Askari Leasing Ltd. Chooses NetSol's Leasing Suite for its Asset Based Finance Business.

Business Editors

CALABASAS, Calif.--(BUSINESS WIRE)--Dec. 21, 2001

NetSol International Inc. (Nasdaq:NTWK), a software development company announced today that Askari Leasing (Pvt.) Ltd. has signed an agreement to implement NetSol's Suite of Leasing and Finance Applications for its growing business.

Askari Leasing Ltd., as the biggest Asset Based Leasing Company in Pakistan, has chosen NetSol's solution after intense competition over products from other vendors. In the first phase of the project, NetSol is preparing to implement its ePOS and PMS modules of the application suite.

Askari becomes the first Pakistani company to move towards an automated leasing application. The web based front-end module is to be rolled out within all the branches of Askari Leasing in Pakistan. PMS and ePOS, the decision making work flow engine, would be implemented in the head office of Askari Leasing, where the credit underwriting takes place, to fully automate the application flow and decision making aspect of a Leasing Proposal.

The initial revenues will be derived from license fees for the modules with additional revenues to be generated from the implementation, customization, training and support of the products.

Salim Ghauri, president of NetSol commented, "Over the last five years, we have worked extremely hard to produce an end to end solution for Asset Based Leasing business. This was the break through we were looking for to become the preferred solution provider in the Asset Based Leasing business in Pakistan." He added, "We are one of very few companies in the world that offer the entire enterprise solution for this business. Back office applications like PMS, CMS, and WFS take years to mature and NetSol is in a great position in 2002 having a suite of mature products in a complex business space."

Taimur Afzal, managing director of Askari Leasing, commented, "Askari Leasing has always aspired to be ahead of its competition. In a short period of time, we have become the biggest leasing company in Pakistan. We would like to maintain this edge by optimizing and automating our process. With a partner like NetSol having broad experience in the global leasing solutions business, we hope to achieve this goal." He added, "NetSol's excellent delivery record and their recent partnership with Askari Information Services, our sister company, helped in our decision making process. With these type of partnerships we have better ability to deploy mission critical software solutions."

About NetSol International Inc.

NetSol International Inc. is a global software developer and information technology consultant to blue-chip corporations worldwide. The company has developed a complete suite of products for the finance and leasing industry. The entire suite is the first end-to-end solution that encapsulates the core business requirements of any type of finance or leasing company. The company employs more than 250 software developers, engineers and marketers worldwide.

About Askari Leasing (Pvt.) Ltd.

Askari Leasing is part of Army Welfare Trust, a $400 million revenue group of companies, and is a sister company of Askari Information Services. In a short period of time, it has become the leading Asset Based Company with presence in every major city in Pakistan. Askari Leasing specializes in tailor made leasing solutions for the retail and the corporate customer.

Forward-Looking Statement 

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