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HSBC Signs Agreement for i-flex’s FLEXCUBE Investor Services Solution

Singapore, June 19, 2006: i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global financial services industry, announced that The Hong Kong and Shanghai Banking Corporation Limited (HSBC) has selected FLEXCUBE Investor Services as the software solution for its Transfer Agency (TA) and Investor Servicing business. An agreement to this effect has been signed between HSBC and i-flex solutions.

HSBC’s Institutional Fund Services (IFS) business will deploy FLEXCUBE® with its Investor Services modules across its markets in Asia and the Middle East. With this project, IFS will achieve platform standardization by replacing multiple legacy systems with FLEXCUBE, bringing about operational and cost efficiencies and higher customer service levels.

FLEXCUBE Investor Services is a comprehensive multi-currency, multi-entity, multi-lingual, multi-instance Transfer agency & shareholder servicing solution for Fund companies. It automates all Transfer Agent functions of a mutual fund company. Its rich functionality is completely web-enabled and built on the latest generation technology platform including fully automated processes and work flow engines which are tailored to suit the requirements of the fund management industry.

Expressing delight on the signing of this agreement, Kishore Kapoor, CEO, i-flex solutions pte ltd, said, “HSBC is a tremendous opportunity for us to showcase our comprehensive solutions and this contract has further reinforced the position of FLEXCUBE Investor Services as the leading new generation Transfer Agency and Fund Distribution solution in the global market place. This prestigious win further strengthens our commitment to grow our business in the global unit-trust and fund management solutions industry.”