The Unabridged History of Winners and Losers

[Tatari Gami]

May Shareholders' Letter
http://www.winr.net/investors/Inv-5-2-02.htm

May 2, 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 ninth report.

Overall Business

Overall business conditions have not changed since last months report.

Specific Issues

Liquidity

Our cash position is sufficient to sustain operations for the foreseeable future and we continue to work with the Company’s local bank to ensure access to our funds to meet operational needs.

SEC Investigation

The SEC investigation is ongoing. The ultimate outcome of this process and the impact on us remains highly uncertain.

Financial Statements

No change in status.

Visa/UBS Card Contracts

Marketing to potential new clients continues and some prospects have been identified.

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 or relisting the Company’s stock.

As indicated in the press release earlier this week, I will be leaving the Company at the end of this month to accept a position in a family owned business. I’ve enjoyed the last year and hope that my efforts to improve the Company pay off down the road. Ronald Oehri, a member of the board of directors, will assume the leadership position and he will be communicating with you about his plans for the Company soon.

Sincerely,

Stefan Vogt

Chief Executive Officer

Ruggell, Liechtenstein