Adds financial strength to operating capabilities and domain expertise

NEW YORK, November 18, 2002 - Exlservice Inc., a business process outsourcing ("BPO") service provider, announced today that management has joined with Oak Hill Capital Partners, L.P. (OHCP) and Financial Technology Ventures (FTVentures) to acquire 100% ownership of Exlservice Inc. from Conseco, Inc. Terms of the transaction were not disclosed.

The current management group will remain in place, and continue to hold a significant ownership interest in the company. Vikram Talwar will serve as Vice-Chairman of the Board and Chief Executive Officer, with Rohit Kapoor as President and Chief Financial Officer.

"This transaction transforms our company," stated Mr. Talwar. "We are excited to partner with two leading financial sponsors with a long-term commitment to our business and strong ties to the major financial services companies that are our target customers. Through our partnership with Oak Hill and FTVentures, we will continue to attract and retain the best people and to provide the highest quality service to our clients."

Commenting on the transaction, Mr. Kapoor added: "We are proud to be the first investment with significant operations in India for both Oak Hill and FTVentures. With a built-out capacity of 1,500 seats/shift, significant cash reserves and strong financial sponsorship from our new investors, Exlservice is well positioned to acquire new business and grow operations."

"Exlservice is a leading India-enabled business process outsourcing provider with distinct process-improvement capability, and an exceptional management team," said Brad Bernstein, Partner of Oak Hill Capital Partners. "We are excited to partner with a leader and participate in the dramatic growth of the industry."

James C. Hale, Senior Managing Member of FTVentures said, "Exlservice has developed deep domain expertise in financial services and distinctive capabilities handling complex voice and back-office business processes. We are pleased to join in helping the company grow its business."

Exlservice Inc. is a U.S. incorporated company offering a wide range of BPO services from its 3 operating centers in India. With over 1,700 employees and 1,500 agent seats, EXL operates on a 24/7 basis to provide both transaction processing and customer contact services to companies in the US and UK. EXL was named the # 1 BPO service provider in India by Nasscom, the software and BPO industry association, in their 2002 survey.

Oak Hill Capital Partners, L.P. is a $1.6 billion private equity partnership founded by Robert M. Bass and his team of investment professionals. Oak Hill Capital makes significant investments through acquisitions, build-ups, recapitalizations, restructurings, strategic joint ventures and the purchase of minority stakes across a wide range of industries. OHCP is part of the Oak Hill platforms, a series of alternative asset management partnerships with more than $8 billion of capital under management.

FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has more than $623 million in total capital under management and is a leading investor in information technologies. FTVentures invests primarily in private companies with developed products and services in three key areas: software and infrastructure solutions, e-commerce solutions and payments technologies. FTVentures' investors are 39 of the world's leading financial institutions and include AIG, Bank of America, BNP Paribas, Charles Schwab, Credit Suisse Group, Deutsche Bank, DBS Bank, GE Capital, HSBC Holdings, Key Principal Partners, National City, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo.