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NetSol to Develop Lease Management Software for Mercedes Benz Asia

18 February 2000

NetSol International to Develop Lease Management Software for Mercedes Benz Asia Pacific

    CALABASAS, Calif.--Feb. 17, 2000--NetSol International Inc. , Thursday announced that Mercedes-Benz Finance (MBF) Asia Pacific Region in Singapore has awarded a development project to NetSol which includes the development and implementation of a contract management system (CMS).
    The CMS System will be implemented through MBF's subsidiaries in Singapore, Australia and Taiwan over the next two years.
    The CMS will cover the life cycle of a lease transaction starting from the disbursement of a lease to its ultimate recovery and maturity, including handling of litigation reports and delinquency provisions. The proposed system will feature contract activation, contract modifications, re-scheduling, periodic processing, early payout, asset re-marketing, disposal, invoicing and receipt management. The system will also interface with external accounting applications like SAP.
    Sajjad Kirmani, director of IT and operations of NetSol Pakistan, is involved in the negotiations with MBF and expressed his sentiments on securing the project. "With CMS, NetSol becomes one of the few software houses in the world to provide a total lease & finance solution. CMS is the last link in the already existing product portfolio comprising ePOS, PMS, SMS and WFS. With the completion of CMS, NetSol Lease/Finance software suite will cover the entire life cycle of lease business starting from Dealer quotations to lease management over the life of an asset."
    CMS is a major software development project being undertaken by NetSol, spanning over two and a half years with estimated efforts of approximately 100,000 work hours. The system will be developed using cutting-edge object oriented and relational database technologies.
    The NetSol Lease and Finance Suite is a portfolio of lease and finance software products covering the areas of asset leasing (financial quotations and credit application, financial analysis and comparisons), credit evaluation and decision-making, and floor plan design for dealers.
    NetSol ePOS (Point of Sale) is asset-leasing software to be used by dealerships. The system covers quotation creation, financial analysis and comparison between various leasing options, proposal generation/submission and contract creation (upon approval of the proposal). It can also communicate with back-office systems like NetSol's Proposal Management System (PMS), for proposal approval.
    NetSol PMS is a powerful workflow management application for decision-making and risk assessment. Optionally, it can receive credit applications from the dealership, or interface with external systems like credit rating agencies, contract management systems, scoring models, and vehicle evaluation systems.
    NetSol Wholesale Finance System (WFS) is based on the concept of one loan per asset and can be customized for and type of asset. The system covers credit limit requests, billing and collection, auditing and pay-off functions.
    Mercedes-Benz Finance (MBF) Asia Pacific Region is a division of Daimler-Chrysler , and DEBIS Financial Service, Germany. Asia Pacific Region, based in Singapore, is comprised of countries in the Pacific Rim such as Australia, Taiwan, Thailand, Hong Kong, Japan, Malaysia, and Indonesia. NetSol lease & finance products are already implemented at MBF operations in Australia, Taiwan, Thailand and Singapore.
    NetSol International Inc., an Information Technology company, is the parent company of Network Solutions (Pvt.) Ltd., Network Solutions Group Ltd., NetSol U.K. Ltd. and NetSol USA Inc. NetSol became the first software developer in Pakistan to qualify for ISO 9001 certification. The company has developed its own software systems targeted at the lease and finance industry. NetSol has developed an offshore business model, which offers cost efficiencies, core operating competencies and strong business relationships with blue chip customers worldwide. NetSol has a full-fledged research and development facility in Lahore, Pakistan, which employs nearly 200 programmers, developers and engineers.

    Safe Harbor Statement

    The foregoing news release may include numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
    For further information, visit the company's Investor Relations Web site: www.netsol-intl.com.