#1OUR Ran CYBERCASH www.cybercash.com --- Filed by CyberCash, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: CyberCash, Inc. Commission File Nos. 333-52786 0-27470#2CYBERCASH www.cybercash.com CyberCash and Network 1 Financial Bill Wade Chief Executive Officer Network 1 Financial John Karnes Chief Financial Officer CyberCash#3Transformative-Mergeror CYBERCASH PERDAGANASEE PE=I Financial Tecrühic Turkistarter moins Askon ::: T Creates industry's most fully-integrated== payment solution for both internet and physical world merchants#4Merger Transaction Summary ■ ▪ Retains CyberCash name, headquarters in Reston ▪ All stock merger - Network 1 to receive 38.6 million shares Board of Directors - 7 members 3 named by CyberCash, 3 by Network 1 and CEO ▪ New CyberCash financial profile: 77.5 million shares outstanding • $125 million total assets Closing expected by end of 1Q 2001 CYBERCASH [] www.cybercash.com#5Senior Management Team CYBERCASH ☐ www.cybercash.com William Wade, President & CEO (Network 1 founder) ▪ John Karnes, CFO (CyberCash CFO) Joseph Monteil, COO (CyberCash EVP) ▪ Chief Strategy Officer (to be announced) ____#6Today's Agenda OUR Market opportunity Merger opportunity Company backgrounds Combined companies Investment summary CYBERCASH www.cybercash.com#7Today's Agenda OUR ► Market opportunity Merger opportunity Company backgrounds Combined companies Investment summary CYBERCASH www.cybercash.com#8Enormous B2C Market Opportunity Growth of U.S. Online Retail Sales ($ billions) 44.8 2000 73.9 2001 YOUR Source: Forrester Research Sept. 2000 110.7 2002 155.8 2003 CYBERCASH www.cybercash.com 207.3 2004 269.2 2005 ---#9Growing B2B Market Opportunity 00011 TAXE 00017 2 MakeON Gowthod#20 Marked Copportunity DAX3 YOUR M 00X70 ||||||||||||| 22383 DAN: 30.350 CYBERCASH www.facdn.com EXE HX200 **********IE 44337 23009#10U.S. Merchant Segmentation 6,000,000 Total U.S. Merchants Large National Merchants Medium Merchants Small Merchants Paper-Based Merchants Don't Take Credit Cards Source: Alex Brown Rha OUR 250k 500,000 1,000,000 Monthly $ Charge Volumes 1,000,000 CYBERCASH 3,300,000 www.cybercash.com --- $250k+ $100k - $250k $25k-$100k $0-$25k $0#11Credit Card Clearing Process - Physical World . ======== Consumer 웃옷 II-II Credit Card lesver ==== Authorization Request =======. CYBERCASH www.cybercash.com Merchant (19 Merchant Acquirer#12Credit Card Clearing Process - Virtual World Consumer 웃옷 ULU Requires: Databases ▪ Encryption Merchant Website Risk Management Credit Card Issuer @ ■ ■ Firewall Translation Online Reporting Authorization Request GYBERGASH www.cybercash.com Internet 回 [III. Merchant Acquirer#13Virtual World Merchant Requirements ■ Storefront In the virtual world, merchants require additional products and services to transact business 1. Enablement ■ Shopping Cart Marketplace CYBERCASH 2. Merchant Account 3. Gateway 4. Integrator www.cybercash.com#14Fraud Protection Technology ■ OUR Velocity Automatic limits based on preset transaction volume ▪ Transactional Protect Ourselves from Merchant and Customer Fraud CYBERCASH www.cybercash.com ▬▬▬▬▬▬▬▬ Merchant consumer fraud protection Automatic limits based on preset transaction value Web Checker Automated product and content verification for Internet merchant sites Protect the Merchant from Customer Fraud ■ Fraud Patrol#15Today's Agenda OUR Market opportunity ►Merger opportunity Company backgrounds Combined companies Investment summary CYBERCASH www.cybercash.com#16YOUR Merger Opportunity ▪ Addresses merchant needs for simple, one-stop, end-to-end payment processing solution ▪ Creates substantial new revenue opportunity by combining CyberCash's leading Internet gateway and Network 1 settlement/processing capability ▪ Transforms CyberCash's business model from flat-fee to discount rate ■ CYBERCASH ■ Leverages CyberCash's 27,000+ Internet merchant base and 145,000+ deployed software base Enhances offerings in bricks & clicks and B2B ▪ Increases efficiency due to increased scale and enables offering of best-of-breed solutions www.cybercash.com#17E-Commerce Chain OUR TERE ** #1 ERERE ERRE CYBERCASH www.cybercash.com Kutsumisiss Denice ERRE ERRE Montag --#18E-Commerce Chain OUR Front-End Services Providers •AT&T EarthLink •AOL •GTE •PSI Net ARIBA Yahoo Transaction Facilitators •CyberCash •CyberSource *VeriSign *Authorize. Net CYBERCASH •ClearCommerce www.cybercash.com HE Settlement Services Providers •Network 1 First Data Corp •Payment Tech •Concord EFS •Wells Fargo •PaylinX •NDC Bottomline Technologies *Nova#19E-Commerce Chain OUR Front-End Services Transaction Flow Web Site Developers / Integrators Providers Merchant Hosts Content Aggregators Source: First Annapolis Research ISPS Transaction Facilitators Payment Processing Software Providers Gateway Providers ISOS CYBERCASH www.cybercash.com H Authorization Service Providers Settlement Services Providers Merchant Accounting Providers ▬▬▬ Chargeback Merchant Processing Banking Providers Providers#20Substantial New Revenue Opportunity YOUR Old CyberCash Model ▪ Average Transaction Size: $ 70 - Internet Gateway Services: $.09 Old CyberCash Revenue per Transaction $.09 CYBERCASH www.cybercash.com New CyberCash Model ▪ Average Transaction Size: $ 70 ■ Merchant Discount Rate and Fees: 3.0% New CyberCash Revenue per Transaction $ 2.10#21Value of CyberCash/ QUE Network 1 Settlement Services! Value of Combined 2000 transactions ▪ CyberCash (Gateway-only) CYBERCASH ▪ Network 1 Financial $900 Million www.cybercash.com $2.1 Billion (30,000,000 transactions x $70 average transaction value) $3 Billion of combined transaction volume which represents in total $90 million of settlement services revenue processed in 2000 ▪ In 2001 the "New CyberCash" will be positioned to keep more of the settlement services revenue ____#22Today's Agenda OUR Market opportunity Merger opportunity Company backgrounds Combined companies Investment summary CYBERCASH www.cybercash.com#23CyberCash Inc. BE BE BE Industry leading Internet payment gateway = 27,000000+ Intermedt merchants using CasRegister Internet payment savie - Valve added internet services including Fraudkatal and Affiliate Marketting EE = Leading Internet payment sitware (PetAutherize Physical world payment satware ((CVEN PY) - Software bushe has shipe 145 000 ape ailgother Growing 128 presence through ACH capability#24Cyber Casth Competitiivve Advantages - Brand name: - Scale: Distribution channels: Marquee customers: SUS= www.cybeccast.com:: LIIK#25CyberCash Marquee Customers H&R BLOCK hrblock.com Internet Payment Service DVD EXPRESS high speed entertainment" fatbrain.com {*} Because great minds think a lot AllHerb.com kozmo.com note Travelocity.com A Sabre Company CYBERCASH mail.com The Internet Messaging Company www.cybercash.com SmarterKids.com™ SEND.COM Check Out com HE planet.com MUSIC MATCH PRIVACY | SITE MAP PURCHASE#26CyberCash Marquee Dudmeers Dreyer get podatens == COVENFYndd WebAtitoriāze CHOELEZESH045138E THE CYBERCASH Scafforcce CAA Fügyee FEB&Bochge HIN wwwmoybarstom HOME WON! 360.com sears.com E#27CyberCash Distribution Channels: Leading Partners/Resellers Informix CYBERCASH Internet Payment Service Microsoft INTERSHOP Sun & :minorbem: FIRSTUSA WELLS FARGO BANK etcentives pandesic. Mercantec 心 EXE www.y ******* ....#28CyberCash Distribution Channels: Leading Financial mattutionS LABDARE HEREMUSA Saksacśc NOC 1600-tyyn! QVENTY WHMEMARCOBANK AMATE POKE UNCATHL WanMirotis Kaldha 250 WE E CORBEEL Mica EDARE: Deggss-Sià: CYBERCASH 带手THE www.EBORGSBccom SMC1-5:8388 TE Destinter ParkkARD E AIRE 電 BANQUE www.ic... == CRIS 三 == == E#29■ NETWORK Financial. The Electronic Funds Transfer Company". ▪ Transaction processing since 1992 Physical world and Internet merchants Complete back-end solutions: ■ • Merchant accounts Settlement and processing through acquiring banks C CYBERCASH www.cybercash.com ● ACH settlement services POS Electronic Check 21,000+ merchants, including 7,000 Internet merchants#30Network 1 Competitive Advantages ■ ■ ■ ■ CYBERCASH www.cybercash.com A-quality merchant accounts Leading edge B2B transaction products Relationships with 'bricks & clicks' accounts Superior risk management tools for Internet merchants#31Network 1 Financial Marquee Customers MIDWEST MICRO SIERRA COMPUTER GROUP Honk Delta Systems Co., Inc. "bringing tandpasty poate vente! "LES-COMPANIES 100 datacap systems, Inc. PDSi Pinnada Rasa Systems Inc. BM CYBERCASH www.cybercash.com Reliable Integrated E-Payment Solutions GITAL INING RS micros EL ▬▬▬▬▬#32Network 1 Distribution Channels: Leading Financial Institutions/Partners TRANSAMERICA AN AEGON COMPANY VITAL PROCESSING SERVICES Amate SOPRON payment solutions FOR BUSINESS NOVA VOUS ABOUT VITAL Paymentech CYBERCASH LIN www.cybercash.com T IMPERIAL BANK NAPA ONLINE EL#33Network 1 Technology Partners VeriFone === HYPERCOM hp HEWLETT PACKARD TASQ FIRST VIRTUAL THE E-MESSAGING COMPANY CYBERCASH www.cybercash.com SYBASE sun trosystems ORACLE Enabling the Information Age" SiliconGraphics#34Today's Agenda OUR Market opportunity Merger opportunity Company backgrounds ►Combined companies Investment summary CYBERCASH www.cybercash.com#35The New CyberCash Best of Breed Technology Alliances Support for SET & SSL Applications Responsiveness to Capitalize, on Key Referrals OUR Family Of Hosted Internet Merchant Solutions Established Risk Criteria State Of The Art Secure Site Technology Leverage Enterprise Alliances Strong Alliances for End-to-End Merchant Solution Multiple Pay- ment Options Including Electronic Check (EFT) & Recurring ACH CYBERCASH www.cybercash.com#36End-to-End Payment Processing Solutions ■ - Merchant accounts Bank card processing - physical and virtual EFT/ACH - physical and virtual ■ CYBERCASH www.cybercash.com ■ ▪ Internet gateway service ▪ Internet payment software Physical payment software - Internet fraud protection and affiliate marketing#37Comprehensive Channels of Distribution CYBERCASH ■ www.cybercash.com ■ Direct sales force ▪ External sales force - ISOs and affiliate offices ▪ Internet Sales via ISPs, Web portals, storefronts, ASPS, CSPs IBM, Microsoft, Oracle, Allaire, Intershop, Shop Site, ¡Commerce/Breakthrough, MIVA, and Mercantec channel partners as examples ▪ Cross-sell existing customer base ▪ Trade association and financial institution partners#38Accelerated Revenue Growth Accelerated Revenue Growth ($ Millions) 50 25 56% Combined Annualized Growth Rate 1998 1999 CYBERCASH www.cybercash.com 2000E Pro forma revenue#39Attractive Financial Model ■ CYBERCASH Healthy gross margins ▪ Reduced merchant acquisition costs Increased merchant retention ■ www.cybercash.com Highly scalable Improved negotiation position with key partners due to comprehensive offering ____#40OUR Growth Strategy ▪ Accelerate revenue growth through combination of CyberCash leading Internet gateway and Network 1 settlement and processing capability ■ CYBERCASH ■ ▪ Capture bigger piece of the payments revenue stream from the integration of Network 1's ACH product www.cybercash.com ‒‒‒‒ Integrate best of breed tools to provide easy, cost effective, and comprehensive solutions Improve execution capabilities with key partners by enabling them to offer their end clients a "one- stop-shop" offering#41Vertical Integration - OUR Front-end Services ▪ Storefronts Hosting Shopping carts ■ ■ ■ CYBERCASH ▪ ASP providers Specialty developers Key alliances ▪ Financial institution partnerships ■ www.cybercash.com#42Today's Agenda OUR Market opportunity Merger opportunity Company backgrounds Combined companies ►Investment summary CYBERCASH www.cybercash.com#43YOUR Investment Summary CYBERCASH www.cybercash.com Merger meets merchant demand for one-stop offering Compelling, scalable revenue model Leverages brand name/Internet merchant base Product/service differentiation ▪ Brand name partners (IBM, Microsoft, Oracle) ▪ Superior B2B offerings#44Reg. M-A Disclosure yout 22 be participants in the 車 Exch D CYBERCASH www.cybercash.com A bxchange THE COMPAS Elon about the prich expects to mail a proxy stata Letwork 1 are given and Network 1 containing espectus cargiuditors and security holders of both dgxy statement/pr= copies of the the Registration Statement and preby enha yente kao mil be able to obtain tree the Securite motors and security holders will be add a NET, HAR ed by CyberCash at- The Registraments and other documents hied by watek w hotp://www.sec.gov documents no Me Commission's web site d Statement proxy teen boton ents and other such - the companstatement proxy statement/prospectus Penyusuch requests to VER obtained from CyberCash by directing such requests to the company. A temps pe stalna upportant Informa and CyberCash and N CyberCash and its officers and directors may be deemed to with respeitash and its officers and directors may be many M*5E BYD MYRwan's stockholders ve ers, including allettation of proxies from CyberCash cutive officerībyen Mormation regarding these offf wese officers and direct and he MPIAKY KA such directors and exec patement and pr exy description of any interests that such diaton at wala kya Lange Commler, is included in the Registration des filled with the Securities and Exch statement prospectus filed win the Securities and Exchange Commission.#45CyberCash and YOUR Network 1 Financial NETWORK Financial. The Electronic Funds Transfer Company Bill Wade Chief Executive Officer Network 1 Financial CYBERCASH www.cybercash.com CYBERCASH John Karnes Chief Financial Officer CyberCash ____