NetSol Technologies Profiled in Lehman Brothers' IT Services Publication

Market Wire, September, 2006

NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced that it was recently profiled in Lehman Brothers' IT Services publication, "The New New Markets," Asia Edition, by Alan Hellawell.

"We are pleased to be included in the Lehman Brothers IT Consulting and Computer Services Industry Report," said NetSol Technologies Chairman, Najeeb U. Ghauri. "India continues to be the dominant country for the offshoring of IT Services, but it is important to note that countries such as Pakistan, China and the Philippines are gaining momentum by offering untapped skill sets and other competitive benefits, including pricing and tax holidays."

"NetSol Technologies is the only NASDAQ listed company with its technology engine domiciled in Pakistan," commented NetSol CEO, Naeem Ghauri. "Our facility in Lahore, which boasts the Carnegie Mellon CMMl Level 5 rating, drives the development of our enterprise software solutions targeting the lease and finance industry, as well as provides custom software solutions and a complete suite of IT services."

Over the past three years, NetSol has reported a compounded annual growth rate of approximately 87 percent, which includes revenue projections for fiscal 2006, and has expanded its global reach into the U.S., the U.K., China, and the Asia Pacific regions. NetSol's technology development center, NetSol Technologies Ltd., received the Carnegie Mellon CMMI Level 5 rating on August 14, 2006. This is the highest software process rating within the industry.

About NetSol Technologies, Inc.

NetSol Technologies is a U.S.-based multinational provider of enterprise software and services for equipment finance. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific, including London, Los Angeles, San Francisco, Sydney, Beijing, Toronto, and Lahore, Pakistan.

NetSol Technologies helps its clients identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol Technologies delivers high-quality, cost-effective equipment finance portfolio management solutions and IT services ranging from consulting and application development to systems integration and outsourcing. NetSol Technologies' commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMl (Capability Maturity Model) Level 5 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com .

CONTACTS: Investor Relations Counsel: Marty Tullio McCloud Communications, LLC 949.553.9748 marty@McCloudCommunications.com NetSol Technologies Inc: Najeeb U. Ghauri Chairman or Tina Gilger CFO 818.222.9195 najeeb@netsoltek.com tina@netsoltek.com