Press release

Valista Makes Prestigious Red Herring Top 100 List

Dublin, Ireland and Belmont, CA, USA, May 10th, 2004

Valista announced today that it has been selected by the editors of Red Herring magazine - the leading magazine of business technology and innovation - as one of the top 100 private companies. Valista was formed in 2003 following the merger of Network365 and iPIN and is the leading provider of payments software enabling the purchase of premium services.

The Red Herring 100 recognizes companies whose services, business models and products define business innovation. It represents leaders of tomorrow in more than a dozen sectors, including software, biotechnology, wireless, communications services, and business and financial services.

According to the editors of Red Herring, “The list sets the standard as the industry´s definitive list of private technology companies impacting the market place, revealing where new fortunes are likely to be made. Each of the 100 finalists is highly qualified to make a lasting impact on the industry. These companies, like the ones from past Red Herring 100s since 1997, will most likely grab the spotlight as the companies destined to become household names over the next few years.”

"Valista is delighted to be selected by Red Herring as one of the top 100 companies for 2004. This selection is a further affirmation, by Red Herring’s judging panel of Valista's product strategy, leadership and global customer base.” said Raomal Perera, CEO of Valista.

In its eight year, the Red Herring 100 has become the most sought-after list of its kind. The editors of Red Herring compile the list from subjective and metrical data favored by venture capitalists and investment bankers--insights that predict a company's ability to overturn existing markets or create entirely new ones.

The list, available on Red Herring's website www.redherring.com, includes highly relevant information including the company's strategy, execution, products and services, brand, finances and competition. For more information, please visit http://www.redherring.com/eventsRH100.aspx

Notes:
For more information, please contact:

Valista®
Evanna Kearins
Director, Marketing.
Email: marketing@valista.com

About Valista.
Established in 2003 following the merger of Network365 and iPIN, Valista is a global company with offices in the US, Europe, Asia, Japan and Latin America. The combined subscriber base with access to the Valista product suite exceeds 150 million users with over 1000 merchants utilizing the company’s merchant integration technology. As a result, Valista has emerged as the leading provider of payments software for the purchase of premium services.

Key customers include:
Vodafone, NTT DoCoMo, France Telecom's w-HA, Orange, Wanadoo, Tiscali, T-Online (France) 3 (eight countries), Hong Kong CSL, GTECH and TODO1 (the Americas), and O₂.

Key partners include:
Accenture, Capgemini, Ericsson, Gemplus, GTECH, HP and IBM.
Valista is at the forefront in driving the industry and is actively influencing customers on mobile payments standards, contributing to the Mobile Payment Forum.

Valista is also working closely with a number of the Simpay founder organisations.

Products & Technology
Valista’s technology has been proven in real world implementations by leading service providers and corporations across four continents. Valista enables wireless and fixed line operators, ISPs, financial services institutions and enterprises to create new relationships with customers by facilitating the purchase and delivery of digital content, goods and services in a secure and convenient way. Enterprises benefit from higher revenue streams, increased loyalty and reduced costs. Valista’s products support the entire commerce ecosystem and cover the end-to-end business processes including multi-channel ordering, authentication, payment, settlement, service delivery, and post-purchase care.

Valista’s product portfolio includes micro and macro payments, multi-channel top-up, service delivery, user profile management and cash replacement. All Valista products support multiple access channels and payment models, allowing consumers to transact wherever they are, however they pay.

Valista® and ‘one choice for global payments™ are trademarks of Valista Limited. All other trademarks and registered trademarks referenced in this document are the property of their respective owners.

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