INTERIM REPORT JANUARY-MARCH 2004

Summary for the period

* Net turnover has increased by SEK 193,000 to SEK 220,000 (27,000), compared with the corresponding quarter of 2003.

* Profit/loss after tax amounted to SEK -7,859,000 (-7,039,000).

* The gross transaction volume increased by SEK 2,770,000 to SEK 3,226,000 (556,000). This represents an increase of 41 per cent compared with the fourth quarter of 2003. The gross transaction margin amounted to 4.9 per cent (4.5).

* During the period, 31,768 new wallets were opened, which represents an increase of 57 per cent compared with the end of 2003.

* During the period, agreements were signed with 63 e-retailers, including CD WOW, CDON.COM and Studentkort i Sverige AB.

* Partnership agreements have been signed with German company GZS/Easycash and French company Paybox.

* During the quarter the new payment service Paynova SMS was developed and launched.

* Paynova AB was listed on NGM, the Nordic stock exchange, on 26 February 2004.

Paynova AB has developed the Paynova Wallet for secure and efficient payment transfers via the Internet and SMS. The system handles transfers of one Swedish krona upwards. Paynova’s solution means that risky credit card information does not need to be submitted to unknown parties over the Internet, while retailers gain efficient payment management at a low cost. The Paynova Wallet can be opened and also filled from an Internet bank or a credit card, even just as the wallet is being used to make a payment.