i-flex® Posts 73% QoQ Growth in Net Income for the Quarter ended March 2008; Net Income at Rs 185 Crore

Robust Growth in Products Business Driven by Strong License Fee signings of $36 Million in the Quarter

Financials at a glance for the quarter and year ending March 2008

Indian GAAP Consolidated

Quarter

Full Year

Revenues

Rs 672 crore up 8% QoQ; 12% YoY

Rs 2,380 crore up 15%

Net Income

Rs 185 crore up 73% QoQ; 40% YoY

Rs 416 crore up 12%

HIGHLIGHTS OF THE QUARTER

· i-flex solutions has sought shareholder and regulatory approval to change its name to Oracle Financial Services Limited

· Robust growth for the Product Business driven by $36Mn License Fee Signing in the quarter

· Opportunities in the EMEA region increase – two top tier European banks sign for multi – country FLEXCUBE implementations

· Growth momentum in Asia Pacific continues – New Customer Wins in developed markets like Japan as well as in emerging economies like Vietnam and Mongolia

SOLUTIONS PORTFOLIO

Products Business

· Success with the top-tier banks continues; one fourth of the new customers are among Top 500 Banks in the world

· Rakuten, Inc. and Tokyo Tomin Bank launch innovative virtual bank in Japan, with FLEXCUBE

· Consumer lending platform wins top tier auto-finance company in Japan as customer, adding to successes in Europe, South Africa and North Africa

· Reveleus Operational Risk wins top tier Australian bank as customer

· Mantas wins include leading banks in Greece, Cyprus and Mexico

Services Business

· Enables a large European Bank to deploy the Payment Solution for Faster Payments in UK

· Services Portfolio featured favorably in Gartner Research Outsourced Testing for Financial Services Institutions

Awards and Accolades

· FLEXCUBE recognized as leader in Magic Quadrant for International Retail Core Banking, 2008

· Reveleus Operational Risk Solution named leader by leading provider of research and analysis on global market for risk technology

· FLEXCUBE Investor Services featured by Barrington Partners in “The ‘Next Generation’ Transfer Agency Review 2008”

Mumbai, India, May 5, 2008: The Board of Directors of i-flex solutions limited, a leading provider of IT solutions to the global financial services industry, has approved the results for the quarter and financial year ended March 31, 2008. Same as last year, the Board of Directors have not recommended any dividend this financial year.

Speaking on the occasion, N.R.K. Raman, Managing Director and CEO, i-flex solutions said, “Our solutions portfolio for the financial services industry continues to grow at a rapid pace with launch of new, innovative products & services and we are pleased to see strong results of these initiatives. We had a record initial License fee signing of US$36 million for products this quarter, addition of 22 new name customers covering established EMEA/Japan region to emerging Latin America markets. We continue to reinforce our position of leadership in the financial services applications business by creating significant competitive advantage for our customers.” He added, “Our integration with Oracle Corporation is progressing well and we will build on the combined strengths, synergies, scale and efficiencies that our customers expect from us”.

Commenting on the financial performance, Makarand Padalkar, CFO, i-flex solutions said, “We have delivered robust growth and improvement in the margins this quarter across all lines of our business on the strength of strong customer signings and our investments in improving operational efficiency.”