The Unabridged History of Winners and Losers

[Tatari Gami]

November Shareholder's Letter
http://www.winr.net/text/Inv-11-28-01.htm

November 28, 2001

Dear Shareholders,

I promised to provide monthly written updates about our efforts to improve the financial performance of Winners Internet Network, Inc. (the “Company”). Here’s the fourth report.

Overall Business

Overall business conditions have not changed.

Specific Issues

Liquidity

The Company’s liquidity situation has not changed. Visa has released almost all owed funds and we continue to fund current operations from the portion of those funds that represent our fees. Overall, our cash position continues to be sufficient to continue operations for a couple more months. As indicated in my last report, we have discontinued our efforts to find new investors since the likelihood of finding one is remote.

SEC Investigation

The SEC investigation is ongoing. The SEC staff sent a document request last week. We’re in the process of assembling the requested documents that we have in our possession. The ultimate outcome of this process and the impact on us remains highly uncertain.

Financial Statements

No change in status.

Visa/UBS Card Contracts

We completed discussions with Visa concerning a new contract. We expect to sign it next week. The major contractual issue affecting our business will be Visa/UBS’s position that they will hold funds due us for up to 180 days (due to the nature of our business, the businesses using our service and current customer base). That point will make it difficult for us to secure new customers. However, we have no choice but to see if we can find customers willing to do business with us notwithstanding that onerous term. As indicated before, we continue to build a database of potential customers for marketing and have had discussions with large potential customers. We’ll start contacting them as soon as we sign the contract.

There are no changes to report concerning the status of SEC reporting, relisting, the management team, or the Board of Directors.

This is the fourth monthly report. I’ll prepare another one in December or as soon as a significant development occurs.

Sincerely,

Stefan Vogt

Chief Executive Officer

Ruggell, Liechtenstein