Baltimore Technologies Provides Further Trading Update on First Quarter Results.

Business Editors

LONDON--(BUSINESS WIRE)--April 12, 2001

Further to the trading statement of 23 March 2001, Baltimore Technologies plc (London: BLM; NASDAQ: BALT), a global leader in e-security solutions, today announced that it expects total revenue for the first quarter of 2001, on an unaudited basis, to be Stg(pound)23.7 million (US$33.6 million) compared with Stg(pound)9.5 million (US$13.4 million) in the same period last year, representing approximately 150% growth year on year. The variance to the figure estimated in the statement of 23 March 2001 is principally due to the unanticipated deferral of contracts directly as a result of the statement and management believes that these particular deals will conclude during the current quarter.

"We continue to see demand for our products and services across all categories. However, as many other leading technology companies have stated, the general slowdown of the global economy has resulted in some sales being deferred, but not cancelled." said Mr. Fran Rooney, Chief Executive Officer of Baltimore Technologies.

Mr. Rooney continued, "We are taking steps to ensure that our cost structure reflects today's economic conditions. We are undertaking an operational review which will position the Company to capture the significant market opportunity available with an efficient and sustainable profitable business model."

The company will announce full results for the first quarter of 2001 and the results of the operational review on May 15, 2001.

-- Translated for convenience of the reader at the rate

of(pound)1 = $1.4217

About Baltimore Technologies

Baltimore Technologies develops and markets security products and services to enable companies to develop trusted, secure systems for e-business, the Internet and mobile commerce. Its products include a wide range of Public Key Infrastructure (PKI) products and services, wireless e-security solutions, cryptographic tool-kits, access control & authorization, content security (MIMEsweeper products) security applications and hardware cryptographic devices. Baltimore's global professional services organization offers a wide variety of consulting, training and deployment support to its customers worldwide. Baltimore Technologies markets and sells its solutions worldwide directly and through the TrustedWorld partner program. TrustedWorld includes many of the world's leading technology companies and a wide variety of global, regional and local business alliance partners.

Baltimore Technologies employs over 1200 people worldwide and operates from over 38 cities, with headquarters in Dublin, Ireland; London, UK; Boston, USA and Sydney, Australia. Baltimore Technologies plc is a public company with dual listings on NASDAQ (BALT) and the London Stock Exchange (BLM). For further information and press releases on Baltimore Technologies, please visit www.baltimore.com.