Oak Hill Capital Partners Reiterates Commitment in ExlService Holdings, Inc.

August 26, 2005 (Press Release) -- New Delhi, August 25, 2005 — Oak Hill Capital Partners, one of the primary shareholders in ExlService Holdings, Inc. (EXL), dismissed reports that it was looking to sell its stake in EXL. In a statement issued from New York, Mr. Steven B. Gruber, Managing Partner Oak Hill Capital Management categorically stated: “As we have stated previously, Oak Hill has no intention to sell its stake in EXL. Neither Oak Hill nor EXL’s Board is considering or has previously considered a possible consolidation of EXL with GECIS or any other company.”
Terming the spate of media reportage on the subject as incorrect Mr. Gruber said: “Oak Hill’s investment in EXL has been an outstanding success. In all regards, our high expectations of EXL have been met and, in fact, exceeded. Today, we have a focused strategy and a terrific team. EXL continues to grow its business and client portfolio. EXL’s results to date continue to be strong and EXL’s initial public offering continues to be on track.”
Mr. Gruber added: “We have full confidence in the EXL management team with whom we share an extremely positive business relationship. We are proud of the partnership we have forged with the EXL team and look forward to building on the success achieved over the last few years.”