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Scholtz in (Proc. Military Comms. Conf., vol.2, p.447-450, 1993) introduced an ultra-wide bandwidth (UWB) time-hopping spread-spectrum code division multiple-access system employing a binary PPM signaling with performance analysis based on multiple-access interference represented by a Gaussian process. In this paper, the symbol error rate and the capacity of asynchronous M-ary PPM UWB are evaluated with a more precise statistical analysis of the multiuser interference which avoids the Gaussian approximation. It is shown that there is a significant error in using the Gaussian approximation as it over estimates the capacity of the M-ary PPM modulation.