The American Stock Exchange signs on i-flex

February 4, 2002, New York - The American Stock Exchange® (Amex®), the pioneer in exchange-traded funds (ETFs) and a leader in equity and index options and i-flex solutions inc., a global provider of integrated IT solutions for the financial services industry, announced that i-flex has been chosen as a software development partner to the American Stock Exchange.

The applications developed offshore by i-flex include a Members Tracking System and Ticker Plant Software. i-flex will re-engineer and also manage their websites: www.amex.com and www.amextrader.com. The Amex is the second largest options exchange in the world. The Amex handles 100,000+ symbols, quote messages in excess of 8,000 per second and more than 40,000 trades per day.

Being in a business that can ill afford any downtime, we were looking for a vendor who could develop robust and resilient applications", said Ravi Apte, Executive Vice President and CTO at the Amex. We found in i-flex a highly result-oriented and responsive solutions provider, and were impressed by their knowledge of the capital markets business combined with technology strengths in the areas of software architecture, web based technologies, business intelligence, custom solutions and integration services. Moreover, i-flex brings in reliability through process maturity along with India outsourcing advantages," he added.

The Amex was looking to replace its legacy systems with re-engineered applications that would give it higher throughput levels for quick response times. In addition, it also required more efficient applications to process increased quotes volumes, as well as better control in managing web sites to ensure faster turnaround time for new functionality. i-flex was chosen from among other major contenders after a rigorous evaluation process. i-flex is also providing the Amex with strategic consulting services in the area of data warehousing, and has formulated a five-year plan encompassing the areas of surveillance, risk management, data consolidation and data mining.

i-flexs business model is focused on delivering value to its customers through a combination of domain expertise and leading-edge technology skills", said R. Ravisankar, CEO, International Operations & Technology, i-flex solutions ltd. Capital Markets is a key focus area for us, and we are happy to partner with the Amex in enhancing their technology infrastructure".

About the American Stock Exchange:
As the nation's second largest floor-based exchange, the American Stock Exchange has a significant presence in common stocks, index shares and equity derivative securities. On the Amex, trading is conducted through an advanced centralized Specialist system combining the speed of computer delivered orders with the liquidity of customer driven markets. Today, the Amex is on the leading edge of exchanges worldwide in developing successful new investment products and innovative services for companies and investors.

AMEX members represent a comprehensive cross-section of the nation's leading brokerage houses, including 807 regular members who transact business in equities and options, and 57 options principal members who execute transactions in options only. More information on the American Stock Exchange is available at: www.amex.com.

About i-flex solutions limited
i-flex solutions limited is a world leader in IT solutions for the financial services industry. i-flex enables financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels, and mitigate risk, through its suite of proven products and services.

i-flexs portfolio of offerings for the global financial services industry is truly comprehensive, comprising the FLEXCUBE product suite for consumer, corporate, investment and internet banking, asset management, and investor servicing; as well as offshore development and consulting services, focusing on areas of strategic importance to financial institutions. i-flex has provided IT solutions and services to more than 300 financial institutions in over 80 countries.

i-flexs flagship product, FLEXCUBE has been adopted by more than 100 customers worldwide, within just four years of its launch. FLEXCUBE has been ranked among the worlds top two largest selling wholesale back-office banking systems in the International Banking Systems (IBS) UK Sales League Tables for 1999 and 2000. FLEXCUBE first achieved this ranking in 1999 within two years of its launch. FLEXCUBE has also been ranked among the top three retail back office banking systems by the London based Retail Banking Systems (RBS) for the year 2000.

i-flex also offers financial institutions customized solutions through its domain and technology Centers of Excellence, which encompass areas such as Business Intelligence, CRM, e-services, Integration Services, Insurance and Payment Systems. i-flex draws on its rich functional and technology expertise to offer strategic and business consulting through i-flex Consulting, its consulting division.

i-flex is an SEI-CMM Level 5 company, and employs more than 2000 professionals. i-flex has a strong global presence, with 12 customer support centers, 3 subsidiaries (i-flex solutions, inc. in the US, i-flex solutions bv in the Netherlands, and i-flex solutions pte ltd in Singapore) and sales offices around the world. In addition, i-flex has representation in 45 countries through 30 business partners. i-flex also has strong alliance relationships with industry leaders including Accenture, Compaq, Hewlett Packard, IBM, Intel, Microsoft, Oracle, and Sun Microsystems.

More information on i-flexs products and services is available at www.iflexsolutions.com