Gross margin for outsourcing services was45

Gross margin for outsourcing services was45.3%for the quarter ended March 31, 2009 compared to 43.7% for the quarterended December 31, 2008. Migratingprocessesfor four recently acquired clients.--Gained significant traction in expanding relationships intransformationservices that are annuity in nature across clients in insurance,retailbanking and credit cards.--Reported record low quarterly attrition of 21.0% for billableemployeescompared to 34.3% for the first quarter of 2008 and 33.8% for thefourthquarter of 2008.--Extended the scope of a contract with a top 10 U.S. insurance companyincluding a contract value anticipated to exceed $100 million over 5years to provide insurance domain-specific processing, analytics, andfinance and accounting services.--Renewed a strategic outsourcing contract with our largest client,Centrica, PLC (British Gas), through April 2012 with the option tofurther extend the contract for two annual periods.Other Business Announcements--Vishal Chhibbar will join EXL as Chief Financial Officer effectiveJune1, 2009. Vishal joins from GE Capital where he was most recentlyRegional Head, Group Financial Planning, Strategy and Treasury forAustralia and New Zealand. Previously, Vishal was the Chief FinancialOfficer for GE Capital South Korea and prior to that assignment theChief Financial Officer for GE Capital Indonesia and Malaysia.

Vishalisa Chartered Accountant and holds a Bachelor of Commerce degree fromDAVCollege, Dehradun.2009 Outlook The Company is maintaining its guidance for calendar year 2009:--Revenues between $170.0 million to $175.0 million--Adjusted operating margin, excluding the impact of stock-basedcompensation expense and amortization of intangibles, between 10.0%and12.0%Conference Call EXL will host a conference call on Wednesday, May 6, at 10:00 a.m. (ET) todiscuss the company's quarterly results and operating performance. Theconference call will be available live via the internet by accessing theinvestor relations section of EXL's website at , where theaccompanying presentation can also be accessed. Please go to the website atleast fifteen minutes prior to the call to register, download and install anynecessary audio software.To listen to the conference call via phone, please dial 1-800-706-7745 or1-617-614-3472 and enter "49246160." For those who cannot access the livebroadcast, a replay will be available by dialing 1-888-286-8010 or1-617-801-6888 and entering "28815805" from two hours after the end of thecall until 11:59 p.m (ET) on May 13, 2009. The replay will also be availableat the EXL website.About ExlService Holdings, Inc ExlService Holdings, Inc. (Nasdaq: EXLS) is a leading provider of outsourcingand transformation services.

EXL's outsourcing services include a fullspectrum of business process outsourcing services from offshore deliverycenters requiring ongoing process management skills. Transformation servicesenable continuous improvement of client processes by bringing together EXL'scapabilities in reengineering including decision analytics, risk and financialmanagement and operations and process excellence services. Headquartered inNew York, EXL primarily serves the needs of Global 1000 companies in theinsurance, utilities, financial services and transportation sectors. Findadditional information about EXL at press release contains forward-looking statements. You should not placeundue reliance on those statements because they are subject to numerousuncertainties and factors relating to the Company's operations and businessenvironment, all of which are difficult to predict and many of which arebeyond the Company's control. Forward-looking statements include informationconcerning the Company's possible or assumed future results of operations,including descriptions of its business strategy.