  from,  and to obtain
additional information from, representatives of the Company concerning the terms
and  conditions  of the  acquisition  of the Shares and the present and proposed
business and financial condition of the Company,  and has had all such questions
answered to its satisfaction and has been supplied all information requested;

                  (k)      Review of Reports.  The  Purchaser  acknowledges that
                           ------------------
it has been provided with an opportunity to review:  (i) a copy of the Company's
Annual Report on Form 10-K for the year ended June 30, 1999;  (ii) a copy of the
Company's  Quarterly  Reports on Form 10-Q for the quarters ended  September 30,
1999,  December 31,  1999,  and March 31,  2000;  (iii) a copy of the  Company's
Amendment  Number 1 to  Registration  Statement  on Form S-1  (SEC  File  Number
333-80107);  (iv) a copy of the Company's Current Report on Form 8-K, dated June
14,  2000;  and (v) all  other  recent  reports  filed by the  Company  with the
Securities and Exchange  Commission  under the  Securities  Exchange Act of 1934
(collectively, the "Reports").

                  (l)      Understanding the Nature of Securities. The Purchaser
                           ---------------------------------------
understands and acknowledges that:

                           (i)      The Shares have not  been  registered  under
the Act or any state  securities  laws and are being issued and sold in reliance
upon certain exemptions contained in the Act;

                           (ii)     The Shares  are  "restricted  securities" as
that term is defined in Rule 144 promulgated under the Act;

                           (iii)    The Shares cannot  be  sold  or  transferred
without  registration  under the Act and applicable  state  securities  laws, or
unless the Company  receives an opinion of counsel  reasonably  acceptable to it
(as to both counsel and the opinion) that such  registration  is not  necessary;
and

                           (iv)     The Shares and any  certificates  issued  in
replacement  therefor shall bear the following  legend, in addition to any other
legend required by law or otherwise:

                           "THE SECURITIES  REPRESENTED BY THIS CERTIFICATE HAVE
          NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
          "ACT"),  OR ANY APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY
          NOT BE SOLD,  TRANSFERRED  OR OTHERWISE  DISPOSED OF IN THE ABSENCE OF
          REGISTRATION,  OR THE  AVAILABILITY  OF EXEMPTION  FROM  REGISTRATION,
          UNDER THE ACT and any applicable  state  securities  laws, BASED ON AN
          OPINION LETTER OF COUNSEL SATISFACTORY TO THE COMPANY."

                                       6
<PAGE>

                  (m)      Information Provided.   The  Purchaser  has,  on   or
                           ---------------------
before the date of the Closing,  been afforded the  opportunity to review and is
familiar  with the  Reports and has based his  decision to invest  solely on the
information  contained  therein,  and  the  information  contained  within  this
Agreement and the associated exhibits and schedules,  and has not been furnished
with  and  is not  relying  upon  any  other  literature,  prospectus  or  other
information except as included in the Reports or this Agreement.

         6.       Indemnification.  The  Purchaser  shall  indemnify  and   hold
                  ----------------
harmless the Company and the Company's  officers,  directors and employees  from
and against any and all loss, damage or liability  (including  attorneys' fees),
due to, or  arising  out of, a breach or  inaccuracy  of any  representation  or
warranty contained in Section 5.

         7.       Understanding  of  Investment  Risks.  Any  investment in  the
                  -------------------------------------
Shares  should  not be made by a  Purchaser  who  cannot  afford the loss of his
entire Purchase Price. The Purchaser acknowledges that the Shares offered hereby
have not been approved or disapproved by the Securities and Exchange Commission,
or any  state  securities  commissions,  nor has  the  Securities  and  Exchange
Commission  or any state  securities  commission  passed  upon the  adequacy  or
accuracy of this Securities  Purchase Agreement or any exhibit hereto.  Prior to
making an investment  in the  Securities,  the  Purchaser has fully  considered,
among other things,  the financial  and other  information  and risk factors set
forth in the Reports and acknowledges  that such information has been considered
prior to making this investment decision.

         8.       Registration Rights.  The  Company  has  agreed  to advise the
                  --------------------
Purchaser by written  notice at least ten (10) calendar days prior to the filing
of a registration statement under the Act (excluding  registration on Forms S-8,
S-4 or any successor  forms thereto),  covering  securities of the Company to be
offered  and sold to the public  generally  (whether on behalf of the Company or
selling security  holders) and shall, upon the request of the Purchaser given at
least five (5) calendar days prior to the filing of such registration statement,
include in any such  registration  statement such information as may be required
to permit the public resale of the Shares; provided,  however, that in the event
the resale of the Shares has not been previously  included within a registration
statement,  the Company shall in any event file a registration  statement  under
the Act within one year of the Outside  Subscription  Date, the purpose of which
is to register the resale of the Shares. The registration rights associated with
the Shares are described more  particularly and are subject in full to the terms
of a Registration Rights Agreement  substantially in the form attached hereto as
Exhibit "A."

                  The Company shall use reasonable best efforts to file,  within
six (6) months of the Outside  Subscription  Date, a  registration  statement on
behalf of certain Company  security  holders which,  if filed,  will include the
Shares  referenced in this Agreement,  subject to the conditions and limitations
set forth in a Registration Rights Agreement  substantially in the form attached
hereto as Exhibit "A."

                  The Company's  obligation to register the Shares  extends only
to the  inclusion  of the Shares in a  registration  statement  which covers the
public resale thereof. In all events, the Company shall have no obligation:  (i)

                                       7
<PAGE>

to assist or cooperate in the offering or  disposition  of such Shares;  (ii) to
obtain a commitment from an underwriter  relative to the sale of such Shares; or
(iii) to include such Shares within an underwritten offering of the Company. The
Company shall assume no  responsibility  for the manner of sale, timing of sale,
or sales price relating to the resale of the Shares.

         9.       Representations  and  Warranties of the Company.  The  Company
                  ------------------------------------------------
hereby represents and warrants to Purchaser as follows:

                  (a)      Organization and Standing of the Company. The Company
                           -----------------------------------------
is a duly organized and validly existing  corporation in good standing under the
laws of the State of Delaware with  adequate  power and authority to conduct the
business in which it is now engaged and has the corporate power and authority to
enter into this Agreement,  and is duly qualified and licensed to do business as
a foreign  corporation in such other  jurisdictions as is necessary to enable it
to  carry on its  business,  except  where  failure  to do so  would  not have a
material adverse effect on its business;

                  (b)      Corporate Power and  Authority.   The  execution  and
                           -------------------------------
delivery of this Agreement and the  transactions  contemplated  hereby have been
duly authorized by the Board of Directors of the Company. No other corporate act
or  proceeding  on the  part of the  Company  is  necessary  to  authorize  this
Agreement.  When  duly  executed  and  delivered  by the  parties  hereto,  this
Agreement will constitute a valid and legally binding  obligation of the Company
enforceable   against  it  in  accordance   with  its  terms,   except  as  such
enforceability  may  be  limited  by  (i)  bankruptcy,  insolvency,  moratorium,
reorganization or other similar laws and legal and equitable principles limiting
or affecting the rights of creditors  generally;  and/or (ii) general principles
of equity, regardless of whether considered in a proceeding in equity or at law.

         10.      IMPORTANT CONSIDERATIONS:  SUITABILITY STANDARDS - WHO  SHOULD
         ---      --------------------------------------------------------------
INVEST.
-------

                  INVESTMENT IN THE SHARES INVOLVES A HIGH DEGREE OF RISK AND IS
SUITABLE ONLY FOR PERSONS OF  SUBSTANTIAL  FINANCIAL  RESOURCES WHO HAVE NO NEED
FOR LIQUIDITY IN THEIR INVESTMENT.

                  A  substantial  number of state  securities  commissions  have
established  investor  suitability  standards  for the  marketing  within  their
respective  jurisdictions of restricted  securities.  Some have also established
minimum  dollar  levels for  purchases  in their  states.  The reasons for these
standards  appear  to be,  among  others,  the  relative  lack of  liquidity  of
securities  of such  programs as  compared  with other  securities  investments.
Investment in the Shares involves a high degree of risk and is suitable only for
persons of substantial  financial  means who have no need for liquidity in their
investments.

                  The  Company  has  adopted as a general  investor  suitability
standard the requirement  that each Subscriber for Shares  represents in writing
that the  Subscriber:  (a) is acquiring the Shares for investment and not with a

                                       8
<PAGE>

view to resale or  distribution;  (b) can bear the  economic  risk of losing his
entire  investment;  (c) his overall  commitment  to  investments  which are not
readily marketable is not  disproportionate  to his net worth, and an investment
in the Shares will not cause such overall  commitment to become  excessive;  (d)
has adequate means of providing for his current needs and personal contingencies
and  has no need  for  liquidity  in  this  investment  in the  Shares;  (e) has
evaluated all the risks of investment in the Company; and (f) has such knowledge
and experience in financial and business  matters as to be capable of evaluating
the  merits  and risks of  investing  in the  Company  or is  relying on his own
purchaser representative in making an investment decision.

                  In addition,  all of the  Subscribers  for Shares must be: (1)
extremely  sophisticated  investors with substantial net worth and experience in
making investments of this nature; and (2) "accredited investors," as defined in
Rule  501 of  Regulation  D under  the  Act,  by  meeting  any of the  following
conditions:

                  (i)      he  or  she  has  an  individual  income in excess of
$200,000  in each of the two most recent  years or joint  income with his or her
spouse in excess of $300,000 in each of those  years,  and he or she  reasonably
expects an income in excess of the aforesaid levels in the current year, or

                  (ii)     he or she has an  individual  net  worth,  or a joint
net worth with his or her spouse, at the time of his or her purchase,  in excess
of $1,000,000 (net worth for these purposes includes homes, home furnishings and
automobiles), or

                  (iii)    he  or she otherwise satisfies the Company that he or
she is an accredited investor, as defined in Rule 501 under the Act.

                  Other  categories of investors  included within the definition
of accredited investor include the following:  certain institutional  investors,
including  certain  banks,  whether  acting  in their  individual  or  fiduciary
capacities;   certain  insurance  companies;   federally  registered  investment
companies;  business  development  companies  (as defined  under the  Investment
Company Act of 1940); Small Business Investment  Companies licensed by the Small
Business  Administration;  certain  employee  benefit  plans;  private  business
development  companies (as defined in the Investment  Advisers Act of 1940); tax
exempt  organizations  (as defined in Section  501(c)(3) of the Internal Revenue
Code)  with  total  assets in excess of  $5,000,000;  entities  in which all the
equity owners are accredited investors; and certain affiliates of the Company.

                  A partnership Subscriber, which satisfies the requirements set
forth in clauses (a) through (f) above shall satisfy the  suitability  standards
if it is an  accredited  investor by reason of clause (iii) above,  or if all of
its partners are accredited investors.  A corporate subscriber,  which satisfies
the  requirements  set forth in clauses (a) through (f) above shall  satisfy the
investor  suitability  standards  if it is an  accredited  investor by reason of
clause (iii) above,  or if all of its  shareholders  are  accredited  investors.
Corporate subscribers must have net worth of at least three (3) times the amount
of their investment in the Shares.

                                       9
<PAGE>

                  The suitability  standards referred to above represent minimum
suitability requirements for prospective purchasers and the satisfaction of such
standards by a prospective  purchaser does not necessarily  mean that the Shares
are a suitable investment for such purchaser.  The Company may, in circumstances
it deems  appropriate,  modify  such  requirements.  The Company may also reject
subscriptions   for  whatever  reasons,   in  its  sole  discretion,   it  deems
appropriate.

                  Securities Purchase Agreements may not necessarily be accepted
in the order in which  received.  Purchasers who are residents of certain states
may be required to meet certain additional suitability standards.

                  THE  ACCEPTANCE  OF A  SUBSCRIPTION  FOR SHARES BY THE COMPANY
DOES NOT  CONSTITUTE A  DETERMINATION  BY THE COMPANY THAT AN  INVESTMENT IN THE
SHARES IS SUITABLE FOR A PROSPECTIVE  INVESTOR.  THE FINAL  DETERMINATION OF THE
SUITABILITY OF INVESTMENT IN THE SHARES MUST BE MADE BY THE PROSPECTIVE INVESTOR
AND HIS OR HER ADVISERS.

         11.      State Law Considerations for Residents of All States.
                  -----------------------------------------------------

                  IN MAKING AN INVESTMENT  DECISION INVESTORS MUST RELY ON THEIR
OWN  EXAMINATION  OF THE  ISSUER'S  SECURITIES  AND THE  TERMS OF THE  OFFERING,
INCLUDING  THE  MERITS  AND  RISKS  INVOLVED.  THESE  SECURITIES  HAVE  NOT BEEN
RECOMMENDED  BY  ANY  FEDERAL  OR  STATE  SECURITIES  COMMISSION  OR  REGULATORY
AUTHORITY.  FURTHERMORE,  THE  FOREGOING  AUTHORITIES  HAVE  NOT  CONFIRMED  THE
ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT.  ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.

         THESE  SECURITIES ARE SUBJECT TO  RESTRICTIONS ON  TRANSFERABILITY  AND
RESALE  AND MAY NOT BE  TRANSFERRED  OR  RESOLD  EXCEPT AS  PERMITTED  UNDER THE
SECURITIES  ACT,  AND  THE  APPLICABLE  STATES  SECURITIES  LAWS,   PURSUANT  TO
REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME.

         THE INVESTOR MUST RELY ON THE INVESTOR'S OWN  EXAMINATION OF THE PERSON
OR ENTITY  CREATING THE SECURITIES AND THE TERMS OF THE OFFERING,  INCLUDING THE
MERITS AND RISKS INVOLVED, IN MAKING AN INVESTMENT DECISION ON THESE SECURITIES.

         12.      Notices.    All  notices,   consents,   waivers,   and   other
                  --------
communications  under this  Agreement  must be in writing  and will be deemed to
have been duly given when (a)  delivered by hand (with written  confirmation  of
receipt), (b) sent by facsimile (with written confirmation of receipt), provided

                                       10
<PAGE>

that a copy is mailed by certified mail, return receipt requested (provided that
facsimile  notice shall be deemed  received on the next business day if received
after 5:00 p.m. Eastern Standard Time), or (c) on the next business day, if sent
by a  nationally  recognized  overnight  delivery  service,  in each case to the
appropriate  addresses and  facsimile  numbers set forth below (or to such other
addresses and facsimile  numbers as a party may designate by notice to the other
parties):

                  If to the Company:

                           VDC Communications, Inc.
                           75 Holly Hill Lane
                           Greenwich, CT   06830
                           Attention:  Frederick A. Moran
                                       Chairman & C.E.O.
                           Facsimile: (203) 552-0908

                  with a copy to:

                           VDC Communications, Inc.
                           75 Holly Hill Lane
                           Greenwich, CT   06830
                           Attention:  Louis D. Frost, Esq.
                                       VDC Corporate Counsel
                           Facsimile: (203) 552-0908

                  If to Purchaser:

                  to the  address and  facsimile  number set forth at the end of
this  Agreement  or to such  other  addresses  and  facsimile  number  as may be
specified in accordance herewith from time to time.

         13.      Survival of  Representations  and Warranties.  Representations
                  ---------------------------------------------
and warranties contained herein shall survive the execution and delivery of this
Agreement.

         14.      Parties  in  Interest.   All  the terms and provisions of this
                  ----------------------
Agreement  shall be binding upon and inure to the benefit of and be  enforceable
by the  respective  successors  and  permitted  assigns of the  parties  hereto,
provided that this  Agreement  and the  interests  herein may not be assigned by
either party without the express written consent of the other party.

         15.      Governing Law.  This  Agreement  shall  be  governed  by   and
                  --------------
construed in accordance with the laws of the State of Connecticut without regard
to the principles of conflict of laws.

                                       11
<PAGE>

         16.      Arbitration.   All controversies  arising out of or related to
                  ------------
this Agreement shall be determined by binding  arbitration  applying the laws of
the State of Connecticut. Any arbitration between the parties shall be conducted
at the Company's  offices in Greenwich,  Connecticut,  or at such other location
designated  by the Company,  before the American  Arbitration  Association  (the
"AAA").  The decision of the  arbitrator(s)  shall be final and binding upon the
parties  and  judgment  may be  obtained  thereon by either  party in a court of
competent  jurisdiction.  Each  party  shall  bear  the  cost of  preparing  and
presenting  its own case.  The cost of the  arbitration,  including the fees and
expenses of the  arbitrator(s),  shall be shared  equally by the parties  hereto
unless the award otherwise provides. Nothing in this section will prevent either
party from resorting to judicial  proceedings if interim injunctive relief under
the  laws of the  State of  Connecticut  from a court is  necessary  to  prevent
serious and  irreparable  injury to one of the parties,  and the parties  hereto
agree that the state  courts in  Stamford,  Connecticut  and the  United  States
District Court in the District of Connecticut in Bridgeport,  Connecticut  shall
have exclusive subject matter and in personam  jurisdiction over the parties for
purposes of obtaining interim injunctive relief.

         17.      Sections and Other Headings.  The  section  and other headings
                  ----------------------------
contained in this Agreement are for the  convenience  of reference  only, and do
not constitute part of this Agreement or otherwise  affect any of the provisions
hereof.

         18.      Pronouns.  Whenever the context of this Agreement may require,
                  ---------
any pronoun will include the corresponding masculine,  feminine and neuter form,
and the singular form of nouns and pronouns will include the plural.

         19.      Counterpart  Signatures.   This  Agreement  may be executed in
                  ------------------------
multiple  counterparts  each of  which  shall  be an  original  but all of which
together shall constitute one and the same  instrument.  This Agreement may also
be executed and delivered by exchange of facsimile copies showing the signatures
of the parties,  and those  signatures need not be affixed to the same copy. The
facsimile   copies  showing  the  signatures  of  the  parties  will  constitute
originally signed copies of the Agreement requiring no further execution.

         20.      Severability.  If  any  provision  of  this Agreement shall be
                  -------------
invalid   or   unenforceable   in   any   jurisdiction,   such   invalidity   or
unenforceability  shall  not  affect  the  validity  or  enforceability  of  the
remainder of this Agreement or the validity or  enforceability of this Agreement
in any other jurisdiction.

         21.      Entire   Agreement;   Amendments.    This  Agreement  and  the
                  ---------------------------------
instruments  referenced  herein contain the entire  understanding of the parties
with  respect  to  the  matters  covered  herein  and  therein  and,  except  as
specifically set forth herein or therein,  neither the Company nor the Purchaser
make any representation,  warranty, covenant or undertaking with respect to such
matters.  No provision of this  Agreement may be waived or amended other than by
an instrument in writing signed by the party to be charged with enforcement.

         22.      Construction.  This Agreement and any related instruments will
                  -------------
not be  construed  more  strictly  against  one party then  against the other by
virtue of the fact that drafts may have been  prepared by counsel for one of the

                                       12
<PAGE>

parties, it being recognized that this Agreement and any related instruments are
the product of  negotiations  between the  parties  and that both  parties  have
contributed  to  the  final  preparation  of  this  Agreement  and  all  related
instruments.

         23.      Agreement Read and Understood. Both parties hereto acknowledge
                  ------------------------------
that they have had an  opportunity  to consult with an attorney,  and such other
experts  or  consultants  as they deem  necessary  or  prudent,  regarding  this
Agreement and that they, or their  designated  agents,  have read and understand
this Agreement.

         24.      United States Dollars.  All dollar amounts stated herein refer
                  ----------------------
to and are payable solely in United States Dollars.

         IN WITNESS  WHEREOF,  intending to be legally bound, the parties hereto
have caused this Agreement to be signed.

                                   Purchaser:

          Shares/$
------------------------           ---------------------------------------------
Number and dollar amount
of Shares purchased -
Purchase Price

                                   Address/Residence of Purchaser:

                                   ---------------------------------------------

                                   ---------------------------------------------

                                   Social Security Number:
                                                          ----------------------

                                   Accredited Investor Certification
                                   ---------------------------------
                                   (Place initials on the appropriate line(s))

                           (i)      I am a natural  person  who  had  individual
----                income of more than  $200,000 in each of the most recent two
                    years or joint  income  with my spouse in excess of $300,000
                    in each of the most recent two years and  reasonably  expect
                    to  reach  that  same  income  level  for the  current  year
                    ("income",  for  purposes  hereof,  should  be  computed  as
                    follows:  individual  adjusted gross income, as reported (or
                    to be reported) on a federal income tax return, increased by
                    (1) any  deduction of long-term  capital gains under Section
                    1202 of the Internal Revenue Code of 1986 (the "Code"),  (2)

                                       13
<PAGE>

                    any deduction for depletion under Section 611 et seq. of the
                    Code,  (3) any exclusion  for interest  under Section 103 of
                    the Code and (4) any losses of a partnership  as reported on
                    Schedule E of Form 1040); or

                           (ii)     I am a natural person  whose individual  net
----                worth (i.e.,  total assets in excess of total  liabilities),
                    or  joint  net  worth  with my  spouse,  will at the time of
                    purchase of the Shares be in excess of $1,000,000; or

                           (iii)    The  Purchaser is an investor satisfying the
----                requirements of Section 501(a)(1),  (2) or (3) of Regulation
                    D promulgated  under the Securities  Act, which includes but
                    is not limited to, a  self-directed  employee  benefit  plan
                    where  investment  decisions  are made solely by persons who
                    are   "accredited   investors"   as  otherwise   defined  in
                    Regulation D; or

                           (iv)     The Purchaser is a "qualified  institutional
----                buyer"  as  that  term  is  defined  in  Rule  144A  of  the
                    Securities Act; or

                           (v)      The Purchaser is a trust,  which  trust  has
----                total  assets in excess of  $5,000,000,  which is not formed
                    for the  specific  purpose of acquiring  the Shares  offered
                    hereby and whose  purchase is  directed  by a  sophisticated
                    person as described in Rule  506(b)(ii)  of Regulation D and
                    who has such  knowledge  and  experience  in  financial  and
                    business  matters that he is capable of evaluating the risks
                    and merits of an investment in the Shares; or

                           (vi)     I am a director or executive officer of  the
----                Company; or

                           (vii)    The  Purchaser  is an entity  (other  than a
----                trust)  in  which  all  of  the  equity   owners   meet  the
                    requirements of at least one of the above subparagraphs.

                                                 Agreed and Accepted by

                                                 VDC COMMUNICATIONS, INC.

                                                 By:
                                                      --------------------------
                                                      Frederick A. Moran
                                                      Chairman & C.E.O.

                                                 Dated:
                                                         -----------------------

                                       14

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