Travel Incentives

With the severe drop-off in domestic air travel and the collapse of international travel by Americans, airlines and hotels continue to throw unprecedented offers to consumers. This week’s announcement of the free upgrading of ‘United Airlines Mileage Plus VISA Card’ to the ‘VISA Signature’ level, last week’s decision by US Airways to offer miles on the Bank of America ‘VISA Check Card’, and Marriott’s recent decision to extend its Double Points promotion into next year are classic examples. Frequent customers of airlines and hotels are now receiving notices that requirements for various levels of recognition in loyalty programs are being modified or waived. The BofA/US Airways program offers cardholders the opportunity to earn 1,000 ‘Dividend Miles’ after the first purchase, and one ‘Dividend Mile’ for every $2 in purchases thereafter. ‘Dividend Miles VISA Business Card’ customers will earn one mile for each $1 spent in net purchases and two miles for every $1 spent on US Airways goods and services purchased directly from US Airways. The ‘Marriott Rewards’ promotion offers members double points and the ability to achieve elite recognition and privileges twice as fast when using a VISA card. The time frame for achieving Marriott Rewards elite status has also been extended to March 31, giving members 15 months, rather than the normal 12 months, to reach their desired elite threshold and benefits.Thursday night, First USA kicked-off a new promotion to give away one million ‘United Mileage Plus’ miles every week during the holiday season in conjunction with its launch of the ‘VISA Signature’ card. (CF Library 11/12/01; 11/20/01; 11/29/01)

Details

SLMsoft.com 3Q/01

SLMsoft.com Inc., a leading
global provider of e-financial solutions, announced financial results
for the third quarter ended September 30, 2001.

Revenue for the third quarter increased 181% to $7.3 million, compared to
$2.6 million for the third quarter of 2000. On a sequential quarter basis,
revenue rose by 232% from $2.1 million in the second quarter 2001. The
significant growth in revenue reflects the continuing results of the Company’s
increased sales and distributor activities. The Company was able to take
advantage of their efforts to build a pipeline of international sales
opportunities, as they announced a number of major deals that were closed over
the quarter. These included smart-card systems, electronic banking systems,
ATM networks, Internet banking systems, and credit/debit card issuing and
management systems.

“The third quarter of 2001 was an impressive and extremely active time
for SLMsoft.com, as we clearly established ourselves as a leader in
international markets and took the necessary steps to ensure we have the
financial resources, sales infrastructure and development capacity to support
our continued growth,” said Govin Misir Chairman and CEO SLMsoft.com. “While
much of the software industry saw sales decline amid a slowing economy, we
were successful in winning four international contracts that fuelled our sales
growth and will continue to deliver revenues over the next five years. We also
continued to make important progress in advancing our pipeline and expect to
close additional contracts in the fourth quarter, as we aggressively pursue
prospects in West Africa, Latin America and the Middle East.”

In the third quarter, the Company recorded the following progress:

– Increased revenue by 181% over the third quarter of 2000, and by 232%
over the second quarter 2001, as a result of extensive sales and
marketing efforts

РSecured four international contracts, including a contract with C̫te
d’Ivoire, worth an estimated $50 million in revenue over the next five
years

– Aggressively pursued opportunities to expand the Company’s global
sales pipeline in West Africa, Latin America and the Middle East

– In August SLMsoft.com launched its Global Development Centre through
the acquisition of Design Expo Network Private Limited of Mumbai,
India

– Sold 610,000 InterCept shares to fund growth initiatives

– Enacted a restructuring plan at Infocorp Computer Solutions Ltd. to
control costs and maintain sales and marketing focus

“We are executing well on our growth strategy and are very pleased to
post such strong revenue growth in an otherwise slow and uncertain economic
environment,” continued Mr. Misir. “We are gaining momentum in the
international markets, and will continue to invest in the development of these
markets to extend our reach. We will also begin turning our attention back to
the U.S. market, in a measured fashion. We believe that our strategy of
transforming the Company from a research and development organization to that
of a sales and marketing organization is working, and working well.”

Financial Results

For the third quarter of 2001, the Company reported a net loss of
$218,040 or ($0.01) per share, all from continuing operations and a
significant improvement over the third quarter of 2000 loss of $9.8 million or
($0.74) per share. Excluding the loss of $450,000 of its 49%-owned subsidiary,
Infocorp, the Company’s 2001 third quarter earnings totaled $232,000 or $0.01
per share.

For the nine months ended September 30, 2001 the Company has achieved
positive earnings of $45.7 million or $2.63 per share, compared to a loss of
$21.0 million or ($1.58) per share for the same period last year. This year’s
results to date reflect the previously reported gain on sale of U.S.
processing operations of $50.4 million. The nine-month loss from continuing
operations amounted to $4.7 million or ($0.27) per share, compared to a loss
of $17.6 million or ($1.32) per share for the same period last year.

Research and development expenses

Research and development expenses decreased slightly to $1.9 million in
the third quarter compared to $2.2 million for the same period in 2000,
principally as a result of the completion of a number of product upgrades to
the Java platform. Year-to-date expenditures totaled $5.5 million, compared to
$5.3 million last year.

Selling and marketing expenses

Selling and marketing expenses increased to $3.1 million for the quarter
from $1.3 million for the similar period last year and to $7.5 million from
$4.4 million on a year-over-year basis, as the Company continued with the
activities that are creating its strong pipeline of future license and
installation sales.

General and administrative expenses

General and administrative expenses amounted to $2.0 million in the third
quarter of 2001 compared to $5.2 million for the same period last year. The
decrease is due in part to redeployment of personnel referred to above and to
the Company’s continuing progress to effect operational efficiencies in 2001.

Liquidity and Capital Resources

In the third quarter of fiscal 2001, operating activities used net cash
of $2.6 million compared to $4.9 million in the third quarter of fiscal 2000
as a result of increased revenues and operational efficiencies. The Company
funded operations in the third quarter of fiscal 2001 largely from the
proceeds of sale of 610,000 InterCept shares which generated $25 million in
cash.

At September 30, 2001, the Company had cash of $630,585 and marketable
securities of $24 million representing 643,000 shares of InterCept with a
quoted market value at that date of $27.6 million.

In addition the Company has $17.3 million of cash on deposit which,
together with shares of the Company’s holding in its subsidiary, Infocorp
Computer Solutions, is presently held in accounts with Rampart Securities Inc.
(“Rampart’). Regulatory authorities have suspended Rampart’s registration and
all of its clients’ accounts have been frozen until such time as they are
released by Ernst and Young Inc., the trustee in bankruptcy (the “Trustee”).

The Company, through its legal counsel, has notified the Trustee that the
statement of account which it recently received from the Trustee contains an
unauthorized transfer of approximately $6.3 million to two unrelated accounts
within Rampart. To date, the Company has not received a full response from the
Trustee regarding the unauthorized transfer or the formal position of the
Trustee regarding its account and has been unable to ascertain when its cash
and the shares of Infocorp will be released.

The Company does not expect that it will suffer any material loss as a
result of the foregoing and while the Company expects to receive substantially
all of the cash and Infocorp shares in due course, it has put arrangements in
place to address its ongoing liquidity as required. These arrangements include
loans from the controlling shareholder and the sale of and/or a line of credit
secured by marketable securities that are owned by, and in the possession of,
the Company.

About SLMsoft.com

Founded in 1986, SLMsoft.com is a leading developer of electronic payment
systems and transaction processing solutions, including e-commerce
applications with a focus on the financial services industry. SLMsoft.com
provides real-time end-to-end e-banking solutions that include Internet
banking, interactive voice recognition (IVR), debit and credit card issuing,
automated teller machines and point-of-sale network management, retail branch
management, and e-CRM enabling technology. SLMsoft.com also provides
investment brokerage client and portfolio management applications for the
brokerage industry; e-health solutions which enable health insurance claims to
be evaluated at the point of service, processed and settled in real time; and
e-government solutions which enable consumers to pay fees for government
services in person, at kiosks, through IVR systems or the Internet. For more
information, please visit the Company’s website at
www.slmsoft.com.

Details

4Q/01 Trends

While credit card portfolio performance during September was an aberration, likely due the terrorist attacks, the data for October suggest the trend of rising chargeoffs and delinquencies due to higher unemployment, has resumed. During September payment rates dropped while chargeoffs and delinquencies were flat. However for October, charge-off rates rose 30 bps and delinquencies inched up by 20 bps, based on the performance of credit card-backed securities tracked by Standard & Poor’s ‘Credit Card Quality Index’. The Oct charge-off rate represents a 135 bps increase compared with a year ago. Delinquencies are now up 70 bps from a year ago. Subprime lenders who have witnessed the most rapid growth over the past few years and who have yet to manage through a recession will feel the increase in losses more directly. Subprime lenders suffered the greatest absolute increase in losses this month. The average increase in losses in October for prime issuers was relatively modest, less than 40 bps. The subprime section on the other hand averaged an increase in defaults of 165 bps.

Standard & Poor’s Credit Card Quality Indexes
Oct 99 Oct 00 Aug 01 Sept 01 Oct 01
Yield (%): 20.0 20.3 20.0 18.9 20.0
Charge-offs (%) 5.5 5.4 6.5 6.5 6.8
Delinquencies (%) 4.8 4.6 5.1 5.1 5.3
Payment rate (%) 16.2 16.5 16.7 14.8 16.2
Source: Standard & Poor’s Credit Card Quality Index

Details

CRM AWARD

Teradata, a division of NCR
Corporation, announced that National Australia Bank, user of
both the Teradata warehouse and CRM solution, received an award for Best
Customer Relationship Management Strategy at the 2001 Financial
Innovation Awards, held in London, England.

The award, sponsored jointly by the Institute of Financial Services and
British Telecom, selected National Australia Bank from among the best
financial institutions globally for the innovative ways that it is using
Teradata CRM to achieve business objectives.

Over 10 years ago, NAB committed itself to a CRM business strategy and has
since witnessed significant growth and expansion in key customer segments. In
1997, the National — a leading franchise of NAB — implemented a sales leads
program that serves as a communications gatekeeper, managing the frequency,
content and channel method for customer interactions.

By leveraging the powerful Teradata warehouse and CRM solution, the
National now has the highest share of wallet in Australia.

About National Australia Bank

National Australia Bank is an international financial services group
providing a comprehensive and integrated range of financial services across
four continents and 15 countries. Globally, NAB has total assets of over
A$250 billion, more than A$400 billion in assets under administration, and
more than twelve million customers.

About Teradata Division

Teradata, a division of NCR Corporation, offers powerful analytical
solutions that help businesses drive growth. Teradata solutions include the
Teradata database, and analytical applications for customer relationship
management, operations and financial management, business performance
management and e-business. To learn more about Teradata Division and its
solutions, go to
http://www.teradata.com.

About NCR Corporation

NCR Corporation (NYSE: NCR) is a leader in providing Relationship
Technology(TM) solutions to customers worldwide. NCR’s Relationship
Technology solutions include the Teradata(R) database and analytical
applications such as customer relationship management (CRM) and demand chain
management, store automation systems and automated teller machines (ATMs).
The company’s business solutions are built on the foundation of its long-
established industry knowledge and consulting expertise, value-adding
software, global customer support services, a complete line of consumable and
media products, and leading edge hardware technology. NCR employs 32,900 in
more than 100 countries, and is a component stock of the Standard & Poor’s 500
Index. More information about NCR and its solutions may be found at
http://www.ncr.com, a division of NCR
Corporation, announced that National Australia Bank, user of
both the Teradata warehouse and CRM solution, received an award for Best
Customer Relationship Management Strategy at the 2001 Financial
Innovation Awards, held in London, England.

The award, sponsored jointly by the Institute of Financial Services and
British Telecom, selected National Australia Bank from among the best
financial institutions globally for the innovative ways that it is using
Teradata CRM to achieve business objectives.

Over 10 years ago, NAB committed itself to a CRM business strategy and has
since witnessed significant growth and expansion in key customer segments. In
1997, the National — a leading franchise of NAB — implemented a sales leads
program that serves as a communications gatekeeper, managing the frequency,
content and channel method for customer interactions.

By leveraging the powerful Teradata warehouse and CRM solution, the
National now has the highest share of wallet in Australia.

About National Australia Bank

National Australia Bank is an international financial services group
providing a comprehensive and integrated range of financial services across
four continents and 15 countries. Globally, NAB has total assets of over
A$250 billion, more than A$400 billion in assets under administration, and
more than twelve million customers.

About Teradata Division

Teradata, a division of NCR Corporation, offers powerful analytical
solutions that help businesses drive growth. Teradata solutions include the
Teradata database, and analytical applications for customer relationship
management, operations and financial management, business performance
management and e-business. To learn more about Teradata Division and its
solutions, go to
http://www.teradata.com.

About NCR Corporation

NCR Corporation (NYSE: NCR) is a leader in providing Relationship
Technology(TM) solutions to customers worldwide. NCR’s Relationship
Technology solutions include the Teradata(R) database and analytical
applications such as customer relationship management (CRM) and demand chain
management, store automation systems and automated teller machines (ATMs).
The company’s business solutions are built on the foundation of its long-
established industry knowledge and consulting expertise, value-adding
software, global customer support services, a complete line of consumable and
media products, and leading edge hardware technology. NCR employs 32,900 in
more than 100 countries, and is a component stock of the Standard & Poor’s 500
Index. More information about NCR and its solutions may be found at
http://www.ncr.com.

Details

Economic Pulse

The Federal Reserve reported this week that feedback from its districts indicate that economic activity generally remained soft in October and the first half of November, with evidence of additional slowing in most regions. Consumer spending was mixed, but tourism remained weak and nonauto sales were spotty, with stronger sales growth in some areas offset by weaker sales elsewhere. Retailers’ outlook for spending during the upcoming holiday season was also mixed. Inventories at retail establishments were described as too high in Boston, New York and Atlanta, but St. Louis said their contacts were evenly split between those with inventories at desired levels and those with excess inventories. Several districts reported tighter credit standards for bank lending and increases in loan delinquencies. New York said that with the exception of residential mortgages, credit standards for all types of loans tightened further while Atlanta reported some tightening of credit standards for loans secured by commercial real estate. Cleveland and Chicago reported declines in credit quality and increases in loan delinquencies. Philadelphia indicated that banks were becoming more concerned about credit quality because a growing number of business borrowers had fallen short of revenue goals.

Details

InteliData Raises Cash

InteliData Technologies Corp., a pioneer in electronic banking and bill payment technology, announced that it has secured $7.46 million in gross proceeds through a private sale of 2,712,727 shares of its common stock to a group of institutional investors. The financing included two-year warrants to purchase 1,356,364 additional shares, which would result in an additional $3.73 million in gross proceeds to the Company if exercised in their entirety. Stonegate Securities acted as placement agent for the transaction.

The shares of the common stock sold in the placement have not been registered under the Securities Act of 1933, as amended, and cannot be offered or sold absent registration or an applicable exemption from registration. The Company has agreed to promptly file a registration statement to register the shares for resale.

“We are certainly pleased with the fact that we were able to bring several institutional investors on board at a time when so many other technology companies are finding it difficult to raise money in the capital markets,” said Al Dominick, InteliData’s President and CEO. “This was a move to add to our shareholders’ and customers’ confidence in being a part of InteliData’s success over the long haul.”

About InteliData

With a client list that includes 21 of the top 50 banks, InteliData offers Spectrum certified EBPP products to banks, credit unions and financial institution processors. InteliData’s products offer a complete end-to-end solution for distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors.

InteliData’s Internet banking and card products provide large financial institutions with unsurpassed scalability, flexibility and security in supplying real-time, Internet based banking and card services to their customers.

Headquartered in Reston, Virginia, USA, InteliData is publicly traded (NASDAQ: INTD) and its business partners include Spectrum EBP, ALLTEL and other industry leaders. For more information, visit the company’s web site at [http://www.intelidata.com][1].

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

Details

GSB Acquisition

GSB Financial Services, Inc. announced that it has completed the acquisition of GSB Financial, Inc., a private corporation, in an all-stock transaction. The newly acquired subsidiary integrates and operates as an ASP (Applications Service Provider) with proprietary e-commerce technologies that allow it to exploit opportunities in the Financial Services Industry. These proprietary technologies are either licensed to Financial Institutions or incorporated into its own proprietary operating units. Currently, GSB is focused on two specific technology channels.

GSB’s first technology focus is on risk mitigation and loss reduction in e-commerce transactions. It provides Risk Management technology to financial institutions acting as an acquirer and issuer for all card type transactions. The Risk Management technology operating in a real time environment is designed to lower credit card fraud and charge-back risk. With all card type transactional risk mitigated, financial institutions will have eliminated a major impediment to increased merchant banking activities.

GSB is developing a second technology, creating alternative methods for the transmission of funds from one country to another at a lower transaction cost to the end user. This process, when completed, will allow Strategic Partners employing the GSB methodology to enjoy a competitive advantage when transmitting financial transactions.

GSB also has as a long-term goal for the creation of a third technology focused on e-Finance. Through development or acquisition, GSB hopes to implement new and innovative technologies and methodologies that enhance existing e-Finance business. This includes the development and application of wireless devices for payment of services and products.

Mr. Steve Browning, CEO of GSFB said, “GSB is leading the way in the finance industry with forward-looking technologies through its technology partners. The acquisition of GSB by GSFB presents great opportunities for the company in the newly developing e-Finance environment. I am particularly excited about the future business opportunities now available through the growth of the Internet.” For up to date corporate information about GSB Financial Services, Inc., call Alliance Corporate Services, Investor Relations – 866-380-2274 or e-mail at info@alliancecorp.ws.

Details

GOVERNMENT MASTERCARD

Bank of Montreal’s Card Services division
has been awarded a four-year contract to supply its MasterCard Acquisition
Card program and proprietary web-based card reporting and data integration
solution to more than 100 federal government departments and agencies in
Canada.

Commencing January 2002, BMO ePurchasing Solutions, within the bank’s Card
Services division, will provide unique Government of Canada-branded MasterCard
Acquisition Cards to 28,000 government employees to pay for government
purchases made online and offline. Current annual MasterCard volumes total
more than $400 million and account for almost 90 percent of credit card use
within the Canadian federal government.

In addition, BMO ePurchasing Solutions will implement its proprietary
web-based card reporting and data integration solution, BMO details Online.
This service will reduce the government’s reliance on paper-based systems and
will allow all employees, including cardholders, to manage detailed purchasing
information electronically. BMO details Online delivers enhanced card
transaction data for viewing, editing and allocating, as well as for
integration into the various departments’ Enterprise Resource Planning (ERP)
systems. It also provides enhanced levels of data reporting, including more
than 300 report options and online statements.

“Bank of Montreal will help the Canadian government streamline its
purchasing process, speed up its settlements and payments, while cutting time
and costs from the overall procurement process,” said Randy Ford, Director,
BMO ePurchasing Solutions. “Our customized solution will fit seamlessly with
each government agency and department that falls within our contract and will
provide them with the opportunity to realize operational and purchasing
efficiencies without having to invest in additional technology and systems.”

“We are using Bank of Montreal’s payment and systems integration
experience to automate and optimize our procurement process to achieve maximum
cost saving and significant administrative efficiencies,” said Robert
Berniquez, Director Financial Management Policy Division, Controllership
Branch, Treasury Board of Canada. “With simple self-serve functionality, it
will provide us with an easy way to access valuable information and then
leverage it to make the best purchasing decisions.”

“MasterCard prides itself on supporting payment services that allow member
financial institutions to deliver innovative solutions and improve business
efficiency for their clients,” said Walt Macnee, President, MasterCard Canada.
“With this contract, the Government of Canada and its departments and agencies
will have the flexibility and capability to enhance the purchasing process
without incurring additional infrastructure costs.”

About BMO ePurchasing Solutions

BMO ePurchasing Solutions
(http://www.bmoeps.com) is
a leading provider of
corporate payment solutions with more than 33,000 corporate programs across
Canada and the U.S. BMO ePurchasing Solutions is one of the top 10 MasterCard
purchasing card providers in North America and is the only top 10 card
provider with its own proprietary system, with over 250 million transactions
processed each year.

BMO ePurchasing Solutions also offers a complete, end-to-end e-purchasing
platform, integrating the entire supply chain — from catalogue ordering and
enterprise systems integration to payment and general ledger posting —
something no other single-source provider currently offers.

About Bank of Montreal

Bank of Montreal (NYSE: BMO; TSE), Canada’s first bank, is a highly
diversified financial services institution. The bank operates more than 30
lines of business within its group of companies, including Chicago-based
Harris Bank, a major U.S. mid-west financial services provider with 150
locations throughout the Chicago area and additional offices in Arizona and
Florida.

Details

OPC Signs IN

Official Payments Corporation announced a new business contract with the Indiana Department of Revenue. The agreement represents the firm’s first business at the state level in Indiana. Under the agreement, Official Payments will provide a service enabling Indiana taxpayers to make individual income tax payments, including balance due tax payments, by credit card over the telephone. Additionally, individuals and business taxpayers will be able to use the system to satisfy any accounts receivable billing payments due to the Department of Revenue, including sales/use, corporate income, personal income and withholding payments.

Official Payments’ telephone service, available by calling (866) 729-4682, is scheduled to go live in January 2002. A listing of tax filing deadlines in Indiana is available on the Internet at . Official Payments also provides a variety of credit card tax payment services to the IRS, 18 other state governments, the District of Columbia, and more than 1,000 county and municipal clients in all 50 states. “We are pleased to work with Official Payments to provide this service to Hoosier taxpayers,” said Indiana Department of Revenue Commissioner Kenneth L. Miller. “Electronic tax payment is gaining in popularity due to the convenience to the taxpayer, the speed with which payments are credited, and the efficiency for the Department, thereby resulting in fewer tax dollars spent in processing returns,” added Mr. Miller.

“Adding Indiana to our growing client base continues our unmatched progress on the state business front,” said Thomas R. Evans, Chairman & CEO of Official Payments. “Our market penetration gives us a real advantage in pursuing new business. For example, taxpayers in Indiana can now pay many of their local, state, and federal tax obligations through Official Payments’ systems. Our clients like providing that functionality to their constituents,” Mr. Evans added. Official Payments will charge Indiana taxpayers a convenience fee of 2.5% for processing these credit card transactions. For example, a taxpayer who owed Indiana $900 and charged their taxes would find a total of $922.50 on their credit card statement: $900 for the tax bill and $22.50 for the convenience fee. Visa, American Express, Discover Card, and MasterCard are the credit cards accepted by the program. Taxpayers using credit cards with bonus rewards programs can, depending on their card’s program, earn rewards, points, and cash-back or airline frequent flyer miles for paying their taxes.

About Official Payments Corporation

Founded in 1996, Official Payments Corporation (Nasdaq: OPAY) is the leading provider of electronic payment options to more than 1,000 government entities in all 50 states. The company’s principal business is enabling consumers to pay their government taxes, fees, fines, and utility bills by credit card, via Internet and telephone. Official Payments has agreements to collect and process credit card payments with the Internal Revenue Service, 19 state governments, the District of Columbia, and over 1,000 county and municipal governments across the United States. In 2000, Official Payments collected and processed over $925 million in federal, state and local government payments. Thomas R. Evans, the former President & CEO of the Internet company GeoCities, became Chairman & CEO of Official Payments in the summer of 1999. Mr. Evans brought Official Payments public in November of 1999, raising $80 million in its IPO on the NASDAQ national market.

Details

TRINTECH 3Q/01

Trintech Group PLC, a leading provider of
secure payment infrastructure solutions, announced third quarter and
nine month results for the period ended October 31, 2001.

— Trintech Group PLC’s third quarter revenues grew by 24% to $17.4
million compared with $14.0 million for the corresponding quarter last
year and nine month revenue grew by 58% to $52.8 million, compared with
$33.5 million for the nine months ended October, 31 2000.

— Third quarter fiscal year 2002 software license revenue grew 39% to
$8.2 million and nine month fiscal year 2002 software license revenue
increased by 68% to $24.2 million reflecting continued demand for
secure payment infrastructure solutions in the current difficult
economic environment.

— Pro forma gross margin for the third quarter grew 21% to $8.9 million
and 58% to $27.2 million for the nine months ended October 31, 2001.

— Pro forma basic and diluted net loss per ADS for the third quarter was
$(0.06) and for the nine month period was $(0.22).

— Reported basic and diluted net loss per ADS for the third quarter was
$(0.25) and for the nine month period was $(0.79).

— Cash usage was $8 million for Q3 with a closing cash balance of $74
million.

John McGuire, Chief Executive Officer, commented on the results: “Despite
significant pressure on IT spending in the current economic slowdown,
Trintech
was able to increase Q3 revenue by 24% over last year. Moreover, we continue
to take the necessary steps to reduce our operating costs, which have already
delivered significant annualized cost savings, proving that we remain
focussed
on our strategy to return to profitability. We are pleased to report a
sequential decline of 11% in pro forma operating expenses, as compared to Q2.
Today’s results reflect Trintech’s ability to navigate through tough times by
signing new customers such as Brother International and Magyar Takarek Bank
(MTB) and extending current customer relationships such as ABSA Group Limited
and GZS.”

“I am pleased that despite worsening global market conditions we achieved
24% revenue growth due to continued sales execution. The measured steps we
continue to take to aggressively manage costs will help ensure the long-term
health of the business, together with healthy cash reserves of $74 million.
In terms of cost and cash management, we are confident the efforts we are
taking today will provide us with more competitive flexibility in responding
to changing market conditions as we extend our leadership position in the
payment space,” said Paul Byrne, Chief Financial Officer.

REVENUES

Revenue for the third quarter ended October 31, 2001 was $17.4 million
compared with $14.0 million for the corresponding third quarter ended October
31, 2000 an increase of 24%. Revenue for the nine month period ended October
31, was $52.8 million compared with $33.5 million for the corresponding nine
months of the previous year. This was an increase of 58%.
Third quarter software license revenue was $8.2 million, an increase of
39% over software license revenues of $5.9 million for the corresponding
quarter, last year. Nine months ended October 31, 2001 software license
revenue was $24.2 million, an increase of 68% over the corresponding nine
month license revenue last year of $14.4 million. Third quarter product
revenue increased 11% to $6.7 million from $6.1 million for the previous
quarter. Nine month product revenue increased 24% to $19.2 million from $15.5
million.

Third quarter service revenue rose 22% from $2.0 million for the third
quarter last year to $2.5 million for the third quarter ended October 31,
2001. Nine month service revenue rose 163% from $3.6 million to $9.4 million
this fiscal year. This quarter there was a shortfall in professional
services’ overall contribution to revenue. After September 11th many of our
professional services staff were unable to travel readily to their
destinations and were therefore unable to fulfill some of their services. Due
to these exceptional circumstances we lost billable time for this revenue
line.

GROSS MARGIN

Pro forma gross margin for the third quarter was $8.9 million, up 21% from
$7.3 million in the corresponding quarter, last fiscal year 2001. Meanwhile,
pro forma gross margin for the nine month period was $27.2 million, up 58%
from $17.2 million in the corresponding fiscal period ended October 31, 2000.
This reflects the modest increase in high margin software license revenue.

PRO FORMA OPERATING EXPENSES

Pro forma operating expenses declined sequentially by an impressive 11%
this quarter. The sequential decline in all elements of operating expenses
reflects the company’s strong fiscal controls and consistent review of
operating expenses. We expect to see pro forma operating expenses continue to
decline further as a percentage of revenue over coming quarters as we
continue
to identify opportunities to extract costs from the business.

Third quarter pro forma sales & marketing expenditure fell 2% to $4.5
million from $4.6 million in the prior year as the sales & marketing
operating
cost base is further streamlined. Nine month pro forma sales & marketing
expenditure grew 28% to $15.4 million from $12.0 million. Third quarter pro
forma research & development expenditure grew by a mere 2% to $4.9 million
over the corresponding quarter last year. This marginal increase underlines
the company’s efforts of measured investment in key business areas. Nine
month pro forma research & development expenditure grew by 25% from $13.1
million to $16.4 million this fiscal year.

Third quarter pro forma general & administrative expenditure grew 60% to
$3.8 million and nine month pro forma general & administrative expenditure
increased by 80% to $12.0 million from $6.7 million as we consolidate our
global infrastructure and continue to take on the infrastructure of the
businesses we acquired.

EXCEPTIONAL CHARGE

Trintech recorded an exceptional charge in the third quarter FY 2002 of
approximately $1.25 million in relation to the restructuring of its UK
business, which is primarily a write down of receivables. In addition, we
expect to record a restructuring charge in Q4 of approximately $2.0 million,
primarily focused on staff reductions and associated costs as we continue to
aggressively manage our cost base to reflect current market conditions.

NET LOSS

Pro forma basic and diluted net loss per equivalent American Depository
Share (ADS) for the quarter ended October 31, 2001 was $(0.06) compared with
the pro forma basic and diluted net loss per ADS of $(0.04) for the
corresponding quarter ended October 31, 2000. Reported basic and diluted net
loss per equivalent ADS for the quarter ended October 31, 2001 was $(0.25)
compared with the reported basic and diluted net loss per ADS of $(0.10) for
the corresponding quarter ended October 31, 2000.

Pro forma basic and diluted net loss per equivalent ADS for the nine
months ended October 31, 2001 was $(0.22) compared with the pro forma basic
and diluted net loss per ADS of $(0.18) for the corresponding nine months
ended October 31, 2000. Reported basic and diluted net loss per equivalent
ADS for the nine months ended October 31, 2001 was $(0.79) compared with the
reported basic and diluted net loss per ADS of $(0.32) for the corresponding
nine months ended October 31, 2000.

PRO FORMA REPORTING

Trintech has chosen to disclose pro forma as well as reported figures,
commencing in quarter one, to increase transparency and provide information
to
investors on cash generation and utilization.

RECONCILIATION OF PRO FORMA NET LOSS TO NET LOSS

In the quarter ended October 31, 2001 the Company recorded expenses
totaling $11.3 million, equivalent to $0.19 per ADS, including non cash
expenses of $10.0 million, which were not included in the pro forma net loss
for quarter three:

— Restructuring charge of $1.25 million, equivalent to $0.02 per ADS, to
cover the restructuring of our UK business which is primarily a write
down of receivables

— Depreciation of $0.9 million, equivalent to $0.02 per ADS

— Amortization of goodwill, for our four acquisitions, of $7.0 million,
equivalent to $0.11 per ADS

— Amortization of purchased intangible assets of $1.0 million, equivalent
to $0.02 per ADS

— Amortization of acquired technology of $1.1 million, equivalent to
$0.02 per ADS

— Stock compensation charge of $0.1 million, equivalent to $0.00 per ADS
in relation to stock options granted in 1999 at market value
In the nine months ended October 31, 2001 the Company recorded expenses
totaling $34.0 million, equivalent to $0.56 per ADS, including non cash
expenses of $30.2 million, which were not included in the pro forma net loss
for the nine months:

— Restructuring charge of $3.8 million, equivalent to $0.06 per ADS, to
cover the restructuring of our UK business and costs relating to staff
reductions and the closure of excess facilities as we seek to gain
optimum benefits from natural synergies with the acquired businesses
and seek to concentrate on products with the highest earnings potential

— Depreciation of $2.5 million, equivalent to $0.04 per ADS

— Amortization of goodwill, for our four acquisitions, of $20.8 million,
equivalent to $0.34 per ADS

— Amortization of purchased intangible assets of $2.9 million, equivalent
to $0.05 per ADS

— Amortization of acquired technology of $3.2 million, equivalent to
$0.05 per ADS

— Stock compensation charge of $0.8 million, equivalent to $0.02 per ADS
in relating primarily to stock options granted in 1999 at market value
to the members of the Company’s Advisory Board and to MasterCard as
part of a strategic alliance with the Company
In the quarter ended October 31, 2000 the Company recorded non cash
expenses totaling $3.4 million, equivalent to $0.06 per ADS, which were not
included in the pro forma net loss for quarter three:

— Depreciation of $0.5 million, equivalent to $0.01 per ADS

— Amortization of goodwill of $1.4 million, equivalent to $0.02 per ADS

— Amortization of acquired technology of $0.3 million, equivalent to
$0.01 per ADS

— Stock compensation charge of $1.2 million, equivalent to $0.02 per ADS
in relation to stock options granted in 1999 at market value to the
members of the Company’s Advisory Board and to MasterCard as part of a
strategic alliance with the Company
In the nine months ended October 31, 2000 the Company recorded non cash
expenses totaling $7.7 million, equivalent to $0.13 per ADS, which were not
included in the pro forma net loss for the nine months:

— Depreciation of $1.2 million, equivalent to $0.02 per ADS

— Amortization of goodwill, of $1.4 million, equivalent to $0.02 per ADS

— Amortization of acquired technology of $1.0 million, equivalent to
$0.02 per ADS

— Stock compensation charge of $4.1 million, equivalent to $0.07 per ADS
in relation to stock options granted in 1999 at market value to the
members of the Company’s Advisory Board and to MasterCard as part of a
strategic alliance with the Company

EXCEPTIS TECHNOLOGIES EARNOUT

Trintech reached agreement in Q3 on its earn-out obligations to Exceptis
Technologies, which it acquired in November 2000. Under the terms of the new
agreement if certain performance milestones are met, shareholders, management
and employees will be entitled to a total consideration of $1 million in
cash.
Previously the two year earn-out agreement stated that Trintech would issue
$10 million of stock on the completion of the said milestones.

RECENT HIGHLIGHTS

— Trintech’s relationship with Absa Group Limited, a leading South
African financial services group, further developed this quarter. They
implemented a complete range of Trintech’s technology platforms
including PayWare eAcquirer, PayWare Guardian and PayWare eIssuer, as
the infrastructure backbone for the Group’s Online Payment service to
offer South Africa’s first secure, open B2B and B2C online payment
service. Absa’s customers include over 860,000 credit cardholders, 7.3
million debit cardholders, and 25,000 merchants.

— Brother International Corporation selected Trintech’s enterprise
ePayment solution PayWare ERP to automate all its web-based and call
center payment transactions in Q3 allowing them to procure a higher
volume of credit card orders, thus reducing its operating costs.

— Magyar Takarek Bank (MTB) the parent organization of the Hungarian
Savings Co-operative Banks and a subsidiary of Germany’s DG Bank,
deployed Trintech’s next generation card issuing and merchant acquiring
technology — PayWare eCMS to power Hungary’s largest card issuing and
merchant acquiring system.

— Bankart, Slovenia’s national card processing service, deployed PayWare
eCMS to manage card issuing and merchant acquiring requirements of all
the country’s major banks. PayWare eCMS’s flexible design enables
Bankart to process card transactions on behalf of multiple financial
institutions in multiple currencies and support their banks’ varied
card programs and merchant accounts.

— This quarter FREEDOM, a unit of Fiserv agreed to integrate FREEDOM’s
TRACKER software into ReconNET to offer its customers the industry’s
most powerful reconciliation and unclaimed property solution.

— ReconNET TRACKER brings together the acknowledged leaders in their
industries, and delivers a best of breed solution that provides
immediate benefit to any company looking to reduce cost and improve its
bottom line performance. Also this quarter, St George Bank Limited
became the first company in Australia to employ PayWare Resolve through
a partnership with eFunds International.

— Trintech announced the release of PayWare ReconNET version 6.0 with the
latest advances in database and application technology resulting in a
fivefold improvement in performance while providing greater
efficiencies for automated reconciliation. Increasing system
performance and providing users with the most advanced and flexible
reconciliation capability are Trintech’s main objectives with ReconNET
6.0.

— Trintech announced on November 13, 2001 that it acquired VeriFone’s
secure payment infrastructure and Internet payment ePS product line for
a cash consideration of $3.3 million. The acquisition of software and
customers gives Trintech further leading edge technology and blue chip
customers thereby reinforcing Trintech’s leadership position in the
consolidating electronic payment sector.

About Trintech

Trintech is a leading provider of secure electronic payment infrastructure
solutions for real world, Internet and wireless transactions. The company,
founded in 1987, offers a complete range of payment software products for
credit, debit, commercial and procurement card applications. Trintech’s
secure
product range is deployed in over 35 countries worldwide and covers the
payment requirements of consumers, card issuing banks, merchant acquiring
institutions, merchants, eMerchants, telcos, wireless operators, ISPs/CSPs,
Portals and large corporations. The Group’s range of scalable, open systems
architecture solutions for UNIX(R) and Windows NT(TM) platforms covers
consumer, merchant and financial institution requirements for all card-based
payments, including eCommerce and the emerging world of mCommerce. Trintech
can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel:
650-227-7000) and in Ireland at Trintech Building, South County Business
Park,
Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the
Web at
http://www.trintech.com. Investor
information
can be found at
http://www.trintech.com/investor.

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SureView

In order to help bankcard issuers meet the special challenges associated with the high-risk, non-prime market segment, Experian, a leading provider of innovative scoring technology, today announced the launch of SureView, its revolutionary risk management tool. Using this easily accessible, cost-effective new score, lenders can target marketing programs more effectively, tailor product offers according to risk and improve approval rates while reducing losses.

“Serving consumers with emerging or problem credit histories can be very profitable for lenders, provided the extra risk involved is carefully managed,” said Charles Chung, vice president of information intelligence for Experian. “Based on client validation results, we are confident that SureView is significantly more predictive than traditional risk models for lenders serving the non-prime market.”

Traditional risk models fall short in their predictiveness for this market and often classify non-prime applicants as unacceptable risks. SureView was developed to capture the nuances of this unique market, resulting in powerful and robust risk prediction. The score also incorporates multiple scorecard technology and was developed using Experian’s proprietary set of advanced and complex bureau variables, which evaluate data patterns in relationship to each other for optimum risk assessment. In addition to offering more accurate risk prediction, SureView also scores a larger number of records traditional risk models consider “unscorable.”

“SureView is the latest in a series of industry-specific risk models developed by Experian to serve unique markets, such as auto lending, telecommunications, credit unions and retail,” said Chung. “These industry- specific risk management tools outperform traditional bureau risk models by capturing the nuances of given industries and targeting their predictive powers solely on those industries.”

SureView can be used in online applications for new account approval, for prescreen and account management programs in the batch environment, or as a dual-tool strategy in conjunction with bankruptcy models.

About Experian

Experian enables organizations to find the best prospects and make fast, informed decisions to improve and personalize relationships with their customers. It does this by combining sophisticated and intelligent decision- making software and systems with some of the world’s most comprehensive databases of information on consumers, businesses, motor vehicles and property. Through multi-channel delivery of its Web-based products and services, Experian enables its clients to conduct secure and profitable e-business and develop state-of-the-art Customer Relationship Management (CRM) systems for communicating and building one-to-one relationships with customers. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Orange, Calif. Its 12,000 people support clients in more than 50 countries. Annual sales are approximately $1.5 billion.

For more information, visit the company’s Web site at [http://www.experian.com][1].

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

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BDC ATM

SLMsoft.com Inc., a leading
global provider of e-financial solutions, announced a $300,000 software
license contract with Banque du Caire of Egypt.

Under the terms of the agreement, SLMsoft.com will provide its FTS
software to replace the current software and manage BDC’s cash dispensing
machines and ATM’s throughout Egypt. In addition, SLM will also be linking BDC
to the Egypt 123 Network replacing their incumbent switch.

“BDC is one of the largest commercial banks in Egypt and has been using
our multicountry switch for Egypt, UAE and Bahrain since 1994. We welcome the
opportunity to expand the services that we provide to BDC, as this is a
reflection of the level of service that we have provided to BDC,” said Govin
Misir, Chairman & CEO of SLMsoft.com. With this contract, our FTS solution
becomes the core of the electronic transaction processing at BDC. This will
open the door for additional technology implementations at BDC, such as our
Comprehensive Card Management Solution.”

“This contract will allow BDC to enhance its position as one of the
leading commercial banks in Egypt and will enable us to provide a better
quality electronic banking services for our customers. We have been using
SLM’s solutions for the last 7 years and we believe that this is an
appropriate time to expand our business relationship with SLM as we are
looking for efficient, cost effective technology solutions,” said Gamil Salem,
General Manager, Banque du Caire. “We selected SLMsoft.com’s technology to
replace that of our incumbent after a thorough search for a new provider.
SLMsoft.com’s superior technology provides our network with faster response
times that are secure, reliable and ultimately the most cost effective.
Furthermore, SLMsoft.com’s FTS solution can serve as a foundation from which
to upgrade our credit card system in the future.”

About FTS Software

SLMsoft.com’s FTS switching and network managing software enables the
efficient movement of transactions from any end-user delivery channel and
exchanges them securely and seamlessly with any destination. FTS is installed
throughout the world and is acknowledged as being the leading choice for those
seeking a fast, reliable, cost-effective and extensible transaction management
solution. FTS is capable of providing scaleable transaction management
solutions to meet the needs of small financial institutions and also large
global banks such as the Bank of China. FTS is used to run proprietary ATM
networks, Internet, IVR and point-of-sale (POS) transaction networks, bill
payment services, branch-to-branch transaction switching services, credit,
debit and cheque authorization requests for private label or national cards,
and a host of other applications.

About SLMsoft.com

Founded in 1986, SLMsoft.com is a leading developer of electronic payment
systems and transaction processing solutions, including e-commerce
applications with a focus on the financial services industry. SLMsoft.com
provides real-time end-to-end e-banking solutions that include Internet
banking, interactive voice recognition (IVR), debit and credit card issuing,
automated teller machines and point-of-sale network management, retail branch
management, and e-CRM enabling technology. SLMsoft.com also provides
investment brokerage client and portfolio management applications for the
brokerage industry; e-health solutions which enable health insurance claims to
be evaluated at the point of service, processed and settled in real time; and
e-government solutions which enable consumers to pay fees for government
services in person, at kiosks, through IVR systems or the Internet. For more
information, please visit the Company’s website at
http://www.slmsoft.com.

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