RETAIL TRENDS

Moneris Solutions, Canada’s largest processor of
credit and debit card transactions, reports that in the fourth quarter of
2001
credit and debit spending in the home improvement retail category showed
strong double-digit growth over 2000. In addition, this category
significantly
outpaced general retail spending averages both in terms of volumes and
average
dollars spent per purchase.

In total, Moneris processed more than 6.3 million Visa, MasterCard and
INTERAC Direct Payment transactions in the home improvement category in the
fourth quarter of 2001 compared to 5.7 million payment transactions during
the
same period in 2000 – a ten percent increase.

“Moneris Solutions is at the forefront of evaluating retail trends in
real-time and from anywhere across Canada as we meet the challenge of
processing over 1.3 billion transactions securely and seamlessly each year,”
said Jim Baumgartner, President and CEO, Moneris Solutions Corp. “Moneris
continues to streamline credit and debit transactions for retailers so that
they can have a convenient one-stop integrated solution to handle Visa,
MasterCard and INTERAC Direct Payment.”

The total number of dollars spent in the household industry increased by
16 percent in the fourth quarter of 2001 versus the same period in 2000. By
comparison, spending in the entire retail segment only realized a 7 percent
increase during the same period.

Dollar volume growth in some of the key home improvement categories
breaks down as:

– Floor covering: up 15 percent

– Furniture expenditures: up 14 percent

– Drapery and upholstery: up 22 percent

– Paint and wallpaper: up 20 percent

– Appliances: up 26 percent

– Lumber and building supplies: up 27 percent

Not only has the overall dollar volume grown in this segment but the
average amount spent per purchase in the household industry grew 5.7 percent
as the average purchase increased from $183.00 to $193.50. The growth
compares
very favorably to overall retail, which saw the size of the average
transaction increase by only 0.39 percent.
A couple of factors may explain the growth in spending in the household
industry in an otherwise fairly stagnant economy. They include:

– People are cocooning following the events of September 11th and are
choosing to spend more time in their homes. As a result, these
people are spending money on things that improve quality of life at
home.

– Additionally, extremely favorable mortgage rates encourage people to
enter the housing market and to trade up to larger homes. In both
cases, these people will spend money outfitting new homes and
performing renovations.

Moneris Solutions also handles loyalty programs, electronic gift cards
and wireless payment processing, as well as delivers enhanced on-line
reporting functionality.

About Moneris Solutions Corp.:

Moneris Solutions is Canada’s leading technology merchant processing
company. Moneris was formed in December 2000 as a result of a 50:50 joint
investment between the RBC Financial Group and Bank of Montreal. Moneris
provides businesses with technologically advanced, easy to use, point-of-sale
solutions designed to electronically process and authorize credit and debit
card transactions, including customized loyalty card transactions. Moneris’
leading-edge technology allows merchants to streamline payment processing and
improve business efficiency. In less than a year, Moneris has become Canada’s
largest and one of North America’s largest merchant payment processing
companies. Moneris serves more than 300,000 North American customers and
has a
staff of over 900 employees. With its head office in Toronto, Ontario, the
company also has offices in Chicago, Illinois and Montreal, Quebec. For more
information, please visit www.moneris.com.

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Unemployment Boosts Debt

24% of Americans who added to their debt load in the last month are doing so because their income has been reduced and they are borrowing more money to pay their bills, according to the Cambridge Consumer Credit Index.

Nearly two-thirds of Americans — 61%, continue adding to their debts because they feel confident in their income and ability to pay off their debt. These are among the most striking results from a nationwide telephone poll of 1000+ adults conducted by ICR/International Communications Research in the past week.

“We have known for the past two months that the amount of consumer debt is soaring, according to the Federal Reserve Board’s Consumer Credit Outstanding release, which showed an increase of $19 billion in new debt in November. The results of the February Cambridge Consumer Credit Index poll show that a startling one-quarter of that new debt is being taken on by Americans who have lost their jobs or suffered a major decline in their incomes. This trend of Americans living off their credit cards is extremely dangerous,” says Jordan Goodman, spokesperson for the Index.

The survey also asked Americans who have been paying off their debt where they are getting the money from to do so. The vast majority, 71%, said they are using their normal salary to pay down debt. 10% said they are liquidating their savings to pay off debt, while 4% have used money from friends or family members. Only 3% used proceeds from a year-end bonus and another 3% spent proceeds from the sale of real estate or other investments to pay off debt. Only 1% were lucky enough to receive a windfall such as a lottery winning or inheritance to use to pay down debt.

For the month of February, the reading for the Cambridge Consumer Credit Index is 55. This means that on average 45% more Americans are paying off debt than are adding debt. This is a six-point drop from the Index’s January reading of 61. The Index number is a composite of the three questions asked of respondents every month:

– In the past month, have you taken on more debt or paid off debt?

In February, 32% of Americans say they have taken on more debt, with 22% taking on a little and 10% taking on a lot more debt. Conversely, 68% of Americans have paid off debt, with 48% paying off a little and 20% paying off a lot. The index reads 64 on this question. A month ago, 39% of consumers had taken on more debt while 61% had paid off debt, showing that during January, fewer Americans took on more debt than in the holiday month of December.

– In the next month, do you anticipate taking on more debt or paying off debt?

In February, 18% plan to take on more debt, with 3% planning to take on a lot and 15% planning to take on a little debt. Conversely, 82% plan to pay off debt, with 58% paying off a little and 24% paying off a lot. The index reads 36 on this question. This is up slightly from a month ago, when 16% planned to take on more debt and 84% planned to pay off debt.

– In the next six months, do you expect to take on debt because you are thinking of making a major purchase such as a car, education, appliance, medical procedure, furniture or carpeting?

In February, 32% of Americans plan to take on more debt to make such purchases, with 12% taking on a lot of debt and 20% taking on a little more debt. In contrast, 68% of Americans plan to pay off debt in the next six months, with 46% expecting to pay off a little and 22% expecting to pay off a lot. The index reads 64 on this question. The number of Americans planning to take on more debt over the longer-term is down slightly from January, when 36% expected to increase debt versus 64% who planned to pay off debt.

The Index survey is conducted by ICR (International Communications Research) of Media, PA., over five days in the week before the index is released. 1000+ households throughout the country are polled with a margin error of plus or minus three percentage points. The Index is released on the fifth business day of every month to coincide with the Federal Reserve Board’s G19 release of consumer credit outstanding data. The Debt Relief Clearinghouse, which sponsors the index, refers consumers to the debt-management agency best able to handle their problem. To date thousands of clients with excessive credit-card debt have been referred to Cambridge Credit Counseling Corporation, based in Agawam, Massachusetts and the Brighton Credit Management Corporation, headquartered in Palm Beach Gardens, Florida. Cambridge and Brighton help thousands of Americans in financial distress by educating them on how to use credit wisely while in turn negotiating lower interest rates, waiving late and/or over limit fees with creditors to help consumers repay their unsecured debt obligations. Unlike other debt management firms, Cambridge and Brighton offer programs that pay a rebate to qualified clients of half the “Fair Share” contribution received from creditors for every six months that the client pays their bill on time. These programs, known as the Good Payer Program at Cambridge and the Bonus Payment Program at Brighton, have helped thousands of Americans repay their debt load while rewarding them for their commitment to reduce their debt.

For more information about the Cambridge Consumer Credit Index, contact publicist Paramjit Mahli at pmahli@cambridgecredit.org or 800-804-0575, or economist Allen Grommet, who provides an economic analysis of Index results, at agrommet@cambridgecredit.org or 800-804-0575, or the Index website at [http://www.cambridgeconsumerindex.com][1]

Consumers wishing to find out more about Debt Relief Clearinghouse referral services should call 1-888-4DEBTHELP or visit [www.debtreliefonline.com][2]

[1]: http://www.cambridgeconsumerindex.com/
[2]: http://www.debtreliefonline.com/

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Corillian 4Q/01

Corillian Corp., a leading global provider of eFinance solutions, reported financial results for the fiscal year and fourth quarter ended December 31, 2001. Revenue for the year ending December 31, 2001 was $53.8 million, a 75 percent increase over revenue of $30.9 million for 2000. Pro forma net loss for the year 2001 was $22.6 million, resulting in a pro forma net loss per share of $0.65 on 34.6 million weighted shares outstanding. Comparable pro forma net loss per share for the year 2000 was $1.03 on 25.1 million weighted shares outstanding.

Revenue for the fourth quarter was $9.9 million, a 20 percent decrease over revenue of $12.4 million for the same quarter of 2000. Pro forma net loss for the fourth quarter was $6.1 million, resulting in pro forma net loss per share of $0.17 on 34.9 million weighted shares outstanding. The pro forma net loss per share for the comparable prior year period was $0.21 on 33.0 million weighted shares outstanding.

Net loss for the year ending December 31, 2001 was $49.3 million, resulting in a net loss per share of $1.42 on 34.6 million weighted shares outstanding. Comparable net loss per share for the year 2000 was $1.33 on 25.1 million weighted shares outstanding.

Net loss for the quarter was $24.7 million, resulting in a net loss per share of $0.71 on 34.9 million weighted shares outstanding. The net loss per share for the comparable prior year period was $0.27 on 33.0 million weighted shares outstanding.

An explanation of Corillian’s practice on reporting pro forma and adjusted EBITDA results is described below. A table detailing the differences between Corillian’s reported net loss, pro forma results and adjusted EBITDA is included in the consolidated statements of operations attached to this release.

“2001 was an extremely challenging year for us as most financial institutions slowed their technology spending and took a conservative attitude toward all technology decisions. Despite, and to some extent because of, the delays we experienced in 2001, we are cautiously optimistic about our prospects for success in 2002,” said Ted Spooner, CEO of Corillian. “The achievements of customers like Bank One are benchmarks for how large financial institutions can leverage Corillian technology. Bank One has now added small business and credit card customers to the existing retail population, including First USA’s nearly two million online users, further leveraging the best-in-class usability, availability and scalability it has provided to its sizeable retail base since early 2001. Our newest customer, $50 billion-asset Comerica Inc., plans to use the Voyager platform to further expand the services it provides to its online banking customers with additional features such as streamlined enrollment, expanded funds transfer capabilities, account access options for small business owners and online stop payments. We have an unparalleled record of achievement in designing, implementing, and supporting eFinance solutions that enable our financial institution customers to attract and retain retail and small business customers, and the products, people and partnerships we’ve assembled give us confidence that 2002 will be a productive year.”

Recent Highlights

— Corillian increased its leading market share in the top 100 U.S. banks by licensing the Corillian Voyager platform to Comerica Inc., its 17th top 100 U.S. bank.

— Bank One extended its license of Corillian Voyager by providing all of the functionality and services available at bankone.com to its First USA credit card customers at firstusa.com.

— Corillian completed the deployment of Corillian Voyager to its first insurance customer, Allstate Bank.

— Corillian is the preferred reseller for Microsoft’s new Money Explorer and MSN Money Professional products and services.

— Corillian signed a strategic alliance with Spectrum EBP in which Corillian’s Voyager Internet banking platform will be certified to the Spectrum network.

— Corillian and S1 Corporation announced the settlement of the patent infringement lawsuit brought by S1 against Corillian in March 2000.

— Corillian Voyager continues to be the number one retail Internet banking platform with more end users than any other platform in the industry. As of the end of the fourth quarter, there were approximately 5.3 million end users on Voyager platforms, compared to approximately 800,000 end users as of December 31, 2000.

Business Outlook

Based on our current backlog of projects in implementation, we anticipate that first quarter 2002 revenue will be at least $10 million. Based on this revenue estimate and continued expense containment, we anticipate adjusted EBITDA loss to range from $0.11 to $0.13 per share for the first quarter, and we expect to achieve adjusted EBITDA breakeven on a quarterly basis during 2002.

Pro Forma Results

Pro forma results, which generally measure operating profitability by excluding certain non-cash and unusual items, are provided as a complement to Corillian’s reported net loss, which is provided using generally accepted accounting principles (or GAAP). Adjusted EBITDA results, which generally measure operating cash earnings by excluding interest, taxes, depreciation, amortization and unusual items, are provided as a complement to Corillian’s reported net loss. A table detailing the differences between Corillian’s reported net loss under GAAP, pro forma results and adjusted EBITDA is included in the consolidated statements of operations below.

Corillian measures the progress of its business using pro forma operating results, which exclude the following items from its consolidated statements of operations:

— Amortization of deferred stock-based compensation;

— Amortization of goodwill and other intangible assets;

— Restructuring-related charges;

— Merger-related charges; and

— Impairment charges related to acquisition-related intangible assets.

Corillian also measures the progress of its business using adjusted EBITDA results, which exclude non-cash and unusual items as follows:

— Other income (expense), net;

— Depreciation and amortization;

— Restructuring charges;

— Merger-related charges; and

— Impairment charges related to acquisition-related intangible assets.

About Corillian Corporation

Based in Oregon, and with offices in Europe, Asia and Australia, Corillian Corporation is an award-winning provider of eFinance-enabling software for the financial services industry. Built on the Microsoft Windows 2000 platform, Corillian applications support Internet banking, bill delivery and payment, brokerage, customer relationship management, enhanced data aggregation, and small business transactions. Corillian Voyager can be deployed on-site at the financial institution or in the state-of-the-art Corillian Data Center. Corillian technology also enables Open Financial Exchange (OFX) access by finance management software packages such as Quicken(R), QuickBooks(R) and Microsoft(R) Money.

For more information about Corillian Corporation’s 4Q/01 results visit CardData ([www.carddata.com][1]).

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

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$35 Late Fees

Discover has joined Citibank and Fleet in the trend to boost late payment fees above the $29 barrier. Effective March 1, Discover will assess of $35 late fee on past due balances over $1,000. For balances under $100, the fee will drop to $15, and for past due balances between $100 and $1,000, the fee will be $25. In August, Citibank boosted late payment fees from $29 to $35 using the same tiered structure announced by Discover, according to CardWatch ([www.cardwatch.com][1]). Fleet, CompuCredit, and Direct Merchants have also crossed the $29 late fee level. CompuCredit now charges a $35 late fee and a $35 over-limit fee on its lineup of ‘Aspire VISA’ cards. Direct Merchants Bank charges a $34 late fee on its new ‘Titanium MasterCard’. In 2000, Fleet Credit Card Services began charging a $35 late fee on all its card products including the new ‘Fusion smart VISA’. Advanta was the first card issuer to institute $35 fees for holders of its business card products. On average, late payment fees, among issuers with portfolios over $100 million, have increased 5.5% over the past twelve months from $27.10 to $28.58. Since 1994, late fees have soared 134% according to CardData ([www.carddata.com][2]). (CF Library 8/30/01)

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

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AmEx Card Mix

The smart ‘Blue Card’, launched in 1999, now represents 15% of American Express’ consumer lending portfolio according to data released yesterday. Indeed, revolving credit cards and other card lending at AmEx grew 11.5% during the fourth quarter compared to a year ago, while charge volume declined 5.5% during the same period. Since 1994, the issuer’s card loans have soared 290%, from $8.2 billion to $32.0 billion. AmEx reported yesterday that its co-branded ‘Delta’ card now makes up 14% of the card loan mix, while its ‘Optima’ programs comprise 20% of card loans. The ‘Classic Optima’, the company’s first credit card launched in 1987, now represents 9% of consumer lending. The ‘Platinum Optima’ and ‘Gold Optima’, launched during the 1990s, now make up 11% of total card loans. Lending on charge cards is now 21% of total card loans. For complete details on AmEx’s 4Q/01 and 2001 full year results, as well as new supplemental information, visit CardData ([www.carddata.com][1]).

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

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PayPal IPO

PayPal’s IPO is set to hit the street tomorrow with final pricing to be completed this afternoon. Trading under the symbol ‘PYPL’, the online payment service is planning to offer 5.4 million shares for between $12 and $14 per share. The company launched its payments-via-email service in the fall of 1999 and has since lost nearly $300 million. About 80% of PayPal’s 12.8 million clients are individual consumers. The PayPal service is widely used among buyers and sellers of online auction services such as eBay. PayPal draws more than 68% of it revenues from eBay customers. The company acknowledged in its prospectus that the loss of business with online auction Web sites could make profitability difficult, if not impossible. About half of PayPal’s customers use credit cards for payments. For the first nine months of 2001, PayPal merchants charged back $5.8 million for invalid transactions. As a result, the company increased its provision for transaction losses by 71% in the third quarter. PayPal members send more than $10 million per day in approximately 200,000 daily transactions. Salomon Smith Barney is leading the PayPal IPO. (CF Library 10/2/01; 11/16/01)

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Gemplus 4Q/01 Loss

French smart card manufacturer Gemplus International reported this morning a fourth quarter net loss of 60 million Euros compared to a profit of 40 million Euros for 4Q/00. French newspapers are also reporting that Gemplus may be cutting up to 1,000 jobs with more than 400 of the cuts being made at the Gemenos site. Gemplus said that despite stringent hiring and expense controls, the divestiture of non-core businesses and the commencement of a restructuring program in Q2 last year, the Company continues to have a cost structure that is too high for the current business environment. For the fourth quarter, Gemplus reported revenues of 251 million Euros, a decline of 35% from the same quarter one year ago. Revenue for 2001 was 1.023 billion Euros, down 15% from the previous year’s 1.205 billion Euros. Net loss for 2001 was 100 million Euros compared to a net profit of 99 million Euros for the year 2000. The company also announced today that CFO Steve Gomo will leave Gemplus in mid-March. For complete details on Gemplus’ 4Q/01 results visit CardData ([www.carddata.com][1]).

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

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ID Theft Affidavit

The FTC unveiled a new tool today to assist victims of identity theft restore their good names. The ID Theft Affidavit provides a model form that can be used to report information to many companies, simplifying the process of alerting companies where a new account was opened in the victim’s name. Previously, victims of identity theft often had to fill out a separate reporting form for each fraudulent account opened by the identity thief. Developed by the FTC in conjunction with banks, credit grantors and consumer advocates, the ID Theft Affidavit is accepted by participating credit issuers, retailers, banks, and other financial institutions. For a copy of the ID Theft Affidavit, log on to , or call 1.877.ID.THEFT.”During 2001, ID theft was the number one consumer fraud complaint received by the FTC,” stated Timothy J. Muris, the chairman of the Bureau of Consumer Protection. “ID thieves steal personal information, such as a credit card account number or Social Security number. Then they open up accounts in the victim’s name and run up charges on the account, or use the personal information to charge goods and services to the victim. The ID Theft Affidavit simplifies the process of remedying the injury inflicted by identity theft. ” If you find that you’re a victim of ID theft, the FTC urges you to: Contact the fraud departments of each of the three major credit bureaus and report the theft. Ask that a “fraud alert” be placed on your file and that no new credit be granted without your approval.

·Equifax: 1.800.525.6285 ·Experian: 1.888.397.3742 ·Trans Union: 1.800.680.7289 For any accounts that have been fraudulently accessed or opened, contact the security department of the appropriate creditor or financial institution. Close these accounts. Put passwords (not your mother’s maiden name or Social Security number) on any new accounts you open. File a report with local police or the police where the identity theft took place. Get the report number or a copy of the report in case the bank, credit card company or others need proof of the crime later. Call the ID Theft Clearinghouse toll-free at 1.877.ID.THEFT (1.877.438.4338) to report the theft. Counselors will take your complaint and advise you on how to deal with the credit-related problems that could result from ID theft. The Identity Theft Hotline and the ID Theft Website () give you one place to report the theft to the federal government and receive helpful information. By sharing your identity theft complaint with the FTC, you will provide important information that can help law enforcement officials track down identity thieves and stop them.Additionally, a newly updated identity theft booklet, ID Theft: When Bad Things Happen to Your Good Name is now available in Spanish. Two new consumer assistance publications released by the FTC are Privacy: Tips for Protecting Your Personal Information and Privacy: What You Do Know Can Protect You. All FTC publications are available at [http://www.ftc.gov][1].

[1]: http://www.ftc.gov/

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Metris Ratings

Fitch Ratings affirms Metris Companies Inc. (Metris) secured bank credit facility at `BB+’ and senior debt at `BB’. In addition, the long- term deposit rating for Metris’ wholly-owned banking subsidiary, Direct Merchants Credit Card Bank N.A. (DMCCB) is also affirmed at `BB+’. The Rating Outlook has been revised to Negative from Stable. Fitch’s ratings and affirmation continue to reflect the company’s established niche in the credit card sector, adequate capitalization for the assigned rating and sustained profitability. To date, Metris continues to grow its managed credit card portfolio, which stands at $11.9 billion at year end 2001, through both internal and external account originations. The company’s capital structure is appropriate for the assigned rating and is augmented by the company’s $393 million Series C preferred stock. Metris continues to be profitable, despite higher reserving due to increased credit losses.

Fitch’s ratings also incorporate Metris’ focus on the low and moderate income segment of the consumer credit market, where loss and delinquency rates are higher and less predictable. Fitch also recognizes Metris’ more limited funding profile relative to traditional banking peers, as the company is more reliant on asset backed funding. Moreover, Fitch remains mindful of the heightened regulatory scrutiny placed on consumer lending practices and Metris will need to proactively manage its business and marketing activities to remain in compliance with new and emerging regulatory guidance.

Fitch’s Negative Outlook reflects the view that Metris will be challenged to manage credit quality and profitability throughout 2002. Metris has announced that its forecasted loss rate in 2002 will range between 12.7%-13.3% of average managed receivables, up from 11% during 2001. While some of this forecasted increase reflects a change in charge-off policy for accounts in consumer credit counseling and slower expected receivable growth, Fitch believes that given the uncertain economic environment, credit losses could exceed forecasted ranges which could impact profitability, if not offset through cost reductions. Metris Companies Inc. is a Minnesota-based marketer of consumer credit cards and related enhancement products. At Dec. 31, 2001, the company reported $11.9 billion of managed loans, and $1.1 billion of common and preferred equity.

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ATM RECHARGE

Euronet Worldwide, Inc., a leading provider of secure electronic financial
transaction solutions, has announced the launch of Euronet ATM Recharge for
Westel Mobile Telecommunications Company Ltd., Hungary’s largest mobile
operator and the second provider to implement Euronet’s prepaid airtime
solutions for GSM network subscribers.

Users of Westel’s ‘Domino’ prepay service can now automatically add airtime
minutes to their mobile phone accounts 24 hours a day, 7 days a week at any
one of 370 Euronet-branded ATMs across Hungary. With Euronet ATM Automatic
Recharge, the mobile operator gains a larger airtime recharge coverage area
with additional distribution points for its prepaid subscribers. By selling
airtime through this electronic delivery channel, Westel also reduces
airtime
distribution costs and eliminates scratch-card inventory.

With more than 2.5 million subscribers, Budapest-based Westel Mobile is the
largest mobile operator in the Hungarian market and the first to offer a
commercial GPRS service. Westel is also the first provider in Hungary to
offer Euronet ATM Automatic Recharge services to its customer base, which
eliminates the step requiring the user to enter a code from an ATM-printed
voucher to complete the transaction.

“With Euronet’s ATM Recharge solution, Westel will incorporate a strategic
element to our prepaid delivery program,” said András Sugár, President of
Westel Mobile. “The real competition in the mobile market is about which
service provider will be able to offer more convenient and more immediate
solutions to their customers. Euronet enabled us to provide this automated
delivery service in a quick-to-market solution.”

Euronet ATM Recharge is one of multiple recharge options available from
Euronet. Euronet Recharge solutions have been deployed by both mobile
operators and financial institutions in Europe and the Middle East, using
touchpoints such as POS devices, ATMs the Internet and mobile phones. These
comprehensive airtime recharge outsourcing solutions are processed through
the Euronet Operating Center in Budapest, Hungary.

“More than 50 percent of mobile phone subscribers in Europe use prepaid
services” said Daniel R. Henry, Euronet Worldwide President and Chief
Operating Officer. “This partnership with Westel Mobile solidifies our
leadership presence as a service provider in Hungary’s mobile operator
market. The Euronet ATM Mobile Recharge product clearly demonstrates our
commitment to innovation and to customer-focused solutions for Europe’s
mobile operators.”

About Euronet Worldwide

Euronet Worldwide is an industry leader in providing secure electronic
financial transaction solutions. The company offers financial payment
middleware, financial network gateways, outsourcing and consulting services
to financial institutions and mobile operators. These solutions enable their
customers to access personal financial information and perform secure
financial transactions — any time, any place. The company has processing
centers located in the United States, Europe and Asia, and owns and operates
the largest independent ATM network in Europe. With corporate
headquarters in
Leawood, Kansas, USA, and European headquarters in Budapest, Hungary,
Euronet
serves more than 200 clients in 60 countries. Visit our web site at
www.euronetworldwide.com.

About Westel Mobile

Westel Mobile Telecommunications Company Ltd. (Westel Mobil Rt.),
established
in 1993, is a subsidiary of Deutsche Telekom. In January 2002 the company
became the first Hungarian mobile service provider to reach 2.5 million
revenue-producing customers. In 2001, Westel received international
recognition as a top subsidiary of Deutsche Telekom and as a prizewinner in
the large business category at the European Quality Awards.

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CIBC Account Aggregation

CIBC launched a new online financial account aggregation service making it possible for customers to consolidate and view their financial assets held at CIBC and other online enabled financial institutions in Canada, the U.S. and the U.K.

The service called “Total View” is initially available to selected CIBC Imperial Service clients participating in a pilot and will then be rolled out to this customer segment in the spring. The service provides customers with secure, one-stop access to their banking, credit card, mortgage, loan and investment accounts on one screen through CIBC online banking.

“The addition of account aggregation is another significant step in improving our online banking offer by giving customers convenient access to and control of their finances,” said Corinne Charette, senior vice-president of CIBC’s Internet channel, retail and small business banking. “We expect that those with accounts across multiple financial institutions will value saving the time and hassle of having to gather their financial information, either manually or by downloads into personal financial management software, each time they wish to review their portfolios.”

CIBC uses account aggregation technology from CashEdge, Inc., global specialists in providing online applications to the financial services industry. Cash Edge is a privately-held company based in the U.S.

“The Total View aggregation service perfectly complements CIBC’s Imperial Service offer, which provides smart, simple solutions to clients with complex financial needs, ” says Peter Jursevskis, director of strategy and development, CIBC Imperial Service. “It can help clients interact more effectively with their dedicated financial adviser in building highly tailored financial planning solutions.”

Customer information will be protected by CIBC’s privacy policy and security measures that meet all of the bank’s stringent standards.

CIBC is a leading North American financial institution offering more than eight million personal banking and business customers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. CIBC is a leader in electronic banking, with more than 3 million e-banking customers accessing telephone and Internet banking. To find other news releases and information about CIBC, visit the bank’s Media Centre at [http://www.cibc.com][1].

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

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