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<br />EIE!CtI'O111C PSymCllt S@1'V1CeS, InC. <br />AEdWest Pnxm%pg T+8C1nq <br />1. Oyff view of Electroni Pavment cP.,,;..pQ <br />Formation of Electronic payment Services, Inc. was completed on December 4th, <br />1992. The new company is a joint venture of Society Corporation, Banc One <br />Corporation, PNC Corporation, and CoreStates Financial Corporation. It will be <br />the largest processor of automated teller machine (q111) transactions in the U.S., <br />and one of the leading processors of point-of-sale (POS) transactions. <br />Banc One has contributed to Electromc payment Services its wholly-owned 7ubilee <br />ATM network and its POS business. <br />CoreStates has contributed its wholly-owned Money Access Service Inc. (MAC), <br />one of the leading regional ATM networks, as well as its wholly-owned BUYPASS <br />Corporation, the nadon's leading third_party procemr of electronic POS <br />transactions. <br />PNC has contributed its interest in the TRINET A1'M network, its wholly-owned <br />OWL ATM network and its POS business. <br />Society has contributed its wholly-owned Gr= Machine Network Corporation, one <br />of the leading ATM networks in tlie Midwest, and its POS business. <br />Electnonic Payment Services' ATM business will initially repre.sent 1,4000 financial <br />institutions with appmximately 13,000 ATMs in 16 states. Electronic Payment <br />Services' 1 billion total annuai ATM aanmtions include 730 million switched <br />transactions. Its core ATM markets are cuffently in the Middle Atlantic and <br />Midwest regions. <br />Electronic Payment Services' POS processing business is expected to process 650 <br />million transactions annually through more than 150,000 POS terminals nationwide. <br />The new company is expected to have annual revenues exceeding $200 million and <br />approumately 600 employees. <br />Electronic Payments Service, Inc. is incorporated in Delaware, and effective April <br />1993, will be headquartered in the suburban Wilmington area. MONEY ACCFSS <br />SERVICE INC. will also be headquartered at this location. MONEY ACCFSS <br />SERVICE INC. sales and service support will continue to be pmvided by offices <br />located in Buffalo, NY; Cincinnati, OH; Long Island, NY; Manchester, NH; <br />Philadelphia, PA; Pittsburgh, PA; and North Olmsted, OH. EPS would like to <br />locate a regional administrative services and data processing center in the Midwest. <br />