NMM Meeting in Carlton Hotel Tel Aviv, Israel

1. NMMMeeting in Carlton Hotel Tel Aviv, Israel Gil Grossman, Chief Executive Officer eCredible 1 February 2001

2. Agenda • Who is eCredible? • Why Fortune 1000’s Are Going Online & The Challenges They Face • The Requirements to Transact Online Safely • Partial Solutions to the Problem • The eCredible Answer • eMarketplaces Say it Really Works

3. Who is eCredible? • NCM • No. 2 credit insurer • in US • Offices in 13 countries • Leader in eFinance Risk Management • Born out of NCM / Swiss Re • Partnered with Leading Technology Providers • Clarus, IBM, McKinsey & Co., Verisign, Webmethods • Experienced Management Team • Combined total of over 75 years experience in finance/credit insurance • Experience with leading global financial institutions such as ABN-AMRO and McKinsey & Co. • Swiss RE • AAA-rated • World’s largest credit reinsurer • Second largest reinsurer

4. Fortune 1000 sellers look for: Volume growth & Globalization • “We need a way to expand internationally while still providing a safe trading environment to our members” • Equipment manufacture • “We are in the paper business and want to minimize our involvement in credit management as much as possible” • Paper Trader • “Deals are often held up pending a credit check. In our business, there is a real risk of losing the deal in the meantime.” • Energy exchange Outsourcing credit management Real-time transaction approvals

5. B2B players look for complete suite of transaction services Forrester research (BtoB market places): “Do you provide these services today?” “And in 2002?” Today 2002 Source: Forrester Research

6. B2B: When Will It Go Online? 40% of eMarketplaces Currently Employ Manual Processes To Facilitate Transactions Forrester Research

7. The Gold Rush:Why Fortune 1000’s Are Racing to Open Private Exchanges • Reduce Operational Costs & Increase Efficiency Through Automation • Boost Revenue by Reaching New Markets (SME, Foreign, Disinter mediation) • Execute Multiple Transactions at the Same Time Some 30,000 Private Exchanges are in Various Stages of Development (Gartner Group)

8. Challenges: Why Offline Systems Won’t Cut it Online

9. The Holy Grail:Moving to Online Automation with Limited Risk eFinance Risk Management Category Instant Guaranteed Transactions Goal • Authenticate the Buyer • Check Credit • Guarantee Payment • Automate Dunning & Collection • Link to Existing Customer Finance Systems Requirements

10. eFinance Risk Management:Partial Solutions Authentication & Verification No transaction capability or payment guarantee Credit Check & Rating Services Not fully online, no transaction capability or payment guarantee Locks up working capital, not ideal for small or multiple transactions Escrow Services Trade Cards Won’t cover large transactions, high interest rates Not web-based, not real-time, cumbersome documentation Letters of Credit Stand-alone Systems Requires a company to use their A/R systems

11. Introducing the eCredible Solution An integrated package of online financial processes that delivers real-time decision making capability, enabling companies to perform Instant GuaranteedTransactions for B2B. Authentication Credit Checks Guaranteed Payment Dunning & Collection Integration Web Phone Email Fax

12. ProcessIntegrationEfficiency, speed, and accuracy through full integration of all Credit Management processes New buyer entry Credit selection AP/AR monitoring Dunning Collections No manual handling, thanks to systems links Eliminates need for internal credit management

13. System integration Registration Ordering Invoicing Payment API’s Market place web server Market place back office or payment invoicing engine - Two weeks to link up with market place - Facilitated by webMethods

14. Works With All Interfaces… Ariba Art Technology Group Atlas Commerce Bowstreet Broadvision Cohera Commerce One Contivo Ectone Global Commerce Global Logistics Technologies I2 Interworld Corporation Rightworks SAP AG Siebel Systems, Inc. Supplyforce.com Ventro Viquity Moai Microsoft JD Edwards Motive Communications Nightfire Software, Inc. Nonstop Solutions, Inc. Noochee Solutions Nortel Networks Oracle Peoplesoft Portal Software Red Oak Software Interwoven, Inc. Remedy Savvion Spaceworks Supplyworks, Inc. Versata

15. Integration is Painless… • Simple integration to back (AR) and front offices Web-based registration and order/invoice processing • Fast implementation period Average of two weeks • Limited manpower needed Three people on each side • Highly secure communications PKI encrypted credit certificates and triple firewall protection for front and back-end integration

16. Why eCredible Can Offer a Guaranteed Transaction Process • Authenticates the Buyer:Contact is made with individuals requesting certificate and his/her parent company for total certification • Runs Detailed Credit Checks:Leverage NCM network of credit information agencies in13 countries • Issues eCredible Payment Guarantee™:Financial backing of NCM/Swiss RE which insures $130 billion in B2B transactions annually; AAA-rated balance sheet • Automates Dunning & Collection:Web-based credit management system combined with NCM global network of claims offices & collection agencies • Links to Existing Customer & Financing Systems:Proprietary software allows eCredible to tap into offline a/r systems and collect information about new buyers, new orders, invoices, payments made, order cancellations, etc.

17. eCredible integrates eFinance players Customers Risk carriers Financiers Capital markets Buyers NCM / Swiss Re Sellers Other (re)insurers Financial institutions Information providers Underwriters (NCM) Collection agencies Service providers

18. eCredible in Action www.NetworkPlaza.com Business Model: B2B supplier of network equipment Target Market: Large enterprises, ASP, ISP’s, Telco’s Credit Certificate Users: Siemens, Sony Reason for Going Online: Bypass distributors – go directly to buyers

19. eCredible in Action www.Pro-online.nl Business Model: B2B supplier of tools Target Market: Building trade sector Credit Certificate Users: Mainly Dutch SMEs Reason for Going Online: Reach all European buyers

20. Summary • B2B needs to move fully online if it’s to fulfill growth predictions • Fortune 1000s are going online to reach new buyers and lower transaction costs • Offline financial procedures won’t work online • Instant Guaranteed Transactions are what’s needed • Current eFinance Risk Management solutions offer too little or too much • eCredible’s technology enables Instant Guaranteed Transactions that benefit both the buyer and seller

21. Thank you www.ecredible.com

22. Appendix • How it works • Benefits • Competition • Market segmentation

24. Everyone Benefits Buyer Receives: • Access to open account terms with new suppliers • Control over own credit • One-click convenience Seller Receives: • Increased revenue from new buyers • Assurance of payment • Lower credit management costs

25. Competitors Degree of Integration ACI @rating Level of Assurance

26. S S B B B Order Invoice Payment Order Invoice Payment Order Invoice Payment MP MP Order Payment S Order Invoice Payment Market segmentation Single Seller Sites Facilitating Marketplaces SELLERS No Exposure information available No Payment information available Exposure information available Payment information available Procurement Sites Full Service Marketplaces Supplier risk BUYERS Exposure information available Payment information available