Reveleus Positioned in the Leaders Quadrant for Basel II Risk Management Application Software

Evaluation Based on Completeness of Vision and Ability to Execute

Mumbai, September 27th, 2005 – Reveleus™, a business of i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) and a global provider of analytical applications for the financial services industry, today announced it has been positioned by Gartner, Inc. in the leaders quadrant in the Basel II Risk Management Application Software Magic Quadrant report*.

According to Gartner, "leaders" are vendors who have a proven track record in Basel II vision and business investment, which indicates they are well-positioned for the future. Leaders do not necessarily offer the best products for every customer project, but they do provide solutions that offer relatively lower failure risk. Leaders in this market have paired advanced technology with broad offerings or have specific, rich functionality.

"We are extremely pleased to have been evaluated by Gartner in its inaugural Basel II Magic Quadrant. We, along with our many clients, value the rigor with which Gartner measures the vendor solutions in this area and are pleased that our relentless focus on deep domain experience coupled with industry-leading software development expertise has been recognized by such a prestigious research organization. We look forward to assisting many other customers with their Basel II initiatives," said Mr. S Ramakrishnan, CEO of Reveleus.

Since the launch of the Reveleus Basel II solution in April 2003, Reveleus has been chosen by over 10 leading financial institutions, a note-worthy list for an evolving space such as Basel II. Customers include the Bank of Montreal in Canada and Ta Chong Bank in Taiwan. In June 2005, i-flex acquired the intellectual property rights for Capco's Operational Risk Tool Suite – ORTOS, which it merged with Reveleus Risk Analytics to create a complete Enterprise Risk Management suite. This has further strengthened Reveleus Basel II solution for coverage across credit, market and operational risk.

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