Baltimore’s Pre-Announcement of Interim 2002 Results

London, UK – August 5, 2002 – Baltimore Technologies (London:BLM), (“Baltimore”) today announced that it will be reporting interim results for the six months ended 30 June 2002 on 10th September 2002. On that date Baltimore expects to report that it is continuing to trade in-line with expectations, that it has been continuing to make good progress with its restructuring, and continues to reduce its costs of sales through maximising operational efficiency.

Baltimore expects that revenues for the six months ended 30 June 2002 will be reported in the range of £21.5 million to £22.5 million and that the net cash balance as at 30 June 2002 stood at £23.059 million excluding approximately £1.0 million still to be received from CGI Limited in connection with the sale of part of Baltimore’s shareholding of Baltimore Technologies Japan.

Bijan Khezri, Chief Executive of Baltimore Technologies plc commented:

“We have made very real headway in rationalising the business during this half year, yielding significant cash and heavily reducing the ongoing working capital requirements of the business. Together these two factors have strengthened our financial position enabling us to focus on our core business of authentication, digital signing and authorisation technologies, as our technology continues to be a key part in leading government, finance and wireless infrastructure projects.”

About Baltimore Technologies
Baltimore Technologies’ products, professional services and solutions solve the fundamental security needs of e-business. Baltimore’s e-security technology gives companies the necessary tools to verify the identity of who they are doing business with and securely manage which resources and information users can access on open networks. Many of the world’s leading organisations use Baltimore’s e-security technology to conduct business more efficiently and cost effectively over the Internet and wireless networks.

Baltimore’s products and services are sold directly and through its worldwide partner network, Baltimore TrustedWorld. Baltimore Technologies is a public company, trading on the London Stock Exchange (BLM). For more information on Baltimore Technologies please visit http://www.baltimore.com




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