Extremely important--inclusion of 31 million. ---note. -- ERG

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Subject: Extremely important--inclusion of 31 million. ---note.

Author:
Steve Bonkers.

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Date Posted: 06:24:53 11/26/01 Mon

The resultant net profit of $6.1 million was below expectations. The final treatment adopted by ERG in respect of a licence fee to the German business card.etc AG was to not recognise
the value of that fee at June 2001. Following discussions with our auditors, their view was that the business plan of card.etc was not sufficiently advanced to be able to form an opinion as to the value of the licence fee due to ERG of
$31 million.

This is anticipated to result ultimately in some 7 million smart cards being issued, which, in turn, represents approximately 35% of the smart card issuance
envisaged in the card.etc business plan within Germany.
We will continue discussions with our auditors in order to assess whether this transaction will
be booked in the current financial year. As we have stated on previous occasions, the revenue has not been lost or disallowed, but deferred until future events allow its recognition.

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