NetSol Technologies Signs New Software Development Agreement With Government of Punjab

NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that its wholly owned subsidiary, NetSol (Pvt.) Ltd., has signed an agreement with the Information Technology Department of the Government of Punjab, Pakistan's largest province. Under the terms of the agreement, NetSol will initiate the development of the Punjab Portal -- a province-wide Internet, strategic portal and government agency intranet. The agreement also provides for the subsequent integration of the comprehensive portal with other governmental departments and agencies.

"It is a privilege to be associated with a project of such strategic importance for the Government of Punjab," said Salim Ghauri, President of NetSol Technologies. "The rapid growth in Punjab's IT literacy has driven demand -- both from private citizens and public servants -- to have web-enabled access to and delivery of important public information, news, and events. The Punjab Portal will provide a wide range of public services, including improving national security by streamlining intra- governmental agency communications. Additionally, the portal will boast new and improved levels of accessibility, convenience, trust, and government accountability. We look forward to playing an integral role in providing social services solutions through technology."

As outlined in the agreement, NetSol will design, develop and launch an integrated portal to serve as a focal point of information access, providing information flow from government to the people, and vice versa. The Punjab Portal project entails development of departmental sub-portals and district sub-portals, all of which will be seamlessly integrated with existing automated government agencies and online systems. Features and functionality include single-point information access, external knowledge acquisition, automatic information delivery, as well as public facilitation and interaction capabilities.

About Punjab

Punjab, heralded as the "lifeline of Pakistan," is the most populous province of Pakistan. The province, which contains several major cities of the country including Lahore, Faisalabad, Rawalpindi, Multan and Gujranwala, plays a leading role in both government and in agricultural production. Punjab is also fast becoming recognized as an emerging hub for textiles, engineering, technology, and mining. The government of Punjab has recently announced an eGovernance mandate -- entailing the creation of a leading-edge, IT-enabled work environment in the public service sector; along with a goal to proliferate IT culture and build capacity in the provincial government departments. For more information, please visit http://punjab.gov.pk/

About NetSol Technologies, Inc.

NetSol Technologies is a leading end-to-end solution provider for the lease and finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 3 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com.

Securities Exchange Act of 1934

This release is comprised of inter-related information that must be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption or future events or performance, are not statements of historical fact and may be "forward-looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such statements reflect the current views of NetSol Technologies with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. NetSol Technologies does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.