LETTER OF INTENT Real Solutions will provide two individuals for the project management, analytical business development and supervisory support to eConnect. The following initial budget estimate sets forth hours with summary tasks as provided below: Name Position Task Hours Est. Bill Uminowicz Project Manager Design Summary Plan 8 Review Hardware Presentation 6 Discussions/ Meetings GBM, eConnect, Real, eFunds 27 Design business plan 40 For template and models 25 Set up test model outline 28 Total hours for initial project work 134 Cost charge for Bill Uminowicz: $325 /hour Mike Payne Senior Business/Systems Consultant Analyze hardware solution Matrix 75 Report preparation ROI 38 Discussion and review local work 45 Total hours for initial project work 158 Cost charges for Mike Payne: $275/hour Jim Cudworth Systems Manager Review hardware/software presentation costs 60 Cost charges for Jim Cudworth: $150/hour Rob Morrison Systems Analyst Test hardware software Plan 80 Cost charges Rob Morrison $150/hour Total estimated hours and the initial estimated cost: $108,000 DELIVERABLES Hardware/Software Vendor Identification: Two individuals from Real Solutions will assist eConnect with the identification and selection of appropriate vendors that will provide the local hardware purchase and installation. Real Solutions/eConnect will determine the selection criteria. Real Solutions will interview prospective vendors and review results with eConnect. Real Solutions/eConnect will contractually agree upon chosen vendors. Configuration Analysis/Determination: Real Solutions will conduct an equipment analysis as it pertains to the appropriate hardware and operating system for this project. Once completed, Real Solutions/eConnect will review and contractually agree to suggested configurations. Once agreed, the project manager will determine implementation schedule and define project tasks within phases, containing milestones and completion dates. Test Setup of agreed to Configuration of this project is based on the completion of the previous deliverables. This will encompass the installation of agreed upon hardware and operating system, testing of this system, knowledge transfer of basic operation of this system, and an analysis of having this test module used as the template for the installation deployment. PLEASE NOTE: Due to the timing of the situation, Real Solutions requires that eConnect place 75% of all estimated costs for the above project into an escrow account immediately. Upon signing of this letter of intent, the party's will in good faith, prepare a Statement of Work, which encompasses the complete project within ten days. The escrow account will be replenished on a monthly basis. Real Solutions will provide monthly invoices and the payment terms shall be net 15. Expenses will also include all reasonable travel and expense costs. Initial estimate of travel requirements is $8,250. A completed formal Statement of Work and summarized project work plan will be executed within ten days of the signing of this Letter of Intent. For contractually purposes all the terms and conditions of the Master Services Agreement shall be incorporated herein by referenced. COMPLETION CRITERIA Real Solutions will have fulfilled its obligations under this proposal and statement of work when the following occurs: Real Solutions accomplishes the tasks, described as Real Solutions responsibilities in the statement of work, including the materials referenced as deliverables. LETTER OF INTENT Letter of Intent The undersigned agrees to initiate this proposal for work and fees outlined in performance of the project operation with the eConnect and Real Solutions. Dated: March 9, 2000 EConnect Real Solutions, Ltd. By: /s/ Thomas S. Hughes By: /s/ Michael Payne Thomas S. Hughes Michael Payne