Analyst Coverage

Firm	Analyst
Avondale Partners	Tim Willi
Canaccord Adams	Colin W. Gillis
D A Davidson	John Kraft
Needham & Company	Richard Davis
Stephens, Inc.	Brett Huff
Thomas Weisel Partners	David Grossman

Bottomline Technologies is followed by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding Bottomline Technologies' performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Bottomline Technologies or its management. Bottomline Technologies does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

The foregoing list includes the names of all brokerage firms known by the company as of September 2007 to have analysts covering the company. This list may not be complete and is subject to change as firms add or delete coverage. Please note that any opinions, estimates or forecasts regarding the company made by these analysts are theirs alone and may not represent the opinions, estimates or forecasts of the company. The company is providing this listing as a service to its stockholders and is not by this listing implying its endorsements of or concurrence with such analyst reports. Interested persons must obtain copies of analysts' reports on their own; the company does not distribute these reports.