NetSol Scores 4th Major Win in Chinese Market With Sale of LeaseSoft to Consumer Finance Operation of Global Automotive Manufacturer

Automaker to Use LeaseSoft in Launch of Vehicle Financing Operations in China

Win Establishes LeaseSoft as the Preferred Vehicle Finance Accounting and Portfolio Management System for Leasing Companies in APAC Region

CALABASAS, CA -- (MARKET WIRE) -- 02/22/07 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, announced today that it has secured its fourth major contract for LeaseSoft in the Chinese market in the past 12 months. The consumer finance operation of a leading, global automotive manufacturer is the latest customer to purchase the Company's flagship vehicle portfolio management system. It plans to deploy LeaseSoft in the launch of its vehicle financing operations in China this year.

The contract, valued at over $1.5 million, includes license, customization and maintenance fees. Under terms of the Agreement, the customer is purchasing LeaseSoft Retail Finance software with three application modules -- Credit Application Processing, Contract Management and Wholesale Finance, as well as receiving full software customization, system implementation, and ongoing maintenance and support services for the product.

Najeeb Ghauri, chairman and CEO, stated, "This latest win clearly establishes LeaseSoft as the preferred vehicle finance accounting and portfolio management system for leasing companies in the Asia-Pacific (APAC) region. Furthermore, it solidifies China as NetSol's #1 revenue-generating market, with a sales pipeline that is growing by leaps and bounds.

"Moreover, demand for LeaseSoft in the entire APAC region is very strong and the pipeline of opportunities displays greater visibility everyday. Consequently, we remain bullish on the prospects for LeaseSoft in APAC and expect near-term sales growth will come from contracts in Thailand, Australia and New Zealand.

NetSol has successfully implemented LeaseSoft in the Chinese operations of DaimlerChrysler Auto Finance and Toyota Motor Finance, and recently announced new LeaseSoft contracts with leading captive finance operations in Australia and China.

About NetSol Technologies

NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in 40+ countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Toronto, and Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at

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NetSol Technologies, Inc.
Andrew Lea
Vice President, Marketing & Corporate Communications
Tel: +1 650-348-0650, ext 1171

Investor Relations
Christopher Chu
The Global Consulting Group
Tel: +1-646-284-9426