PAYNOVA SHOWS GROWTH ACCORDING TO PLAN

Ahead of the Nordic Growth Market (NGM) capital growth day, Peter Enström, Chairman of the Board, and Pelle Hjortblad, CEO, provided further information regarding the companys future growth and development.

Last week Paynova announced that an agreement had been signed with GZS/easycash concerning the establishment of the Paynova Wallet in the German market. GZS mbH is the largest company in Europe when it comes to processing credit and banking card transactions. GZS has a direct connection to 2,200 banks and their customers.

GZS has stated that it expects one million Paynova Wallets to be signed up for in the first period of 18 months. Paynova’s target of 750,000 new Wallets before the end of this year should therefore be attainable. GZS’s judgement on the need for an Internet-based solution for online shopping alongside the card options is founded on good knowledge of market requirements.

Paynova has recently signed agreements with Studentkort i Sverige AB and Mecenat. These two companies have a strong influence on ID and discount cards for students enrolled in Swedish universities. More and more students process their payments online and it is therefore necessary for both companies to be able to offer a fast, secure solution. Paynova estimates that when the Wallet has become well-known among students, the number of wallets will constantly be in the interval of 400,000 - 500,000. Between 50,000 and 100,000 students graduate each year, but it is expected that they will continue to use the Wallet just as they would any other account. We do not think that students will stop using their Wallets simply because they graduate. The number of students that graduate each year is compensated for by new students, which assures a steady flow of new Wallets. Paynova has already initiated activities to reach the corresponding segments in other European markets.

The market for personal air and land travel, as well as other types of travel where the ticket is paid for online, is growing very rapidly. Paynova is very much present in this market and is in discussion with a number of players. It may be of particular interest to Paynova’s stockholders to know that just one agreement with one of these players could be sufficient to bring the company to a positive cash flow.

The market for online payments is mature and is no longer a vision of the future. Paynova’s American equivalent PayPal already had strong profitability when it was acquired by Ebay for SEK 14 billion in 2002. When the company was acquired in July 2002 it had about 17 million accounts, today that number is 40 million. We are convinced that Europeans need an online wallet too.

Since February 26, 2004, Paynova has been listed on the stock exchange (NGM). The full prospectus can be downloaded on Paynova’s website at www.paynova.com.

For further information. please contact:

Pelle Hjortblad, CEO Paynova AB

Cell: +46 (0)701-810 110 Phone: +46 (0)8-517 100 07

Peter Enström, Chairman of the Board,

Cell: +46 (0)705-749 982

About Paynova

Paynova AB, which was listed on the stock exchange (NGM Equity) on February 26, 2004, is a company specializing in secure online payments. The Paynova Wallet is a digital wallet for digital transactions that can handle amounts from 0,1 Euro and up. The digital wallet enables the customer to manage and control purchases limiting his/her personal credit card or eBanking information to only one counterpart. The Paynova Wallet is easy to get, use and install for merchants. More than 20,000 banks worldwide accept the Paynova solution for VISA and MasterCard payments. Since launch in 2001, Paynova AB has signed agreements with more than 500 companies and organisations. Pelle Hjortblad, former CEO of Tele1 Europé/ Song Networks, is the CEO of Paynova. The full Paynova share prospectus can be found at www.paynova.com.