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Recommendation to withdraw funds from bopo cards by 15 August 2008

17 July 2008

Bill Express Ltd, the owner of the bopo card, advised the market 8 July 2008 that it has been forced to appoint administrators. Regrettably, this situation impacts the bopo Visa card, which is issued by Cuscal Limited but owned by Bill Express (through a subsidiary company called bopo cards (Australia) Pty Ltd).

bopo cardholders are right to be concerned about the Bill Express news, however cardholders should be aware that funds are being kept safe by Cuscal, a regulated Authorised Deposit-taking Institution (ADI) with a AA- Standard & Poors' credit rating, which makes Cuscal as safe as any Australian bank.

Cardholders can be assured that the value stored on bopo cards will be returned to them. However, the administrator now managing Bill Express is following due process and unfortunately this is rapidly placing limitations on the services and functionality available to bopo cardholders.

Cuscal recommends all bopo cardholders spend or withdraw funds via ATM or EFTPOS transactions by 5pm, 15 August 2008.

In the event that cardholders cannot use ATM or EFTPOS purchases to withdraw funds, Cuscal has established a process to facilitate reimbursement of funds stored within bopo card accounts.

After this date, the bopo platform will cease operation and cardholders will be required to access all funds through this reimbursement process managed via Cuscal.

Who can cardholders contact with any enquiries?

The bopo call centre is no longer operational, however bopo cardholders can contact Cuscal with any enquiries on (02) 8299 9000 between 7.30am and 6.00pm (AEST) Monday to Friday.

Cuscal has also established a Q&A page for bopo cardholders.

What is the connection between Cuscal, bopo and Bill Express?

The owner of the bopo card product is Bill Express, or to be more specific, the owner is a wholly owned subsidiary of Bill Express Ltd called 'bopo cards (Australia) Pty Ltd'. bopo cards (Australia) Pty Ltd is now being managed by an administrator. Cuscal is the issuer of the prepaid bopo Visa card.

What has happened to Bill Express and bopo cards (Australia) Pty Ltd?

The administrator managing Bill Express, and bopo cards (Australia) Pty Ltd is moving to cease operations within these companies. Details about the position of Bill Express prior to the appointment of the administrator is available on the ASX website within the announcements it made under the continuous disclosure regime. Cuscal is not in a position to explain any detailed information about the actions and intentions of the administrator.

What is the future of the bopo program?

After 5pm on 15 August 2008, the bopo platform will cease operation and cardholders will be required to access all funds through a reimbursement process managed via Cuscal.

What does this situation mean for Cuscal commercially?

Cuscal will not be materially impacted. What has happened is not an adverse reflection on the prepaid category, Visa or Cuscal, rather it is a regrettable consequence of the financial position of bopo's parent company, Bill Express.