NetSol Technologies Signs New Frame Agreement With Daimler Financial Services

Daimler Agreement Extends NetSol’s Relationship With Its Longest Standing Customer in the Regions of Asia Pacific and Africa

CALABASAS, CA–(EMWNews – July 31, 2008) – NetSol Technologies, Inc. (“NetSol”) (NASDAQ: NTWK) (DIFX: NTWK), a worldwide provider of global business services and

enterprise application solutions, today announced that NetSol’s Africa and

Asia Pacific/Middle East Division has signed a new frame agreement with

Daimler Financial Services AG Germany, to service Daimler’s needs in Africa

and the Asia Pacific region. According to the frame agreement, Daimler

Financial Services will extend its scope of consulting services,

development, implementation, customization, and maintenance of software

from NetSol on the basis of the new frame agreement.

The frame agreement outlines the implementation of basic and general

provisions, regulations, and processes of existing and all future

individual agreements for the delivery and development of software or

services to Daimler Financial Services. The newly signed frame agreement

supersedes all earlier agreements with Daimler Financial Services, of which

the last agreement renewal was signed in 2004 for use of NetSol’s flagship

LeaseSoft solution. To date, NetSol is already serving the needs of Daimler

Financial Services and its affiliated companies in eight countries in the

Asia Pacific region.

Commenting on the announcement, Mr. Salim Ghauri, President Asia Pacific

Division stated, “We are extremely pleased to further expand our

relationship as a Global Business Services and LeaseSoft software provider

to Daimler Financial Services, who has been a valued and long standing

global customer since 1996. The signing of this latest frame agreement

demonstrates the level of confidence the Daimler Financial Services team

has in our ability to provide world class software, services, and

implementation across international markets. NetSol’s evolution and

enhancement of our products and services portfolio has provided a strong

platform upon which to meet the changing needs and operating landscape of

our key customers such as Daimler Financial Services. We are very grateful

to Daimler and Mercedes Benz for their continued belief in NetSol’s

commitment to providing a best-of-breed product for its automotive leasing

needs.”

NetSol’s LeaseSoft solution is a premium suite of asset-based leasing

software that improves business processes by providing fast and convenient

solutions capable of dealing with multi-asset and multi-lingual

environments. LeaseSoft solutions are available for customers in motor

finance, asset finance, consumer finance, real estate finance, and loan

finance.

About NetSol Technologies, Inc.

NetSol Technologies (NASDAQ: NTWK) (DIFX: NTWK) is a worldwide provider of

global business services and enterprise application solutions. NetSol uses

its BestShoring™ practices and highly-experienced resources in analysis,

development, quality assurance, and implementation to deliver high-quality,

cost-effective solutions. Organized into specialized practices, these

product and services offerings include portfolio management systems for the

financial services industry, consulting, custom development, systems

integration, and technical services for the global Healthcare, Insurance,

Real Estate, and Technology markets. NetSol’s commitment to quality is

demonstrated by its achievement of the ISO 9001, ISO 279001, and SEI

(Software Engineering Institute) CMMI (Capability Maturity Model) Level 5

assessments, a distinction shared by fewer than 100 companies worldwide.

NetSol Technologies’ clients include Fortune 500 manufacturers, global

automakers, financial institutions, technology providers, and governmental

agencies. Headquartered in Calabasas, California, NetSol Technologies has

operations and offices in London, San Francisco, Sydney, Beijing, Bangkok,

and Lahore. To join the NetSol Technologies, Inc. email distribution list

please visit: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.

To learn more about NetSol Technologies, Inc., visit www.netsoltech.com.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the

development of the Company’s products and services and future operation

results, including statements regarding the Company that are subject to

certain risks and uncertainties that could cause actual results to differ

materially from those projected. The words “believe,” “expect,”

“anticipate,” “intend,” variations of such words, and similar expressions,

identify forward looking statements, but their absence does not mean that

the statement is not forward looking. These statements are not guarantees

of future performance and are subject to certain risks, uncertainties and

assumptions that are difficult to predict. Factors that could affect the

Company’s actual results include the progress and costs of the development

of products and services and the timing of the market acceptance.