NETSOL TECHNOLOGIES AWARDED NEW CONTRACT WITH PAKISTAN GOVERNMENT

Calabasas, CA – May 23, 2005 – NetSol Technologies, Inc. (NASDAQ:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced it has been awarded a new contract by the Government of Pakistan to further its mandate for leveraging the latest technology available to improve the efficiency and information management for strategic public sector applications. Under the terms of the new contract, NetSol will design, develop, and deploy a customized software solution for the automation of all official and administrative activities for the Prime Minister of Pakistan’s Secretariat.

This is the second such contract for NetSol with the Federal Government of Pakistan through its Electronic Government Directorate, under the auspices of Pakistan’s Ministry of Information Technology. NetSol’s first project enabled members of National Assembly and Senate to access information on the working of the house, debates, questions, bills, session proceedings and other legislative activities at their offices and official work places. It also allowed citizens to access information on all proceedings of the National Assembly and Senate that is of public nature.

"We are proud to be selected as the vendor-of-choice for developing the core automation and digitally enabled infrastructure for the Government of Pakistan," said NetSol President Salim Ghauri. "Not only is this project part of a longer term, government-wide mandate, but it also has a near-term, direct impact on efficiency, accuracy, and costs associated with the day-to-day workings of the Prime Minister of Pakistan’s offices. As Prime Minister Shaukat Aziz is a futuristic and revolutionary leader with an aptitude for excellence in every sphere of governmental activities. We are pleased to assist in furthering his vision to enable all citizens to participate in and benefit from a fully automated and IT enabled environment."

NetSol’s business strategy provides for supporting the Government of Pakistan’s IT mandate. As more and more citizens and public become increasingly educated and IT literate, it becomes imperative that the government and public officials follow suit, thus ensuring government bodies become more reactive, informed, effective and efficient. NetSol strives to continue working closely with local government to provide web enabled delivery of public services, new and improved levels of accessibility, convenience, trust and accountability for citizens as well as the officials.


About NetSol Technologies, Inc.

NetSol Technologies is a leading end-to-end solution provider for the lease and finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute)CMM (Capability Maturity Model) Level 4 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com.


Securities Exchange Act of 1934

This release is comprised of inter-related information that must be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance, are not statements of historical fact and may be "forward-looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Such statements reflect the current views of NetSol Technologies with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. NetSol Technologies does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.