Reveleus Positioned in the Leaders Quadrant for 2006 Basel II Software Applications Magic Quadrant

New York - 29 November 2006

Evaluation Based on Completeness of Vision and Ability to Execute

Reveleus™, a business of i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) and a leading global provider of analytical applications for the financial services industry, today announced that it has been positioned by Gartner, Inc. in the leaders quadrant in the ‘Basel II Software Application Magic Quadrant’I report.

According to Gartner, “The quadrant tends to be occupied by vendors with integrated Basel II software application suites covering all the risk disciplines and who have also achieved a high level of market acceptance as well. These suites contribute to developing a common architectural approach and enable a consistent view of risk across the organization as compared to separately designed and implemented risk-calculation engines or reporting tools. Such vendors are beginning to approach the market with a more comprehensive approach to Enterprise Risk Management and its linkage to Corporate Performance Management. They also have robust organizational structures and professional services resources.”

“We are proud to be positioned in the Leaders Quadrant. We believe this placement further validates the confidence that our clients, industry analysts and regulators have shown in our domain expertise,” said S Ramakrishnan, CEO - Reveleus and Mantas. “Especially valuable to our globally active customers has been our relentless focus on a comprehensive solution with the flexibility to address evolving requirements across multiple jurisdictions. The Reveleus team is dedicated to building truly innovative solution offerings to help financial institutions meet their respective compliance goals.”

Since the launch of the Reveleus Basel II Solution in April 2003, Reveleus has been chosen by many leading regional and international financial institutions. In 2006 alone Reveleus was chosen, after rigorous evaluations, by three of the top five banks in the United States - Citigroup, Wells Fargo and Wachovia Corporation. Currently a quarter of North American banking assets (over USD 2.7 Trillion) flow through the Reveleus Basel II engine. Other customers include Bank of Montreal in Canada, Lloyds TSB in the UK and Ta Chong Bank in Taiwan.

To further strengthen Reveleus’ solution coverage, in March 2006 Reveleus announced the availability of version 4.0 of Reveleus Operational Risk. This solution provides a common operational risk and compliance platform which enables institutions to address Basel II Operational Risk, Sarbanes-Oxley, as well as all internal controls and operational management initiatives.

In August 2006, i-flex acquired Mantas Inc., the industry's leading solution provider for detecting risk and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas. Together, Reveleus and Mantas bring together two industry leading solutions into a single unified platform for governance, risk and compliance.

Reveleus is the second globally successful product developed by i-flex solutions – the leading provider of IT solutions for the financial services industry. i-flex’s flagship product – FLEXCUBE® has been ranked the world’s No. 1 selling banking solution for four consecutive years, 2002, 2003, 2004 and 2005, by the UK-based International Banking Systems (IBS).

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