LendingTree Exec

LendingTree, Inc. Thursday announced that the board of directors has promoted Chief Operating Officer Tom Reddin to President and Chief Operating Officer. Mr. Reddin, 40, joined the Company in December of 1999 as Chief Marketing Officer, and was promoted to Chief Operating Officer in May, 2000. Before Mr. Reddin joined LendingTree, he worked for Coca-Cola USA as Vice President, Consumer Marketing, where he was responsible for the overall management of the Coca-Cola brand strategy and initiatives. During his career at Coca-Cola USA he also led the business units for several brands portfolios including Powerade, Fruitopia, Nestea, and Minute Made Juices. Mr. Reddin was also instrumental in the product development and business strategy that led to Cola-Cola USA’s decision to enter the bottled water market.

Stated LendingTree Founder and CEO Doug Lebda “Since joining the company, Tom has led and executed initiatives that have contributed significantly to LendingTree’s position as the breakaway leader in online lending. Tom’s leadership in the areas of product management, marketing, and operations has resulted in the ongoing development of our lending exchange as it continues to add more lenders and attract consumers in greater numbers than ever before.” Lebda continued, “Tom’s leadership and management skills will help LendingTree progress to sustainable, profitable growth and develop into the dominant lending exchange that empowers consumers, lenders and related service providers and will generate more than $100 billion in loans by 2005.”

Mr. Reddin’s business responsibilities will continue to encompass LendingTree’s operations, marketing, sales, account management, Lend-X product management, and Realty Services business units of LendingTree.

Thomas Reddin Biography

Mr. Reddin joined LendingTree, Inc. from Coca-Cola USA, where he was Vice President, Consumer Marketing. During his five years at Coca-Cola USA he was responsible for leading the strategic marketing activities for several business units. Importantly, Mr. Reddin led all marketing activities for the Coca-Cola brand and was responsible for the overall management and bottom line results of the Consumer Occasions Marketing group. In this capacity he also led strategy and management of online shopping, vending and packaging development for Coca-Cola USA’s portfolio of 21 brands. Prior to his experience at Coca-Cola, Mr. Reddin spent thirteen years with Kraft General Foods managing various business units, including the creation and deployment of significant new business lines that generated more than $150 million in retail sales. Mr. Reddin is a graduate of the University of North Carolina — Chapel Hill, and received his MBA with Honors from New York University.

About LendingTree, Inc.

LendingTree (Nasdaq: TREE) is the Internet-based loan marketplace for consumers and lenders. LendingTree collects consumer credit requests and compares those requests and related credit information to the underwriting criteria of the more than 100 participating lenders in the LendingTree marketplace. Qualified consumers may receive multiple offers in response to a single loan request within hours and then compare, review, and accept the loan offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at reduced acquisition costs. The LendingTree marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards, and personal loans. For more information, or for a full listing of the more than 100 banks and lenders in the LendingTree marketplace please go to [www.lendingtree.com][1].

About Lend-X(SM)

Lend-X(SM) is LendingTree’s online loan exchange technology that enables companies to quickly and easily embed a customized private label or co-branded loan marketplace into their site in a variety of different business models. Lend-X(SM) technology provides a fast, adaptable and reliable online lending solution for lenders and non-lenders alike with valuable access to LendingTree’s online lending exchange of more than 100 banks and lenders. In conjunction with LendingTree’s services, Lend-X can be used to provide access to loans for consumers of lenders and non-lenders alike. Lend-X(SM) clients include: Freddie Mac, S1 Corporation, priceline.com, America’s MoneyLine (AML), EDS’s Wendover, Home Account, MSN Money Central, Wachovia, Fleet Bank, Citizens Bank, and Affinity Plus Federal Credit Union.

[1]: http://www.lendingtree.com

Fair Isaac 2Q/01

Fair, Isaac and Company reported Thursday that revenues for the third fiscal quarter ending June 30 were $84.2 million, up 11% from the same period last year. Net income rose 60% to $12.4 million, compared with $7.7 million, reported in the third quarter of last fiscal year. For the nine-month period ended June 30, revenues totaled $242.7 million and net income reached $31.8 million. Fair, Isaac has high hopes for its new methodology for decision modeling called ‘Strategy Science’. For complete details on fair, Isaac’s latest quarterly performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

Loyalty Lawsuit

The Federal Court of Australia ordered Catuity to provide Welcome Real-time with an affidavit listing an estimate of sums received arising from making or selling, or offering to make or sell, point of sale terminals, chip cards or software for use in the Catuity system. Catuity says it did not seek a stay of the Orders because the Orders were substantially those proposed by Catuity. Besides the affidavit, the court ordered Catuity to pay Welcome’s legal costs and to hand over to its solicitors, for safekeeping and destruction, all ‘CIT/Transcard’ and Catuity devices in its possession in Australia as of yesterday. The Federal Court of Australia ruled in May against Catuity and its Australian subsidiaries, Chip Application Technologies and CIT Cards (Australia) in a lawsuit filed last year by Welcome Real-time. Welcome claimed in the Court case that Catuity and its Australian subsidiaries had infringed its smart card loyalty patent by operating the CiT Transcard system in Western Sydney from July 1997, and by offering to supply upgrades of the system since that time. Catuity said the judge stated clearly that ‘the product, the use of which would infringe the patent, must be a product which infringes all the essential integers of the patent.’ Prior to the Orders, Catuity made changes to its product and therefore the Catuity product no longer infringes the patent.Catuity says these changes have had no detrimental effect on either the performance or functionality of the system. Catuity says it can now continue to develop, market and sell its product in Australia and elsewhere. Catuity says since it is impractical to change the existing Transcard operations in Western Sydney, they have agreed with the major customers that the previously planned closure of Transcard will occur as soon as possible. (CF Library 5/18/01; 5/22/01; 6/19/01)

ShopRite Terminals

Wakefern Food Corporation is installing more than 4,000 smart card-enabled Hypercom ‘ICE 6000’ card payment terminals across its ShopRite chain. The terminals are already installed and operating in more than 170 supermarkets. When the installation is completed, the high performance ICE terminals will handle up to 4 million consumer transactions every week. Hypercom’s ‘ICE 6000’ is specifically designed to meet the needs of the multi-lane payment terminal and systems market, which generally includes the top 100 US and selected global retailers, including supermarkets, department stores, chain drug stores, mass merchandisers and other retailers.

2Q/01 Delinquency

Eleven of the nation’s top twelve issuers, with at least $10 billion in receivables, posted higher delinquency for 2Q/01 compared to last year’s second quarter. As a peer group, delinquency (30+ days) rose 8.5%, for an average 2Q/01 delinquency rate of 5.38%, according to CardData. Capital One was the only exception, experiencing an 8% decline over the past year. Among issuers reporting 30+ day delinquency, Providian reported the largest increase, rising more than 24% over the past twelve months. Overall, delinquency grew about half as much as charge-offs between 2Q/00 and 2Q/01. The disparity between charge-offs and delinquency is driven by the recent increase in personal bankruptcy filings this year in anticipation of new legislation which has revived the “bankruptcy out-of-the-blue” phenomenon. For complete details on each issuer’s track record visit CardData (www.carddata.com).

1. Citigroup: 1.26% 1.72% 90+ +36.5%
2. MBNA: 4.44% 4.57% 30+ + 2.9%
3. First USA: 3.83% 4.10% 30+ + 7.0%
4. Discover: 5.11% 5.84% 30+ +14.8%
5. Chase: 1.68% 1.90% 90+ +13.1%
6. AmEx: 2.40% 2.90% 30+ +20.8%
7. Capital One: 5.35% 4.92% 30+ – 8.0%
8. Providian: 6.48% 8.04% 30+ + 24.1%
10. Fleet: 4.38% 4.40% 30+ + 4.6%
11. Household 3.14% 3.60% 60+ +14.6%
12. Metris: 7.70% 8.30% 30+ + 7.8%
30+ day Avg*: 4.96% 5.38% +8.5%

*60+ day and 90+ day are not meaningful

SOURCE: CardData ([www.carddata.com][1])

[1]: http://www.carddata.com


Home Capital Group Inc. announced results for the second quarter ended June 30, 2001. These results
were generated by the Company’s wholly owned subsidiary, Home Trust Company.

Home Capital Group Inc. Achieves Six Years of Consistent Quarter Over Quarter Earnings Growth

Home Capital Group Inc. is pleased to report its continued excellent
performance in the second quarter of 2001. The Company maintained its strong
momentum and achieved exceptional growth in earnings, earnings per share and
total assets.

Six Years of Consistent Earnings Growth
The Company, through its wholly-owned subsidiary Home Trust Company, has
now achieved consistent quarter-over-quarter increases in earnings for 24
consecutive quarters.

For the three-month period ended June 30, 2001, net earnings rose 42.7%
to $3,545,687 from $2,485,178 for the same period a year earlier. Earnings per
share were $0.24, a significant improvement of 41.2% over $0.17 in the second
quarter of 2000. Return on equity climbed to 26.3% in the second quarter, up
from 22.9% recorded last year.

Net income for the six months ended June 30, 2001 rose by 40.7% to
$6,763,902 from the $4,806,990 recorded through the first half of 2000. Net
income per share increased from $0.33 to $0.46 and on a fully-diluted basis
from $0.31 to $0.44.

Home Capital Exceeds $1 Billion in Assets

The Company recorded a significant milestone during the quarter, with
total assets exceeding the $1 billion mark for the first time. This represents
an increase of 28.4% over total assets on June 30, 2000.
Net impaired mortgage loans as at June 30, 2001 represented 0.43%, a
slight decrease compared to 0.48% on March 30, 2001. Charge-offs during the
first six months of 2001 fell to $70,000, compared to $142,000 for the same
period in 2000. The Company has increased its General Allowance from
$3,466,000 at June 30, 2000 to $4,881,000 at the end of the current quarter.
During the quarter, Home Trust’s core residential first mortgage business
recorded steady growth as housing demand remained strong and interest rates
remained stable. It also completed the issuance of its third Mortgage-Backed
Security in the amount of $11.8 million.

Home Trust VISA Accounts Reach 20,000

Home Trust’s VISA program experienced the most significant quarter of
growth since its launch late last September. The number of cardholder accounts
grew from 6,046 at March 31 to 19,440 on June 30, and subsequently passed the
20,000 mark in early July. Receivables grew from $1,317,601 at the end of the
first quarter to $5,961,243 on June 30. The Company is encouraged by the
market acceptance of our VISA products, which we believe serve the needs of a
large, underserved market across Canada. Projections for the remainder of the
year indicate continued growth and maturing of the portfolio, and we
anticipate profitability from credit card services in 2002.
Each element of the Company’s business performed well during the period
under review. To accommodate our continued growth, the Company’s staffing
levels increased from 91 at December 31, 2000 to 114 at June 30, 2001. We have
been fortunate in our ability to attract talented and experienced new staff to
assist in our future growth.

Increased Quarterly Dividend

The Company recently announced a quarterly dividend increase of 25% to 10
cents per share on an annualized basis. The first increased quarterly dividend
of 2.5 cents per share is payable on September 1, 2001 to shareholders of
record at the close of business on August 15, 2001.

Excellent Outlook for Continued Earnings Growth in 2001

Home Capital Group expects the earnings momentum of the first six months
to continue throughout 2001. There is very strong demand in the marketplace
for a national alternative to the offerings of traditional financial
institutions, and the Company has shown considerable success in understanding
and meeting the needs of this large target market.
Home Capital Group continues to exercise prudence in managing risk. The
Company is focused on strong lending fundamentals, and understanding and
meeting the needs of its market.
We are confident in our ability to continue our upward earnings growth.

ORCC 2Q/01

Online Resources Corp. reported financial and operating results for the three months ending June 30, 2001.

— Revenues for the second quarter of 2001 increased 71 percent to $6.0 million, compared to $3.5 million in the second quarter of 2000.

— Gross profit for the second quarter of 2001 was $2.4 million, compared to $323,000 in the second quarter of 2000.

— Operating losses for the second quarter of 2001 declined 52 percent to $2.4 million, compared to a loss of $5.0 million in the second quarter of 2000.

— Net loss from operations in the second quarter 2001 declined 52 percent to $0.21 per share, compared to a loss of $0.44 per share for the second quarter 2000. After an extraordinary gain of $1.1 million from the repurchase of debt, the company’s net loss was $0.14 per share.

“Our strategic decision last year to concentrate on our existing business base is showing solid returns,” stated Matthew P. Lawlor, chairman and chief executive officer of the company. “Revenue growth continues to remain strong, despite the weak economy, and we have made substantial progress with our Five-Point Plan in reducing transaction costs and holding overhead spending constant. We are delighted with the resulting improvement in our bottom line and continue to track on plans to reach operating breakeven by mid to early 2002.”

The company also reported continued growth in consumer usage. Users increased to 421,000 in the second quarter of 2001, net of the loss of 35,000 Compubank users after its acquisition by another financial institution. Transactions increased to 13.2 million, including 170,000 transactions by Compubank’s users.

Consistent with its strategy to focus on its existing client base, 126 contracts for additional products, upgrades and other services were signed. The company added 52 clients to its co-funded marketing programs. It also signed 16 new financial institutions and renewed 18 client contracts, using the opportunity to move clients up to current market pricing.

The company reported further progress on its automation and cost control programs. The cost per transaction was reduced to $0.27, compared to $0.48 in the second quarter of 2000 and $0.31 in the first quarter of 2001. Overhead spending in the second quarter of 2001 declined 9 percent compared to the prior year, and declined 2 percent compared to the first quarter of 2001.

Lawlor added, “While there is strong focus on achieving near-term profitability, we are equally committed to delivering on our long-term vision. We are very excited about our eCRM programs to increase user adoption, and with the piloting this coming quarter of our new co-branded Quicken(R) product, expanded cash management capabilities, and MasterCard’s bill presentment enhancement. These products further leverage our operating base and potentially lead to high profitability.”

Third Quarter 2001 and Year 2001 Business Outlook

The following statements are forward-looking, and actual results may differ materially.

Third Quarter of 2001

— The company expects revenue to increase 6 to 9 percent versus the second quarter of 2001. This is consistent with revenue growth in the second quarter of 2001 over the first quarter of this year.

— Gross profit percentage is expected to improve from 41 percent in the second quarter of 2001 to approximately 41 to 43 percent. The company expects improved margins to continue as the growth in recurring user fees is leveraged against relatively fixed costs.

— Operating loss is expected to decline 8 to 12 percent versus the second quarter of 2001. The company’s losses continue to decrease because of the benefits of greater efficiencies in operations and control of overhead along with continued growth in revenue.

Full Year 2001

In January 2001, the company issued guidance for the full year 2001. There are no material changes in the outlook since that date, except that the ranges for that guidance have been narrowed to reflect actual results for the first half of 2001. The following therefore refines the company’s guidance for 2001.

— The company expects revenue to increase approximately 65 to 70 percent versus the prior year.

— Gross profit percentage is expected to improve to approximately 37 to 40 percent.

— Operating loss is expected to decline approximately 45 to 50 percent versus the prior year, leading to profitability in the year 2002.

Online Resources (Nasdaq:ORCC – www.orcc.com) is a leading outsourcer of e-financial services, with over 500 bank and credit union clients. The company’s comprehensive Quotien(SM) suite of services provides Internet banking, electronic bill payment-presentment, and other consumer and small business e-finance applications.

The company performs 24×7 customer care and consumer marketing services, giving clients the benefit of a single, integrated solution, backed by a unique end-to-end service guarantee and real-time transaction capabilities. Online Resources processes over 50 million e-finance transactions annually, including $3 billion in consumer bill payments.

For more information on Online Resources 2Q/01 data visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com


Justice Peter Heerey of the Federal Court of Australia has made orders to implement the judgment he handed down on May 17th of this year in favor of Welcome Real-time against Catuity Inc. in the smart card loyalty system patent infringement case.

The court ordered Catuity to provide Welcome with an affidavit by September 17th setting out an estimate of sums received arising from making or selling, or offering to make or sell, point of sale terminals, chip cards or software for use in the Catuity system. Welcome then has the option to pursue either a damages claim or an account of Catuity’s profits arising from the infringements. If Welcome elects to pursue a damages claim, it has foreshadowed to Catuity that it will seek significant damages in respect of harm suffered by Welcome outside Australia as a foreseeable consequence of the promotion of the Catuity system from within Australia.

The court has further ordered that Catuity pay Welcome’s legal costs to date in this action. The court found that payment of such costs should not be delayed pending an eventual appeal, as there was a substantial hearing of the infringement and invalidity issues at the trial and “important substantive rights were established.

The court also ordered wide injunctions preventing Catuity from infringing Welcome’s patent in any way by whatever means. Welcome acknowledged that immediate implementation of the injunctions for the CIT/Transcard system could inconvenience Australian merchants and customers using that specific system and therefore agreed to Catuity winding down that system over a period of 3 months; however, no such delay was ordered for the operation of the injunctions against the Catuity system.

Finally, Catuity has also been ordered to hand over to its solicitors by September 17th, for safekeeping and destruction, all CIT/Transcard and Catuity devices in its possession in Australia as of today.

Catuity’s operations in Australia have related to the development and testing of the Catuity system which has been promoted in Australia and elsewhere. Given the injunction prohibiting infringement of the patent, Catuity must take action to ensure that the manufacture, installation, operation (including testing), and promotion of the system do not offend these orders.

Welcome Real-time commenced legal action in the Federal Court of Australia last year against the U.S. Company, Catuity Inc. and its Australian subsidiaries, Chip Application Technologies and CIT Cards (Australia). In his judgment issued May 17th, Justice Heerey found that Welcome’s patent had been infringed by the U.S. and Australian companies. Welcome’s patented technology covers the operation of customer loyalty and incentive schemes using customer cards with integrated circuits, commonly called smart cards.”

Catuity Comments On Welcome Real Time Lawsuit Judgment

Catuity, Inc. issued the following statement in connection with the Welcome Real Time lawsuit judgment issued in Australia:

“Justice Heerey of the Federal Court of Australia yesterday issued orders in relation to the Australian patent infringement action commenced by Welcome Real Time (WRT) against Catuity.

“In essence, the judge adopted a simple and straightforward approach and ordered Catuity not to infringe the WRT Australian patent in Australia. Catuity did not seek a stay of the Orders because the Orders were substantially those proposed by Catuity.

“The judge stated clearly that ‘the product, the use of which would infringe the patent, must be a product which infringes all the essential integers of the patent.’ Prior to these orders being issued, Catuity made changes to its product and therefore the Catuity product no longer infringes the patent. These changes have had no detrimental effect on either the performance or functionality of the system.

“Catuity can now continue to develop, market and sell its product in Australia and elsewhere.

“Since it is impractical to change the existing Transcard operations in Western Sydney, we have agreed with the major customers that the previously planned closure of Transcard will occur as soon as possible.”

Catuity, Inc. (www.catuity.com ) is a leading provider of loyalty software systems. The Catuity software includes an integrated suite of applications that provide loyalty, ticketing, access control and membership. The Catuity Loyalty System is ubiquitous in that it can operate on any device, any card program and with any payment process, including stored value, smart cards and wireless applications. Catuity unites the brick-and-mortar retailer with the Internet to enable cross-sell capabilities with consistent brand imaging across all channels. The Catuity loyalty system is currently the only loyalty software approved by Visa USA for use by its member banks that issue smart cards with loyalty applications

People’s CLSO

Fair, Isaac and Company, Inc. said that People’s Bank, a Connecticut-based diversified financial services company with a national credit card and consumer lending business, will begin deploying the company’s new Credit Line Strategy Optimization (CLSO) service to enhance account profitability in its national credit card portfolio.

Introduced in June, Credit Line Strategy Optimization was developed by Fair, Isaac expressly to help credit card issuers improve account profitability through optimal credit line assignments. CLSO automates this complex process for the first time and optimizes the results down to the individual customer’s account.

Tom Grudnowski, CEO of Fair, Isaac said, “We are delighted that People’s Bank has chosen CLSO to enhance their decisioning capability. It’s becoming increasingly important for lenders such as People’s to have the ability to quickly and accurately zero in on precisely the right strategy to achieve a specific business goal. CLSO provides this capability, and we are confident that it will be an important strategic tool for People’s Bank,” he explained. Mark Vitelli, executive vice president, People’s Credit Card Services, said, “We decided to work with Fair, Isaac because of the company’s long-standing reputation for providing world-class analytics and decision technology in financial services and its ability to quickly understand the unique challenges and opportunities we face.”

Through CLSO, portfolio managers at People’s will have their strategic options clearly and concisely defined and openly identified. As a result, they can fully understand how their choice of a particular strategy will play out against the business objective they seek to optimize. By using CLSO, they can experiment with any number of “what if” scenarios before settling on precisely the right strategy to meet the stated business objective.

About Fair, Isaac

Fair, Isaac and Company is a global provider of customer analytics and decision technology. Widely recognized for its pioneering work in credit scoring, Fair, Isaac revolutionized the way lending decisions are made. Today the company helps clients in multiple industries increase the value of customer relationships. Fair, Isaac has made the Forbes list of the top 200 U.S. small companies eight times in the last nine years. Headquartered in San Rafael, Calif., Fair, Isaac reported revenues of $298 million in fiscal 2000.

For more information on CLSO or Fair, Isaac, visit the company’s new Web site at: [www.fairisaac.com][1].

About People’s Bank

People’s Bank is a diversified financial services company providing consumer, commercial, insurance and investment services. The bank is a leader in supermarket banking, with 53 of its 144 branches located in Super Stop & Shop stores. Through its subsidiaries, People’s provides brokerage services, money management, equipment leasing and insurance. Nationally, People’s is the 16th largest issuer of MasterCard and Visa credit cards. For more information about People’s Bank, please visit the company’s award-winning Web site at [peoples.com][2].

[1]: http://www.fairisaac.com
[2]: http://www.peoples.com

Concord EFS 2Q/01

Concord EFS reported this morning second quarter net income of $71.2 million on revenue of $420.7 million compared to $338.8 million in the second quarter of 2000. Much of the revenue growth was driven by Concord’s Network Services segment, as the company expanded ‘STAR’ network participation and cross-sold processing to current clients. Revenue on the Payment Services side was driven by continuing payment mix shift to electronic alternatives, plus the addition of new merchants. For complete details on Concord’s current and past performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com/

2Q/01 Charge-Offs

All twelve of the nation’s top issuers, with at least $10 billion in receivables, posted higher charge-offs for 2Q/01 compared to last year’s second quarter. As a peer group, charge-offs rose 17.5%, for an average 2Q/01 charge-off rate of 6.32%, according to CardData. Providian and American Express led the group with the highest increase in losses, 38.7% and 29.5% respectively. Capital One and Bank of America reported only a slight increase in charge-offs. Losses for sub-prime specialists, Providian and Metris/Direct Merchants, exceeded 10% for the second quarter. The rise in charge-offs has been attributed to a surge in personal bankruptcy filings this year in anticipation of new legislation and to the softening economy. For complete details on each issuer’s track record visit CardData ([www.carddata.com][1]).

2Q/00 2Q/01 CHANGE
1. Citigroup: 4.32% 5.51% +27.5%
2. MBNA: 3.95% 4.82% +22.0%
3. First USA: 5.44% 6.09% +11.9%
4. Discover: 4.21% 4.98% +18.3%
5. Chase: 5.16% 5.54% + 7.4%
6. AmEx: 4.40% 5.70% +29.5%
7. Capital One: 3.97% 3.98% + 0.3%
8. Providian: 7.42% 10.29% +38.7%
9. BofA: 4.84% 4.94% + 2.1%
10. Fleet: 5.78% 6.31% + 9.2%
12. Household: 5.57% 6.82% +22.4%
13. Metris: 9.50% 10.90% +14.7%
AVERAGE: 5.38% 6.32% +17.5%
SOURCE: CardData (www.carddata.com)

[1]: http://www.carddata.com/

Card Solutions Net

SchlumbergerSema announced the creation of a new national distributor network to better serve the needs of its customers for card-based access and payment solutions in the library, laundry and campus markets. This regionalized approach will provide customers with faster response time, local presence, complimentary services and better coverage for their magnetic stripe card and smart card system requirements. Effective immediately, SchlumbergerSema has appointed Smart Vend Corporation as distributor for the West Coast, Today’s Business Solutions as distributor for the central region, and Trident Solutions as distributor for the southeastern region. The new distribution structure will promote and support card-based technology advancements in libraries, colleges, universities, multi-housing environments, hospitals, prisons and other closed environments. Many operators are turning to card-based solutions as a more cost-effective, convenient alternate to cash. Simple-to-use and easily programmable card solutions help operators to improve cash flow, drive repeat business and decrease operation costs. The industry-leading SchlumbergerSema card-based offer is part of a broad range of stored value and access control solutions for closed-environments that require cashless payments and identification.

SchlumbergerSema is the leading provider of stored value-card solutions for unattended consumer transactions. In North America, the company maintains over 5,000 active prepaid card installations used by more than three million consumers annually.

About SchlumbergerSema

SchlumbergerSema is a leading information technology services company providing IT consulting, systems integration, managed services, products and IP network security solutions serving the telecommunications, utility, finance, transport, oil and gas, and public sector markets. With more than 30,000 employees in 130 countries, SchlumbergerSema is one of two business segments of Schlumberger Limited, a global technology services company. Schlumberger Limited acquired Sema plc in April 2001. In 2000, Schlumberger revenue was $9.6 billion and Sema plc revenue was $2.4 billion. Additional information is available at [www.slb.com][1].

[1]: http://www.slb.com/