PLANET GROUP INC (LSE: AIM: PPT/PPTR) BUYcontent.stockpr.com/avalonresearch/media/e1f3f...Although...

of 23 © 2007 Avalon Research Group Phone: (561) 327-7725 Toll Free: (866) 899-6751

May 6, 2007 Industry: Payment Processing

Closing Price . . . . . . . . . . . . . .127.50p/$2.50 (05/04/2007)

52-Week High . . . . . . . . . . . . .150p

52-Week Low . . . . . . . . . . . . .80p

Shares Outstanding. . . . . . . . . . .29.14m shares (PPT&PPTR)

Market Cap . . . . . . . . . . . . . .£35.7 million/$70.0 million1

Share Volume . . . . . . . . . . . . .n/a2

Price Target . . . . . . . . . . . . . .270p3

Investment Conclusion Planet Payment (LSE/AIM: PPT, PPTR) offers Acquiring Banks and their Merchants a compelling value proposition to share in lucrative currency exchange fees of ~3%. After six years of development and operating losses, Planet Group’s international processing platform is now fully certified and used by blue chip Acquiring Banks and Processors in the United States, Hong Kong and Greater China, and Europe. Estimated volume of global international Visa and MasterCard transactions processed in 2006 was over $180 billion. Current Planet customers (Acquiring Banks and Processors) processed over $12 billion in international Visa and MasterCard transactions in 2005. The volume is growing year-on-year and provides Planet near-term revenue potential of over $360 million. Rapid Hong Kong/Greater China Merchant adoption and deployment during the past 12 months, along with imminent traction from large signed U.S. contracts, puts Planet on the verge of success. Planet is strategically positioned to assume a leading role in the payment processing infrastructure in Greater China. The private market value of Planet’s technology infrastructure alone is probably worth the current public market valuation, providing a favorable risk/reward investment proposition. We believe that Planet is at the tipping point for success with revenue potential multiples of its current base. Planet deserves a BUY rating.

See the last page of this report for important Disclosure Information.

PLANET GROUP INC (LSE: AIM: PPT/PPTR) BUY

FYE Dec (US $) 2005A 2006A 2007E 2008E Revenue 1.7m 5.5m 22.6m 54.9m Operating. Profit (8.0m) (11.3m) (8.5m) 2.0m Net Income (8.1m) (11.6m) (9.5m) 0.84m EPS, Pro Forma (0.74) (0.62) (0.41) 0.03 P/E1 n/a n/a n/a 83.3

1Assumes a conversion rate of $1.96 for £1.00 2Note: Shares began trading on CREST 04/25/2007 Note: Shares trade in Pounds Sterling, priced in pence per share

of 23 © 2007 Avalon Research Group All Rights Reserved

A V A L O N R E S E A R C H G R O U P I N C .

Story Line Planet Payment (“Planet”) is arguably the leading alternative for Acquiring Banks and their Merchants to break into the historic credit card monopoly whereby the Issuing Banks alone have, to date, charged the near 3% currency exchange fee on international transactions.

Planet’s processing platform enables the Merchant, its Acquiring Bank and Planet to earn the ~3% fee paid by the Cardholder as opposed to it all going to the Issuing Bank.

Planet’s customers are typically credit card Merchants’ Acquiring Banks, which are banks that Merchants use to receive payments from charge card sales. Acquiring Banks are eager monetize this new and significant revenue stream, via their portfolios of thousands of credit card Merchant Accounts.

Although Planet has been in business since 1999, it was virtually reborn as a technology growth company when its first Hong Kong contract began in December 2005, quickly followed by the first China contract April, 2006. The Asia-Pacific region provides a large and fertile market opportunity for Planet due to a comparatively high proportion of international cardholder transactions and predominance of easily-converted point-of-sale (POS) terminals. Large U.S. Merchants typically use credit card swiping systems fully integrated into the Merchant’s vertical accounting system. Asia-Pacific Merchants typically use standalone point-of-sale terminals which speed merchant adoption for Planet’s processing platform. The sizzling growth of credit card usage, overall GDP growth in Hong Kong/Greater China and the upcoming Olympic Games in Beijing provide a strong tailwind for Planet’s growth in this part of the world.

Planet holds a key spot on the chess board in the consolidation of the credit card/processing sector. The company would be an interesting “plug and play” acquisition target. Planet’s currency-neutral processing platform should gain favor with large Banks and eCommerce web-based Merchants desiring scalable cross-currency settlement and the opportunity to transact in foreign currencies. Planet’s solutions are ready to implement within any currency environment, whereas “Historic Systems” are hard coded to settle in U.S. dollars or other “home currencies” only. Planet’s systems uniquely operate without native currency enabling flexible usage options. The same platform can be used to service and bank in any part of the world and in any base currency desired.

Please refer to page 17, Appendix Iv, “Credit Card Industry Definitions” to clarify participants and roles.

Time Line We believe the six years of Planet’s design, development and deployment set the stage for potentially explosive revenue growth in Hong Kong/Greater China this year. We predict the company will continue to sign new and significant contracts due to the overwhelming value proposition offered by Planet’s systems.

Earnings Line On April 25, Planet reported a loss of $(0.62) per share on revenue of $5.5 million, compared to FY 2005 results of $(0.74) per share and $1.7 million, respectively. We believe Planet will achieve cash flow breakeven sometime this year and begin posting earnings in 2008. See page 15, Appendix II for our Earnings Model.

Price Line Our initial price target of 270p is based on PPT shares achieving a price to sales multiple of 2.8x our FY 2008 revenue estimate of $54.9 million. This multiple is relatively inline with comparables in the financial data and transactions processing sector demonstrating similar strong leverage characteristics based on transaction volumes. Potential for upside to our revenue and earnings estimates exists driven by the deployment of new bank, Processor and/or Merchant agreements. We firmly believe the private market value of Planet’s technology infrastructure and strategic position in Hong Kong/Greater China alone is worth the current public market valuation providing a favorable risk/reward investment proposition.

AVALON S.T.E.P. ANALYSIS



INVESTMENT HIGHLIGHTS

• Planet’s cross-currency credit card platform enables Acquirers and Merchants to further profit from the $180 billion annually in foreign transactions they already process. Historically, cross-currency credit card transaction foreign exchange conversion occurred at the credit card Issuing Bank after a purchase. The ~3% currency conversion fee is charged by the Issuing Bank. Under this “Historic System”, the Merchant, Acquiring Bank and Card Processor would not share in the ~3% currency conversion fee nor would the Cardholder know the purchase price in their own currency until receiving their credit card statement.

• Planet’s solution performs the foreign currency exchange at the point-of-sale; Card Holders appreciate the improved customer service. In addition to the extra revenue Planet System’s brings the Merchant and Acquiring Bank, the Card Holder benefits from being able to pay for goods and services in their home currency and know exactly how much they are paying or choose the Historic System that allows the Issuing Bank to apply an unknown rate to the purchase later. The Historic System means the customer only becomes aware of the home-currency charge when they receive their credit card statement many days or weeks later. Planet’s system avoids this problem.

• Planet dramatically changes the cross-currency economics to benefit the Merchant and Acquiring Bank while retaining about one-third of the total currency fee. Planet’s customers are the credit card Acquiring Banks and Processors that are responsible for processing and settling Merchant’s credit card accounts. Acquiring Banks market the cross-currency product as their own “powered by Planet Payment,” essentially the “Intel inside” to processing. An Acquiring Bank, typically has hundreds of thousands of Merchant Accounts and is motivated to rapidly convert its stable of Merchants from the current Historic System to the Planet System in order to capture about one-third of the ~3% currency exchange fee which the Issuer currently receives. In addition, Merchants are eager to implement the Planet System as they receive a portion of the currency exchange fee, which is offset against the fees they pay for credit card transactions to be processed. [See Background and Business Model, Value Proposition Shifts]

• Planet’s cross-currency processing platform now powers blue chip customers/partners including of several of the world’s leading Acquiring Banks and Transaction Processors. These include: Hang Seng Bank and Standard Chartered Bank in Greater China, Fifth Third Bancorp (NYSE: FTTB) and TSYS Acquiring Solutions (a subsidiary of Total Systems, Inc. (NYSE: TSS)) in the U.S. Since Planet’s potential customers are finite and easily identifiable, Planet can economically target this market. These customers become partners motivated to educate and convert its stable of Merchants to the Planet system from the sharing of the ~3% currency conversion fee.

• The revenue potential is staggering and, after break-even is achieved, highly profitable. Acquiring Banks using Planet’s platform processed over US$12 billion in international Visa/MasterCard volume in 2005. Planet’s potential revenue with its existing customer base totals over US$360 million. This is based on the assumption that Planet could earn an average of 3% of these transactions as revenue. With Acquiring Banks typically receiving up to 15bps for standard processing, we believe the lure of an additional 100bps for foreign exchange will motivate the banks to convert its customers rapidly to Planet’s system. We believe that Merchant conversion will be the steepest in Asia-Pacific due to cultural business inclinations. Not unexpectedly, gross profit margins should reach about 35%.

• Unlike the U.S. Historic Systems, Planet’s platform is currency neutral, and, therefore, can be virtually “plug and play” for any country or currency. The Historic credit card systems are hard coded to settle in US dollars or other “home” currencies only, and cannot easily be adapted to other countries or currencies. The benefit of Planet’s system is that an Acquiring/Processing Bank in, say, an emerging South American market could plug in Planet into its current processing system and begin capturing the ~3% (or higher) conversion fee in a short time frame.

• Visa and MasterCard recently registered Planet as an “end-to-end” Third Party Processor with direct interfaces to these Card Associations’ networks. By attaining the ability to exercise control over all processing from the terminal to the Card Association, Planet has eliminated certain risks of reliance on third parties. Over the longer term, by virtue of its positioning in the credit card data stream and the capabilities of its platform, Planet should be in a position to layer on additional new processing products, such as mobile payments which it is piloting in the U.K. in taxis.



Background & Business Model Planet Group, Inc. (LSE: AIM: PPT, PPTR) is an international credit card payment and data processor specializing in multi-currency transactions. Planet was founded in 1999 and initially served international e-commerce Merchants desiring to price goods in the customers’ local currency. Seeing an unmet need in late 2000, the company shifted its business model to enable Acquiring Banks to provide multi-currency processing to their “brick and mortar” as well as e-commerce Merchants.

Planet’s robust and scalable transaction processing platform enables Acquiring Banks and their Merchant customers to accept, process and reconcile credit card transactions in multiple currencies and provides home pricing to international customers. The company’s solutions work within the established credit card processing infrastructure and integrates with top acquirers, processors, gateways and point-of-sale (POS) providers in the United States, Asia Pacific region and Europe. The company’s processing platform also provides its customers enhanced data reporting and data mining services to assist Merchants using multiple POS systems in various countries to make better informed business decisions.

Planet primarily offers its services to Acquiring Banks or their Processors, enabling these customers to offer multi-currency processing services to Merchants. The company occasionally approaches Merchants directly to form a sales relationship and identify a suitable Acquiring Bank. Although, Cardholders are the ultimate end users of Planet’s solutions, Planet typically does not sell to them directly.

Business Model Shifts Industry Economics Planet’s business model, and “currency neutral” data processing platform changes the current economics of international credit card transaction processing. Under the current “Historic” system for processing international credit card transactions, Issuing Banks typically receive the ~3% conversion fee imposed on the end customer. Under the Planet system, Merchants, its Acquiring Banks and Planet share the ~3% fee. Visa/MasterCard, in general, charge Issuing Banks and/or Acquiring Banks total fees of ~1% on international transactions regardless of processing platform and is separate from the currency fee. Visa/MasterCard’s revenue stream is not necessarily affected by the currency exchange fee shift. Planet’s platform enables the transmission of credit card transactions to Issuing Banks (via the Card Association’s networks) in the Card Holder’s home currency. With Planet’s multi-currency solutions in place, Planet’s platform calculates the currency conversion and Planet, the Merchant and its Acquiring Bank share in the typically 3% conversion fee. These margins are materially higher than a standard processor typically receives. Acquiring Banks and their Merchants are strongly incentivized to deploy Planet’s solutions.

ANALYSIS AND COMMENTARY

PLANET PROCESSING: VALUE PROPOSITION SHIFTS HISTORIC CARD PROCESSING SYSTEM

Merchant

(Has account with Acquiring Bank)

Acquiring Bank

(May be processed by TSS, FDC, GPN, etc.)

Issuing Bank

(Bank issuing the card to consumer)

~3% Currency Fee Shifts 0%

0% ~3%

Merchant

(Has account with Acquiring Bank)

Acquiring Bank

(Powered by Planet Payment)

Planet

Payment

Issuing Bank

(Bank issuing the card to consumer)

0% ~3%

PLANET PAYMENT CARD PROCESSING SYSTEM

VALUE SHIFT

Card Associations

(Visa/MasterCard)

Card Associations

(Visa/MasterCard)



ANALYSIS AND COMMENTARY

Source: Company Reports Without Planet, Card Holders are unaware of the cost of their purchase in their home currency and of the conversion rate until they receive their monthly statement. With Planet’s multi-currency solutions in place, the customer is able to view the price of an item in their home currency at the time of purchase and receive this price on their month-end statement. The Merchant still transacts in its local currency. The currency conversion is calculated by Planet and presented at the POS. The Card Holder has the choice to “opt-in” and agree to the conversion rate and purchase price provided. Planet does not engage in foreign currency trading or money transmission services (i.e. Planet does not touch the money). Its solutions are in full compliance with existing Visa and MasterCard regulations. Planet again completed its Statement of Auditing Standards No. 70, Service Organizations (“SAS 70”) Type II examination with Deloitte & Touche LLP and obtained re-certification of compliance with the Payment Card Industry (PCI) security requirements. Planet recently announced it has been registered by Visa and MasterCard as an “end-to-end” Third Party Processor for its platform with direct endpoints or interfaces to the Visa and MasterCard networks. This follows Planet’s strategic acquisition of the credit card processing platform and related Bermuda assets of TransWorld Payment Solutions, Ltd. (announced in November 2006). Planet now provides full end-to-end credit card payment processing for its Acquirer customers and their Merchants.

Purchased

Amount

2/3 Merchant, Bank & Processor

1/3 Planet Payment Share

(Planet Gross Margin)

Issuing Banks

FX Conversion

Margin

Historic/ Existing

Planet System

“DCC”



ANALYSIS AND COMMENTARY Planet’s Product Offerings Current Product Suite Planet currently has a suite of four core products based on its multi-currency processing platform 1) Multi-Currency Pricing, 2) Dynamic Currency Conversion, 3) FX Assured and 4) Data Analytics. Each has been customized for multiple technology platforms. Multi-Currency Pricing (MCP) MCP allows Merchants to “personalize” the shopping experience for foreign customers with localized pricing specific to each market. Customers can view prices, make purchasing decisions and pay entirely in their own currency while the Merchant receives reporting and settlement in its own currency. MCP is commonly used in e-commerce, mail order, and telephone order environments and at the POS of Merchants catering to a significant number of international customers. Dynamic Currency Conversion (DCC) With DCC, a credit card purchase initially priced in the Merchant’s local currency is converted into the Card Holder’s home currency, in real-time, after the card is presented at the POS. The customer is made aware of the purchase price in the local currency, their home currency, the currency conversion rate used and given the choice to pay for the transaction in either currency. The cost of the purchase is printed on the receipt in both currencies to comply with Card Association regulations. The opt-in rate consumers choose to pay in their local currency varies by location but is typically higher for hotels than for retail settings and when the POS device is customer facing than when it is not (i.e. when consumers are asked to “swipe” their credit card, authorize and electronically sign for their purchase.). Like MCP, DCC creates a more personalized shopping experience for the customer while providing Merchants with reporting and settlement in their own currency. DCC is currently available to Visa and MasterCard networks only. FX Assured FX Assured provides Card Holders purchasing at participating Merchants who offer DCC, with a “Best Rate Guarantee.” Planet certifies the exchange rate received when “opting-in” to pay in their local currency will be as good if not better than the effective rate charged by the Card Holder’s Issuing Bank. If the rate is shown to be higher, Planet will refund 150% of the difference. Planet’s transaction processing platform uses Planet’s patent-pending method to calculate different rates for each transaction depending on various factors including the rates charged by the Card Holder’s Issuing Bank. Data Analytics Planet’s Data Analytics service, launched in 2006, offers Merchants in-depth transaction reporting and analysis through an easy to read web-based interface. Card Association rules dictate that Acquiring Banks must reside in the country (or in some cases the region, e.g. European Union) of the Merchant and transaction. As a result of this rule, multi-national Merchants face significant challenges aggregating and analyzing transaction data across multiple countries and Acquiring Banks. Planet’s Data Analytics service satisfies the previously unmet need of multi-national Merchants and consolidates their transaction data on one platform utilizing similar technologies across numerous locations.



ANALYSIS AND COMMENTARY Underlying Technology Planet has Built a Robust, Currency-Neutral Proprietary Transaction Platform Planet has developed a proprietary transaction processing platform that is robust, scalable, and most importantly, currency-neutral. Planet’s systems uniquely operate without native currency enabling flexible usage options. The same platform can be used to service any bank, in any part of the world in any base currency desired. By virtue of its positioning in the credit card data stream, Planet should be able to offer a variety of processing and data services. While MCP/DCC products account for the majority of revenue today, Planet’s platform capabilities should enable the company to layer on additional new products in the future increasing its market opportunity.

Planet’s Value Proposition by Customer Segment Planet’s currency-neutral credit card transaction processing capabilities offer customers compelling incentives–both financial and strategic–to employ the company’s products. The following table summarizes Planet’s value proposition by customer segment: Customers Incented Financially and Strategically to Deploy Planet Solutions

Planet Customer Value Proposition

Acquiring Bank § New revenue stream opportunities by sharing in the currency conversion margin for international transactions § Key differentiator from competing Acquiring Banks § Significant improvements in data analysis and reporting capabilities

Merchant § New revenue stream opportunity by sharing in the currency conversion margin for international transactions § Value-added customer service tool to attract new/repeat customer. Customer enjoys certainty and convenience of transacting in home currency § Key differentiator from competing Merchants § Significant improvements in data analysis and reporting capabilities

Processor/Gateway § New revenue stream opportunity incremental to underlying transaction processing revenue § Key differentiator from competing Acquiring Banks and Processors/Gateways



ANALYSIS AND COMMENTARY Strong Partnerships Represent Large Market Planet has exclusive or preferred, multi-year agreements with most of its processing and bank customers. In the U.S., bank and processing customers collectively process over 25% of all U.S. bank card transactions. In Hong Kong, Planet has forged relationships with Acquiring Banks with current Visa and MasterCard volume representing the majority of foreign transaction processing. In Mainland China, Planet partners account for approximately 15% of acquirer volume. The company continues to pursue opportunities with other Acquirers in order to significantly increase that percentage. Some of Planet’s most notable partnerships with Acquiring Banks and Processors include: Standard Chartered Bank and Hang Seng in Hong Kong, Fifth Third Bancorp and TSYS Acquiring Solutions (formerly Vital Processing Services). Merchants using Planet’s services include major flagship hotels, theme parks, and retailers. As of March 2007, Planet had over 1,300 active Merchant locations globally. We believe Planet’s relationships with Acquiring Banks and Processors, in many cases multi-year with an initial period of exclusivity, provide significant barriers to entry and justify in large part our BUY recommendation. Planet’s solutions work within the existing credit card processing infrastructure and in most cases are technologically integrated with customers’ data processes. The integration process can be time consuming and laborious, but provides Planet with another compelling advantage. Customers’ switching costs to replace or duplicate Planet’s solutions are quite high.

SIGNIFICANT WINS/EVENTS 2006

January Hong Kong: Planet Payment offers DCC through Standard Chartered

February New York City: Planet Payment & Saks Fifth Avenue offer FX Assured

March London: Planet Payment goes public on the London AIM Market

July

Beijing, Shanghai, & Macau: Planet Payment & Standard Chartered deliver

DCC to Hospitality & Retail merchants

September Hong Kong: Planet Payment & Hang Seng Bank offer DCC

October

U.S.A.: Eureka, Phoenix, & Cincinnati: Planet Payment rolls out Multi-

Currency Pricing with Humboldt, TSYS, & Fifth Third across the U.S.

November Bermuda: Planet Payment acquires processing platform assets

December London: Planet Payment & JourneyPay pilot BuyVoice in U.K. taxis



ANALYSIS AND COMMENTARY Business Model Proves Potential as Revenue is on the Rise The Asia-Pacific region provides a large and fertile market opportunity for Planet due to a comparatively high proportion of international Card Holder transactions and predominance of easily-converted POS terminals. After devoting over six years to platform development and strategic partnerships, Planet should begin to enjoy the fruits of its labor as Merchants deploy the Company’s services on a mass scale. The following table depicts the explosion of active Merchant deployments over the past year. The majority of growth is, unsurprisingly, coming from the Greater China region.

Active Locations by Region Dec 2005 Dec 2006 % Increase

United States 58 138 138

Europe 24 5641 2,250

Greater China 1 436 43,500

Total 83 1138 1,271

The jump in core multi-currency transaction volume resulting from live deployments drove significant sequential revenue growth of 42%, 103%, 80% and 30% in Q2, Q3, and Q4 of 2006, and Q1 of 2007 respectively. Catalysts for Revenue Growth Future catalysts include 1) accelerating rollout of DCC services in Greater China to Merchants of Standard Chartered Bank and Hang Seng (initially deployed in Q1 and Q3 2006, respectively), 2) new relationships with additional Acquiring Banks in Greater China and Asia, 3) growth in Merchant deployments of MCP/DCC services in the U.S., 4) improvements in “opt-in” rate by consumers for DCC driven by Merchant adoption of FX Assured product and increased training for cashiers at POS and 5) the introduction of potential new products “layered” onto Planet’s transaction processing platform. Greater China The comparatively high proportion of international Card Holder transactions and predominance of easily-converted POS terminals makes the value proposition of Planet’s services compelling to Acquiring Banks and Merchants operating in China. We believe Planet has just begun to scratch the surface of this opportunity and view the significant ramp in live Merchant deployments as a harbinger of strong revenue growth (nearly 350%) in FY 2007. United States While implementation logistics in the U.S. are more complicated than those in Greater China, the U.S. market should demonstrate a similar up-tick in transaction volume and associated revenue in 2007 as live Merchant deployments increase. We do not, however, expect the ramp in deployments to be nearly as steep as was seen in Greater China in 2006.

1Note active deployments in Europe include 551 Merchants obtained through alliance partnerships.



ANALYSIS AND COMMENTARY FX Assured Consumer opt-in rates are generally highest (approximately 50% to 70%) in environments where terminals are customer facing, sales staff are well trained on the process and/or the customer demographic is fairly affluent. The FX Assured product should be most conducive to improving opt-in rates in more competitive settings, such as the European market, where consumers are accustomed to transacting in foreign currencies. Planet’s unique methodology for calculating a conversion rate for an individual transaction sacrifices some margin revenue but drives higher opt-in rates. New Products and Services Planet has developed a very robust and scalable platform for multi-currency credit card transaction processing that should enable the company to layer on additional new products in the future, improving value for its customers and providing new revenue streams for shareholders. As a result of the company’s established relationships with Acquiring Banks in Greater China, Planet is strategically positioned to assume a leading role in the payment processing infrastructure of the region. One example is Planet’s announcement in late 2006 to provide support for integrated solutions in the Greater China region (Press Release dated 11/28/2006). China License Planet recently announced the formation of a locally incorporated Chinese company, which will significantly expand the company’s presence in Greater China. The new subsidiary, Planet Payment IT Services Ltd., a Wholly Owned Foreign Enterprise (WOFE) based in Shanghai, has secured a license to operate in China. Pursuant to the license, the company can provide technology consulting and managed services to Chinese banks involved in the credit card industry and support Chinese credit card acquirers in their activities with domestic Chinese Merchants. The receipt of the business license is a critical step for Planet in realizing its strategic plan to act as an important participant in the payments sectors across Asia, and more specifically, at least in the near term, the Greater China region. Demand in China for payment solutions that allow Merchants to better serve international clientele is increasing significantly with the accelerated growth of inbound foreign vacation and business travelers. According to the China National Tourism Administration, over 20 million foreigners visited China in 2005, an increase of 19.6% over 2004 numbers. This number is expected to increase dramatically over the course of 2007 and 2008 when China hosts the Olympics and multi-national hoteliers and luxury retailers expand their presence in the region to capture business driven by the event.

Competition Planet’s primary direct competitors for DCC/MCP services include Euroconnex (subsidiary of Nova/U.S. Bancorp), FEXCO (affiliated with First Data), First Currency Choice, FINTRAX, Global Currency Exchange, Monex Financial Services and Pure Commerce. Planet also competes with large Processors that provide outsourced credit card processing to Acquiring Banks on multiple platforms overseas including First Data Corporation (NYSE: FDC) and its Omnipay processing operation, Global Payments, Inc. (NYSE: GPN) and Royal Bank of Scotland (NYSE: RBS). In certain cases Planet partners with these named competitors.



ANALYSIS AND COMMENTARY Earnings Outlook and Valuation We expect strong growth in MCP/DCC transaction volume for Merchants in Greater China and the U.S. to drive revenue growth in FY 2007 of nearly 350%, proving the viability of Planet's business model and propelling its shares higher. Planet should enjoy increased operating leverage going forward. Profitability should be achieved in FY 2008 now that Planet’s enabling infrastructure platform is built-out and more customers are moving from testing and implementation into commercial deployment. Our initial price target of 270p is based on Planet achieving a price to sales multiple of 2.8x our FY 2008 revenue estimate of $54.9 million, inline with comparables in the financial data and transactions processing sector demonstrating similar strong leverage characteristics based on volumes. (See page 14, Appendix I for a table of PPT’s valuation metrics relative to its publicly traded peers.) Potential for upside to our revenue and earnings estimates exists driven by the deployment of new bank, Processor and/or Merchant agreements. Corporate Finance In March 2006, Planet was admitted to trading on the AIM market of the London Stock Exchange trading as Planet Payment (LSE: AIM: PPT and PPTR for unrestricted and Reg S shares, respectively.) On March 20, 2006, Planet began trading and raised approximately $10 million, after expenses, for working capital. February 5, 2007, the company announced a private placement financing of $7.6 million (before expenses) led by Camden Partners and Richard Kiphart (former Chairman of Concord EFS and board member of FDC), both experienced investors in the payment processing industry. The financing was comprised of a $5 million 5-year convertible note and $2.6 million common stock. Planet is using the additional working capital to accelerate its expansion activities, particularly in Greater China.



ANALYSIS AND COMMENTARY Capital Structure Fully Diluted Share Count The following table details currently outstanding shares and common stock equivalents, including warrants and share incentive options according to strike price.

Planet Capital Structure

Common Shares 22,292,370

Preferred Shares (as converted)

6,851,144

Total 29,143,514

Convertible Debt (as converted)

5,326,162

Warrants (<$3 strike price) 2,758,595

Warrants (>$3 strike price) 943,228

SIP vested Options (<$3 strike price) 2,360,545

SIP vested Options (>$3 strike price) 336,263

Fully Diluted 40,868,307

Source: Company Reports

Management Team Planet has a strong management team led by founder, Chairman and Chief Executive Officer Philip Beck, an experienced international banking lawyer who founded Planet Payment after receiving client requests for multi-currency settlement and data aggregation. Chief Financial Officer, Seth Asofsky, is a former investment and corporate banker who specialized in originating and executing public and private equity, merger and acquisition, debt and structured finance transactions. Paul Noblett, Executive Director of Strategic Initiatives, has an extensive background in the credit card industry having held positions with NaBanco (National Bankcard Corporation), the predecessor to First Data Merchant Services and MasterCard. Management provides significant depth of experience in the transaction and payment processing sector. See page 19, Appendix V for a comprehensive list of management talent and biographical data.



INVESTMENT RISKS The primary investment risks include 1) slower than expected growth in transaction volume in Greater China and/or the U.S., 2) share dilution from exercised warrant/options, 3) potential changes in Card Association rules that could negatively impact gross margin and/or transaction volume and 4) limited liquidity from low trading volumes. Delays in Product Adoption Planet fell short of its FY 2006 revenue target due to year-end delays in the commercial deployment of its products at certain Merchants and Acquiring Banks. Similar future delays in deployment of services could negatively impact revenue and potentially result in the need for Planet to raise additional funds to provide further working capital. Planet relies heavily on third parties for sales (e.g. Acquiring Banks) and deployment (e.g. Merchants) of its services increasing the risk that the company could fail to achieve its revenue targets. Changes in Credit Card Industry Billing and Disclosure Practices Could Impact Operations Card Associations have the ability to alter the rules governing the processing and disclosure of credit card transactions. Future changes in Card Association rules could lessen the viability of Planet’s business model and negatively impact revenue and/or gross margins. This risk has been somewhat minimized by the fact that that the Card Associations have announced rules specifically allowing and regulating the use of DCC. Potential Share Dilution Our estimates and valuation assume a basic share count (common and preferred) of 29.1 million. The share count could rise substantially on the exercise of outstanding warrants and options, many of which are already “in the money.” Liquidity Thus far trading volume is very limited. While the value of shares traded monthly over the past year has recently increased, February’s dollar volume marginally exceeded US$500,000. Since April 25, 2007, Planet’s PPT Unrestricted Common Shares can be traded and settled electronically without the need for share certificates through the London Stock Exchange’s CREST settlement system. The ability now to trade shares electronically should improve Planet’s liquidity profile. All shares (PPT and PPTR) carry the same rights and privileges. However, PPTR shares remain certificated. PPTR shares can be purchased through AIM and are subject to delivery of the seller representations and a physical share certificate on settlement.



APPENDIX I: COMPETITION AND RELATIVE VALUATION

Symbol Name Price Market Cap ($)

EPS Est. (current

yr)

EPS Est. (next

yr) Current

P/E Forward

P/E

Price to

Sales PEG Ratio

PPT PLANET GROUP $2.50 70.00M ($0.41) $0.03 N/A 83.3 1.27 NA

ADP AUTO DATA PROCS $46.97 25.83B $2.03 $2.29 20.5 23.1 2.9 1.6

ADS ALLIANCE DATA $62.23 4.90B $3.52 $4.06 17.7 17.7 2.4 1.0

CKFR CHECKFREE CORP $35.16 3.07B $1.89 $2.57 19.7 18.6 2.1 1.0

CYBS CYBERSOURCE CORP $12.93 453.44M $0.37 $0.52 34.4 34.9 5.9 1.4

ECHO ELECT CLEARING $12.32 84.34M $0.30 $0.55 38.1 41.1 1.0 1.2

EFD EFUNDS CORP $28.32 1.34B $1.35 $1.57 20.5 21.0 2.4 1.4

FDC FIRST DATA $32.51 24.48B $1.25 $1.41 26.2 26.0 2.9 2.2

FIC FAIR ISAAC INC $35.86 2.06B $1.93 $2.34 15.3 18.6 2.6 2.3

FIS FIDELITY NAT INF SVC $50.02 9.57B $2.43 $2.75 19.0 20.6 2.2 1.6

GPN GLOBAL PAYMENTS $38.35 3.10B $1.82 $2.07 19.6 21.1 3.0 1.4

HPY HEARTLAND PYMT $24.87 932.47M $0.99 $1.23 24.6 25.1 0.8 1.0

MA MASTERCARD INC $134.48 18.17B $4.52 $5.54 26.2 29.8 5.2 1.7

MGI MONEYGRAM INTL $29.01 2.43B $1.52 $1.75 18.5 19.1 2.0 1.2

TSS TOTAL SYSTEM SVC $31.41 6.20B $1.26 $1.40 26.5 24.9 3.4 2.0

WU WESTERN UNION CO $21.29 16.45B $1.10 $1.27 20.3 19.4 3.7 1.7

Averages Exclude PPT $1.75 $2.09 23.1 19.4 2.8 1.5



APPENDIX II: EARNINGS MODEL

Planet Group 2004A 2005A 2006A 2007E 2008E

Revenue Multicurrency processing $454,019 $1,010,741 $4,438,830 $22,638,033 $49,803,673 Processing 221,192 227,282 979,388 2,500,000 5,000,000 Professional services - 503,482 51,800 51,000 51,000 Total Revenue 675,211 1,741,505 5,470,018 25,189,033 54,854,673 Cost of sales Multicurrency processing 300,780 535,922 2,613,810 13,809,200 29,882,204 Processing 164,805 94,494 787,893 2,000,000 4,000,000 Professional services - 98,564 43,564 43,350 43,350 Total cost of sales 465,585 728,980 3,445,267 15,852,550 33,925,554 Gross profit 209,626 1,012,525 2,024,751 9,336,483 20,929,119 Operating expenses Compensation and benefits 2,859,117 4,371,486 6,940,799 9,800,000 10,780,000 Professional Fees 1,377,470 1,873,693 2,082,570 2,394,956 2,634,451 Technology 454,571 447,729 889,553 1,022,986 1,176,434 Travel & Entertainment 287,762 512,759 816,598 939,088 1,079,951 Facilities 179,574 353,297 669,493 769,917 962,396 Other 365,304 522,890 1,032,828 1,187,752 1,365,915 Depreciation & amortization 864,132 881,109 943,486 1,743,486 943,486 Total operating expenses 6,385,930 8,962,963 13,375,327 17,858,181 18,942,633 Income (loss) from operations (6,176,304) (7,950,438) (11,350,576) (8,521,698) 1,986,486 Interest income 10,284 46,144 142,373 50,000 50,000 Interest expense (566,475) (168,504) (388,699) (700,000) (700,000) Income before income taxes (6,732,495) (8,072,798) (11,596,902) (9,171,698) 1,336,486 Provision for income tax 644 1,663 2,453 300,000 500,000 Net income (loss) (6,733,139) (8,074,461) (11,599,355) (9,471,698) 836,486 Net income per share – Basic (0.63) (0.74) (0.63) (0.41) 0.03 WA share outstanding – Basic 10,621,674 10,900,000 18,325,825 23,000,000 25,000,000 Net income per share – Diluted NM NM NM NM 0.02 WA share outstanding – Diluted - - - 40,868,307 40,868,307 Effective income tax rate NM NM NM NM NM EBITDA (5,312,172) (7,069,329) (10,407,090) (5,478,212) 4,429,972



APPENDIX III: BALANCE SHEET Planet Group 2004

Audited $

2005 Audited

$

2006 Audited

$ Assets Current assets Cash and cash equivalents 5,857,509 2,570,898 1,860,186 Restricted cash 77,000 20,000 - Account receivables 144,403 102,964 388,155 Prepaid expenses 75,794 725,849 211,415 Other current assets - 78,232 261,302 Total current assets 6,154,706 3,497,943 2,721,058 Property & equipment – net 1,161,369 1,610,077 2,346,984 Other assets Intangible assets – net 2,079,905 1,740,236 1,310,970 Goodwill - 28,168 66,668 Security Deposits 83,905 77,677 150,828 Total other assets 2,163,810 1,846,081 1,528,466 Total 9,479,885 6,954,101 6,596,508 Liabilities & stockholder’s equity Current liabilities Accounts payable & accrued expenses 622,869 1,251,688 1,284,319 Convertible debt & accrued interest 505,182 852,891 - Due to customers 61,845 147,764 - Current maturities of long term debt 2,215,678 1,270,376 875,263 Due to affiliates 398,431 118,931 58,592 Total current liabilities 3,804,005 3,641,650 2,218,174 Long term liabilities Long term debt 390,340 4,165,130 4,000,000 Total liabilities 4,194,345 7,806,780 6,218,174 Commitments and Contingencies Stockholders’ equity (deficit) Convertible preferred stock: 4,000,000 shares authorized, $0.01 par value, 20,386,834 and 11,837,954, respectively, issued and outstanding.

21,813

22,438

22,438 Junior – 0 and 171,752, respectively, shares authorized $0.01 par value, 20,386,834 and 11,837,954, respectively, issued and outstanding.

1,178

1,718

-

Common stock – 70,000 and 35,000,000, respectively, shares authorized $0.01 par value, 20,386,834 and 11,837,954, respectively, issued and outstanding.

106,216

118,379

203,868 Warrants 999,715 1,183,832 1,237,260 Additional paid-in capital 32,545,083 34,284,420 46,977,589 Accumulated deficit (28,389,005) (36,463,466) (48,062,821) Total stockholders’ equity (deficit) 5,285,540 (852,679) 378,334 Total 9,479,885 6,954,101 6,596,508 Source: Company Reports



APPENDIX IV: CREDIT INDUSTRY CARD DEFINITIONS Acquiring Bank or Acquirer: A financial institution that enrolls Merchants to accept credit cards as payment. An Acquiring Bank may only service Merchants based in the Acquirers country according to Visa/MasterCard association rules. Merchants with presence in multiple countries must engage a local bank in each country sometimes referred to as “Merchant Bank.” Examples include: Chase Merchant Services, Bank of America Merchant Services, Fifth Third Bank and Standard Chartered Bank. Authorization: A data message submitted to an Issuing Bank, initiated by a Merchant through a point-of-sale “POS” system, to authorize a transaction with a consumer presenting a credit card issued by that bank. The receipt of such authorization is not a guarantee that the transaction is not fraudulent, but does indicate that the card account is in good standing with the Issuer at the time of the transaction. Card Associations: Visa and MasterCard who provide the infrastructure that maintains the flow of funds between Issuing Banks (on behalf of Card Holders) and Acquiring Banks (on behalf of Merchants). Card Associations maintain communications networks for real-time authorization and subsequent settlement of transactions, create advertising and promotions, set card designs, develop new products, set the “Interchange” fees deducted from each transaction, and regulate and standardize processes and products around the world. Full membership in the Card Associations is available to banks and licensed financial institutions. Service providers like Processors and Independent Sales Organizations work under the sponsorship of one or more members and are subject to the same Card Association operating regulations. (Visa® is a registered trademark of Visa International Service Association. MasterCard® is a registered trademark of MasterCard Inc.) Clearing: The delivery of card transaction data from the Merchant by the Acquirer or Processor to the Card Association to prompt Settlement. Discount rate: The percentage of each Charge that is retained by an Acquirer as its compensation for providing Settlement of that Charge. Dynamic Currency Conversion (DCC): Planet’s currency conversion service allowing merchants to offer international customers the choice to pay in either their home currency at a rate computed by Planet at the time of the sale or in the Merchant’s local currency with the conversion to their home currency computed later by the Card Issuing Bank. Gateway: The “middleware” between the Merchant’s Point of Sale and Processing Platform. Interchange: Fees charged by Card Associations to Acquirers, as a percentage of a transaction, for settlement of a particular transaction to the Acquirer. Issuing Bank or Issuer: Member institution authorized to issue cards to Card Holders such as Citigroup, Chase, Bank of America, Capital One, etc. Issuing Banks handle most aspects of consumer lending via credit cards including: acquisition of new accounts, establishing credit limits and policies, issuing and reissuing cards, customer service and disputed transactions, customer statement and remittance processing, and collections from delinquent cardholders. NOTE: Issuing Bank and Acquiring Bank are often the same bank performing different roles, particularly outside of the U.S. Merchant Account: The facility provided by an Acquirer to a Merchant to enable the Merchant to accept credit cards in payment for goods or services.



APPENDIX IV: CREDIT INDUSTRY CARD DEFINITIONS Multi-Currency Pricing (MCP): The pricing by a Merchant of goods and services in more than one currency, for example on an Internet website or in some duty free stores. Planet’s MCP service enables Merchants to process credit card transactions at exactly the foreign price points selected by the Merchant (e.g. £19.99, or EUR25), so the Card Holder shops in their own currency and gets billed exactly the same amount the Card Holder sees. Multi-Currency Processing: The authorization, clearing, settlement, reconciliation and reporting of credit card transactions involving more than one currency (e.g. a British Card Holder buying in a U.S. store). DCC and MCP are examples of services offered using Multi-Currency Processing. Point of Sale (POS) Provider: The provider of the “swipe card” hardware and software technology at the Merchant’s point of sale that initiates credit card transactions through the “network” for authorization and settlement, for example terminals and integrated hotel property management systems. Examples include: MICROS, Hypercom, and Hospitality Information Systems. Processor: Handles data processing on behalf of the Acquiring Bank including accepting authorization/clearing transactions from POS solution or Gateway and passing data to/from Associations’ networks. Processors include companies such as Global Payments, Total System Services, First Data Corp and Planet Payment. Settlement: The process of payment from an Issuing Bank to the Card Association, from the Card Association to the Acquirer, or the Acquirer to Merchant.



APPENDIX V: MANAGEMENT TEAM

Philip Beck, Chairman, Chief Executive Officer

Philip Beck, 46, founded Planet in 1999 and has led the company since its inception. Mr. Beck has over 18 years’ experience as an international banking and corporate lawyer working with a range of businesses from start-ups to multinational corporations, practicing in New York from 1984 to 2001. As a partner in New York law firms, Mr. Beck represented a number of international banking institutions. He received his law degree from London University in 1981 and is admitted to practice law in New York, England and Wales and the British Virgin Islands.

Seth Asofsky, Chief Financial Officer

Seth Asofsky, 44, is a former investment and corporate banker with 18 years of experience in originating and executing public and private equity, merger and acquisition, debt and structured finance transactions. Prior to his appointment as the Company’s CFO in 2003, Mr. Asofsky led the business process services investment banking practice at ThinkEquity Partners. Prior to ThinkEquity Partners, Mr. Asofsky was a Vice President with SG Cowen’s Technology Investment Banking Group where he helped found the technology services practice.

Paul Noblett, Executive Director, Strategic Initiatives

Paul Noblett, 60, became a director of Planet in 2000. Mr. Noblett has extensive experience in the credit card industry, and has held the positions of Executive Vice President of Operations and Sales with NaBanco (National Bankcard Corporation), the predecessor to First Data Merchant Services, and General Manager of MasterCard’s worldwide operations, where for six years he was responsible for building their international network. Mr. Noblett is a graduate of Virginia Tech where he majored in economics and mathematics.

Graham Arad, Director, SVP and General Counsel

Graham Arad, 48, has served as the company’s General Counsel since its founding and has supervised the legal aspects of Planet’s business. Mr. Arad is an experienced international lawyer practicing principally in the area of corporate and commercial law. He was admitted as a solicitor in England and Wales in 1983, and has been practicing as an attorney in New York since 1991 and in the British Virgin Islands since 1995. Mr. Arad was a partner in law firms in London, New York and the British Virgin Islands for over 20 years in total and obtained his law degree from London University.



APPENDIX V: MANAGEMENT

Thomas DeLuca, SVP Corporate Development

Thomas DeLuca, 35, is responsible for corporate development at the Company. Prior to joining Planet in 1999, he worked in the legal department of American Express, advising on broader electronic commerce matters, consumer privacy, and marketing. From 2000 into 2002, he served as Chairman of the International Development Committee for the Electronic Transactions Association. Mr. DeLuca received his law degree and MBA in finance from St Johns University and LLM in International Business Transactions from Fordham Law School.

Jonathan Ellis, Managing Director, Europe Jonathan Ellis, 47, has over 20 years experience in the European restaurant and hospitality industry, with particular emphasis on sales management and strategic development. Mr. Ellis was previously Managing Director of the restaurant group Prezzo PLC and received his HND in Hotel and Catering Administration at Westminster Hotel School.

Span Sze, General Manager, China

Span Sze, 38, has more than 13 years of sales, business development and operations experience in the Chinese credit card industry. He has worked for HSBC in various managerial roles and, most recently, for China Unionpay as Assistant General Manager, International Division.

Keith Flaherty, SVP Project Management and Implementation

Keith Flaherty, 40, has over 23 years experience in banking and Information System with 18 of those being directly in the Electronic Payments area. Mr. Flaherty has held various senior positions including being responsible for The Bank of Bermuda’s Retail-EFT ATM/POS environment and being part of the team that implemented the first regional Debit switch in Saudi Arabia. As CTO for First Ecommerce Data Services, Mr. Flaherty was responsible for the processing platforms that were one of the very first to gain full eCommerce multi-currency certification

Alan Lubitz, SVP Chief Information Officer

Alan Lubitz, 56, is responsible for payment processing operations, including integrations to Acquirers, Processors, and gateways. Mr. Lubitz has over 25 years of experience in the sale and support of credit card payment infrastructure and point-of-sale systems. He has held senior positions at Paymentech, TermNet Merchant Services, National Card Processing Systems, and Chase Merchant Services LLC. He holds Bachelors in Electrical Engineering from City College of NY, a Masters in Electrical Engineering from The Polytechnic Institute of NY and an MBA from Boston College.



APPENDIX V: MANAGEMENT TEAM

Florence Sinofsky, SVP Marketing and Product Development

Florence Sinofsky has over 20 years experience in the product development and marketing fields, where her responsibilities have focused on helping companies transition to new ways of doing business utilizing evolving technologies. More than 10 years of her experience has been in the credit card and financial services industry. Most recently Ms. Sinofsky was SVP & Director, New Product Development Center of Excellence at Citigroup and has also held senior management positions at American Express and MasterCard.

Henry Tan, Director Operations, Asia Pacific

Henry Tan, 52, has 27 years of experience in the IT industry. Mr. Tan joined Planet Payment from the Singapore regional office of Visa International, and worked at American Express for 12 years in a variety of roles in New York, Europe and Central/South America, as well as regional head of the Asian Systems Group. Additionally, he served in the Singapore office of EDS and as Citigroup’s South Asia Head, Technology Infrastructure.

Paul Whittle, SVP Global Terminal Product Manager

Paul Whittle, 48, founded Whittle Transaction Group, which was acquired by Planet Payment in 2005 after developing the Company’s “Planetswitch” technology. Mr. Whittle is responsible for the Company’s Planet Technology Services (‘‘PTS’’) division, which provides POS terminal development services to Processors, retailers, and government agencies. He was formerly SVP with POS Systems Development at Hypercom Corporation, where he worked from 1988 to 2003.

Slim Zouaoui, SVP Infrastructure and Security

Slim Zouaoui, 33, is in charge of the design and implementation of the complex world wide infrastructure of Planet Payment, making sure that all designed solutions provide the highest possible service level agreement (SLA) in the market with a huge emphasis on the security aspect and maximizing the return on investment (ROI). Prior to joining the Group in early 2003, Mr. Zouaoui was responsible for Security with a third party Processor in Europe and Tunisia.

Vish Ramakrishnan, SVP Research and Development

Vish Ramakrishnan, 44, is responsible for the design and development of Planet's Merchant Accounting System. He has over 18 years of experience in software product development with 9 years in Information Systems. Prior to Planet, he was VP of Systems Design at Innovius Inc and EBalance. He graduated from Indian Institute of Technology, Kharagpur with a BS in Electronics.



APPENDIX V: MANAGEMENT TEAM NON-EXECUTIVE DIRECTORS

Cameron McColl, Non Executive Director

Cameron McColl, 46, has significant experience in setting up and developing new companies. An electrical engineer by training, Mr. McColl has worked for firms such as Medtel (pty) Limited, Ferranti Radar Limited, National Semiconductor Limited and Advanced Micro Devices Limited. Mr. McColl resides in Edinburgh, Scotland and previously served as a non-executive director and the Chairman of the Board of the Company from 1999 to 2001. Mr. McColl holds a Bachelor of Science degree in Electrical and Electronic Engineering from Edinburgh University.

Jonathan Kaiden, Non Executive Director

Jon Kaiden, 39, has been a principal and founding member of Sopris Capital Associates, LLC since 2003 (Sopris is principally owned by Andrew Paul, one of the holders of Preferred Shares). Mr. Kaiden has more than 15 years of private equity and investment banking experience, with a strong focus on healthcare and information technology. Prior to joining Sopris Capital, Mr. Kaiden spent the prior twelve years as an investment banker and securities attorney focusing on corporate finance and mergers & acquisitions. Prior to receiving his MBA, Mr. Kaiden practiced corporate and securities law for three years at the New York law firm Stroock & Stroock & Lavan. Mr. Kaiden holds an MBA, with honors, from Columbia Business School (1996), and J.D., cum laude, from Brooklyn Law School (1991). Mr. Kaiden obtained his undergraduate degree, a B.A. in government, from Cornell.

Barbara Thomas Judge, Non Executive Director

Lady Judge, is a lawyer, international banker and entrepreneur. She is currently Chairman of the UK Atomic Energy Authority and Deputy Chairman of both Friends Provident plc and the Financial Reporting Council. Additionally, Lady Judge is a non-executive director of Quintain Estates and Development PLC and PA Consulting Group amongst others. She started her career as an attorney in private practice and became a partner at the New York firm of Kaye Scholer, Fierman, Hays & Handler, in 1978. In 1980 she was appointed a Commissioner of the US Securities & Exchange Commission. She subsequently became a main board director of News International plc and Samuel Montagu and Co., when she resided in Hong Kong from 1983-1987. Lady Judge obtained a B.A. in History from the University of Pennsylvania and graduated second in her class, when receiving her J.D. with honors at the New York University Law School.



IMPORTANT DISCLOSURE INFORMATION

Disclaimer: This disclaimer is an integral part of our service. Our reports are written in return for cash remuneration and prepared for informational purposes only. The owners, officers and consultants of Avalon Research Group and its affiliates have an equity position in PPT/PPTR and will benefit from an increase in share price. Our reports should not be construed as recommendations or solicitations to neither purchase or sell any security from Avalon Research Group, nor do the reports constitute investment advice or provide all information material to an investor’s investment decisions. Unless otherwise noted, all reports provide information of a general nature and do not address the circumstances of any particular investor. The information contained in our reports is based upon sources that we believe to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. Neither Avalon Research Group nor its affiliates accepts liability whatsoever for any investment loss arising from the use of our reports or their contents. The information, projections, and/or conclusions contained in our reports as well of the opinions of the author contained in such reports are of the date published and are subject to change without notice. Our reports and all of its contents are protected by copyright.

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