PAYNOVA: PAYNOVA STRENGTHENS ITS MANAGEMENT

The Board of Directors of Paynova AB (publ) has appointed Lars Ekstedt as its new

CEO. In addition, Lars Guldstrand has become an associate of the company as a

consultant in both operational and strategic activities and has been coopted onto the Board.

Lars Ekstedt has been a member of the Paynova Board since this year’s Annual General Meeting in May. Lars has long and solid experience of Internet activities through his positions as manager for Internet-based services at SEB, Stadshypotek Bank and Aktiedirekt, though his experience also comes from being a contractor during the start-up of the European Internet companies Sweasat and Redbet Ltd.

He also has extensive experience of banking and finance activities from his time as head of the Merchant Fondkommission and managing director at JP Bank, the Carnegie Fondkommission and the Nordiska Fondkommission.

“From a board position at Paynova I have learnt a great deal about the company and seen how the assignments for our clients are growing and are about to blossom. I can see huge and exciting potential waiting to be tapped by many of the clients. Swebus Express, SJ and Ryanair in particular will be significant for our development. I also know what problems and risks are associated with online shopping and card payments over the Internet. Paynova’s payment services, with payment guarantee and certified security, minimise the risks and it should therefore be good to manage the development of the company with a high security profile,” says new CEO Lars Ekstedt.

Lars Guldstrand will be assisting the Paynova Board and the CEO through comprehensive commitment to both strategic and operational activities. The overall aim is to achieve, as quickly as possible, the required transaction volumes for profitability in the company and also to find strategic industrial/financial partners.

“With my experience from Internet activities and from fast-growing contractor firms, I believe I can help both Paynova’s growth and its profitability. I will be particularly interested in strategic partnerships on the international market to supplement the partner network

Paynova has already built up in Europe,” says Lars Guldstrand.

Lars Guldstrand was formerly president of the stock-exchange-listed group Eniro, where he supervised the transformation of Eniro from a catalogue company to one of Europe’s most successful Internet players.

“With these additions to the management and the recently implemented new share issues, we

have laid the foundation for the strengthening of Paynova we announced in the spring. We can go forward and make more proactive use of the market opportunities that lie open before us,” says Peter Enström, Chairman of the Paynova Board.

Former CEO Johan Waxberg returns to the post of CFO and deputy CEO in the operational management group.

For further information contact:

Peter Enström, Chairman of the Board, Paynova AB

Telephone: +46 (0)70-574 99 82

About Paynova

Paynova AB offers modern payment services on the Internet, for large and small sums alike. E-retailers gain

access to a number of European payment methods and currencies in a total solution with a payment guarantee.

Consumers can open a Paynova wallet free of charge on the Internet to make purchases more secure and simpler, or look after transfers between family members, friends and acquaintances. More than 20,000 banks worldwide accept VISA and MasterCard payments via Paynova. More than 800 e-retailers have agreements with Paynova. Most are found in the following segments: travel, media, the retail trade and network games, e.g. Swebus Express, SJ, Ryanair, CD WOW, Fujifilm Sverige, and TV4. The company has been listed on NGM since February 2004.

For more information and pictures, visit: www.paynova.se