X0202 4 2007-05-16 1 0001297989 ExlService Holdings, Inc. EXLS 0001377913 FINANCIAL TECHNOLOGY MANAGEMENT II, LLC 555 CALIFORNIA STREET, SUITE 2900 SAN FRANCISCO CA 94104 0 0 1 1 See Footnote 1 Common Stock, par value $0.001 per share 2007-05-16 4 S 0 944415 21.0000 D 581107 I By Financial Technology Ventures II (Q), L.P. Common Stock, par value $0.001 per share 2007-05-16 4 S 0 5610 21.0000 D 3452 I By Financial Technology Ventures II, L.P. Financial Technology Management II, LLC ("FTM") is the general partner of Financial Technology Ventures II (Q), L.P. ("FTVQ") and Financial Technology Ventures II, L.P. ("FTV"). Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the "Act"), FTM is deemed to be a beneficial owner of the securities owned by FTVQ and FTV only to the extent of the greater of its respective direct or indirect interest in the profits or capital account of FTVQ and FTV. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that FTM is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities owned by FTVQ or FTV in excess of such amount. /s/ Richard N. Garman 2007-05-18