The Unabridged History of Winners and Losers

[Tatari Gami]

February 2002 Shareholders' Letter
http://www.winr.net/investors/Inv-2-26-02.htm

February 26, 2002

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 seventh report.

Overall Business

Overall business conditions have not changed since last months report.

Specific Issues

Liquidity

Due to the high proportion of funds retained by the Company from customer’s responsible for excessive chargebacks, our cash position is sufficient to sustain operations for the foreseeable future. The Company’s local bank has indicated that it needs certain information concerning the relationship between the Company and CyberLink Monetary Systems (CMS) to ensure continuing access to our funds. We are in the process of responding to the bank’s request.

SEC Investigation

The SEC investigation is ongoing. Documents requested by the SEC that we have in our possession are being assembled and shipped to them on an ongoing basis. The ultimate outcome of this process and the impact on us remains highly uncertain.

Financial Statements

No change in status.

Visa/UBS Card Contracts

The new contract with Visa has been signed. Marketing to potential new clients began mid-February.

Winners Internet Network, Inc./CyberLink Monetary Systems

The Company continues to identify, evaluate and clarify contractual and operational relationships between the Company and CMS as well as the ownership structure of CMS. These activities are underway to ensure that the Company establishes and/or renews the appropriate contracts with CMS and to ensure that transactions between the two entities can be accounted for correctly going forward if, and when, the Company is in a position to resume normal financial accounting and reporting activities.

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

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

Sincerely,

Stefan Vogt

Chief Executive Officer

Ruggell, Liechtenstein