Document:

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                                                                    Exhibit 10.1

                            STOCK PURCHASE AGREEMENT

          THIS STOCK PURCHASE AGREEMENT (this "Agreement"), dated as of this
8thday of November, 2005, is by and among WNS HOLDINGS LTD., a Jersey
corporation having its office at 22 Grenville Street, St. Helier, Jersey JE4 8PX
(the "Buyer"); FIRST MAGNUS FINANCIAL CORPORATION, an Arizona corporation with
its principal place of business at 603 North Wilmot, Tucson, Arizona 85711, USA
("First Magnus-I"); FIRST MAGNUS CONSULTING LLC, an Arizona limited liability
company with its principal place of business at 603 North Wilmot Road, Tucson,
Arizona 85711, USA ("First Magnus-II"; and First Magnus-I and First Magnus-II
are referred to herein collectively as "First Magnus"); MR. VIVEK SHIVPURI, an
individual whose address is at 7520 East Placita Ventana Nayes, Tucson, Arizona
85750, USA ("Mr. Shivpuri"); MR. AMIT GUJRAL, an individual whose address is at
7563 East Placita De LaVina, Tucson, Arizona 85750, USA ("Mr. Gujral"); MR.
ARVIND SRIVASTAVA, an individual whose address is at G.P.O. Box #8238, General
Post Office, Central Hong Kong ("Mr. Srivastava"); MR. FRANCESCO PAOLA, an
individual whose address is at 6938 East Nuthatch Trail, Tucson, Arizona 85750,
USA ("Mr. Paola"); (Mr. Paola, Mr. Shivpuri, Mr. Gujral and Mr. Srivastava being
collectively referred to in this Agreement as the "Core Members"); each of the
individuals identified on Exhibit A to this Agreement (each a Shareholder, and
collectively the "Shareholders"); Mr. Shivpuri, in his capacity as the
Shareholder Representative (as hereinafter defined) of the Sellers listed on
each of Annexure 1; First Magnus-I, in its capacity as the Shareholder
Representative (as hereinafter defined) of First Magnus-I and First Magnus-II;
and TRINITY PARTNERS INCORPORATED., a Delaware corporation having its office at
5255 East Williams Circle, Suite 1025, Tucson, AZ 85750 (the "Company"). The
Core Members, First Magnus-I, First Magnus-II and the Shareholders are
collectively referred to in this Agreement as the "Sellers" and each
individually sometimes as the "Seller."

                                    RECITALS

          A. As of the date of this Agreement, the Sellers in the aggregate are
the registered and beneficial owners of all of the share capital of the Company.
The share capital of the Company consists of: (i) 9,806,388 shares of common
stock, par value $0.01 per share (the "Common Stock"), which are authorized, of
which 883,838 shares are issued and outstanding, subject to the issue of
additional shares of the Company between the execution of this Agreement and the
Closing in accordance with the terms of this Agreement based upon the exercise
of options contemplated by this Agreement; (ii) 8,922,555 shares of preferred
stock, par value $0.01 per share (the "Preferred Stock"), which are authorized,
of which (x) 3,367,000 shares have been designated Series A Preferred Stock (the
"Series A Preferred Stock"), and of which 3,367,000 shares are issued and
outstanding; and (y) 5,555,555 shares have been designated Series B Preferred
Stock (the "Series B Preferred Stock"), and of which 5,555,550 shares are issued
and outstanding (the Common Stock and the Preferred Stock being collectively
referred to in this Agreement as the "Shares").

          B. The Sellers desire to sell to the Buyer and the Buyer desires to
purchase from the Sellers, all of the Shares, upon the terms and subject to the
conditions set forth in this Agreement.

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          C. Certain of the Sellers and the Buyer and/or one or more of its
Subsidiaries shall also enter into certain of the Ancillary Agreements.

          NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                    AGREEMENT

                   ARTICLE 1: DEFINITIONS AND INTERPRETATION

     1.1 Definitions. In this Agreement, the following terms shall have the
meanings set forth in this Section 1.1, unless the context requires otherwise:

     "Accredited Sellers" means (i) the Representing Sellers; (ii) First
Magnus-I; and (iii) First Magnus-II.

     "Affiliate" of any Party means any Person directly or indirectly
controlling, controlled by, or under common control with, any such Person and
any officer, director or controlling person of such Party. The term "Affiliate"
also includes any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, of such
Person and any heirs, successors, assigns of a Party. A Person shall be deemed
to be "controlling" or in "control" of another Person if such first referred
Person, alone or together with one or more of its Affiliates (a) owns, directly
or indirectly, more than 50% (fifty percent) of the voting securities of such
other Person, (b) has the right or power, directly or indirectly, to appoint a
majority of the board of directors or other management body of such other
Person, or (c) has the right or power, directly or indirectly, to direct or
cause the direction of the management and policies of such other person, whether
through the ownership of voting securities, by contract or otherwise; and the
term "common control" shall be construed accordingly.

     "Agreement" has the meaning set forth in the preamble to this Agreement.

     "Ancillary Agreements" means the Escrow Agreement, the Employment
Agreements, the First Magnus Master Services Amendment Agreement, and the Deed
of Adherence, and each agreement, document, instrument or certificate
contemplated by this Agreement or to be executed by the Buyer and/or certain of
the Sellers in connection with the consummation of the transactions contemplated
by this Agreement, in each case only as applicable to the relevant party or
parties to such Ancillary Agreement, as indicated by the context in which such
term is used.

     "Acquisition Proposal" has the meaning set forth in Section 8.1.3.

     "Business", in respect of the Company and its Subsidiaries, means the
business of business process outsourcing, IT outsourcing and consulting
services.

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     "Business Day" shall mean a day other than a Saturday or Sunday, on which
the principal commercial banks located in Mumbai, India and Tucson Arizona, USA
are open for business during normal banking hours.

     "Buyer" has the meaning set forth in the preamble to this Agreement.

     "Buyer Financial Statements" has the meaning set forth in Section 6.15(a).

     "Buyer Indemnified Parties" has the meaning set forth in Section 11.1.

     "Buyer Interim Financial Statements" has the meaning set forth in Section
6.15(a).

     "Buyer Real Property Lease" and "Buyer Real Property Leases" has the
meaning set forth in Section 6.7.

     "Claims Notice" has the meaning set forth in Section 11.3(a).

     "Closing" has the meaning set forth in Section 3.1.

     "Closing Date" has the meaning set forth in Section 3.1.

     "Code" means the U.S. Internal Revenue Code of 1986, as amended.

     "Common Stock" has the meaning set forth in the recitals to this Agreement.

     "Company" has the meaning set forth in the preamble to this Agreement.

     "Company Financial Statements" has the meaning set forth in Section
4.17(a).

     "Company Interim Financial Statements" has the meaning set forth in Section
4.17(a).

     "Company Material Customers" has the meaning set forth in Section 4.22(a).

     "Company Material Suppliers" has the meaning set forth in Section 4.22(b).

     "Company Real Property Lease" has the meaning set forth in Section 4.7(b).

     "Company Tangible Personal Property" has the meaning set forth in Section
4.7(c).

     "Confidential Information" has the meaning set forth in Section 8.3.3.

     "Contracts" means all contracts, agreements (including, without limitation,
employment agreements), leases (whether real or non-real property), commitments,
understandings, instruments, guarantees, bids, orders and proposals.

     "Core Members" has the meaning set forth in the preamble to this Agreement.

     "Encumbrance" shall mean any mortgage, pledge, equitable interest,
assignment by way of security, conditional sales contract, hypothecation, right
of other Persons, claim, security interest, encumbrance, title defect, title
retention agreement, voting trust agreement, interest,

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option, lien, charge, commitment, restriction or limitation of any nature
whatsoever, including restriction on use, voting rights, transfer, receipt of
income or exercise of any other attribute of ownership, right of set-off, any
arrangement (for the purpose of, or which has the effect of, granting security),
or any other security interest of any kind whatsoever, or any agreement, whether
conditional or otherwise, to create any of the same;

     "Employment Agreements" has the meaning set forth in Section 3.2(b).

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

     "Escrow Agreement" means that certain escrow agreement in the form of
Exhibit B attached hereto relating to the deposit of the Escrow Shares of the
Core Members by the Buyer pursuant to this Agreement. Such Escrow Agreement
shall be executed on the Closing Date and shall be by and among the Buyer, each
of the Core Members and Mourant & Company.

     "Escrow Shares" has the meaning set forth in Section 2.2(a).

     "First Magnus-I" has the meaning set forth in the preamble to this
Agreement.

     "First Magnus-II" has the meaning set forth in the preamble to this
Agreement.

     "First Magnus Master Services Agreement Amendment" means the amendment to
the First Magnus Amendment Agreement set forth on Exhibit C hereto between First
Magnus Financial Corporation and the Company.

     "GAAP" means U.S. generally accepted accounting principles unless otherwise
expressly indicated.

     "Governmental Authority" means any government or political subdivision or
regulatory authority, whether federal, state, local or foreign, or any agency or
instrumentality of any such government or political subdivision or regulatory
authority, or any federal, state, local or foreign court or arbitrator.

     "Guarantee" by any Person means any obligation, contingent or otherwise, of
such Person directly or indirectly guaranteeing or otherwise supporting in whole
or in part the payment of any Indebtedness or other obligation of any other
Person and, without limiting the generality of the foregoing, any obligation,
direct or indirect, contingent or otherwise, of such Person (a) to purchase or
pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation of such other Person (whether arising by virtue
of partnership arrangements, by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) and/or (b) entered into for the purpose of
assuring in any other manner the obligee of such Indebtedness or other
obligations of the payment thereof or to protect such obligee against loss in
respect thereof (in whole or in part). The term "Guarantee" used as a verb has a
correlative meaning.

     "Indebtedness" of any Person means: (a) any liability of any Person (i) for
borrowed money (including the current portion thereof), or (ii) under any
reimbursement obligation relating to a letter of credit, bankers' acceptance or
note purchase facility, or (iii) evidenced by a

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     bond, note, debenture or similar instrument (including a purchase money
obligation), (iv) for the payment of money relating to leases that are required
to be classified as capitalized lease obligations in accordance with GAAP, or
(v) for all or any part of the deferred purchase price of property or services
(other than trade payables) and/or (b) any liability of others described in the
preceding clause (a) that such Person has Guaranteed, that is recourse to such
Person or any of its assets or that is otherwise its legal liability or that is
secured in whole or in part by the assets of such Person. For purposes of this
Agreement, Indebtedness of any Person shall include (A) any and all accrued
interest, success fees, prepayment premiums, make-whole premiums or penalties,
and fees or expenses actually incurred (including attorneys' fees) associated
with the prepayment of any Indebtedness, (B) all "cut" but uncashed checks
issued by such Person that are outstanding as of the date of this Agreement or
as of the Closing Date as the case may be and (C) any and all amounts owed by
such Person to any of its Affiliates.

     "Indemnified Party" has the meaning set forth in Section 11.3(a).

     "Indemnifying Party" has the meaning set forth in Section 11.3(a).

     "India Returns" has the meaning set forth in Section 4.21(q).

     "India Tax" has the meaning set forth in Section 4.21(q).

     "Intellectual Property" means the rights associated with or arising out of
any of the following:

     (i) domestic and foreign patents and patent applications, together with all
reissuances, divisionals, continuations, continuations-in-part, revisions,
renewals, extensions, and re-examinations thereof, and any identified invention
disclosures ("PATENTS");

     (ii) trade secret rights and corresponding rights in confidential
information and other non-public information (whether or not patentable),
including ideas, formulas, compositions, inventor's note, discoveries and
improvements, know-how, manufacturing and production processes and techniques,
testing information, research and development information, inventions, invention
disclosures, unpatented blueprints, drawings, specifications, designs, plans,
proposals and technical data, business and marketing plans, market surveys,
market know-how and customer lists and information ("TRADE SECRETS");

     (iii) all copyrights, copyrightable works, rights in databases, data
collections, "moral" rights mask works, copyright registrations and applications
therefore and corresponding rights in works of authorship ("COPYRIGHTS");

     (iv) all trademarks, service marks, logos, trade dress and trade names and
domain names indicating the source of goods or services, and other indicia of
commercial source or origin (whether registered, common law, statutory or
otherwise), all registrations and applications to register the foregoing
anywhere in the world and all goodwill associated therewith ("TRADEMARKS");

     (v) all computer software and code, including assemblers, applets,
compilers, source code, object code, development tools, design tools, user
interfaces and data, in any form or format, however fixed ("SOFTWARE");

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     (vi) all Internet domain names and all registrations for any of them
("DOMAIN NAMES"); and

     (vii) any similar, corresponding or equivalent rights to any of the
foregoing any where in the world.

     "Investment" means any ownership of securities or other equity interest,
directly or indirectly, in any Person.

     "Investment Agreement" means that Investment Agreement dated as of 8 March
2002, including any and all deeds of variation, deeds of adherences and any
amendments through the date of the Closing by and among the Buyer and certain of
its shareholders as specified therein.

     "IRS" means the U.S. Internal Revenue Service.

     "Key Employees" shall mean the executives of the Company or its
Subsidiaries that hold the title of or are above the rank of an Assistant Vice
President ("AVP's").

     "Knowledge of First Magnus" or "First Magnus' Knowledge" means the actual
knowledge of Mr. Gurpreet S. Jaggi, the President and Chief Executive Officer of
First Magnus-I and Mr. Gurpreet S. Jaggi, the Manager of First Magnus-II.

     "Knowledge of the Buyer" or "Buyer's Knowledge" means the actual knowledge
of Mr. Neeraj Bhargava and Mr. Zubin Dubash, which shall be imputed to each
other.

     "Knowledge of the Representing Sellers" or "Representing Sellers'
Knowledge" means to the actual knowledge of the Representing Sellers, and the
knowledge of one Representing Seller shall be imputed to the others.

     "Law" means any law, statute, code, ordinance, regulation or other
requirement of any Governmental Authority.

     "Leased Real Property" means all real property leased or licensed by a
Party.

     "Liability Claim" has the meaning set forth in Section 11.3(a).

     "Losses" has the meaning set forth in Section 11.1.

     "Material Adverse Effect" means, with respect to a Person, any change,
event or effect that, when taken together with any other adverse changes, events
or effects that have occurred, (a) is materially adverse to the business,
operations, properties, condition (financial or otherwise), assets or
liabilities, business, or results of operations of the business of a Person,
together with its Subsidiaries taken as a whole it being understood that any
change, event or effect arising out of or relating from any of the following
shall not be deemed to constitute a Material Adverse Effect: (i) announcement of
this Agreement or any of the Ancillary Agreements or the transactions
contemplated under this Agreement or any of the Ancillary Agreements, (ii)
general industry conditions not specifically relating to or having a materially

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disproportionate effect on the Person and (iii) general economic market,
regulatory or political conditions.

     "Order" means any written order, judgment, injunction, award, decree,
ruling, charge or writ of any Governmental Authority.

     "Ordinary Course of Business" means the Ordinary Course of Business
consistent with past custom and practice (including with respect to quantity and
frequency) and policies.

     "Parties" means the Persons that are parties to this Agreement
collectively; and "Party" means any of them individually.

     "Permitted Encumbrances" means (a) Encumbrances for Taxes or governmental
assessments, charges, or claims the payment of which are not yet due, (b)
statutory liens of landlords and liens of carriers, warehousemen, mechanics,
materialmen and other similar Persons and other liens imposed by applicable Law
incurred in the Ordinary Course of Business for sums not yet delinquent or
immaterial in amount and being contested in good faith, and (c) other
imperfections of title or Encumbrances, if any, which imperfections of title or
other Encumbrances would not result in the creation of a Liability or obligation
of a Person after the Closing Date.

     "Person" means any individual, sole proprietorship, partnership,
corporation, limited liability company, unincorporated society or association,
trust, or other entity.

     "Pre-Closing Dividend" has the meaning set out in Section 4.21(b).

     "Post-Closing Tax Period" means any Tax period beginning after the Closing
Date.

     "Post-Closing Straddle Period" has the meaning set forth in Section 7.1.

     "Pre-Closing Tax Period" means any Tax period ending on or before the
Closing Date.

     "Pre-Closing Straddle Period" has the meaning set forth in Section 7.1.

     "Preferred Stock" has the meaning set forth in the recitals to this
Agreement.

     "Proceeding" means any claim, demand, charge, compliant, action, suit,
proceeding, hearing, audit, hearing or investigation, whether judicial or
administrative, of any Person or Governmental Authority.

     "Representing Sellers" means collectively the Core Members, and
"Representing Seller" means any of them individually.

     "Returns" means all Tax returns, statements, reports, elections, schedules,
claims for refund, and forms (including estimated Tax or information returns and
reports), including any schedule or supplement thereto.

     "Restraints" has the meaning set forth in Section 9.1(d).

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     "Sellers" has the meaning set forth in the preamble to this Agreement.

     "Selling Expenses" means all costs, fees, and expenses of outside
professionals incurred by the Company or any of its Subsidiaries relating to the
process of selling the Company whether incurred in connection with this
Agreement or otherwise, including, without limitation, all legal fees,
accounting, tax, investment banking fees and expenses.

     "Seller Material Contract" has the meaning set forth in Section 4.13.

     "Seller Nominee Directors" shall mean Mr. Srivastava, Mr. Shivpuri and Mr.
Gujral, collectively of Trinity India.

     "Series A Preferred Stock" has the meaning set forth in the recitals to
this Agreement.

     "Series B Preferred Stock" has the meaning set forth in the recitals to
this Agreement.

     "Shares" has the meaning set forth in the recitals to this Agreement.

     "Shareholders" has the meaning set forth in the preamble to this Agreement.

     "Shareholder Representative" in respect of all of the Sellers (other than
First Magnus I and First Magnus II) means Mr. Shivpuri; provided however that
First Magnus-I shall be the "Shareholder Representative" of First Magnus-I and
First Magnus-II unless otherwise expressly specified herein. The term
"Shareholder Representatives" shall mean Mr. Shivpuri and First Magnus-I
collectively.

     "Stock Option Plan" shall mean the Company's 2003 Stock Option and Stock
Issuance Plan.

     "Straddle Period" has the meaning set forth in Section 7.1.

     "Straddle Period Tax Matter" has the meaning set forth in Section 7.5(b).

     "Subsidiary" means any Person of which at least 50% of the outstanding
shares or other equity interests having ordinary voting power for the election
of directors or comparable managers of such Person, whether or not at the time
the shares of any other class or classes or other equity interests of such
Person shall have or might have voting power by reason of the happening or
occurrence of any contingency.

     "Tax" or "Taxes" means (a) any foreign, United States federal, state, or
local income, alternative or add-on-minimum tax, gross or net income, gross
receipts, sales, use, ad valorem, value added, transfer, franchise, profits,
license, withholding on amounts paid to or by a Person, payroll, employment,
excise, severance, stamp, occupation, premium, property, environmental or
windfall profit tax, custom, duty or other tax, governmental fee or other like
assessment or charge of any kind whatsoever, together with any interest,
penalty, addition to tax or additional amount imposed by any Law or Taxing
Authority, whether disputed or not, (b) any liability for the payment of any
amounts of any of the foregoing type as a result of being a member of an
affiliated, consolidated, combined or unitary group, and (c) any liability for
the payment of any amounts as a result of being a party to any tax sharing
agreements or arrangements (whether or

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not written) or with respect to the payment of any amounts of any of the
foregoing types as a result of any express or implied obligation to indemnify
any other Person.

     "Taxing Authority" means any Governmental Authority responsible for the
administration or the imposition of any Tax.

     "Transaction Consideration" has the meaning set forth in Section 2.2(a).

     "Transfer" and variations of such term have the meaning set forth in
Section 2.1.

     "Transfer Taxes" has the meaning set forth in Section 7.3.

     "Trinity India" means Trinity Business Process Management Private Limited,
an Indian company incorporated under the (Indian) Companies Act, 1956, as
amended, with its registered office at 6, Cavalry Lane, Mall Road, Delhi, India
110007.

     "Trinity India Remaining Shareholder" means Mr. Arvind Srivastava holding 1
fully paid-up Trinity India Share as a nominee on behalf of the Company.

     "Trinity India Shares" means the entire authorized, issued, subscribed and
paid-up equity share capital of Trinity India of Rs. 1,000,000 divided into
100,000 equity shares of Rs. 10 each (such equity shares, collectively, the
"Trinity India Shares", and each such share, a "Trinity India Share").

     "WNS Shares" has the meaning set forth in Section 2.2(a).

     1.2 Interpretation. In this Agreement:

          (i) reference to a Party hereunder shall include such Party's
     successors, permitted assigns and any persons deriving title under it;

          (ii) references to any agreement or document including this Agreement
     shall include such agreement or document as amended, modified, varied,
     novated, supplemented or replaced from time to time in writing signed by
     the duly authorized representatives of each Party;

          (iii) the descriptive headings of Sections are inserted solely for
     convenience of reference and are not intended as complete or accurate
     descriptions of the content of such Sections;

          (iv) the use of words in the singular or plural, or with a particular
     gender, shall not limit the scope or exclude the application of any
     provision of this Agreement to such person or persons or circumstances
     unless the context requires otherwise;

          (v) the terms "hereof", "hereto" and "hereunder" and similar
     expressions mean and refer to this Agreement and not to any particular
     Section of this Agreement. The terms "Recital", "Schedule", "Exhibit" or
     "Section" mean and refer to the specified Schedule or Exhibit to, and
     Recital or Section, of this Agreement;

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          (vi) any grammatical form of a defined term herein shall have the same
     meaning as that of such term;

          (vii) the words "including" and "includes" herein shall always mean
     "including, without limitation" and "includes, without limitation",
     respectively;

          (viii) any notice to be provided to, or any consent to be obtained
     from, the Sellers shall mean that such notice shall be provided to, or such
     consent shall be obtained from, the Shareholder Representatives, acting for
     and on behalf of the Sellers who they represent; it being understood,
     acknowledged and agreed that the Buyer shall be entitled to deal with and
     to send notices to the Shareholder Representatives as the authorized
     representative of all of the Sellers who they represent in respect of all
     matters under this Agreement, and the Shareholder Representatives shall be
     (and shall be deemed to be) the sole and exclusive authorized
     representative of all of the Sellers who they represent under this
     Agreement, with the result that such notice or dealing by the Buyer and/or
     consent obtained from the Shareholder Representatives shall be (and shall
     be deemed to be) conclusive and binding in all respects on the Sellers who
     they represent in connection with any matter hereunder and of the authority
     of the Shareholder Representatives to represent and bind all of the Sellers
     who they represent hereunder; and

          (ix) unless otherwise indicated, all references to "$" in this
     Agreement shall mean the lawful currency of the United States of America
     and all references to "Rs." or "Rupees" in this Agreement shall mean the
     lawful currency of the Republic of India and GB or Pound shall mean British
     Pound Sterling.

                 ARTICLE 2: PURCHASE AND SALE; RELATED MATTERS

     2.1 Purchase and Sale of the Shares. At the Closing, the Buyer shall
purchase from the Sellers, and the Sellers shall sell, transfer, assign, convey
and deliver (collectively, "Transfer") to the Buyer, subject to payment of the
Transaction Consideration, all of the Shares, free and clear of any
Encumbrances.

     2.2 Purchase Price and Issue of WNS Shares.

          (a) In full consideration for the Transfer of the Shares to the Buyer
     at the Closing, the Buyer shall, on the Closing Date:

               (i) pay or cause to be paid, by bank wire transfer of immediately
          available funds to an account or accounts designated in writing by
          each of the Shareholder Representatives, an amount in cash equal to
          United States $6,465,564 (Six Million Four Hundred Sixty-Five Thousand
          Five Hundred Sixty-Four) (the "Accredited Seller Cash Purchase
          Price");

               (ii) 2,266,022 shares of Common Stock of the Buyer, each such
          share valued at British Pound Sterling Three and Pence Fifty only
          (GB Pound3.50) (such shares, collectively, the "WNS Shares" or the
          "Stock Consideration") out of which ten percent (10%) of the total
          number of WNS Shares to be received by each Core Member as part of the
          Stock Consideration that is payable to such Core

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          Member under this Agreement in consideration for the Transfer of the
          Shares by such Core Member to the Buyer shall be deposited in an
          escrow account,(the "Escrow Shares") and subject to the provisions of
          Section 2.2(c) below; and

               (iii) pay or cause to be paid, by bank wire transfer of
          immediately available funds to an account designated in writing by
          each of the Shareholder Representatives, and amount in cash equal to
          United States $348,499 (Three Hundred Forty Eight Thousand Four
          Hundred Ninety-Nine) (the "Unaccredited Seller Cash Purchase Price")
          The total of the Accredited Seller Cash Purchase Price, the
          Unaccredited Seller Cash Purchase Price and the Stock Consideration is
          referred to in this Agreement as the "Transaction Consideration". The
          Parties to this Agreement understand, acknowledge and agree that (x)
          all of the Sellers (other than the Accredited Sellers) will receive
          only cash consideration for the Transfer to the Buyer of the Shares
          held by them; and (y) the Accredited Sellers will receive both cash
          and WNS Shares as consideration for the Transfer to the Buyer of the
          Shares held by them. The Parties to this Agreement expressly agree
          that this Agreement does not provide for, and in no event shall any
          WNS Shares be received by the Sellers (other than the Accredited
          Sellers) under this Agreement. In accordance with the instructions of
          the Sellers and the Company's Third Amended and Restated Certificate
          of Incorporation, holders of the Preferred Shares and the holders of
          the Common Shares will be paid out as set forth on Schedule 2.2(iii).

          (b) Subject to the terms and conditions of this Agreement and
     satisfaction of all the conditions (except those specifically waived in
     writing by the Buyer) set forth herein with respect to Closing, Buyer shall
     issue and allot the WNS Shares to the Sellers in the proportion set forth
     in Schedule 2.2(b) and deliver the share certificates representing the WNS
     Shares held by each of the Sellers to the Shareholders Representative on
     the Closing Date, as modified through the Closing, provided, however, that
     the Escrow Shares shall be held in Escrow in accordance with the terms of
     the Escrow Agreement until the first anniversary of the Closing Date.

          (c) On the first anniversary of the Closing Date, the Buyer shall
     cause the Escrow Agent, subject to applicable Law and the terms of the
     Escrow Agreement to distribute the Escrow Shares to each of the Core
     Members in the proportion set forth in Schedule 2.2(c) in accordance with
     each of their respective Employment Agreements. For the avoidance of doubt
     it is hereby agreed that, if the employment of a Core Member with the
     Company, its Subsidiary or its Affiliate, as the case may be, is terminated
     for Cause (the term "Cause" as defined in his Employment Agreement) or if a
     Core Member terminates his employment (other than for "Termination Without
     Cause," as defined), then the Buyer shall instruct the Escrow Agent to
     transfer the Escrow Shares to a third party purchaser or a nominee or
     Affiliate of the Buyers for such consideration as determined by the Buyer
     at the Buyer's sole discretion all of the Escrow Shares to which such Core
     Member is entitled as set forth in Schedule 2.2(c), provided that the third
     party purchaser of the Escrow Shares shall be instructed to pay the
     consideration net of Taxes directly to the Buyer.

                                       11
<PAGE>

     2.3 Company Distributed Amounts. Prior to Closing, the Company will
distribute an aggregate amount of approximately United States $2,500,000 to the
Sellers as set forth on Exhibit 2.3 by way of the Pre-Closing Dividend.

                ARTICLE 3: CLOSING; DELIVERIES AND OTHER ACTIONS

     3.1 Closing. The closing of the transactions contemplated hereby (the
"Closing") shall take place at a place mutually agreed by the Parties
immediately following the satisfaction or waiver of the conditions set forth in
Article 9 hereof, or on such other date or at such other time as the Buyer and
the Shareholder Representatives shall mutually agree in writing. The date on
which the Closing actually occurs is herein referred to as the "Closing Date."

     3.2 Deliveries by the Sellers. At the Closing, the Shareholder
Representatives on behalf of all the Sellers shall deliver originals or actual
and bona fide true and correct copies or facsimile copies (except as otherwise
specified herein) which in the case of any copies or facsimile copies will be
followed by delivery of original documents within thirty (30) days from the
Closing, or cause to be delivered, to the Buyer the following:

          (a) a receipt from the Shareholder Representatives evidencing receipt
     by the Sellers of the Purchase Price subject to the receipt of funds, and a
     receipt evidencing receipt by the Sellers of the WNS Shares subject to the
     receipt of the WNS Shares;

          (b) the employment agreements, in the form of Exhibit D attached
     hereto, duly executed by each of the Core Members (the "Employment
     Agreements");

          (c) the Escrow Agreement, duly executed by each of the Buyer, the Core
     Members and the Escrow Agent;

          (d) the First Magnus Agreement Amendment duly executed by First
     Magnus-I and the Company;

          (e) original stock certificates representing all of the Shares with
     duly executed stock powers attached in proper form for Transfer to the
     Buyer;

          (f) a copy of the current long-form good standing certificate (or
     equivalent document) for the Company issued by the Secretary of State of
     the State of Delaware, USA;

          (g) a copy of the Certificate of Incorporation of the Company,
     certified by the Secretary of State of Delaware, and a copy of the Bylaws
     (or equivalent document) of the Company, certified by a duly authorized
     officer of the Company;

          (h) a copy of the corporate record books and stock record books of the
     Company certified as true and correct as of the Closing Date by the
     Company's Secretary or Assistant Secretary;

          (i) any other instruments as may be reasonably requested by the Buyer
     no later than five (5) days prior to Closing to extinguish all Indebtedness
     (other than as

                                       12
<PAGE>

     prohibited by applicable Laws) in excess of $100,000 of the Company and any
     security interests related thereto to the extent directed by the Buyer;

          (j) all of the consents, if any, listed on Schedule 4.6 and Schedule
     4.7;

          (k) written resignations of each director and officer of the Company
     and each officer and each of the Seller Nominee Directors of Trinity India
     to be with effect on the Closing Date and subject to the Closing and with
     regard to Trinity India and the Company each such resignation to contain an
     expres but standard acknowledgement that the director or officer has no
     claim against Trinity India or the Company for compensation for loss of
     office, redundancy, unfair dismissal or otherwise arising from such
     resignation;

          (l) the common seal and all registers and minute books of Trinity
     India, completed through the Closing Date, to be delivered at the place of
     Closing;

          (m) a copy of the memorandum of association and articles of
     association of Trinity India certified by the Company Secretary of Trinity
     India as a true and complete and accurate copy as of the Closing Date;

          (n) a copy of the letter submitted to the Department of
     Telecommunications of the Government of India seeking approval for change
     in control resulting from the Transfer of the Shares

          (o) evidence to the reasonable satisfaction of the Buyer of the
     Transfer of the Trinity India Share to the Trinity India Remaining
     Shareholder as nominee for the Company;

          (p) a certificate duly executed by each of the Shareholder
     Representatives, in a form reasonably satisfactory to the Buyer, stating
     that (a) to their Knowledge, the Sellers who they represent have performed
     and complied with all the covenants and agreements required to be performed
     by the Sellers that they represent, under this Agreement on or prior to
     Closing, (b) to their Knowledge, there has been no event or occurrence
     having a Material Adverse Effect on the Company and Trinity India taken as
     a whole, and (c) each of the representations and warranties set forth in
     Article 4 hereof to the extent made by them or on behalf of the Sellers
     they represent, are true and correct at and as of the Closing Date;

          (q) a certificate duly executed by an officer of the Company on behalf
     of the Company, in a form reasonably satisfactory to the Buyer, stating
     that (a) there has been no event or occurrence having a Material Adverse
     Effect on the Company and its Subsidiaries taken as a whole, Trinity India
     or their respective businesses, and (b) that each of the representations
     and warranties set forth in Article 4 hereof are true and correct at and as
     of the Closing Date;

          (r) such other documents and instruments as the Buyer shall request as
     being reasonably necessary to effect the Closing.

                                       13
<PAGE>

          (s) a certificate addressed to the Buyer in the form and substance set
     forth on Exhibit E hereto to be provided by each Seller certifying their
     title to Shares held by each of them in the Company

          (t) copies, certified as true by the company secretary of or by a
     director of Trinity India, of written revocations of such powers of
     attorney granted by each of the Company and Trinity India in favor of its
     directors, officers, employees or agents, as may be requested by Buyer in
     writing not less than 7 (seven) days prior to the Closing Date, such
     revocations to take effect conditional on and as at Closing; and (ii)
     copies, certified as true by the company secretary of or by a director of
     each of the Company and Trinity India, of revocations of such bank mandates
     and other authorizations for signatories of bank accounts of each of the
     Company and Trinity India, as the case may be, as may be requested by Buyer
     in writing not less than seven (7) days prior to the Closing Date, such
     revocations to take effect conditional on and as at Closing.

          (u) A Deed of Adherence to the Investment Agreement in the form or
     forms attached hereto as Exhibit F executed First Magnus, the Core Members
     and the Shareholder Representative.

          (v) Each Seller shall execute and deliver an appropriate waiver and
     release to specify that he/it irrevocably and forever waives and releases
     the Company, its Subsidiaries and Affiliates and the Buyer, and their
     respective officers and directors, from any and all claims now or hereafter
     arising (i) in respect of the consideration received or receivable by such
     Seller pursuant to the transactions contemplated hereby, and (ii) regarding
     any claim based upon or relating to unfair treatment in connection with the
     payment of the Transaction Consideration or any portion thereof and such
     Seller's entitlement thereto or discrimination in the determination of the
     amount payable or paid or to be paid to such Seller or the nature of the
     consideration received or receivable by such Seller.

          (w) The Shareholder Representatives shall have delivered, or cause to
     be delivered, to the Buyer a complete and correct copy of the unaudited
     balance sheet of the Company and its Subsidiaries as of October 31, 2005,
     and the related unaudited statement of income for the three-month period
     then ended (the "Company Interim Financial Statements") prepared in
     accordance with US GAAP.

          (x) evidence to the reasonable satisfaction of the Buyer that the
     Pre-Closing Dividend has been paid by the Company.

     3.3 Deliveries by the Buyer. At the Closing, the Buyer shall deliver to the
Shareholder Representatives the following:

          (a) the Transaction Consideration payable as set forth in Section 2.2;

          (b) the Escrow Agreement, duly executed by the Buyer;

          (c) the Employment Agreements, duly executed by the Buyer or an
     Affiliate of Buyer if Buyer is not the contracting party;

                                       14
<PAGE>

          (d) an acknowledgement of the acceptance the resignations of the
     directors and officers the Company and the Seller Nominee Directors of
     Trinity India;

          (e) a certificate, in a form reasonably satisfactory to the
     Shareholder Representatives, stating that (a) to the Knowledge of the
     Buyer, the Buyer has performed and complied with all the covenants and
     agreements required to be performed by the Buyer under this Agreement on or
     prior to Closing, and (b) to the Knowledge of the Buyer, each of the
     representations and warranties set forth in Article 6 hereof are true and
     correct at and as of the Closing Date; and

          (f) share certificates to the concerned Sellers representing the
     number of WNS Shares that are set forth against their name on Schedule
     2.2(b) other than the Escrow Shares;

          (g) a consent/waiver of pre-emption rights under Section 14.5 of the
     Investment Agreement for the issuance the WNS Shares to the Sellers signed
     by the requisite parties who are necessary to effect the consent/waiver;

          (h) a certificate from a duly authorized officer of the Company
     attaching certified true copies of (i) the Investment Agreement, as amended
     with all deeds of adherence, (ii) the charter documents of the Buyer and
     certifying that they are correct and complete copies of such documents
     effective immediately prior to the Closing, without any modification,
     amendment or change in any manner whatsoever and, (iii) any board or
     shareholder consents required for entry into and performances by the Buyer
     of this Agreement and each of the Ancillary Agreements; and

          (i) such other documents and instruments as the Sellers shall
     reasonably request as being reasonably necessary to effect the Closing.

   ARTICLE 4: REPRESENTATIONS AND WARRANTIES OF THE REPRESENTING SHAREHOLDERS
                            (OTHER THAN FIRST MAGNUS)

     The Representing Sellers hereby jointly but not severally, represent and
warrant to the Buyer (a) on the date of this Agreement and (b) at Closing,
subject only to the specific qualifications made in the schedules that
correspond with each individual representation and warranty set forth herein,
and subject to any updates to such schedules that are made by the Representing
Sellers at Closing, as follows:

     4.1  Existence and Good Standing.

          (a) The Company is a corporation duly organized, validly existing and
     in good standing under the laws of the State of Delaware, USA, and is duly
     authorized, qualified or licensed to do business as a foreign corporation
     in all jurisdictions other than those jurisdictions in which the failure to
     be so qualified would not have a Material Adverse Effect on it. The
     jurisdictions where the Company is qualified to do business are identified
     on Schedule 4.1(a).

                                       15
<PAGE>

          (b) Trinity India is a private limited company duly incorporated and
     validly existing under the Laws of the Republic of India.

          (c) Each of the Company and Trinity India have the corporate power and
     authority to (i) own, operate and lease its properties and assets as and
     where currently owned, operated and leased, and (ii) carry on its Business
     as currently conducted.

          (d) The Company has the requisite corporate power and authority to
     execute, deliver and perform its obligations under this Agreement and to
     effect the transactions contemplated hereby, and the execution, delivery
     and performance of this Agreement has been duly authorized by all requisite
     corporate action. Each of the Company and Trinity India has the requisite
     corporate power and authority to execute, deliver and perform its
     respective obligations under each Ancillary Agreement to which it is a
     party and to effect the transactions contemplated hereby and thereby. The
     execution, delivery and performance of each Ancillary Agreement to which
     the Company and/or Trinity India is a party has been duly authorized by all
     requisite corporate action on the part of the Company and Trinity India.

          (e) The Company and Trinity India are not engaged in any business
     other than the Business. No consent, approval or authorization of any
     Person or Governmental Authority is required to be obtained by the Company
     or Trinity India in connection with this Agreement or any Ancillary
     Agreement, to authorize the execution, delivery or performance of this
     Agreement or any Ancillary Agreement or to consummate any of the
     transactions contemplated hereby or thereby.

          (f) This Agreement has been duly executed and delivered by the Company
     and constitutes the valid and legally binding obligation of the Company,
     enforceable against the Company in accordance with its terms. Each
     Ancillary Agreement executed by the Company has been or will be duly
     executed and delivered by the Company and constitute the valid and legally
     binding obligation of the Company, enforceable against the Company in
     accordance with its terms. Each Ancillary Agreement executed by Trinity
     India has been or will be duly executed and delivered by Trinity India and
     constitute the valid and legally binding obligation of Trinity India,
     enforceable against Trinity India in accordance with its terms.

     4.2  Good Title.

          (a) Each of the Representing Sellers under this Agreement, and each of
     the other Sellers under the certificates provided to the Buyer as specified
     in Section 3.2, represents and warrants that (i) he, she or it, owns the
     Shares specified opposite his, her or its name on Schedule 4.2(a) and has
     good and valid title to such Shares, free and clear of any and all
     Encumbrances and (ii) such Shares on Transfer at Closing shall transfer
     free and clear of any and all Encumbrances.

          (b) There are no outstanding or authorized, and neither the Company
     nor Trinity India is a party to (and none of the Representing Sellers is a
     party to any and to the Knowledge of the Representing Sellers, none of the
     other Sellers are parties to) options, warrants, rights, contracts, calls,
     puts, rights to subscribe, conversion rights or

                                       16
<PAGE>

     other agreements or commitments that are binding upon any of them providing
     for the issuance, disposition, acquisition or transfer of any Shares (or
     creating any rights on or in connection with the Shares) or any shares of
     Trinity India nor has the Company nor Trinity India nor any Representing
     Seller received notice of, nor to the Knowledge of the Representing
     Sellers, have any claims been made by any Person entitled or claiming to be
     entitled to any of the foregoing.

          (c) Except as disclosed in Schedule 4.2(c), none of the Representing
     Sellers is a party to any voting trust, proxy or other agreement or
     understanding with respect to the voting or ownership or any rights in
     respect of any of the Shares or any shares of Trinity India or any
     agreement that requires or may require additional Shares of the Company or
     additional shares of Trinity India to be issued or allotted beyond the
     Shares of the Company and Trinity India that currently are issued and
     outstanding; nor have any claims been made by any Person entitled or
     claiming to be entitled to any of the foregoing.

     4.3 Validity and Enforceability. Each Representing Seller represents in
respect of himself that he has the capacity or the requisite power and authority
to execute, deliver and perform his obligations under this Agreement and each of
the Ancillary Agreements to which he is a party. This Agreement and each of the
Ancillary Agreements have been duly executed and delivered by each Representing
Seller that is a party to such agreement. Assuming due authorization, execution
and delivery by the Buyer, such agreement represents the legal, valid and
binding obligation of such Representing Seller that is a party to it,
enforceable against him, if and to the extend he is a party to such an
agreement, in accordance with its respective terms.

     4.4 Capitalization of the Company.

          (a) Trinity Partners, Inc. The authorized capital of the Company
     consists of (i) 8,922,555 shares of Preferred Stock (comprising of
     3,367,000 shares of Series A Preferred Stock and 5,555,555 Series B
     Preferred Stock), all of which 3,367,000 of Series A Preferred Stock are
     issued and outstanding and 5,555,550 shares of Series B Preferred Stock
     which are issued and outstanding; and (ii) 9,806,388 shares of Common Stock
     are authorized, of which as of the time this Agreement is executed 883,838
     shares of Common Stock are issued and outstanding and all of which shall
     Transfer to the Buyer at Closing pursuant to this Agreement. The shares
     that are issued and outstanding of Common Stock and Preferred Stock are
     owned by the Sellers in the amounts specified opposite their respective
     names on Schedule 4.4(a). Except as set forth on Schedule 4.4(a), no shares
     of capital stock of the Company are issued and outstanding. The outstanding
     shares of Common Stock and Preferred Stock are all duly and validly
     authorized and issued, fully paid and non-assessable, and were issued in
     compliance with all applicable US state and federal laws. There are no
     outstanding or authorized options, stock appreciation rights, phantom
     stock, warrants, or, except as set forth on Schedule 4.4(a), any other
     rights (including conversion or preemptive rights) or agreements for the
     purchase or acquisition from the Company of any shares of its capital
     stock. Other than as set forth on Schedule 4.4(a), the Company is not a
     party or subject to any agreement or understanding, and, to the Knowledge
     of the Representing Sellers, there is no agreement or understanding with
     any Person that affects or relates to the voting or giving of written
     consents with respect to any security or by a director of the Company.
     Except as set forth in Schedule 4.4(a), the Company has no Investments

                                       17
<PAGE>

     other than in Trinity India and those arising in the Ordinary Course of
     Business or that are not material in amount or substance.

          (b) Trinity India. The authorized equity share capital of Trinity
     India is Rs. 1 million divided into 100,000 shares of Rs. 10 each. The
     Trinity India Shares comprise the entire allotted and issued share capital
     of Trinity India. All Trinity India Shares have been duly authorized, are
     validly issued and fully paid, and were issued in compliance with all
     applicable Laws. Except for one (1) Trinity India Share held by the Trinity
     India Remaining Shareholder as nominee for the Company, all Trinity India
     Shares are owned beneficially and of record by the Company free and clear
     of any Encumbrances. There are no issued or outstanding or authorized (and
     Trinity India is not a party to (and to the Knowledge of the Representing
     Sellers, none of the Sellers is a party to any) options, stock
     appreciation; rights, phantom stock, warrants, rights (including conversion
     or preemption rights), contracts, calls, puts, rights to subscribe,
     conversion rights or any other agreements or commitments in each case that
     are binding upon any of them or Trinity India providing for the issuance,
     disposition, acquisition or Transfer of any of the Trinity India Shares (or
     creating any rights on or in connection with the Trinity India Shares), nor
     has Trinity India received any claims by any Person entitled or claiming to
     be entitled to any of the foregoing. Trinity India is not subject to any
     obligation (contingent or otherwise) to repurchase or otherwise acquire or
     retire any of the Trinity India Shares. Neither the Company nor the Trinity
     India Remaining Shareholder is a party to any voting trust, proxy or other
     agreement or understanding with respect to the voting or ownership of any
     rights in respect of any of the Trinity India Shares or any agreement that
     requires or may require additional Trinity India Shares to be issued or
     allotted beyond the Trinity India Shares that currently are issued and
     outstanding, nor has Trinity India received any claims by any Person
     entitled or claiming to be entitled to any of the foregoing.

          (c) Stock Option Plan. The Stock Option Plan is the only employee
     stock option plan of the Company in effect on the date hereof and the only
     employee stock option plan adopted by the Company. All stock options held
     by any employee of the Company or Trinity India have been issued pursuant
     to the Stock Option Plan. Except for stock options issued under the Stock
     Option Plan, there are no other stock options that have been issued by the
     Company. All stock options that had been issued by the Company prior to the
     date hereof have been exercised in full by the stock option holders, and
     such stock option holders have been issued Shares of the Company.

     4.5 No Conflict.

          (a) Except for as set forth on Schedule 4.5, no approval,
     authorization, consent, license, clearance or order of, declaration or
     notification to, or filing or registration with, any Governmental Authority
     or any other Person is required for the Sellers (other than First Magnus,
     for which no representation or warranty is made) to sell the Shares to the
     Buyer and/or otherwise for the Company, Trinity India and the Sellers
     (other than First Magnus, for which no representation or warranty is made)
     to perform their respective obligations under this Agreement or the
     Ancillary Agreements to which they are a party.

                                       18

<PAGE>

          (b) Neither the execution and delivery of this Agreement and the
     Ancillary Agreements, nor the consummation of the transactions contemplated
     hereby and thereby, will (i) conflict with, result in a breach of any of
     the provisions of, (ii) constitute a default under, (iii) result in the
     violation of, or (iv) give any third Person the right to terminate or to
     accelerate any obligation (other than under the Stock Option Plan) under,
     the provisions of any indenture, mortgage, lease, loan agreement or other
     agreement or instrument that is material to the Company or Trinity India
     and to which the Company or Trinity India is bound or affected, or pursuant
     to any Laws. Neither the execution and the delivery of this Agreement nor
     any of the Ancillary Agreements to which any of the Representing Sellers,
     or to the Knowledge of the Representing Sellers, which any Seller (other
     than First Magnus, for which no representation or warranty is made) or to
     which the Company or Trinity India is or will be a party, nor the
     consummation of the transactions contemplated hereby, will (A) result in
     the creation of any Encumbrance upon the Shares or any assets or properties
     of the Company or any of its Subsidiaries or Trinity India or (B) require
     any authorization, consent, approval, execution or other action by or
     notice to any Governmental Authority by the Company or Trinity India.

          (c) The transactions contemplated by this Agreement will, at the
     Closing, effect a transfer of the full unencumbered legal and beneficial
     ownership of the Shares to the Buyer.

          (d) Neither the execution or delivery of this Agreement or any
     Ancillary Agreement by the Company or Trinity India, as the case may be,
     nor the performance by the Company or Trinity India of their respective
     obligations hereunder or thereunder, nor the consummation of the
     transactions contemplated hereby or thereby, will result in a breach or
     violation of, conflict with or constitute a default under or constitute
     (with notice or lapse of time, or both) an occurrence of default under any
     provision of, result in the acceleration or cancellation of any obligation
     hereunder, give rise to any claim, give any Person additional rights or
     compensation under or give rise to any right by any party to terminate or
     amend its obligations under (i) any provision of the Certificate of
     Incorporation of the Company, the Bylaws of the Company, the Memorandum of
     Association of Trinity India or the Articles of Association of Trinity
     India, or other similar organizational documents, (ii) any mortgage, deed
     of trust, conveyance to secure debt, note, loan, indenture, Encumbrance,
     Contract, Permit, order, judgement, decree or other arrangement to which
     the Company or Trinity India is a party or by which it is bound, or (iii)
     violate any Law of any Governmental Authority having jurisdiction over the
     Company or Trinity India. The Representing Sellers have provided the Buyer
     with true and complete copies of the Certificate of Incorporation of the
     Company, the Bylaws of the Company, the Certificate of Incorporation of
     Trinity India, Memorandum of Association of Trinity India and the Articles
     of Association of Trinity India.

     4.6 Consents. Except for the consent of the Department of
Telecommunication, of the Government of India and as set forth on Schedule 4.6,
no consent, approval or authorization of any third party or Governmental
Authority is required to be obtained by the Company or any of the Representing
Sellers in connection with the execution, delivery and performance by the
Representing Sellers, or, to the Knowledge of the Representing Sellers and any
of the other Sellers (other than First Magnus-I and First Magnus-II for which no
representation is made with

                                       19
<PAGE>

regard to the Representing Sellers) of this Agreement or the Ancillary
Agreements or the consummation of the transactions contemplated hereby or
thereby.

     4.7 Property.

          (a) Title. Neither the Company nor any of its Subsidiaries owns any
     real property. Each of the Company and its Subsidiaries have a valid
     leasehold interests in or license to the Leased Real Property it occupies.

          (b) Real Property Leases. Schedule 4.7(b) hereto contains a list of
     all Leased Real Property of the Company and any of its Subsidiaries with
     the address thereof, the annual fixed rental, the expiration of the term,
     any extension options and any security deposits. A true and correct copy
     of each such lease, license and/or occupancy agreement, and any amendments
     thereto, with respect to such Leased Real Property (each a "Company Real
     Property Lease," and collectively, the "Company Real Property Leases") has
     been delivered or made available to the Buyer, and no changes have been
     made thereto since the date of delivery. All of the Leased Real Property of
     the Company and any of its Subsidiaries is used or occupied by the Company
     or such Subsidiary pursuant to a Company Real Property Lease. Each of the
     Company or Trinity India, as the case may be, has to the Knowledge of the
     Representing Sellers, a valid leasehold interest in or license to each of
     its Leased Real Property, free and clear of all Encumbrances other than
     Permitted Encumbrances. Each Company Real Property Lease is valid and
     binding on the Company or its Subsidiaries as the case may be, and is being
     performed by the Company or its Subsidiaries in accordance with its terms
     and is in full force and effect. There are no existing defaults by the
     Company or any of its Subsidiaries that would be material individually or
     in the aggregate under any of the Company Real Property Leases, and no
     event has occurred which (with notice, lapse of time or both) could
     reasonably be expected to constitute a material breach or default under any
     of the Company Real Property Leases by any party or give any party the
     right to terminate, accelerate or modify any Company Real Property Lease.

          (c) Tangible Personal Property. Schedule 4.7(c) contains a copy of the
     fixed assets registers for each of the Company and Trinity India which list
     out all of the material tangible assets owned by them (the "Company
     Tangible Personal Property"). The Company and its Subsidiaries have good
     and marketable title to and are in possession of or have the right to use
     all items of Company Tangible Personal Property used in their respective
     business, whether or not listed on Schedule 4.7(c) hereto, and such
     property is free and clear of all Encumbrances other than Permitted
     Encumbrances or those associated with equipment leases or being purchased.
     The machinery, equipment and other tangible assets that the Company or its
     Subsidiaries own and lease are generally in good operating condition and
     repair (subject to normal wear and tear consistent with the age of the
     assets).

          (d) No Condemnation. To the Knowledge of the Representing Sellers,
     there is not now any pending any condemnation, expropriation, eminent
     domain, or similar proceeding affecting the Company Leased Real Property.
     Neither any Representing Sellers nor the Company has received any written
     notice or oral notice of any of the

                                       20
<PAGE>

     same, and the Representing Sellers have no knowledge that any such
     proceeding is contemplated.

     4.8 Litigation. There is no instance in which the Company or any of its
Subsidiaries is or has been since its inception (a) subject to any unsatisfied
Order or (b) made by a party or received a threat to be made a party to any
complaint, action, suit, proceeding, hearing or investigation of any Person or
U.S. Governmental Authority. Except as set forth on Schedule 4.8, there is no
suit, action, litigation, investigation, claim, complaint, grievance or
proceeding, including appeals and applications for review, in progress, or
pending, or to the Knowledge of the Representing Sellers, threatened against or
relating to the Company or any of its Subsidiaries or any Representing Sellers,
or involving any of the assets or properties of the Company and any of its
Subsidiaries or any Representing Seller (or to the Knowledge of the Representing
Sellers, any Seller) and/or any of the officers or directors of the Company or
any of its Subsidiaries before any U.S. Governmental Authority, commission,
board, bureau, agency or arbitration panel that, if determined adversely to the
Company or any of its Subsidiaries, such Seller, and/or the officers or
directors of the Company or any of its Subsidiaries (i) would enjoin, restrict
or prohibit the transfer of all or any part of the transactions as contemplated
by this Agreement or Ancillary Agreement to which it is a party, or (ii) prevent
any Seller or the Company from fulfilling all or any of its obligations set out
in this Agreement or Ancillary Agreement to which it is a party.

     4.9 Compliance with Laws. Each of the Company and its Subsidiaries is now,
and has been in material compliance with all Laws and Orders.

     4.10 Brokers. Except for Avendus Advisors Pvt Ltd ("Avendus"), no Person
has acted directly or indirectly as a broker, finder or financial advisor for
the Company, Trinity India, any of the Representing Sellers, or, to the
Knowledge of the Representing Sellers, any of the Sellers in connection with the
transactions contemplated by this Agreement (or the negotiations relating to the
transactions) other than auditors, legal counsel to the Company, its
Subsidiaries and certain of the Sellers, and Avendus, and no Person is entitled
to any fee or commission (other than auditors, legal counsel to the Company, its
Subsidiaries and certain of the Sellers and Avendus) or like payment in respect
thereof based in any way on any agreement, arrangement or understanding made by
or on behalf of the Company, any of its Subsidiaries, any of the Representing
Sellers, or, to the Knowledge of the Representing Sellers, any of the other
Sellers other than for Selling Expenses.

     4.11 Conduct of Business. Since August 30, 2005, the business and
operations of the Company and its Subsidiaries have been conducted in the
Ordinary Course of Business and there has not been any material change in the
operation of the Business of the Company or its Subsidiaries or the performance
or financial condition of the Company or any of its Subsidiaries. In particular,
and except as set forth on Schedule 4.11, neither the Company nor any of its
Subsidiaries has:

          (a) borrowed any amount or incurred or become subject to any liability
     outside the Ordinary Course of Business of the Company and its Subsidiaries
     in excess of US$50,000 except borrowings under lines of credit existing on
     such date or inter-company loans or Selling Expenses;

                                       21
<PAGE>

          (b) sold, assigned or transferred (including, without limitation,
     transfers to any employees, any Seller or any of their respective
     Affiliates) any assets or properties, or canceled any debts or claims, in
     each case, other than in the Ordinary Course of Business of the Company and
     its Subsidiaries or the policies and procedures of the Company and its
     Subsidiaries as previously disclosed to the Buyer;

          (c) waived any material rights of value or suffered any material
     losses;

          (d) declared or paid any dividends or other distributions to
     Shareholders as such, other than the Pre-Closing Dividend, with respect to
     any shares of its capital stock or redeemed or purchased, directly or
     indirectly, any shares of its capital stock or any options (other than
     repurchases of stock from departing employees in accordance with the terms
     of the Stock Option Plan);

          (e) increased materially the salary, wages or other compensation rates
     of any officer, employee, director or consultant or made or granted any
     increase in any Employee Plan, or amended or terminated any existing
     Employee Plan, or adopted any new Employee Plan or made any commitment or
     incurred any liability to any labor organization outside the Ordinary
     Course of Business of the Company and its Subsidiaries, or Company policies
     and procedures as previously disclosed to the Buyer;

          (f) made any capital expenditures or commitments therefor in excess of
     US$ 50,000;

          (g) made any change in accounting or Tax principles, practices or
     policies from those utilized in the preparation of the Financial Statements
     other than those required to comply with US GAAP, Buyer's accounting
     policies or as indicated and agreed by Buyer;

          (h) made any write-off or write-down of or made any determination to
     write-off or write-down any of its assets and properties in excess of US$
     50,000,;

          (i) made any change in its general pricing practices or policies or
     any change in its credit or allowance practices or policies;

          (j) entered into any amendment, modification, termination (partial or
     complete) or granted any waiver under or given any consent with respect to
     any agreement involving payments in excess of US$ 50,000 annually for any
     agreement that is required (or had it been in effect on the date hereof
     would have been required) to be disclosed in the Schedules to this
     Agreement other than in the Ordinary Course of Business of the Company and
     its Subsidiaries, or with respect to the First Magnus Amendment Agreement
     or any waiver in respect of the transactions contemplated hereunder;

          (k) commenced or terminated any line of its Business;

          (l) authorized, agreed or otherwise become committed to do any of the
     foregoing, or adopted or pursued any step or actions, the implementation or
     taking of

                                       22

<PAGE>

     which would result in (or has resulted in) a breach of any of the
     representations, warranties and/or covenants contained in this Agreement.

     4.12 Labor Matters.

          (a) Union and Employee Contracts. (i) Except as set forth in Schedule
     4.12, neither the Company nor any of its Subsidiaries is a party to or
     bound by any union contract, collective bargaining agreement, employment
     contract, independent contractor agreement, consultation agreement, or
     other similar type of contract, (ii) neither the Company nor any of its
     Subsidiaries has agreed to recognize any union or other collective
     bargaining unit, and (iii) no union or collective bargaining unit has been
     certified as representing the employees of the Company or any of its
     Subsidiaries and to the Knowledge of the Representing Sellers no
     organizational attempt has been made or threatened by or on behalf of any
     labor union or collective bargaining unit with respect to any employees of
     the Company or any of its Subsidiaries. Neither the Company nor any of its
     Subsidiaries has experienced any labor strike, dispute, slowdown or
     stoppage or any other material labor difficulty since inception.

          (b) Employees. The Representing Sellers have not been informed that an
     employee of the Company or its Subsidiaries of the designation of AVP or
     above is terminating or leaving the employment of the Company or its
     Subsidiaries.

          (c) Compliance with Law. The Company and any of its Subsidiaries are
     in compliance in all material respects with all Laws applicable to employee
     related matters, including, without limitation, the deduction of tax at
     source and the deposit thereof with the appropriate Governmental Authority,
     the payments of all statutory or non-statutory liabilities or payments
     towards gratuity, provident fund, bonus, superannuation or other similar
     requirements, immigration and work permit laws and have made adequate
     provisions for the foregoing in its accounts wherever required.

          (d) Employee Benefit Plans. Except as disclosed in Schedule 4.12(d),
     there are no other employee benefit plans of the Company or its
     Subsidiaries provided to its employees. The Company or its Subsidiaries
     does not have any liability with respect to any employee benefit plans
     except as provided for in the Company's Financial Statements.

     4.13 Contracts. All of the Contracts, including, without limitation, any
contract, agreement, lease, instrument, guarantee, bid, order or proposal to
which the Company or any of its Subsidiaries is a party or to which any of the
assets of the Company or any of its Subsidiaries are bound that, (a) govern the
borrowing of money or the Guarantee or the repayment of Indebtedness (other than
accounts receivable or payable in the Ordinary Course of Business of the Company
and its Subsidiaries) or granting of Encumbrances (other than Permitted
Encumbrances) on any property or asset of the Company or any of its
Subsidiaries; (b) contracts with the Company Materials Customers (as defined)
(c) contain covenants limiting the freedom of the Company or any of its
Subsidiaries to compete in any line of business or with any Person or in any
geographic area or market; (d) which restrict the use of its Intellectual
Property (and excluding licenses of commercially available software) less than
US$ 25000 in value; (e) are

                                       23
<PAGE>

with any Directors, officers, employees, any Seller or Stock Option Holder
(other than the Stock Option Plan and any agreements and notice forms
thereunder) of the Company or any of its Subsidiaries or Affiliates of any of
the Sellers; (f) provide for the purchase, maintenance or acquisition, or the
sale or furnishing, of materials, supplies, merchandise or equipment (including
but not limited to computer hardware or software or other property or services)
in excess of US$ 50,000; (g) grant to any Person a first-refusal, first-offer or
similar preferential right to purchase or acquire any right, asset or property
of the Company or any of its Subsidiaries (other than the agreement with First
Magnus-I which is being amended in connection with the Transaction) and the
agreements entered into in Company's Series B Preferred Stock financing round
which the rights under such agreements shall terminate at Closing; (h) pertain
to the lease of any individual equipment or other individual personal property
in excess of US$ 50,000; (i) provide for any counter trade or barter
arrangement; (j) involve a material distributor, sales representative, broker or
advertising arrangement that by its express terms is not terminable by the
Company or any of its Subsidiaries at will or by giving notice of 30 days or
less, without liability; (k) involve a joint venture; or (l) involve the
acquisition of any business enterprise whether via stock or asset purchase or
otherwise; and each of the foregoing Contracts are hereby defined as a "Seller
Material Contract." The Company and each of its Subsidiaries (as applicable) has
provided or made available to the Buyer true, correct and complete copies of
each such Contract, as amended through the date of this Agreement. Each Seller
Material Contract listed on Schedule 4.13 (or required to be listed on Schedule
4.13) is a valid and binding obligation of the Company or any of its
Subsidiaries that is a party to such Material Contract. With respect to the
Seller Material Contracts listed on Schedule 4.13 (or required to be listed on
Schedule 4.13): (i) neither the Company nor any of its Subsidiaries or any other
party thereto is to the Knowledge of the Buyer in material default under or in
material violation of any such Seller Material Contract; (ii) to the Knowledge
of the Representing Sellers, no event has occurred which, with notice or lapse
of time or both, would constitute such a material default or material violation;
and (iii) neither the Company nor any of its Subsidiaries has released any of
its material rights under any such Seller Material Contract.

     4.14 Licenses and Permits. Schedule 4.14 sets forth a complete and accurate
list and description of all material licenses, permits and other authorizations
of any Governmental Authority held by the Company or any of its Subsidiaries and
used by it in the conduct of its business. The Company and its Subsidiaries are
in full compliance with all of the material terms of such licenses, permits and
authorizations and there is no pending or threatened termination, expiration or
revocation thereof. Except for the licenses, permits, and authorizations set
forth and described in Schedule 4.14, there are no licenses, permits or other
authorizations, whether written or oral, necessary or required for the conduct
of the business of the Company or any of its Subsidiaries which, if not had,
would have a Material Adverse Effect on the Company or any of its Subsidiaries
taken as a whole.

     4.15 Intellectual Property.

          (a) All of the Intellectual Property practiced or used by the Company
     or any of its Subsidiaries that is essential to the conduct of their
     respective businesses and not widely commercially available is owned by the
     Company or its Subsidiaries, as the case may be, and the Company and, if
     applicable, Trinity India as the case may be, have the right to use and are
     the sole and exclusive owners (as between themselves and any third

                                       24
<PAGE>

     Person that is not a Subsidiary) of all right, title and interest in and to
     such Intellectual Property. All other Intellectual Property that is not
     owned by the Company or any of its Subsidiaries is being used by the
     Company or its Subsidiaries, as the case may be, only with the consent of
     or license from, and in material compliance with such license or consents
     from the rightful owner thereof and all such consents and licenses are in
     full force and effect. Neither the Company nor any of its Subsidiaries have
     licensed or otherwise granted any right to any person under any
     Intellectual Property owned by or licensed to the Company or any of its
     Subsidiaries or have otherwise agreed not to assert any such Intellectual
     Property against any person.

          (b) The Intellectual Property owned by the Company or any of its
     Subsidiaries has not been used or enforced or failed to be used or enforced
     by it, or to the Knowledge of the Representing Seller, by other Persons in
     a manner that would result in the abandonment, cancellation or
     unenforceability of any such Intellectual Property.

          (c) Neither the Company nor its Subsidiaries have received, nor to the
     Knowledge of the Representing Sellers, is there any claim of adverse
     ownership, invalidity or other opposition to or conflict with any
     Intellectual Property of the Company or any of its Subsidiaries with those
     of another party, nor any pending, or, to the Knowledge of the Representing
     Sellers, threatened suit, proceeding, claim, demand, action or
     investigation of any nature or kind against the Company or any of its
     Subsidiaries relating to the Intellectual Property of the Company or any of
     its Subsidiaries and which (i) challenges the rights of the Company or any
     of its Subsidiaries in respect of any Intellectual Property, (ii) asserts
     that the operation of the business of the Company and/or any of its
     Subsidiaries is, was or will be infringing or otherwise in violation of any
     Intellectual Property of a third party, or is (except as set forth in a
     Contract) required to pay any royalty, license fee, charge or other amount
     with regard to any Intellectual Property and (iii) none of the Intellectual
     Property is or has been subject to any order of any court or statutory
     authority, and neither the Company nor any of its Subsidiaries has been
     subject to any order of any court or statutory authority in respect of any
     other entity's Intellectual Property.

          (d) The Company or each of its Subsidiaries, as the case may be, has
     taken all commercially reasonable actions to protect and maintain its
     Intellectual Property including the use of all commercially reasonable
     measures and precautions necessary to safeguard and maintain the
     confidentiality and value of its Trade Secrets.

          (e) To the Knowledge of the Representing Sellers, neither the Company
     nor any of its Subsidiaries, nor any activity in which the Company or any
     of its Subsidiaries is engaged, breaches, violates, infringes or interferes
     with any Intellectual Property rights of any third party or requires
     payment for the use of any Intellectual Property of another that is not
     already set forth under a Contract with it.

          (f) Other than under the First Magnus-I Master Services Agreement and
     the Ecloser Master Services Agreement, neither the Company nor any of its
     Subsidiaries has transferred ownership of, or granted any exclusive license
     or exclusive right to use, or authorized the retention of any rights in or
     to joint ownership of, any Intellectual Property to any other Person.

                                       25
<PAGE>

          (g) To the Knowledge of the Representing Sellers, there is no
     information, materials, facts, or circumstances, including any information
     or fact that would constitute prior art, that would render any application
     it has for registration of any of the Intellectual Property of the Company
     or any of its Subsidiaries invalid or unenforceable, or would adversely
     affect any pending application for any Intellectual Property of the Company
     or any of its Subsidiaries, and the Company and its Subsidiaries have not
     misrepresented or failed to disclose and to the Knowledge of the
     Representing Sellers, there has not been any misrepresentation or failure
     to disclose any fact or circumstance in any application for any
     Intellectual Property of the Company or any of its Subsidiaries that would
     constitute fraud or a misrepresentation with respect to such application or
     that would otherwise affect the validity or enforceability of any such
     Intellectual Property under any applications of the Company or any of its
     Subsidiaries.

     4.16 Insurance. To the Knowledge of the Representing Sellers, the insurance
maintained by the Company and its Subsidiaries and set out Schedule 4.16, is
sufficient to comply with all applicable Laws and Contracts to which the Company
or any of its Subsidiaries are a party. No insurance carrier providing insurance
to the Company or any of its Subsidiaries is, to the Knowledge of the
Representing Sellers, in receivership, conservatorship, liquidation or similar
proceedings and no such proceeding with respect to any such carrier is imminent.

     4.17 Financial Statements.

          (a) Attached as Schedule 4.17 are correct and complete copies of the
     audited balance sheet of the Company and its Subsidiaries as of August 30,
     2005, and the related audited statements of income, stockholders' equity
     and cash flows for the fiscal years then ended, together with the notes
     thereto, and the other financial information included therewith
     (collectively, the "Company Financial Statements").

          (b) The Company Financial Statements present fairly, in all material
     respects, the financial position, results of operations, stockholders'
     equity and cash flows of the Company and its Subsidiaries at the dates and
     for the time periods indicated, and have been prepared and reviewed by the
     management of the Company and its Subsidiaries in accordance with US GAAP,
     consistently applied throughout the periods indicated. The Company Interim
     Financial Statements present fairly in all material respects the financial
     position and results of operations of the Company and its Subsidiaries at
     the date and for the period indicated and have been prepared and reviewed
     by the management of the Company. The Company Financial Statements and the
     Company Interim Financial Statements were derived from the books and
     records of the Company and its Subsidiaries.

     4.18 Undisclosed Liabilities. Except as set forth in Schedule 4.18, neither
the Company nor any of its Subsidiaries have any material liabilities, claims,
obligations or Indebtedness (whether accrued, absolute, contingent, unliquidated
or otherwise, whether due or to become due, whether known or unknown, regardless
of when asserted) except liabilities reflected and provided for in the Financial
Statements and Selling Expenses. To the Knowledge of the Representing Sellers,
there exists no conditions, facts or circumstances for any such claims,
obligations, liabilities or Indebtedness.

                                       26
<PAGE>

     4.19 Accounts Receivable. All accounts and notes receivable of the Company
and each of its Subsidiaries represent sales actually made in the Ordinary
Course of Business or valid claims for cost reimbursements. The reserve on the
Financial Statements against the accounts receivable for returns and bad debts
has been calculated in a manner consistent with past practice. All of the
accounts and notes receivable of the Company or any of its Subsidiaries are, in
the aggregate, to the Knowledge of the Representing Sellers, collectible in
full, net of the reserve therefor, in the Ordinary Course of Business of the
Company or its Subsidiaries. No counter claims, defenses or offsetting claims
with respect to the accounts or notes receivable of the Company or any of its
Subsidiaries are pending or, to the Knowledge of the Representing Sellers,
threatened. All of the accounts and notes receivable of the Company or any of
its Subsidiaries relate solely to sales of goods or services to customers of the
Company or its Subsidiaries, as the case may be, none of which are Affiliates of
the Sellers other than First Magnus-I and Trinity India.

     4.20 Bank Accounts. Schedule 4.20 sets forth a list showing the name and
address of (a) each bank with which the Company or any of its Subsidiaries have
an account or safe deposit box and the name of each person authorized to draw
thereon or have access thereto, and (b) the name of each person holding a power
of attorney on behalf of the Company or any of its Subsidiaries.

     4.21 Taxes.

          (a) No Return of the Company or any Subsidiary with respect to any
     Pre-closing Tax period has ever been audited by any Taxing Authority.

          (b) Neither the Company nor any Subsidiary has any unpaid Tax
     liabilities (whether due or to become due) with respect to the income,
     property and operations of the Company and the Subsidiaries that relate to
     any Pre-Closing Tax Period, except for (i) Tax liabilities reflected in the
     Financial Statements, (ii) that have arisen after the date of the Financial
     Statements in the Ordinary Course of Business of the Company and its
     Subsidiaries or (iii) Tax liabilities arising from the planned distribution
     of a dividend by Trinity India to the Company or by the Company to its
     Shareholders of a dividend or any share redemption by the Company having a
     similar effect (such distribution or redemption, the "Pre-Closing
     Dividend"). Any such Tax liability arising due to the Pre-Closing Dividend
     shall be paid by the Company or Trinity India to the relevant authorities
     or will be left behind in the Company.

          (c) Neither the Company nor any Subsidiary is a party to any Contract,
     arrangement or plan that has resulted or would result, separately or in the
     aggregate, in the payment of any "excess parachute payments" within the
     meaning of Section 280G of the Code, other than payments for which
     stockholder approval satisfying the exemption under Section 280G(b)(5) and
     the Treasury Regulations thereunder will have been obtained prior to the
     Closing.

          (d) All Taxes owed by the Company and the Subsidiaries (whether or not
     shown as due and payable on any Return) have been timely paid or withheld
     and

                                       27
<PAGE>

     remitted to the appropriate Taxing Authority, other than any Taxes for
     which adequate reserves in accordance with GAAP are reflected in the
     Financial Statements.

          (e) Neither the Company nor any Subsidiary has granted any extension
     or waiver of the statute of limitations period applicable to any Return or
     Tax, which period (after giving effect to such extension or waiver) has not
     yet expired.

          (f) There is no Proceeding now pending or, to the Company's Knowledge,
     threatened against or with respect to the Company or any Subsidiary in
     respect of any Tax.

          (g) There are no Encumbrances for Taxes upon the assets or properties
     of the Company and the Subsidiaries, except for Taxes not yet due and
     payable.

          (h) Neither the Company nor any Subsidiary has been a member of an
     affiliated, consolidated, combined or unitary group or participated in any
     other arrangement whereby any income, revenues, receipts, gain or loss was
     determined or taken into account for Tax purposes with reference to or in
     conjunction with any income, revenues, receipts, gain, loss, asset or
     liability of any other Person other than a group of which the Company or
     the Subsidiary was the parent. Neither the Company nor any Subsidiary has
     any liability for the Taxes of any Person as a transferee or successor, by
     contract or otherwise.

          (i) Schedule 4.21(i) contains a list of jurisdictions (whether foreign
     or domestic) to which any Tax imposed on overall net income is properly
     payable by the Company or any Subsidiary, other than jurisdictions for
     which Returns based on overall net income have been timely filed and made
     available upon request to Buyer.

          (j) Neither the Company, any Subsidiary, the Representing Sellers, nor
     to the Knowledge of the Representing Sellers, any of the Sellers has
     received notice of any claim by a Governmental Authority in a jurisdiction
     where the Company or a Subsidiary, as the case may be, does not file
     Returns that the Company or such Subsidiary, as applicable, is or may be
     subject to taxation by that jurisdiction.

          (k) The Company and each Subsidiary has withheld and paid all Taxes
     required to have been withheld and paid in connection with amounts paid or
     owing to any employee, independent contractor, creditor, member or other
     third party.

          (l) Neither the Company, any Subsidiary nor any Person on behalf of
     the Company or any Subsidiary has entered into any agreement or consent
     pursuant to Section 341(f) of the Code. To the Knowledge of the
     Representing Sellers, none of the Sellers, other than Mr. Arvind
     Srivastava, is a foreign person within the meaning of Section 1445 of the
     Code.

          (m) Except as set forth on Schedule 4.21(m), neither the Company nor
     any Subsidiary will be required to include any item of income in, or
     exclude any item of deduction from, taxable income for any taxable period
     (or portion thereof) ending after the Closing Date as a result of any: (i)
     change in method of accounting for a taxable

                                       28
<PAGE>

     period ending on or prior to the Closing Date, (ii) "closing agreement" as
     described in Section 7121 of the Code ( or any corresponding or similar
     provision of state, local or foreign law), (iii) installment sale or open
     transaction disposition made on or prior to the Closing Date, or (iv)
     prepaid amount received on or prior to the Closing Date.

          (n) Neither the Company nor any Subsidiary is a party to any Tax
     allocation or sharing agreement, other than any such agreement to which
     only the Company and its Subsidiaries are parties.

          (o) Neither the Company nor any Subsidiary has distributed the
     securities of another Person, or had its securities distributed by another
     Person, in a transaction that was purported or intended to be governed in
     whole or in part by Section 355 or Section 361 of the Code.

          (p) Neither the Company nor any Subsidiary has participated in a
     reportable transaction within the meaning of Section 6707A of the Code or
     Treasury Regulation Section 1.6011-4 (or any predecessor provision
     thereto).

          (q) Trinity India has in a timely manner filed all tax returns,
     statements, reports and forms (including estimated tax or information
     returns and reports) (collectively, the "India Returns") that are required
     to be filed, and all such India Returns are true, complete and accurate in
     all material respects and have been prepared in compliance with applicable
     Laws. All India Taxes owed by Trinity India (whether or not shown as due
     and payable on any tax return) have been timely paid or withheld and
     remitted to the appropriate Taxing Authority, other than any India Taxes
     for which adequate reserves in accordance with GAAP are reflected in the
     Financial Statements and other than any India Tax required to be withheld
     with respect to the planned distribution of a dividend by Trinity India to
     the Company in connection with the Pre-Closing Dividend described in
     Section 4.21(b). There is no action, suit, proceeding, claim, audit or
     investigation now pending, or any action, suit, claim, audit or
     investigation threatened against or with respect to Trinity India in
     respect of any India Tax. There are no Encumbrances for India Taxes upon
     the assets or properties of Trinity India, other than Encumbrances for
     India Taxes not yet due and payable. Trinity India has complied with all
     conditions of the consents, approvals, licenses for Tax concessions,
     exemptions, deductions, incentives and benefits that Trinity India has been
     entitled to and has availed itself of as of the Closing Date or anytime
     prior thereto, and to the Knowledge of the Representing Sellers, Trinity
     India has not done or failed to do anything that would prevent Trinity
     India from being entitled to and being able to continue to be entitled on
     or after the Closing Date to such Tax concessions, exemptions, deductions,
     incentives and benefits resulting from consents, approvals and licenses.
     For purposes of this Agreement, "India Tax" means (a) any net income,
     alternative or add on minimum tax, gross income, gross receipts, sales,
     use, ad valorem, value added, transfer, franchise, profits, license,
     withholding on amounts paid to or by Trinity India, payroll, employment,
     excise, severance, stamp, occupation, premium, property, environmental or
     windfall profit tax, custom, duty or other tax, governmental fee or other
     like assessment or charge of any kind whatsoever, together with any
     interest, penalty, addition to tax or additional amount imposed by any
     Taxing Authority, whether disputed or not, (b) any liability of Trinity

                                       29
<PAGE>

     India for the payment of any amounts of any of the foregoing types as a
     result of being a member of an affiliated, consolidated, combined or
     unitary group, or being a party to any agreement or arrangement whereby
     liability of Trinity India for payment of such amounts was determined or
     taken into account with reference to the liability of any other entity, and
     (c) any liability of Trinity India for the payment of any amounts as a
     result of being a party to any Tax sharing agreements or arrangements
     (whether or not written) binding on Trinity India or with respect to the
     payment of any amounts of any of the foregoing types as a result of any
     express or implied obligation to indemnify any other Person.

     4.22 Customers and Suppliers.

          (a) Schedule 4.22(a) sets forth all customers that accounted for 10%
     or more of the revenues of the Company or any of its Subsidiaries for the
     year ended August 31, 2005 ("Company Material Customers"). Except as set
     forth in Schedule 4.22(a), (i) all Company Material Customers continue to
     be customers of the Company or any of its Subsidiaries, as the case may be,
     and none of such Company Material Customers has reduced materially its
     business with the Company or any of its Subsidiaries, as the case may be,
     from the levels achieved during the year ended August 31, 2005, and to the
     Knowledge of the Representing Sellers, no such reduction is currently
     expected to occur; (ii) no Company Material Customer has terminated its
     relationship with the Company or any of its Subsidiaries, as the case may
     be, or has threatened to do so; (iii) neither the Company nor any of its
     Subsidiaries is involved in any claim, dispute with any Company Material
     Customer; and (iv) neither the Company nor any of its Subsidiaries is
     involved in any claim, dispute or controversy with any of its other
     customers that, individually or in the aggregate, could reasonably be
     anticipated to have a Material Adverse Effect on the Company or any of its
     Subsidiaries taken as a whole.

          (b) Schedule 4.22(b) sets forth the five (5) largest suppliers of the
     Company or any of its Subsidiaries for each of the years ended August 31,
     2005 ("Company Material Suppliers"). Except as set forth in Schedule
     4.22(b), (i) all Company Material Suppliers are currently suppliers of the
     Company or its Subsidiaries, as the case may be, and none of such Company
     Material Suppliers has reduced materially its business with the Company or
     any of its Subsidiaries, as the case may be, from the levels achieved
     during the year ended August 31, 2005, and, to the Knowledge of the
     Representing Sellers, no such reduction will occur; (ii) no Company
     Material Supplier has terminated its relationship with the Company or any
     of its Subsidiaries, as the case may be, or has threatened to do so; (iii)
     neither the Company nor any of its Subsidiaries is involved in any claim,
     dispute or controversy with any Company Material Supplier; and (iv) neither
     the Company nor any of its Subsidiaries is involved in any claim, dispute
     or controversy with any of its other suppliers that, individually or in the
     aggregate could reasonably be expected to have a Material Adverse Effect on
     the Company and its Subsidiaries taken as a whole.

     4.23 Related Party Transactions. Except as set forth in Schedule 4.23, none
of the Company or any of its Subsidiaries, any of the Representing Sellers, or
to the Knowledge of the Representing Sellers, none of the Sellers or any of
their respective Affiliates, nor any current or former director or officer of
the Company or its Subsidiaries, (a) has or since inception has had

                                       30
<PAGE>

any direct or indirect interest (i) in, or is or during at anytime since
inception was, a director, officer or employee of, any Person that is a client,
customer, supplier, lessor, lessee, debtor, creditor or competitor of the
Company, or (ii) in any material property, asset or right which is owned or used
by the Company in the conduct of its business, or (b) is or at any time since
inception has been a party to any agreement or transaction with the Company.
Except as set forth in Schedule 4.23, there is no outstanding Indebtedness of
any current or former director, officer, employee or consultant of the Company
or any of its Subsidiaries or any Seller or to the Knowledge of the Representing
Sellers, any Affiliates of a Seller to the Company.

 ARTICLE 5: REPRESENTATIONS AND WARRANTIES AND CERTAIN COVENANTS AND AGREEMENTS
                     OF FIRST MAGNUS AND ACCREDITED SELLERS

5A. First Magnus hereby jointly but not severally, represents and warrants to
the Buyer (i) on the date of this Agreement and (ii) at Closing, subject only to
the specific qualifications made in the schedules that correspond with each
individual representation and warranty set forth herein, and subject to any
updates to such schedules that are made by First Magnus at Closing, as follows:

     5A.1 Existence and Good Standing FM-I. First Magnus-I is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Arizona, USA and has the requisite corporate power and authority and capacity
to, enter into this Agreement and the Ancillary Agreements to which it is a
party.

     5A.2 Existence and Good Standing FM-II. First Magnus-II is an LLC duly
organized, validly existing and in good standing under the laws of the State of
Arizona, USA and has the requisite corporate power and authority to enter into
this Agreement and the Ancillary Agreements to which it is a party.

     5A.3 Good Title. Each of First Magnus-I and First Magnus-II owns the Shares
specified opposite its name on Schedule 4.2(a) and has good and valid title to
such Shares, free and clear of any and all Encumbrances. Except as set forth on
Schedule 4.2(c), neither First Magnus-I nor First Magnus-II is a party to any
options, warrants, rights, contracts, calls, puts, rights to subscribe,
conversion rights or other agreements or commitments that are binding upon it
providing for the issuance of any further Shares by the Company or the
disposition, acquisition or transfer of any of the Shares held by it (or
creating any rights on or in connection with the Shares) nor has it received
notice of any claims by any Person entitled or claiming to be entitled to any of
the foregoing. Except as set forth on Schedule 4.2(c), neither First Magnus-I
nor First Magnus-II are a party to any voting trust, proxy or other agreement or
understanding with respect to the voting or ownership or any rights in respect
of any of their Shares or any agreement that requires or may require additional
Shares to be issued or allotted beyond the Shares that currently are held by
First Magnus-I or First Magnus-II other than the written agreements provided to
the Buyer; nor has it received notice of any claims being made by any Person
entitled or claiming to be entitled to any of the foregoing. Each of First
Magnus-I and First Magnus-II will at Closing Transfer its Shares (and full legal
and beneficial ownership thereof) to the Buyer free from any Encumbrance.

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<PAGE>

     5A.4 Validity and Enforceability. Each of First Magnus-I and First
Magnus-II has the capacity or the requisite power and authority, as the case may
be, to execute, deliver and perform such First Magnus-I and First Magnus-II
obligations under this Agreement and under any Ancillary Agreements to which it
is a party. This Agreement and each of the Ancillary Agreements to which a party
has been duly executed and delivered by First Magnus-I and First Magnus-II, as
applicable, and, assuming due authorization, execution and delivery by the Buyer
and all parties hereunder, represents the legal, valid and binding obligation of
each of First Magnus-I and First Magnus-II respectively, enforceable against
each of First Magnus-I and First Magnus-II, respectively, in accordance with
their terms to the extent that such entity or entities are party to such
agreements.

     5A.5 No Conflict. No U.S. approval, authorization, consent, license,
clearance or order of, declaration or notification to, or filing or registration
with, any U.S. Governmental Authority or any other Person is required for each
of First Magnus-I or First Magnus-II to sell the Shares to the Buyer or
otherwise to perform its obligations under this Agreement or any Ancillary
Agreement to which it is a party. Neither the execution and delivery of this
Agreement and the Ancillary Agreements, nor the consummation of the transactions
contemplated hereby and thereby, will (i) conflict with, result in a breach of
any of the provisions of, (ii) constitute a default under, (iii) result in the
violation of or (iv) give any third Person the right to terminate or to
accelerate any obligation under, the provisions of any indenture, mortgage,
lease, loan agreement or other agreement or instrument to which First Magnus-I
or First Magnus -II, is bound, or pursuant to any Laws or the charter documents
of First Magnus-I and First Magnus-II, as may be applicable. Neither the
execution and the delivery of this Agreement and the other documents
contemplated hereby to which either First Magnus-I or First Magnus-II is or will
be a party, nor the consummation of the transactions contemplated hereby, will
(A) result in the creation of any Encumbrance upon their Shares or (B) require
any authorization, consent, approval, execution or other action by or notice to
any U.S. Governmental Authority with respect to the obligations of either First
Magnus-I or First Magnus-II hereunder. The transactions contemplated by this
Agreement will, at the Closing, effect a transfer of the full unencumbered legal
and beneficial ownership of the Shares held by First Magnus-I and First
Magnus-II to the Buyer.

     5A.6 Financial Statements.

          (a) Attached as Schedule 4.17 are correct and complete copies of (i)
     the audited balance sheet of the Company and its Subsidiaries as of August
     30, 2005, and the related audited statements of income, stockholders'
     equity and cash flows for the fiscal years then ended, together with the
     notes thereto, and the other financial information included therewith
     (collectively, the "Company Financial Statements"), and (ii) the unaudited
     balance sheet of the Company and its Subsidiaries as of October 31, 2005,
     and the related unaudited statement of income for the three-month period
     then ended (the "Company Interim Financial Statements").

          (b) The Company Financial Statements present fairly, in all material
     respects, the financial position, results of operations, stockholders'
     equity and cash flows of the Company and its Subsidiaries at the dates and
     for the time periods indicated, and have been prepared and reviewed by the
     management of the Company

                                       32
<PAGE>

     and its Subsidiaries in accordance with GAAP, consistently applied
     throughout the periods indicated. The Company Interim Financial Statements
     present fairly in all material respects the financial position and results
     of operations of the Company and its Subsidiaries at the date and for the
     period indicated and have been prepared and reviewed by the management of
     the Company and its Subsidiaries in accordance with GAAP, and consistent
     with the Company Financial Statements. The Company Financial Statements and
     the Company Interim Financial Statements were derived from the books and
     records of the Company and its Subsidiaries.

     5A.7 Undisclosed Liabilities. Neither the Company nor any of its
Subsidiaries have any material liabilities, claims, obligations or Indebtedness
(whether accrued, absolute, contingent, unliquidated or otherwise, whether due
or to become due, whether known or unknown, regardless of when asserted) except
liabilities reflected and provided for in the Financial Statements and Selling
Expenses. To the Knowledge of First Magnus, there exists no conditions, facts or
circumstances for any such claims, obligations, liabilities or Indebtedness.

5B. Each of the Accredited Sellers hereby represents and warrants to the Buyer
and covenants and agrees with the Buyer on behalf of himself or itself (as
applicable) but not the other Accredited Investors that (i) on the date of this
Agreement, and (ii) at Closing as follows:

     5B.1 He or it is an Accredited Seller is acquiring WNS Shares solely for
his own account, for investment purposes and without any intention or view
towards the distribution of such WNS Shares received by him/it in violation of
the Securities Act, 1933, and the rules and regulations promulgated there under,
as in effect from time to time (the "Securities Act"). Such Accredited Seller
understands and acknowledges that the WNS Shares received hereunder by him/it
will not, as of the time of acquisition and/or delivery thereof to him/it, be
registered under the Securities Act or state securities laws and blue sky laws,
and that, subject to registration under the Securities Act, such Accredited
Seller may not sell, Transfer or otherwise dispose of such WNS Shares unless (i)
such sale, Transfer or other disposition is made in conformity with the holding
period and other limitations and requirements of the Securities Act; or (ii)
such Accredited Seller delivers to the Buyer a written opinion, in the form and
substance satisfactory, to the Buyer, of counsel reasonably acceptable to the
Buyer, to the effect that such sale, Transfer or other disposition is exempt
from registration under the Securities Act and state securities laws and blue
sky laws; or (iii) such Accredited Seller receives the Buyer's written waiver of
the requirements of this Section 5B.1. Such Accredited Seller understands that
the WNS Shares have not been registered under the Securities Act or applicable
state and other securities laws by reasons of a specific exemption from the
registration provisions of the Securities Act and applicable state and other
securities laws, the availability of which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of such Accredited
Seller's representations as expressed herein.

     5B.2 Such Accredited Seller understands and acknowledges and agrees that
the Buyer is neither subject to any obligation to him/it to register (under the
Securities Act and state securities laws and blue sky laws) the sale, Transfer
or other disposition by him (or on his behalf) of the WNS Shares issued to and
delivered to him/it (or to be delivered to him/it pursuant to the Escrow
Agreement) nor subject to any other obligation to him to take any other action
necessary in order to make compliance with an exemption from such registration
available. Such

                                       33
<PAGE>

Accredited Seller understands that no public market now exists for any of the
securities issued by the Buyer and that there is no assurance that a public
market will ever exist for the securities of the Buyer.

     5B.3 Such Accredited Seller (other than First Magnus) hereby represents and
warrants to the Buyer that (A) he is a natural Person whose individual net
worth, or joint net worth with such Person's spouse, on the date of this
Agreement is and as of the Closing will be in excess of US$1,000,000 (US Dollars
One Million Only); and/or (B) he had an individual income in excess of
US$200,000 in each of the two most recent years or joint income with such
Accredited Seller's spouse in excess of US$300,000 in each of the two most
recent years and has a reasonable expectation of reaching the same income level
in the current year. Such Accredited Seller hereby represent and warrant to the
Buyer that (x) it is a corporation (in the case of First Magnus-I) or a limited
liability company (in the case of First Magnus-II); (y) that it was not formed
for the specific purpose of acquiring the WNS Shares; and (z) it has total
assets in excess of US$ 5,000,000 (US Dollars Five Million Only). Such
Accredited Seller further represents and warrants to the Buyer that (1) he/it
will not require the services of a "purchaser representative" as defined in Rule
501(h) of Regulation D under the Securities Act; (2) he/it has such knowledge
and experience in financial and business matters that he/it is capable of
evaluating the merits and risks of the prospective investment in the WNS Shares
issued or delivered (or to be issued or delivered) hereunder; (3) he/it has
received the Buyers annual reports and audited financial accounts for the years
ended March 31, 2003, March 31, 2004 and March 31, 2005; (4) he/it has all
information or has been provided access to all information regarding the
business and financial condition of the Buyer, its expected plans for future
business activities, material contracts, intellectual property, and the merits
and risks of an investment in the WNS Shares which such Accredited Seller has
requested or otherwise needs to evaluate an investment in the WNS Shares; (5)
he/it has had an opportunity to discuss the Buyer's business, management and
financial affairs with directors, officers and management of the Buyer and has
had the opportunity to review the Buyer's operations and facilities; (6) he/it
has also had the opportunity ask questions of, and receive answers from, the
Buyer and its management regarding the terms and conditions of this investment
and all such questions have been answered to such Accredited Seller's
satisfaction; and (7) he/it has had the opportunity to consult with independent
counsel concerning the transactions contemplated by this Agreement and has
reviewed the terms and conditions carefully with such counsel, and acknowledges
and fully understands the restrictions imposed under this Agreement and that the
certificates for the WNS Shares issued or delivered (or to be issued or
delivered) to him/it or any substitutions therefore, will have the following
legend:

     THE SHARES REPRESENTED BY THE WITHIN CERTIFICATES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 IN RELIANCE UPON THE REPRESENTATIONS OF THE
RECIPIENT THAT THEY ARE RECEIVED FOR INVESTMENT AND NOT WITH A VIEW TO
DISTRIBUTION. THEY MAY NOT BE OFFERED OR SOLD AND NO TRANSFER OF THEM WILL BE
MADE BY THE COMPANY OR ITS TRANSFER AGENT UNLESS (I) THEY ARE REGISTERED UNDER
THE SECURITIES ACT OF 1933 OR (ii) THERE IS PRESENTED TO THE COMPANY AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS
NOT NECESSARY.

                                       34
<PAGE>

5B.4 Such Accredited Seller acknowledges and understands that (a) the Transfer
of the WNS Shares held by him/it will be subject to the terms and conditions of
the Investment Agreement, and he/it must bear the economic risk of this
investment for an indefinite period of time because the WNS Shares must be held
indefinitely unless an exemption from such registration is available. Such
Accredited Seller further understands that any transfer agent of the Buyer will
be issued stop-transfer instructions with respect to the WNS Shares unless any
Transfer thereof is (x) subsequently registered under the Securities Act and
applicable state and other securities laws or unless an exemption from such
registration is available and (y) made in accordance with the terms of this
Agreement and the Investment Agreement.

             ARTICLE 6: REPRESENTATIONS AND WARRANTIES OF THE BUYER

     The Buyer hereby, represents and warrants to each of the Sellers (a) at the
signing of this Agreement and (b) at Closing, subject only to the specific
qualifications made in the schedules that correspond with each individual
representation and warranty set forth herein, and subject to any updates to such
schedules that are made by the Buyer at Closing, as follows:

     6.1 Existence and Good Standing. The Buyer is a private limited company
duly organized, validly existing and in good standing under the laws of the Isle
of Jersey and is duly authorized, qualified or licensed to do business as a
foreign corporation in all jurisdictions other than those jurisdictions in which
the failure to be so qualified would not have a Material Adverse Effect on the
Buyer and its Subsidiaries taken as a whole. The Buyer has the corporate power
and authority to (a) own, operate and lease its properties and assets as and
where currently owned, operated and leased, and (b) carry on its business as
currently conducted. The Buyer is not engaged in any business other than the
business process outsourcing business.

     6.2 WNS Shares. The Buyer will at Closing issue the WNS Shares to the
Sellers free and clear of any and all Encumbrances. Such WNS Shares will be duly
authorized, fully paid and non-assessable and will be issued in compliance with
applicable Laws, with a then current value of Pound3.50 to each Seller in the
amounts as designated on Schedule 2.2. Except for Warburg Pincus, BA and
Theodore Agnew who have been granted certain additional rights under the
Investment Agreement, the WNS Shares to be issued to the Sellers pursuant to
this Agreement, will have the same rights, privileges and preferences as those
held by the other shareholders of WNS (other than Warburg Pincus, British
Airways and Theodore Agnew).

     6.3 Validity and Enforceability. Each of the Buyer and its Subsidiaries has
the capacity or the requisite power and authority, as the case may be, to
execute, deliver and perform its obligations under this Agreement and the each
of the Ancillary Agreements to which it is a party and to effect the
transactions contemplated hereby and thereby. The execution, delivery and
performance of each of these agreements has been duly authorized by all
requisite corporate action. This Agreement and each of the Ancillary Agreements
have been duly executed and delivered by the Buyer and any of its Subsidiaries
that are a party to such agreements and, assuming due authorization, execution
and delivery by the Sellers, represents the legal, valid and binding obligation
of the Buyer and any of its Subsidiaries that are party to such agreements,
enforceable against the Buyer and any of its Subsidiaries that are party to such
agreements in accordance with their respective terms.

                                       35
<PAGE>

     6.4 Capitalization of the Buyer.

          (a) WNS Holdings Ltd. The authorized capital of the Buyer consists of
     40,000,000 equity shares of GPB 10p each, all of which are issued and
     outstanding. The stock options of the Buyer are issued and outstanding as
     of the date of this agreement are 5,670,391. The stock options authorized
     to the employees by the Board of Directors of the Buyer but not issued to
     the employees are 381,172 as of the date of this agreement. In accordance
     with a term sheet executed by the Buyer with respect to a proposed
     acquisition by the Buyer, 30,000 equity shares of GBP 10p each and stock
     options convertible into 70,000 equity shares of GBP 10p each of the Buyer
     may be issued. Except as specifically set forth above in this Section 6.4,
     there are no authorized or outstanding options, rights or other securities
     of the Buyer. The outstanding shares of common stock are all duly and
     validly authorized and issued, fully paid and non-assessable, and were
     issued in compliance with all applicable Laws. There are not outstanding or
     authorized options, stock appreciation rights, phantom stock, warrants,
     rights (including pre-emptive or conversion rights, other than those in the
     Investment Agreement) or agreements for the purchase or acquisition of
     capital stock (or with respect thereto) from or with the Buyer or any of
     its Subsidiaries. Other than the Investment Agreement, the Buyer is not a
     party to any agreement or understanding with any Person that affect or
     relates to the voting of any securities of the Buyer. Other than the
     Investment Agreement, the Buyer is not a party to any other binding
     agreement with any shareholders of the Buyer and/or its Subsidiaries, as
     the case may be, limiting the transfer of the Buyer's shares.

     6.5 No Conflict. No approval, authorization, consent, license, clearance or
order of, declaration or notification to, or filing or registration with, any
Governmental Authority or any other Person is required for the Buyer to purchase
the Shares and for Buyer to issue the WNS Shares to the Sellers and/or otherwise
for the Buyer and/or any of its Subsidiaries to perform its respective
obligations under this Agreement or the Ancillary Agreements. Neither the
execution and delivery of this Agreement and the Ancillary Agreements, nor the
consummation of the transactions contemplated hereby and thereby, will (i)
conflict with, result in a breach of any of the provisions of (ii) constitute a
default under, (iii) result in the violation of or (iv) give any third Person
the right to terminate or to accelerate any obligation under, the provisions of
any indenture, mortgage, lease, loan agreement or other agreement or instrument
that is material to the Buyer or any of its Subsidiaries and to which the Buyer
is bound or affected, or pursuant to any Laws. Neither the execution and the
delivery of this Agreement nor any of the Ancillary Agreements to which the
Buyer or any of its Subsidiaries is or will be a party, nor the consummation of
the transactions contemplated hereby or thereby, will (a) result in the creation
of any Encumbrance upon the WNS Shares or any assets or properties of the Buyer
or any of its Subsidiaries or (b) require any authorization, consent, approval,
execution or other action by or notice to any Governmental Authority. Neither
the execution and the delivery of this Agreement nor any of the Ancillary
Agreements to which the Buyer or any of its Subsidiaries is or will be a party,
nor the consummation of the transactions contemplated hereby or thereby, will
conflict with the charter documents of the Buyer. The transactions contemplated
by this Agreement will, at the Closing, effect a transfer of the full
unencumbered legal and beneficial ownership of the WNS Shares to the Sellers.

                                       36
<PAGE>

     6.6 Consents. No consent, approval or authorization of any third party or
Governmental Authority is required in connection with the execution, delivery
and performance by the Buyer, or, to the Knowledge of the Buyer and any of its
Subsidiaries, of this Agreement or the Ancillary Agreements or the consummation
of the transactions contemplated hereby or thereby.

     6.7 Property. Neither the Buyer nor any of its Subsidiaries owns any real
property. To the Knowledge of the Buyer, the Buyer and its Subsidiaries have a
valid leasehold interest in, or a valid license to, all of their tangible assets
and properties. Any real property occupied by the Buyer or any Subsidiary of the
Buyer is so occupied pursuant to a lease, license and/or occupancy agreement,
and amendments thereto (each a "Buyer Real Property Lease," and collectively,
the "Buyer Real Property Leases." The Buyer and each of its Subsidiaries have
good and marketable title to or have the right to use all items of all
equipment, machinery, and other similar tangible personal property that are
material to its business, and such tangible assets that are material to Buyer's
or any of its Subsidiaries' business are generally in good operating condition
and repair (subject to normal wear and tear consistent with the age of the
assets).

     6.8 Litigation. Except as disclosed in Schedule 6.8, there is no instance
in which the Buyer or any of its Subsidiaries is or has been within the
three-year period prior to the date of this Agreement, (a) subject to any
unsatisfied Order or (b) been made by a party or received a threat threatened to
be made a party to any complaint, action, suit, proceeding, hearing or
investigation of any Person or Governmental Authority that would, if determined
adversely to the Buyer, be material to Buyer or any of its Subsidiaries, or the
business of Buyer or any of its Subsidiaries. Except as disclosed in Schedule
6.8, there is no suit, action, litigation, investigation, claim, complaint,
grievance or proceeding, including appeals and applications for review, in
progress, or pending or threatened against or relating to the Buyer, or any of
its Subsidiaries, or involving any of the assets or properties of the Buyer and
any of its Subsidiaries (or to the Knowledge of the Buyer) and/or any of the
officers or directors of the Buyer or any of its Subsidiaries before any
Governmental Authority, commission, board, bureau, agency or arbitration panel
that, if determined adversely to the Buyer, or any of its Subsidiaries, (i)
would enjoin, restrict or prohibit the transfer of all or any part of the
transaction as contemplated by this Agreement, or (ii) prevent the Buyer from
fulfilling all of its obligations set out in this Agreement.

     6.9 Compliance with Laws. Each of the Buyer and its Subsidiaries is now,
and has been in material compliance with all Laws and Orders.

     6.10 Conduct of Business. Since March 31, 2005, the business and operations
of the Buyer and each of its Subsidiaries have been conducted in the Ordinary
Course of Business of the Buyer and its Subsidiaries taken as a whole and there
has not been any material adverse change in the operation of the business of the
Buyer and its Subsidiaries or the performance or financial condition of the
Buyer and its Subsidiaries.

     6.11 Labor Matters.

          (a) Neither the Buyer nor any of its Subsidiaries is a party to or
     bound by any union contract, collective bargaining agreement;

                                       37
<PAGE>

          (b) neither the Buyer nor any of its Subsidiaries has agreed to
     recognize any union or other collective bargaining unit; and

          (c) no union or collective bargaining unit has been certified as
     representing the employees of the Buyer or any of its Subsidiaries and no
     organizational attempt has been made or threatened by or on behalf of any
     labor union or collective bargaining unit with respect to any employees of
     the Buyer or any of its Subsidiaries. Neither the Buyer nor any of its
     Subsidiaries has experienced any labor strike, labor dispute, labor
     slowdown or labor stoppage or any other material labor difficulty during
     the past five years.

     6.12 Contracts. The Contracts to which the Buyer or any of its Subsidiaries
is a party and to which a material portion of the assets of the Buyer or any of
its Subsidiaries are bound and that (a) govern the borrowing of money or the
Guarantee or the repayment of Indebtedness other than accounts receivable or
payable in the Ordinary Course of Business or granting of Encumbrances (other
than Permitted Encumbrances) on any property or asset of the Buyer or any of its
Subsidiaries; (b) contain covenants limiting the freedom of the Buyer or any of
its Subsidiaries to compete in any line of business or with any Person or in any
geographic area or market; (c) are for the use of or which restrict the use of a
material portion of its Intellectual Property; (d) with any directors, officers,
employees or any shareholders of the Buyer or any of its Subsidiaries or
Affiliates; (e) provide for the purchase, maintenance or acquisition, or the
sale or furnishing, of materials, supplies, merchandise or equipment (including
but not limited to computer hardware or software or other property or services)
in excess of US$ 100,000 (f) grant to any Person a first-refusal, first-offer or
similar preferential right to purchase or acquire any material right, asset or
property of the Buyer or any of its Subsidiaries (other than under the
Investment Agreement); (g) pertain to the lease of any individual equipment or
other individual personal property in excess of $100,000; (h) provide for any
counter trade or barter arrangement; (i) involve a material distributor, sales
representative, broker or advertising arrangement that by its express terms is
not terminable by the Buyer or any of its Subsidiaries at will or by giving
notice of 30 days or less, without liability; (j) involve a joint venture; (k)
involve the acquisition of any business enterprise whether via stock or asset
purchase or otherwise are hereby defined as a "Buyer Material Contract." Each
Buyer Material Contract is a valid, binding and enforceable obligation of the
Buyer or each of its Subsidiaries, as the case may be, enforceable in accordance
with its terms and each copy of such Contract that has been furnished to the
Shareholder Representatives or their advisors (which includes the Investment
Agreement) were true, correct and complete copies of it. With respect to the
Buyer Material Contracts: (a) neither the Buyer nor any of its Subsidiaries or,
to the Knowledge of the Buyer, any other party thereto is in material default
under or in material violation of any Buyer Material Contract; (b) to the
Knowledge of the Buyer, no event has occurred which, with notice or lapse of
time or both, would constitute such a material default or material violation;
and (c) neither the Buyer nor any of its Subsidiaries has released any of its
material rights under any such Buyer Material Contract.

     6.13 Intellectual Property.

          (a) All of the Intellectual Property practiced or used by the Buyer or
     any of its Subsidiaries that is essential to the conduct of their
     respective businesses and not widely

                                       38
<PAGE>

     commercially available either is owned by the Buyer or its Subsidiaries, as
     the case may be, or the Buyer, and if applicable, its Subsidiaries, as the
     case may be, have the right to use or are the sole and exclusive owners (as
     between themselves and any third person that is not a Subsidiary) of all
     right, title and interest in and to such Intellectual Property. All other
     Intellectual Property that is not owned by the Buyer or any of its
     Subsidiaries is being used by the Buyer or each of its Subsidiaries, as the
     case may be, only with the consent of or license from (and in accordance
     with such consent or license) the rightful owner thereof and all such
     consents and licenses are in full force and effect.

          (b) To the Knowledge of the Buyer, neither the Buyer nor its
     Subsidiaries are infringing the Intellectual Property of any third party.
     To the Knowledge of the Buyer, no third party is infringing the
     Intellectual Property of the Buyer or any of its Subsidiaries.

     6.14 Insurance. To the Knowledge of the Buyer, the insurance maintained by
the Buyer and each of its Subsidiaries are sufficient to comply with all
applicable Laws and Contracts to which the Buyer or any of its Subsidiaries are
a party.

     6.15 Buyer Financial Statements.

          (a) Attached as Schedule 6.15 are correct and complete copies of (i)
     the audited balance sheet of the Buyer and of its Subsidiaries as of March
     31, 2003, March 31, 2004, and March 31, 2005, and the related audited
     statements of income, stockholders' equity and cash flows for the fiscal
     years then ended, together with the notes thereto, and the other financial
     information included therewith (collectively, the "Buyer Financial
     Statements"), and (ii) the unaudited consolidated management accounts of
     the Buyer as of September 30, 2005, and the related unaudited statement of
     income for the three-month period then ended (the "Buyer Interim Financial
     Statements").

          (b) The Buyer Financial Statements present fairly, in all material
     respects, the financial position, results of operations, stockholders'
     equity and cash flows of the Buyer and each of its Subsidiaries at the
     dates and for the time periods indicated, and have been prepared and
     reviewed by the management of the Buyer and its each of Subsidiaries in
     accordance with GAAP, consistently applied throughout the periods indicated
     The Interim Buyer Financial Statements present fairly in all material
     respects the financial position and results of operations of the Buyer and
     any of its Subsidiaries at the date and for the period indicated and have
     been prepared and reviewed by the management of the Buyer and each of its
     Subsidiaries. The Buyer Financial Statements and the Interim Buyer
     Financial Statements were derived from the books and records of the Buyer
     and each of its Subsidiaries.

     6.16 Undisclosed Liabilities. Neither the Buyer nor any of its Subsidiaries
have any material liabilities, claims, obligations or Indebtedness (whether
accrued, absolute, contingent, unliquidated or otherwise, whether due or to
become due, whether known or unknown, regardless of when asserted) except
liabilities reflected and provided for in the Buyer Financial Statements. To the
Knowledge of the Buyer, there exist no conditions, facts or circumstances for
any such claims, obligations, liabilities or Indebtedness.

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<PAGE>

     6.17 Taxes.

          (a) All Returns required to be filed by or on behalf of the Buyer and
     the Subsidiaries have been filed when due in accordance with all applicable
     Laws. All such Returns (i) correctly reflect the facts regarding the
     income, business, assets, operations, activities and status of the Buyer
     and the Subsidiaries and (ii) were correct and complete in all respects and
     (iii) have been prepared in accordance with all applicable Laws. All Taxes
     owed by the Buyer and the Subsidiaries (whether or not shown as due and
     payable on any Return) have been timely paid or withheld and remitted to
     the appropriate Taxing Authority.

          (b) Neither the Buyer nor any of its Subsidiaries has received notice
     of any claim by a Governmental Authority in a jurisdiction where the Buyer
     or a Subsidiary, as the case may be, does not file Returns that the Buyer
     or such Subsidiary, as applicable, is or may be subject to taxation by that
     jurisdiction.

     6.18 Customers and Suppliers.

          Except as disclosed in Schedule 6.18, (a) none of the customers of the
     Buyer representing more than 10% of the gross revenues of the Buyer has
     reduced by more than 25% its business with the Buyer from the levels
     achieved during the year ended March 31, 2005, and except as disclosed in
     Schedule 6.18, to the Knowledge of the Buyer, no such material reduction is
     currently expected to occur; (b) no material customer of the Buyer has
     terminated its relationship with the Buyer or any of its Subsidiaries, as
     the case may be, or, to the Knowledge of the Buyer, has threatened to do
     so; and (c) neither the Buyer nor any of its Subsidiaries is involved in
     any claim, dispute or controversy with any of its other customers that,
     individually or in the aggregate could reasonably be expected to have a
     Material Adverse Effect on the Buyer and its Subsidiaries taken as a whole.

                             ARTICLE 7: TAX MATTERS

     7.1 Apportionment of Taxes. All Taxes and Tax liabilities with respect to
the Company or any Subsidiary that relate to any Tax period that begins on or
before the Closing Date and ends after the Closing Date (a "Straddle Period")
will be apportioned between the portion of the Straddle Period that extends from
the first of day of such Straddle Period through the Closing Date (the
"Pre-Closing Straddle Period") and the portion of the Straddle Period that
extends from the day after the Closing Date to the end of the Straddle Period
(the "Post-Closing Straddle Period") as follows: (a) in the case of Taxes that
are either (i) based upon or measured by reference to income, receipts or
profits (but not including sales and use Taxes), (ii) imposed in connection with
any sale or other transfer or assignment of property (real or personal, tangible
or intangible) (other than conveyances pursuant to this Agreement, as provided
under Section 7.3), or (iii) required to be withheld such Taxes shall be deemed
equal to the amount which would be payable if the Tax year ended at the end of
the day on the Closing Date; and (b) in the case of Taxes imposed on a periodic
basis with respect to the Company or any Subsidiary, or otherwise measured by
the level of any item, such Taxes shall be deemed to be the amount of such Taxes
for the entire period (or, in the case of such Taxes determined on an arrears
basis,

                                       40
<PAGE>

the amount of such Taxes for the immediately preceding period), multiplied by a
fraction the numerator of which is the number of calendar days in the period
ending on the Closing Date and the denominator of which is the number of
calendar days in the entire period.

     7.2 Returns. The Buyer shall prepare and timely file, or cause to be
prepared and timely filed, all Returns of the Company and the Subsidiaries that
are due with respect to any Pre-Closing Tax Period and Straddle Period other
than Returns for which the due date (with applicable extensions) fall son or
before the Closing Date, provided that (a) such Returns shall be prepared
consistent with past practice, and (b) the Shareholder Representative shall
review and approve such Returns prior to filing, which approval will not be
unreasonably withheld or delayed. The Buyer shall pay or cause to be paid all
Taxes imposed on the Company and the Subsidiaries shown as due and owing on such
Returns subject to reimbursement by the Sellers pursuant to Article 11.

     7.3 Transfer Taxes. All transfer, real estate, income, capital gains,
sales, use, value added and other such Taxes and fees (including any penalties
and interest) imposed on the Buyer, the Company or any Subsidiary in connection
with this Agreement and the Escrow Agreement due to the Transfer of the Shares
and due to receipt by the Sellers of the WNS shares (other than as set forth in
Section 2.2(c)) shall be borne by the Sellers ("Seller Transfer Taxes"), provide
however that any stock transfer or similar taxes, however denominated shall be
borne by the Buyer ("Buyer Transfer Taxes"), and either party, at their own
expense, will cause to be filed all necessary Returns and other documentation
(if any) with respect to all such Taxes. All taxes, duties, cesses, levies or
charges relating to the Pre-Closing Dividend by the Company shall be borne by
the Company.

     7.4 Cooperation; Audits. In connection with the preparation of Returns,
audit examinations, and any administrative or judicial proceedings relating to
the Tax liabilities imposed on the Company and the Subsidiaries for all
Pre-Closing Tax Periods, the Buyer, the Company and the Subsidiaries, on the one
hand, and the Shareholder Representative, on the other hand, shall cooperate
fully with each other, including, without limitation, furnishing or making
available during normal business hours of records, personnel (as reasonably
required), books of account, powers of attorney or other materials necessary or
helpful for the preparation of such Returns, the conduct of audit examinations
or the defense of claims by Taxing Authorities as to the imposition of Taxes.
Sellers shall deliver, within ten (10) days of Buyer's request, any information
required to reported by Buyer or the Company under Section 6043A of the Code.

     7.5 Controversies.

          (a) The Buyer shall notify the Shareholder Representative upon receipt
     by the Buyer or any Affiliate of the Buyer of any notice of any inquiries,
     assessments, Proceedings or similar events received from any Governmental
     Authority with respect to Taxes of the Company or any Subsidiary for which
     the Representing Sellers would be required to indemnify the Buyer, the
     Company, any such Subsidiary or any of their Affiliates pursuant to Article
     11 other than a Straddle period Tax Matter (any such inquiry, assessment,
     Proceeding or similar event, a "Tax Matter"). The Shareholder
     Representative may, at the expense of the Sellers, participate in and, upon
     notice to the

                                       41
<PAGE>

     Buyer, assume the defense of any such Tax Matter. If the Shareholder
     Representative assumes such defense, the Shareholder Representative will
     have the authority, with respect to any Tax Matter, to represent the
     interests of the Company and the Subsidiaries before the relevant
     Governmental Authority and shall have the right to control the defense,
     compromise or other resolution of any such Tax Matter, including responding
     to inquiries, and contesting, defending against and resolving any
     assessment for additional Taxes or notice of Tax deficiency or other
     adjustment of Taxes of, or relating to, such Tax Matter. The Buyer has the
     right (but not the duty) to participate in the defense of such Tax Matter
     and to employ counsel, at its own expense, separate from the counsel
     employed by the Shareholder Representative. The Shareholder Representative
     must not enter into any settlement of or otherwise compromise any such Tax
     Matter to the extent that it adversely affects the Tax liability of the
     Buyer, the Company, any Subsidiary or any Affiliate of the foregoing for a
     Post-Closing Tax Period or Post-Closing Straddle period without the prior
     written consent of the Buyer, which will not be unreasonably withheld or
     delayed. The Shareholder Representative must keep the Buyer informed with
     respect to the commencement, status, and nature of any such Tax Matter, and
     will, in good faith, allow the Buyer to consult with it regarding the
     conduct of or positions taken in any such proceeding.

          (b) The Buyer shall have the right to represent the interests of the
     Company and the Subsidiaries before the relevant Governmental Authority
     with respect to any inquiry, assessment, Proceeding or other similar event
     relating to a taxable period that begins before but does not end on the
     Closing Date (a "Straddle Period Tax Matter") and shall have the right to
     control the defense, compromise or other resolution of any such Straddle
     Period Tax Matter, including responding to inquiries, filing Tax Returns
     and contesting, defending against and resolving any assessment for
     additional Taxes or notice of Tax deficiency or other adjustment of Taxes
     of, or relating to, such Straddle Period Tax Matter. If the Representing
     Sellers would be required to indemnify the Buyer, the Company, any
     Subsidiary or any of their Affiliates with respect to such Straddle Period
     Tax Matter then: (i) the Shareholder Representative has the right (but not
     the duty) to participate in the defense of such Straddle Period Tax Matter
     and to employ counsel, at its own expense, separate from counsel employed
     by the Buyer, (ii) the Buyer must not enter into any settlement of or
     otherwise compromise any such Straddle Period Tax Matter to the extent that
     it adversely affects the Tax liability of the Sellers without the prior
     written consent of the Shareholder Representative, which consent shall not
     be unreasonably withheld or delayed, and (iii) the Buyer must keep the
     Shareholder Representative informed with respect to the commencement,
     status, and nature of any such Straddle Period Tax Matter, and will, in
     good faith, allow the Shareholder Representative to consult with it
     regarding the conduct of or positions taken in any such proceeding.

                              ARTICLE 8: COVENANTS

     8.1 Seller Covenants

     8.1.1 Conduct of Business by the Company. Except as otherwise expressly
contemplated by this Agreement, during the period from the date of this
Agreement to the

                                       42
<PAGE>

earlier of (a) the termination of this Agreement pursuant to Article 10, or (b)
the Closing Date, the Seller shall not, and shall cause the Company and its
Subsidiaries not to do any or all of the acts listed hereunder, during the
period from the date of this Agreement to the Closing Date, except as expressly
contemplated by any other provision of this Agreement, without prior written
consent of the Buyer (which can be provided by email).

          (i) other than the Pre-Closing Dividend, declare, set aside or pay any
     dividends on (or make any other distributions in respect of), any of its
     share capital, split, combine, exchange, recapitalize or reclassify any of
     its share capital or issue or authorize the issuance of any other
     securities in respect of, in lieu of or in substitution for its share
     capital;

          (ii) issue, deliver, sell, pledge or otherwise encumber or subject to
     any Encumbrance any shares of its share capital, any other voting
     securities or any securities convertible into, or any rights, warrants or
     options to acquire, any such share capital, voting securities or
     convertible securities;

          (iii) amend its certificate of incorporation or by laws or the
     memorandum and articles of association of Trinity India (or equivalent
     constitutional and charter documents);

          (iv) acquire or agree to acquire by merging or consolidating with, or
     by purchasing a substantial portion of the assets or capital stock of, or
     by any other manner, any business or any Person;

          (v) sell, lease, license, mortgage or otherwise encumber or subject to
     any Encumbrance (other than Permitted Encumbrances) or otherwise dispose of
     any of its properties or assets outside the Ordinary Course of Business of
     the Company and its Subsidiaries;

          (vi) (A) grant to any current or former director, officer or other
     employee any increase in compensation, bonus or other benefits, except as
     required by Law or under any bonus or compensation or stock option plans or
     employment agreement in effect as of the date of this Agreement, (B) grant
     to any such current or former director, officer or employee any increase in
     severance or termination pay, or (C) enter into, or amend, any employment,
     deferred compensation, consulting, severance, termination or
     indemnification agreement with any such current or former director, officer
     or employee, in each case outside the Ordinary Course of Business of the
     Company and its Subsidiaries;

          (vii) incur or become subject to any liability outside the Ordinary
     Course of Business of the Company and its Subsidiaries in excess of
     US$100,000 in the aggregate;

          (viii) incur or commit to incur any capital expenditures or any
     obligations or liabilities in excess of US$100,000 that will not be fully
     performed or discharged prior to the Closing Date;

                                       43
<PAGE>

          (ix) (A) enter into, amend, modify or consent to the termination of
     any Seller Material Contract; or (B) amend, waive, modify or consent to the
     termination of any material right under any Seller Material Contract;

          (x) commence or settle any litigation;

          (xi) grant any loans to others or purchase debt securities of others
     or amend the terms of any outstanding loan agreement (except as expressly
     contemplated by this Agreement) in excess of an aggregate amount of US$
     20,000;

          (xii) revalue any of its assets (whether tangible or intangible),
     including without limitation writing down the value of inventory or writing
     off notes or accounts receivable;

          (xiii) pay, discharge or satisfy any claim, liability or obligation
     (absolute, accrued, asserted or unasserted, contingent or otherwise), other
     than the payment, discharge or satisfaction in the Ordinary Course of
     Business of the Company and its Subsidiaries, or if outside the Ordinary
     Course of Business of the Company and its Subsidiaries, pay, discharge or
     satisfy amounts in excess of $100,000 in the aggregate, if such amounts are
     for liabilities that are not reflected or reserved against in the Financial
     Statements;

          (xiv) make or change any material election in respect of Taxes or
     India Taxes, adopt or change any accounting method in respect of Taxes or
     India Taxes, enter into any closing agreement, settle any claim or
     assessment in respect of Taxes or India Taxes that was not reserved for on
     the Financial Statements, or consent to any extension or waiver of the
     limitation period applicable to any claim or assessment in respect of Taxes
     or India Taxes;

          (xv) change any of the accounting methods used by it unless required
     by US GAAP;

          (xvi) enter into any strategic alliance or joint marketing arrangement
     or agreement;

          (xvii) terminate any Key Employees, or encourage any Key Employees to
     resign outside the Ordinary Course of Business of the Company and its
     Subsidiaries;

          (xviii) authorize, or commit or agree to take, any of the foregoing
     actions.

     Provided that, if the Shareholder Representative, the Company and/or any of
its Subsidiaries gives a notice to the Buyer under Section 8.1.1, then the Buyer
shall have the right not to consummate the transactions contemplated in this
Agreement, and in such circumstances the Buyer shall have no remedy against the
Sellers or the Company or any of its Subsidiaries for any breach of the
covenants contained in this Section 8.1.1. The Buyer shall have a remedy against
the Sellers for any breach of the foregoing covenants if a notice was not given
on behalf of the Sellers to the Buyer under this Section 8.1.1, unless the
Closing occurs.

                                       44
<PAGE>

     8.1.2 Advice of Changes; Other Actions. During the period from the date
hereof until the earlier of the termination of this Agreement pursuant to
Article 10 or the Closing Date, the Representing Sellers and the Company shall
promptly advise the Buyer orally and in writing to the extent the Representing
Sellers have Knowledge of any change or event having, or which could reasonably
be expected to (A) imminently have a Material Adverse Effect on the Company and
its Subsidiaries taken as a whole, (B) materially and adversely affect the
accuracy of the representations and warranties of the Representing Sellers
contained herein, or (C) cause the conditions set forth in Article 9 not to be
satisfied.

     8.1.3 No Solicitation of Alternative Transactions. During the period from
the date hereof until the earlier of the termination of this Agreement pursuant
to Article 10 or the Closing Date, none of the Company, First Magnus or the
Representing Sellers shall, and each of them shall cause the Company and/or any
of its Subsidiaries not to authorize or permit any of its respective directors,
officers or employees or any investment banker, financial advisor, attorney,
accountant or other representative retained by it to, directly or indirectly
through another Person, (a) solicit, initiate or encourage (including by way of
furnishing information), or take any other action designed to facilitate, any
inquiries or the making of any proposal which constitutes any Acquisition
Proposal or (b) participate in any discussions or negotiations regarding any
Acquisition Proposal. For purposes of this Agreement, "Acquisition Proposal"
means, other than the transactions contemplated by this Agreement, any inquiry,
proposal or offer from any Person relating to any (i) direct or indirect
acquisition or purchase of all or substantially all of the business or assets of
the Company or any of its Subsidiaries, (ii) direct or indirect acquisition or
purchase of any equity securities of the Company or any of its Subsidiaries,
(iii) tender offer or exchange offer that if consummated would result in any
Person beneficially owning any equity securities of the Company or any of its
Subsidiaries, or (iv) merger, consolidation, business combination,
recapitalization, liquidation, dissolution or similar transaction involving the
Company or any of its Subsidiaries. None of the Company, First Magnus or the
Representing Sellers shall, and the Sellers shall cause the Company and its
Subsidiaries not to, enter into any letter of intent, agreement in principle,
acquisition agreement or other similar agreement related to any Acquisition
Proposal.

     8.1.4 Access to Information and Premises. The Representing Sellers shall
cause the Company and each of its Subsidiaries to afford to the Buyer and to the
officers, employees working on the transaction, accountants, counsel, financial
advisors and other representatives of the Buyer with a "need to know" reasonable
access during normal business hours and on reasonable notice to the Company
during the period prior to the Closing Date to its respective documents and
records concerning its respective properties, books, contracts, commitments,
personnel, customers, vendors and records and all other information concerning
its respective business, properties and personnel as the Buyer may reasonably
request.

     8.1.5 Intercompany Indebtedness and Certain Payments. All of the
Indebtedness of any Core Member to the Company or Trinity India shall be repaid
to the Company or Trinity India, as the case may be, in full prior to the
Closing. All of the inter-company Indebtedness between the Company on the
one-hand and the Trinity India on the other shall be fully paid prior to the
Closing, except as otherwise prohibited by applicable Law.

                                       45
<PAGE>

     8.1.6 Issue of Shares. The Sellers shall ensure that the Company shall not,
from the date of execution of this Agreement till the Closing Date, issue any
Shares including the common stock of the Company.

     8.1.7 Update of Disclosure Schedules. The Sellers shall have the right to
update the schedules to this Agreement until the Closing Date;. provided,
however, if any such change or modification to the schedules discloses a
Material Adverse Effect or is reasonably expected to have a Material Adverse
Effect on the Company and its Subsidiaries taken as a whole from the
disclosures, the Buyer shall have a right to terminate this Agreement (without
any liability whatsoever pursuant to Article 10 of this Agreement).

     8.1.8 Cash Retention. The Representing Sellers shall cause the Company and
Trinity India as a whole, and in addition to the existing net working capital
reflected in the Company's Interim Financial Statements, to retain as cash in
hand, net of Selling Expenses and any unreserved Taxes, penalties and fines, at
least United States $2.1 million on the Closing Date. The remainder amounts
possessed by the Company on the Closing Date after setting aside the aforesaid
amounts shall be paid to the Sellers.

     8.1.9 Form 5471. The Representing Sellers shall cause the Company to file a
return under Form 5471 under the IRS, and shall cause the Company to pay all
associated costs, taxes, liabilities in this regard.

     8.2 Buyer Covenants

     8.2.1 Conduct of Business by Buyer and each of its Subsidiaries. Except as
otherwise expressly contemplated by this Agreement, during the period from the
date of this Agreement to the earlier of (a) the termination of this Agreement
pursuant to Article 10, or (b) the Closing Date, Buyer and any of its
Subsidiaries shall not, during the period from the date of this Agreement to the
Closing Date, except as expressly contemplated by any other provision of this
Agreement, without prior written notice to the Shareholder Representatives:

          (i) amend its memorandum and articles of association or by-laws (or
     equivalent constitutional and charter documents) or the Investment
     Agreement (except as expressly contemplated by this Agreement);

          (ii) terminate any Key Employees, or encourage any Key Employees to
     resign;

     provided that, if the Buyer and/or any of its Subsidiaries gives a notice
to the Sellers under Section 8.2.1 of either (i) or (ii) or if one or both of
British Airways or Warburg Pincus have ceased to be shareholders of, or if
Warburg Pincus has sold off a majority of its shareholding in the Buyer shall
give the Shareholder Representatives notice of this, and, in each case of the
foregoing, the Sellers shall have the right not to consummate the transactions
contemplated in this Agreement, and in such circumstances the Sellers shall have
no remedy against the Buyer and/or any of its Subsidiaries for any breach of the
covenants. The Sellers shall have a remedy against the Buyer for any breach of
covenants if a notice is not given on behalf of the Buyer to the Sellers under
this Section 8.2.1.

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<PAGE>

     8.2.2 Advice of Changes; Other Actions. During the period from the date
hereof until the earlier of the termination of this Agreement pursuant to
Article 10 or the Closing Date, the Buyer shall promptly advise the Shareholder
Representatives and the Company orally and in writing to the extent the Buyer
has knowledge of any change or event having, or which could reasonably be
expected to (A) imminently have a Material Adverse Effect on the Buyer and any
of its Subsidiaries taken as a whole, (B) materially and adversely affect the
accuracy of the representations and warranties of the Buyer contained herein, or
(C) cause the conditions set forth in Article 9 to be satisfied.

     8.2.3 Investment Agreement. The Buyer agrees that the Sellers receiving
Stock Consideration will become a party to the Investment Agreement through the
Deed of Adherence and will take on record with effect from the Closing such Deed
of Adherence at a meeting of the Board of Directors to be first held subsequent
to the Closing Date. In addition, if the Buyer or one or more of its
Subsidiaries engages in a public offering or flotation or change of control
transaction with a listed or quoted company, the Buyer agrees that if there is
an exchange or conversion of any Shares, then subject to applicable Law, the
Accredited Sellers will be included in such an exchange and have the right to
receive the same type of securities as the other shareholders of the Buyer.

     8.2.4 Issue of Shares. The Buyer agrees that after the Closing Date for so
long as Warburg Pincus holds more than 50% of the issued and outstanding share
capital of the Buyer, the Buyer will not issue on a preferential basis to
Warburg Pincus (except for any rights issues made to all holders of the
Company's Common Stock) any additional shares of its Common Stock at a price
less than the fair market value of such shares as on the date of such issue of
shares, provided, however, that the Buyer shall no longer be bound by this
obligation upon the occurrence of an initial public offering of any of the
shares of the Buyer.

     8.2.5 Update of Disclosure Schedules. The Buyer shall have the right to
update the schedules to this Agreement until the Closing Date; provided,
however, if any such change or modification to the schedules discloses an event
or circumstance or facts that has had or is reasonably expected to have a
Material Adverse Effect on the Buyer and its Subsidiaries taken as a whole, the
Shareholder Representatives shall, subject to Article 10, have a right to
terminate this Agreement without any liability whatsoever.

     8.2.6 Filings for resignation of Seller Nominee Directors. The Buyer shall,
or shall cause the Company and its Subsidiaries, as soon as practicable after
Closing, to file all necessary forms with the concerned Registrar of Companies
to effect the resignation of the Seller Nominee Directors and appoint
replacement directors.

     8.3 Reciprocal Covenants

     8.3.1 Access to Information and Premises. Each party shall (and cause each
of its subsidiaries and affiliates as applicable) to afford to the other (and
its officers, employees, accountants, counsel, financial advisors and other
representatives) access during normal business hours and on reasonable notice
during the period prior to the Closing Date to all of its respective documents
and records concerning its respective properties, books, contracts,

                                       47
<PAGE>

commitments, personnel, customers, vendors and records and all other information
concerning its respective business, properties and personnel as Company or Buyer
may reasonably request.

     8.3.2 Cooperation. Each of the Parties shall use its reasonable best
efforts to take, or cause to be taken, all actions, and to do, or cause to be
done, and to assist and cooperate with the other parties in doing, all things
necessary, proper or advisable to cause the conditions set forth in Article 9 to
be satisfied and otherwise to consummate and make effective, in the most
expeditious manner practicable, the transactions contemplated by this Agreement;
provided, however, that the obligations of each Party under this Section 8.3.2
shall not limit or otherwise affect any remedies available to the other Parties.

     8.3.3 Confidentiality. Any communications between the Parties, the terms
and conditions of this Agreement, the documents contemplated hereby and the
transactions contemplated hereunder, and any other information and other
material supplied to or received by one party from the other party which is
either marked "Confidential" or is by its nature intended to be exclusively for
the knowledge of the recipient alone and any information concerning the business
of Buyer or the Company, or either party's Subsidiaries or Affiliates or the
business, transactions, operations or financial arrangements of the disclosing
party or of any Person with whom any of them has a confidential relationship
(together, the "Confidential Information"), shall not be disclosed by the
recipient to any third Persons (other than to the recipient's Affiliates or
their officers, employees and advisers on a need to know basis) unless or until:

          (i) such information is received from a third Person without any
     condition of confidentiality; or

          (ii) the recipient is compelled to disclose such information by any
     Governmental Authority or pursuant to any Law; or

          (iii) the recipient can reasonably demonstrate that the information is
     available in the public domain, whereupon, to the extent that it is public,
     this obligation shall cease; or

          (iv) it is required to be furnished to the bankers of or investors or
     potential bankers or investors in Buyer and in such case such disclosure
     shall only be made in confidence after the Closing and the recipient shall
     procure that each such Person to whom disclosure is made shall before such
     disclosure give an undertaking on the same terms as this or otherwise be
     bound by appropriate confidentiality obligations or restrictions.

     8.3.4 Public Announcement. The Parties shall not issue, or cause the
issuance or publication of, any press release or other announcement or public
communication concerning this Agreement, their negotiations or the transactions
contemplated by this Agreement or any of the Ancillary Agreements, except (i)
with the prior approval of the other Parties (except that the approval of the
Shareholder Representative and First Magnus-I shall constitute approval of all
the Sellers and the Company, or (ii) when required by Law, after intimation (of
not less than forty eight (48) hours prior to such press release, announcement
or communication unless

                                       48
<PAGE>

otherwise required by any Governmental Authority) to the other parties hereto,
and then only to the extent required by Law.

     8.3.5 Reliance. Each Party acknowledges that the other Parties have entered
into this Agreement upon the basis of, and in reliance upon the representations,
warranties and covenants herein contained.

     8.3.6 Reasonable Best Efforts; Cooperation. Each of the Parties shall use
all commercially reasonable efforts to take, or cause to be taken, all actions,
and to do, or cause to be done, and to assist and cooperate with the other
parties in doing, all things necessary, proper or advisable to cause the
conditions set forth in Article 9 to be satisfied and otherwise to consummate
and make effective, in the most expeditious manner practicable, the transactions
contemplated by this Agreement; provided, however, that the obligations of each
Party under this Section 8.3.6 shall not limit or otherwise affect any remedies
available to the other Parties.

                          ARTICLE 9: CLOSING CONDITIONS

     9.1 Conditions to the Obligations of the Buyer to Effect the Transactions
Contemplated under this Agreement. The obligations of the Buyer to effect the
transactions contemplated under this Agreement are subject to the satisfaction
or waiver in writing at or prior to the Closing of the following conditions:

          (a) Representations and Warranties. The representations and warranties
     of the Representing Sellers and First Magnus-I set forth herein shall be
     true and correct in all material respects (except for such representations
     and warranties that are qualified by their terms by a reference to
     materiality, which representations and warranties as so qualified shall be
     true and correct in all respects) both when made and at and as of the
     Closing Date, as if made at and as of such time.

          (b) Performance of Agreements and Covenants. Each and all of the
     agreements and covenants of the Sellers (including the Shareholder
     Representative) to be performed and complied with pursuant to this
     Agreement at or prior to Closing shall have been duly performed in all
     material respects.

          (c) Delivery of Documents. The Sellers shall have delivered, or cause
     to be delivered, to the Buyer all of the documents required by Section 3.2,
     and each such document shall be in form or substance reasonably
     satisfactory to Buyer.

          (d) No Injunctions or Restraints. No judgment, Order, decree, statute,
     Law, ordinance, rule or regulation, entered, enacted, promulgated, enforced
     or issued by any court or other Governmental Authority of competent
     jurisdiction or other legal restraint or prohibition (collectively,
     "Restraints") on the transactions contemplated under this Agreement, or
     seeking to prohibit the transactions contemplated under this Agreement
     shall be in effect.

          (e) No Material Adverse Change. There shall not have occurred any
     Materially Adverse Effect on the Company or its Subsidiaries taken as a
     whole.

                                       49
<PAGE>

          (f) Board and Shareholder Approval. The approvals of the directors and
     shareholders of the Company and each of its Subsidiaries contemplated by
     Section 3.2 and shall have been duly obtained as so contemplated.

          (g) Advance. The earnest money/advance payment made by Trinity India
     to VLS Capital Limited under the terms of a Memorandum of Understanding
     dated January 27, 2005 and the Agreement to Sell dated February 25, 2005,
     will have been repaid by VLS Capital Limited to Trinity India along with
     interest, if any.

          (h) Core Members Indebtedness. All of the Indebtedness of any Core
     Member to the Company or Trinity India shall have been repaid in full.

          (i) Company and Trinity India Indebtedness. All of the inter-company
     Indebtedness between the Company on the one-hand and the Trinity India on
     the other shall have been paid in full, except for those listed on Schedule
     9.1(i).

     9.2 Conditions to the Sellers' Obligations to Effect the Transactions
Contemplated under this Agreement. The obligation of the Sellers to effect the
transactions contemplated under this Agreement are subject to the satisfaction
or waiver in writing by each of the Shareholder Representative and First Magnus
at or prior to the Closing of the following conditions:

          (a) Representations and Warranties. The representations and warranties
     of the Buyer set forth herein shall be true and correct in all material
     respects (except for such representations and warranties that are qualified
     by their terms by a reference to materiality, which representations and
     warranties as so qualified shall be true and correct in all respects) both
     when made and at and as of the Closing Date, as if made at and as of such
     time.

          (b) Performance of Agreements and Covenants. Each and all of the
     agreements and covenants of the Buyer to be performed and complied with
     pursuant to this Agreement at or prior to Closing shall have been duly
     performed and complied with in all material respects.

          (c) Delivery of Documents. The Buyer shall have delivered, or caused
     to be delivered, to the Sellers all of the documents required by Section
     3.3, each in form and substance reasonably satisfactory to the Shareholder
     Representative and First Magnus.

          (d) No Injunctions or Restraints. No Restraints affecting the
     transactions contemplated under this Agreement or seeking to prohibit the
     transactions contemplated under this Agreement shall be in effect.

          (e) No Material Adverse Change. There shall not have occurred any
     Material Adverse Effect on the Buyer or its Subsidiaries taken as a whole.

          (f) Board and Shareholders Approval. The approvals of the directors
     (and shareholders if applicable) of the Buyer contemplated by Section 3.3
     shall have been duly obtained as so contemplated.

                                       50
<PAGE>

                             ARTICLE 10: TERMINATION

     10.1 Termination of this Agreement. Notwithstanding any provision contained
in the Agreement to the contrary, this Agreement may be terminated at any time
prior to the Closing as follows, and in no other manner:

          (a) Written Agreement. By written agreement executed by the Buyer, on
     the one hand, and each of the Shareholder Representatives, on the other
     hand, at any time prior to the Closing.

          (b) End Date. By the Buyer or the Shareholder Representatives acting
     collectively if the Closing shall not have occurred by November 18, 2005 or
     such other date as mutually agreed by the parties (the "End Date");
     provided, however, that the right to terminate this Agreement under this
     Section 10.1(b) shall not be available to any Party whose action or failure
     to act has been a principal cause of or resulted in the failure of the
     Closing Date to occur on or before such date and such action or failure to
     act constitutes a breach of this Agreement, or (ii) if the delay is due to
     a requirement of Law or the inquiry of a Governmental Authority then the
     parties shall mutually agree a new End Date.

          (c) Material Breach by the Sellers. By the Buyer, if any of the
     Sellers shall have breached or failed to perform in any material respect
     any of its/his/her respective representations, warranties, covenants or
     other agreements contained in this Agreement, and such breach or failure to
     perform (A) is not cured within 30 days after written notice thereof or (B)
     is incapable of being cured by the Sellers, as the case may be.

          (d) Material Breach by the Buyer. By the Shareholder Representatives
     acting collectively, if the Buyer shall have breached or failed to perform
     in any material respect any of its respective representations, warranties,
     covenants or other agreements contained in this Agreement, and such breach
     or failure to perform (A) is not cured within 30 days after written notice
     thereof or (B) is incapable of being cured by the Buyer, as the case may
     be.

     10.2 Effect of Termination. Notwithstanding any provision of this
Agreement, no Shareholder Representative alone or acting singly shall be
entitled to or shall terminate this Agreement. Where any provision entitles a
Shareholder Representative to terminate this Agreement, the exercise of such
right will be effective if and only if both Shareholder Representatives together
execute a written notice of termination. In the event that this Agreement is
terminated pursuant to Section 10.1, all obligations of the Parties under this
Agreement shall terminate and none of the parties shall have any liability or
obligation to any of the other Parties other than (i) under the provisions of
this Section 10.2, Article 11 and Article 12 or (ii) on account of and only to
the extent of any breach hereunder arising prior to such termination.

                              ARTICLE 11: REMEDIES

     11.1 Indemnification by the Representing Sellers and First Magnus. The
Representing Sellers and First Magnus, as the case may be, shall jointly but not
severally indemnify and hold harmless the Buyer, and its respective officers,
directors, employees, agents and Affiliates (the

                                       51
<PAGE>

"Buyer Indemnified Parties") from and against any and all losses, liabilities,
claims, damages, penalties, fines, judgments, awards, settlements, taxes, costs,
fees, expenses (including, but not limited to, reasonable attorneys' fees) and
disbursements (collectively "Losses") actually sustained by any of such Buyer
Indemnified Parties based upon, arising out of or otherwise in respect of:

          (a) any inaccuracies in or any breach of any representation or
     warranty made by him or it in this Agreement, as the case may be;

          (b) any breach of any covenant, obligation or agreement of him or it
     under this Agreement as the case may be;

          (c) any claims for Taxes (or the non-payment thereof) of the Company
     and the Subsidiaries for any Pre-Closing Tax Period and any Pre-Closing
     Straddle Period including (i) all Taxes of any member of an affiliated,
     combined or unitary group of which the Company or any Subsidiary is or was
     a member on or prior to the Closing Date, including pursuant to Treasury
     Regulation Section 1.1502-6 or any analogous or similar state, local or
     foreign law; and/or (ii) any and all Taxes of any other Person imposed on
     the Company or any Subsidiary, as a transferee or successor or otherwise,
     by contract or pursuant to any Law, which Taxes relate to an event or
     transaction occurring on or before the Closing Date, but the Taxes subject
     to this subsection (c) of this Section 11.1 shall not include (A) any Taxes
     for which adequate reserves in accordance with US GAAP are reflected in the
     Financial Statements, and/or (B) any Taxes incurred as a result of the
     actions or inactions taken or not taken at the express direction of the
     Buyer or one of its Affiliates in anticipation of the transactions
     contemplated by this Agreement and the other Ancillary Agreements (but
     excluding any Taxes resulting from any gains on the sale by any Sellers of
     their Shares for which the Sellers shall remain liable); and

          (d) any Selling Expenses not fully paid on or prior to the Closing
     Date.

     11.2 Indemnification by Buyer. The Buyer shall indemnify and hold harmless
the Sellers and their respective members, agents, employees and Affiliates (the
"Seller Indemnified Parties") from and against any and all Losses actually
sustained by any of such Seller Indemnified Parties based upon, arising out of
or otherwise in respect of:

          (a) any inaccuracies in or any breach of any representation or
     warranty of the Buyer contained in this Agreement;

          (b) any breach of covenant, obligation or agreement of the Buyer
     contained in this Agreement;

          (c) for any Post-Closing Tax matters; and

          (d) for any Buyer Transfer Taxes.

     11.3 Notice and Opportunity to Defend

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<PAGE>

          (a) Notice of Asserted Liability. As soon as is reasonably practicable
     and in any case not more than thirty (30) calendar days after a Seller
     Indemnified Party, on the one hand, or the Buyer, on the other hand,
     becomes aware of any claim that it has or they have under Section 11.1 or
     Section 11.2 hereof, as the case may be, that may result in a Loss (a
     "Liability Claim"), such party (the "Indemnified Party") shall give notice
     thereof (a "Claims Notice") to the other party (the "Indemnifying Party").
     A Claims Notice shall describe the Liability Claim in reasonable detail,
     and shall indicate the amount (estimated to the extent feasible) of the
     Loss that has been or is reasonably likely to be suffered by the
     Indemnified Party. No delay in or failure to give a Claims Notice by the
     Indemnified Party to the Indemnifying Party pursuant to this Section
     11.3(a) shall adversely affect any of the other rights or remedies which
     the Indemnified Party has under this Agreement, or alter or relieve the
     Indemnifying Party of its obligation to indemnify the Indemnified Party
     except to the extent that such delay or failure results in prejudice to the
     Indemnifying Party.

          (b) Opportunity to Defend. The Indemnifying Party shall have the
     right, exercisable by written notice to the Indemnified Party within thirty
     (30) calendar days after receipt of a Claims Notice from the Indemnified
     Party of the commencement or assertion of any Liability Claim in respect of
     which indemnity may be sought hereunder, to assume and conduct the defense
     of such Liability Claim in accordance with the limits set forth in this
     Agreement with counsel selected by the Indemnifying Party and reasonably
     acceptable to the Indemnified Party. If the Indemnifying Party does not
     assume the defense of a Liability Claim in accordance with this Section
     11.3(b), the Indemnified Party may continue to defend the Liability Claim
     with counsel of its choice. If the Indemnifying Party has assumed the
     defense of a Liability Claim as provided in this Section 11.3(b), the
     Indemnifying Party will not be liable for any legal expenses subsequently
     incurred by the Indemnified Party in connection with the defense thereof
     and shall control the defense; provided, however, that if the Indemnifying
     Party fails to take reasonable steps necessary to defend diligently such
     Liability Claim, the Indemnified Party may assume and control its own
     defense, and the Indemnifying Party shall be liable for all reasonable
     costs or expenses paid or incurred in connection therewith. The
     Indemnifying Party or the Indemnified Party, as the case may be, shall at
     all times have the right to participate in (but not control), at its own
     expense, the defense of any Liability Claim which the other is defending as
     provided in this Agreement but not to the extent it would or would be
     reasonably likely to result in prejudice to the Indemnifying Party unless
     the Indemnifying Party either fails to assume the defense of a Liability
     Claim or fails to take reasonable steps necessary to defend diligently such
     Liability Claim. The Indemnifying Party, if it shall have assumed the
     defense of any Liability Claim as provided in this Agreement, shall not,
     without the prior written consent of the Indemnified Party, which shall not
     be unreasonably withheld, consent to a settlement of, or the entry of any
     judgment arising from, any such Liability Claim which (1) does not include
     as an unconditional term thereof, the giving by the claimant or the
     plaintiff to the Indemnified Party a complete release from all liability
     under such Liability Claim, or (2) grants any injunctive or equitable
     relief against such Indemnified Party or its Affiliates The Indemnified
     Party shall have the right to settle any Liability Claim, the defense of
     which has not been assumed by the Indemnifying Party.

                                       53
<PAGE>

          (c) Other Actions. Indemnified Persons shall act in a commercially
     reasonable manner in addressing any Losses that may provide the basis for
     an indemnifiable claim (that is, the Indemnified Person shall respond to
     such Losses in the same manner that it would respond to such Loss in the
     absence of the indemnification provided for in this Agreement). Any request
     for indemnification of specific costs shall include invoices and supporting
     documents containing reasonably detailed information about the Losses for
     which indemnification is being sought.

     11.4 Indemnity Payments. Any payment made by any Sellers pursuant to
Section 11.1 and any payment made by the Buyer pursuant to Section 11.2 shall be
made free and clear of and without deduction for or on account of any Taxes,
charges, fees, costs, expenses or duties except as may be required by any Law.
If any Taxes or amounts in respect of such charges, fees, costs, expenses or
duties must be deducted, or any other deductions must be made, from any amounts
payable or paid pursuant to Section 11.1 or Section 11.2, such additional
amounts must be paid by the applicable Party as may be necessary to ensure that
the receiving party receives a net amount equal to the full amount which it
would have received had payment not been made subject to such Taxes, charges,
fees, costs, expenses or duties, provided that the parties will treat any
indemnification payments as an adjustment to purchase price unless otherwise
expressly required by Law.

     11.5 Survival. All of the representations and warranties contained in this
Agreement shall survive for a period of eighteen (18) months from the Closing
Date; provided, however, that representations and warranties relating to Taxes
will survive until one (1) month following the expiration of the applicable
period of time specified in the relevant statute during which the relevant
authorities may bring a claim or make an assessment for Taxes ("Survival
Period"). No Indemnified Party shall be entitled to make or give notice of any
Loss with respect to the representations or warranties contained in this
Agreement after the expiration of the applicable Survival Period, except that
each Liability Claim initiated by an Indemnified Party prior to the expiration
of the applicable Survival Period shall survive until it is settled or resolved.

     11.6 Limitations on Indemnity

          (a) None of First Magnus or the Representing Sellers will have any
          obligation to indemnify the Buyer Indemnified Parties pursuant to
          Section 11.1(a) (Breach of Representation or Warranty) for a claim
          (regardless of whether the claim arises or results from any claim from
          any third party or otherwise) until the amount of the Losses for a
          claim actually suffered by the Buyer Indemnified Parties in respect of
          such claim exceeds US$200,000 (the "SB Claim Threshold"). If the Buyer
          Indemnified Parties:

               (i) make a claim under Section 11.1(a) (Breach of Representation
          and Warranty) (regardless of whether such claim arises or results from
          any claim from any third party or otherwise) for any Losses actually
          suffered by the Buyer Indemnified Parties that exceed the SB Claim
          Threshold, the Representing Sellers or First Magnus, as the case may
          be, shall indemnify the Buyer Indemnified Parties for the entire
          amount of such Losses (including, without limitation, in

                                       54
<PAGE>

          respect of any Losses below the SB Claim Threshold) for the claim,
          subject to the limitations set forth below in Section 11.6(c); or

               (ii) make a claim under Section 11.1(b) (Breach of Covenant or
          Agreement) in respect of any Losses actually suffered for breach of
          any covenant, obligation or agreement of First Magnus or the
          Representing Sellers or under Section 11.1(c) (Taxes) or 11.1(d)
          (Selling Expenses), the Representing Sellers and First Magnus shall
          indemnify the Buyer Indemnified Parties for the entire amount of such
          Losses subject to the limitations set forth below in Section 11.6(c);
          it being understood, acknowledged and agreed by the Parties that the
          SB Claim Threshold shall not apply to such claims.

          (b) The Buyer will have no obligation to indemnify the Seller
          Indemnified Parties pursuant to Section 11.2 of this Agreement for a
          claim (regardless of whether such claim arises or results from any
          claim from any third party or otherwise):

          provided however if the Seller Indemnified Parties;

               (i) make a claim (other than a Third Party Claim (as defined)
          under Section 11.2(a) (Breach of Representation or Warranty) for any
          Losses actually suffered by a Seller Indemnified Parties, or for
          purposes of measuring the Loss, the Buyer or its Affiliates that
          exceed the SB Claim Threshold, the Buyer shall indemnify the Seller
          Indemnified Parties for the entire amount of such Losses (including,
          without limitation, in respect of any Losses below the SB Claim
          Threshold) provided the fair market value of a WNS Share (or if
          exchanged or converted, its equivalent) at the time such claim arises
          (and not at the time the claim is made, notified, processed or
          otherwise) is below GBP 3.50 per WNS Share (or if exchanged or
          converted, its equivalent) (the "Pound3.50 Seller Claim Condition")
          and subject to the limitations set forth below in Section 11(d); or

               (ii) make a claim under any part of Section 11.2 based on a Loss
          resulting to a Seller Indemnified Party from a claim on a Seller
          Indemnified Party from a Third Party (a "Third Party Claim"), for any
          Losses actually suffered by the Seller Indemnified Parties that
          exceeds the SB Claim Threshold, the Buyer shall indemnify the Seller
          Indemnified Parties for the entire amount of such Losses (including,
          without limitation, in respect of any Losses below the SB Claim
          Threshold); provided, however that the Buyer will have the opportunity
          to defend the claim in accordance with Section 11.3(b); and provided
          further that if the Buyer does proceed diligently to defend such claim
          pursuant to Section 11.3(b) and satisfies such Losses then the Buyer
          shall not be further obligated to indemnify the Seller Indemnified
          Parties unless the Pound3.50 Seller Claim Condition is satisfied; or

               (iii) make a claim under Section 11.2(b) (Covenants and
          Agreements) in respect of any Losses actually suffered for breach of
          any covenant, obligation or agreement of the Buyer under Section
          11.2(c) (Post-Closing Tax Matters) or

                                       55
<PAGE>

          Section 11.2(d) (Buyer Transfer Taxes), in each case arising as a
          result of a non-Third Party Claim, the Buyer shall indemnify the
          Seller Indemnified Parties for the entire amount of such Losses
          subject to the limitations set forth below at the end of this
          subsection (c) and Section 11.6(d) and provided that the Pound3.50
          Seller Claim Condition is satisfied; it being understood, acknowledged
          and agreed by the Parties that the SB Claim Threshold shall not apply
          to such claims.

     Notwithstanding the foregoing, the maximum amount that the Seller
     Indemnified Parties may claim hereunder in respect of a single claim under
     Section 11.6(b) shall not exceed the Sellers, percentage shareholding of
     the total issued and outstanding shares of the Buyer at the time the claim
     arises (and not at the time the claim is made, notified, processed or
     otherwise); provided, however, that such amount shall not exceed six
     percent (6%) of the total value of the Loss suffered by the Buyer as a
     result of the matter that forms the basis of such claim.

          (c) The obligations of First Magnus and the Representing Sellers to
     indemnify the Buyer Indemnified Parties under Sections 11.1(a) (Breach of
     Representation and Warranty) and 11.1(b) (Breach of Covenants) in respect
     of all claims under Sections 11.1(a) (Breach of Representation and
     Warranty) and 11.1(b) (Breach of Covenants) shall not exceed the lower of
     (the "Indemnity Cap"):

               (i) US $19,000,000 and

               (ii) an amount in US dollars (at the then-prevailing US
          Dollar-GBP exchange rate published in the European Wall Street
          Journal) that is the product of:

                    (1) the then-current fair market value of a WNS Share at the
               time the claim arises (and not at the time the claim is made,
               notified, processed or otherwise) and

                    (2) the total number of WNS Shares issued to the Sellers
               under this Agreement.

          Notwithstanding any provision of this Agreement, the Indemnity Cap
          shall not apply to any claims

               (i) in respect of any inaccuracy in or a breach of the
          representations and warranties contained in Sections 4.2 (Good Title)
          and Section 4.4 (Capitalization of the Company) and Section 5A.3 (Good
          Title Representation and Warranty by First Magnus) (but only vis-a-vis
          First Magnus);

               (ii) in respect of a breach of the covenants, obligations and/or
          agreements contained in Section 8.1(vii)(Liabilities Outside the
          Ordinary Course of Business), (viii)(Capital Expenditures) and
          (x)(Litigation) and a breach of this Article 11;

                                       56
<PAGE>

               (iii) based on fraud in connection with this Agreement, the
          Escrow Agreement, any officers certificates delivered hereunder or the
          transactions contemplated hereby and thereby; and/or

               (iv) under Sections 11.1(c) (Pre-Closing Taxes) and 11.1(d)
          (Selling Expenses).

               (d) The obligations of the Buyer to indemnify the Seller
          Indemnified Parties under Sections 11.2(a) (Breach of Representation
          and Warranty) and 11.2(b) (Breach of Covenants) in respect of all
          claims under Sections 11.2(a) and Section 11.2(b) shall not exceed US$
          19,000,000; provided, however, that, notwithstanding any provision of
          this Agreement, this limitation shall not apply to any claims (W) in
          respect of any inaccuracy in or a breach of the representations and
          warranties contained in Sections 6.2 (WNS Shares) and 6.4
          (Capitalization of the Buyer), (X) in respect of a breach of this
          Article 11; (Y) based on fraud in connection with this Agreement and
          the Escrow Agreements, any officers certificates delivered hereunder
          or the transactions contemplated hereby and thereby; and/ or (Z) under
          Sections 11.2(c) (Post-Closing Taxes) and 11.2(d) (Buyer Transfer
          Taxes).

     11.7 Adjustment for Insurance Benefit. Any indemnification payable in
accordance with this Section 11.7 shall be net of any amounts actually recovered
(after deducting related costs and expenses) by the Indemnified Party for the
Losses for which such indemnification payment is made under any insurance
policy, warranty or indemnity from any Person other than a party hereto. Each
Party agrees to waive as against the other any rights of subrogation (if
applicable) it may have with regard to insurance, and an Indemnified Person
shall use reasonable efforts to collect any amounts available under any such
insurance policy, warranty or indemnity from any Person other than a party
hereto.

     11.8 Sole and Exclusive Remedy. Except in respect of breaches of the
representations, warranties and covenants contained in Section 5(B) (Accredited
Investor Representations), the indemnities provided for in this Article 11 shall
be the sole and exclusive remedies of the Indemnified Parties under this
Agreement. The Parties shall not be entitled to a rescission of this Agreement,
or to any further indemnification rights or other claims of any nature
whatsoever in respect thereof (whether by contract, common law, statute, law,
regulation or otherwise, including, without limitation, under the Racketeer
Influence and Corrupt Organizations Act of 1970, as amended), all of which the
Parties hereby waive; provided, however, nothing herein is intended to waive any
claims for fraud.

                            ARTICLE 12: MISCELLANEOUS

     12.1 Further Assurances. From and after the date of this Agreement, at the
request of the Buyer, the Shareholder Representative shall execute and deliver
or cause to be executed and delivered to the Buyer or the Company such deeds,
bills of sale, assignments or other instruments to the Buyer or the Company in
addition to those required by this Agreement, as the Buyer or the Company may
reasonably request, in order to implement the transactions contemplated by this
Agreement.

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<PAGE>

     12.2 Expenses. Except and unless as specifically noted herein, each of the
parties hereto shall bear their respective expenses incurred or to be incurred
in connection with the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby.

     12.3 No Assignment. The rights and obligations of the Parties hereunder may
not be assigned without the prior written consent of the other Party hereto.
Notwithstanding the previous sentence, the Buyer may, without the consent of the
Sellers, assign its rights under this Agreement to any lender of the Buyer or to
any Affiliate or any Subsidiary of the Buyer so long as Buyer shall remain
responsible for its obligations hereunder.

     12.4 Headings. The headings contained in this Agreement are included for
purposes of convenience only, and shall not affect the meaning or interpretation
of this Agreement.

     12.5 Integration, Modification and Waiver. This Agreement, together with
the Exhibits, Schedules and certificates or other instruments delivered
hereunder, constitutes the entire agreement between the Parties with respect to
the subject matter hereof and supersedes all prior understandings of the
Parties. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by the Buyer. No waiver of any of the
provisions of this Agreement shall be deemed to be or shall constitute a
continuing waiver unless otherwise specified in an express written waiver signed
by each of the party or parties to be bound by it. No waiver shall be binding
unless executed in writing by the Party making the waiver.

     12.6 Construction. The Parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any of the
provisions of this Agreement. Any reference to any federal, state, local or
foreign statute or Law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The
word "including" shall mean including without limitation. Any reference to the
singular in this Agreement shall also include the plural and vice versa. Any
notice to be provided to, or any consent to be obtained from, the Sellers shall
mean that such notice shall be provided to, or such consent shall be obtained
from, the Shareholder Representative, acting for and on behalf of the Sellers.

     12.7 Severability. If any provision of this Agreement or the application of
any provision hereof to any Party or circumstance shall, to any extent, be
adjudged invalid or unenforceable, the application of the remainder of such
provision to such Party or circumstance, the application of such provision to
other Parties or circumstances, and the application of the remainder of this
Agreement shall not be affected thereby.

     12.8 Notices. Except as expressly set forth herein, all notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given when delivered in person or when dispatched by
electronic facsimile transfer (if confirmed in writing by mail simultaneously
dispatched) or four (4) Business Days after having been dispatched by an
internationally recognized overnight courier service to the appropriate party at
the address or facsimile number specified below (unless being sent from

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<PAGE>

and to an address in the United States, in which case the length of the time
shall be one (1) Business Day (instead of four (4)):

          If to the Sellers (Other than First Magnus):

             Mr. Vivek Shivpuri
             Attn:  Shareholder Representative
             7520 East Placita Ventana Nayes,
             Tucson, Arizona 85750, USA
             Facsimile No.: +1 520 202-9711

          If to First Magnus:

             First Magnus Financial Corporation
             603 North Wilmot
             Tucson, Arizona 85711, USA
             Attn: General Counsel - Douglas Lemke
             Facsimile: +1 520 202-0223

          with a copy in each case to:

             Thompson Legal Advisory Services
             229 Brannan Street, Suite 18G
             San Francisco, CA  94107, USA
             Attention: Tamara L. Thompson
             Facsimile: + 1 415 896-5166

             If to the Buyer:

             WNS Global Services (P) Ltd.
             Gate No. 4, Godrej & Boyce Complex,
             Pirojshanagar, Vikhroli(W),
             Mumbai 400079, INDIA.
             Attention: Mr. Zubin Dubash
             Facsimile No.: +91 22 2518 8311

             with a copy to:

             P&A Law Offices
             1st Floor, Dr. Gopal Das Bhavan
             28, Barakhamba Road
             New Delhi 110 001, INDIA
             Attention: Mr. Anand Pathak
             Facsimile: +91 11 2335 3761

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<PAGE>

     Any Party hereto may change its address or facsimile number for the
purposes of this Section 12.8 by giving notice as provided herein.

     12.9 Dispute Resolution.

          (a) All disputes arising directly under or in connection with this
     Agreement, the validity of this Agreement or the grounds for termination
     thereof, including whether any payments may be due under this Agreement and
     if so on what terms and value, shall be resolved as follows: A
     representative of the senior management of the Buyer and the Shareholder
     Representative shall meet within 30 (thirty) calendar days of such dispute
     arising at the head office of the Company in USA to attempt to resolve any
     such dispute. The meetings shall be conducted in English. If the dispute
     cannot be resolved within 30 calendar days of such meeting, either of the
     representatives may make a written demand for formal dispute resolution and
     specify therein the scope of the dispute. Within thirty (30) days after
     such written notification, the Parties shall meet for one day at the head
     office of the Company in USA with an impartial mediator who is conversant
     in the English language jointly selected by such representatives and
     consider dispute resolution alternatives other than litigation. The
     meetings shall be conducted in English. If an alternative method of dispute
     resolution is not agreed upon within thirty (30) days after such one-day
     meeting, either representative may begin litigation proceedings in the
     courts of Delaware, which shall have exclusive jurisdiction in relation to
     all such disputes referred to in this Section 12.9(a).

          (b) Notwithstanding the provisions of Section 12.9(a), each of the
     Buyer and the Shareholders or the Shareholder Representatives shall have
     the right, without the requirement of first seeking a remedy through any
     dispute resolution alternative (including arbitration) that has been agreed
     upon, only to seek preliminary injunctive or other equitable relief in any
     proper court in the event that such Person determines that eventual redress
     through the dispute resolution alternative will not provide a sufficient
     remedy for any violation of this Agreement.

          (c) In no event shall disputes under any employment agreements, or
     relating to any offers of employment to current employees of the Company,
     be governed by this Section 12.9.

     12.10 Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware in the United
States of America without regard to principles of conflicts of law. The Parties
hereto expressly submit to the exclusive jurisdiction of the courts of the State
of Delaware subject to Section 12.9(a) and (b). Upon the rendering of a judgment
by a court of competent jurisdiction in the State of Delaware against any Party,
the other Parties shall be entitled to enforce such judgment against such other
Party wherever the assets of such first Party are located (including, if
necessary or advisable, by seeking an order from a court of competent
jurisdiction in the jurisdiction where such assets are located).

                                       60
<PAGE>

     12.11 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     12.12 Waiver and Release. Each Representing Sellers and First Magnus hereby
irrevocably and forever waives and releases the Company, its Subsidiaries and
Affiliates and the Buyer and their respective officers and directors, (i) from
any and all claims now or hereafter arising in respect of the consideration
received by him or it (as the case may be) pursuant to the transactions
contemplated hereby, and (ii) regarding any claim based upon or relating to
unfair treatment in connection with the payment of the Transaction Consideration
or any portion thereof and his or its (as the case may be) entitlement thereto
or discrimination in the determination of the amount paid to him or it (as the
case may be)or the nature of the consideration received by him or it (as the
case may be) so long as in each case, the consideration specified in Schedule
2.2 (iii) of the Agreement against his or its (as the case may be) name is paid
to him or it (as the case may be).

                                       61
<PAGE>

          IN WITNESS WHEREOF, the Parties have executed or caused their duly
authorized representatives to execute this Stock Purchase Agreement as of the
day and year first above written.

                                        WNS HOLDINGS LTD.

                                        By:     /s/ Zubin Dubash
                                            ------------------------------------
                                        Name:       Zubin Dubash
                                              ----------------------------------
                                        Title:      Group CFO
                                               ---------------------------------

                                        TRINITY PARTNERS INCORPORATED

                                        By:     /s/ Vivek Shivpuri
                                            ------------------------------------
                                        Name: Vivek Shivpuri
                                        Title: President

                                        FIRST MAGNUS FINANCIAL CORPORATION

                                        By:     /s/ Gurpreet S.Jaggi
                                            ------------------------------------
                                        Name: Gurpreet S. Jaggi
                                        Title: President

                                        FIRST MAGNUS CONSULTING LLC

                                        By:     /s/ Gurpreet S. Jaggi
                                            ------------------------------------
                                        Name: Gurpreet S. Jaggi
                                        Title: Manager

                                        /s/ Vivek Shivpuri
                                        ----------------------------------------
                                        VIVEK SHIVPURI

                                        /s/ Arvind Srivasava
                                        ----------------------------------------
                                        ARVIND SRIVASAVA

                                        /s/ Amit Gujral
                                        ----------------------------------------
                                        AMIT GUJRAL

                                        /s/ Francesco Paola
                                        ----------------------------------------
                                        FRANCESCO PAOLA

                SIGNATURE PAGE TO THE WNS TRINITY STOCK PURCHASE
                             AGREEMENT (PAGE 1 OF 2)

                                       62
<PAGE>

                                        /s/ Vivek Shivpuri
                                        ----------------------------------------
                                        VIVEK SHIVPURI, IN HIS CAPACITY AS THE
                                        SHAREHOLDER REPRESENTATIVE FOR
                                        THE SHAREHOLDERS LISTED ON
                                        ANNEXURE 1

                SIGNATURE PAGE TO THE WNS TRINITY STOCK PURCHASE
                             AGREEMENT (PAGE 2 OF 2)

                                       63
<PAGE>

                                   ANNEXURE 1

                                       64
<PAGE>

                                    EXHIBIT A

                                  CORE MEMBERS

                                       65
<PAGE>

                                    EXHIBIT B

                                ESCROW AGREEMENT

                                       66
<PAGE>

                                    EXHIBIT C

                 FIRST MAGNUS MASTER SERVICE AGREEMENT AMENDMENT

                                       67
<PAGE>

                                    EXHIBIT D

                              EMPLOYMENT AGREEMENTS

                                       68
<PAGE>

                                    EXHIBIT E

                            SELLERS TITLE CERTIFICATE

                                       69
<PAGE>

                                    EXHIBIT F

                                DEED OF ADHERENCE

                                       70<PAGE>
                                                                    Exhibit 10.2

                                   LEASE DEED

THIS LEASE DEED ('LEASE DEED') is made at Gurgaon on this 10(th) day of March
2005.

                                    BETWEEN

M/S DLF CYBER CITY, a partnership firm duly registered under the Indian
Partnership Act, 1932 having its office at 1-E, Jhandewalan Extension, New
Delhi-110055 (hereinafter referred to as "THE LESSOR" which expression shall,
unless it be repugnant to the context or meaning thereof, be deemed to mean and
include the said M/s DLF Cyber City and all the partners for the time being
constituting the Firm and their respective legal representatives,
administrators, heirs, executors, successors and assigns) acting through its
signatory, Mr A.S.Minocha vide authorization dated 18.5.2004 of the FIRST PART

                                      AND

M/S. WNS Global Services (P) Ltd a company incorporated under the Companies Act,
1956 and presently having its registered office in India at Gate 4, Godrej &
Boyce Complex, Pirojshanagar, Vikhroli (W), Mumbai 400 079 (hereinafter referred
to as "THE LESSEE" which expression shall, unless it be repugnant to the context
or meaning thereof, be deemed to mean and include its successors and assigns)
through its signatory Mr. Amit Bhatia vide Board resolution dated 7(th) February
2005 of the OTHER PART.

(Both THE LESSOR and THE LESSEE are collectively referred to as "THE PARTIES")

A.   WHEREAS M/s DLF Universal Limited and M/s. DLF Housing and Construction
     Limited, companies incorporated under the Companies Act, 1956, having their
     registered offices at 3(rd) floor, Shopping Mall, Arjun Marg, Phase-I, DLF
     City, Gurgaon, Haryana owned an undivided plot of land (as shown in plan
     attached) in Phase-III, DLF City, Tehsil and District Gurgaon, more fully
     described in ANNEXURE-III(hereinafter referred to as the "SAID PLOT")
     reserved and approved for office use pursuant to the layout plan approved
     by Director, Town and Country Planning, Government of Haryana, Chandigarh
     under the Haryana Development and Regulation of Urban Areas Act, 1975;

B.   AND WHEREAS DLF Universal Limited then was in the process of constructing
     multi-storied buildings on the said Plot and on January 7, 2004, M/s. DLF
     Universal

                                       1
<PAGE>
     Limited and M/s. DLF Housing & Construction Limited brought the undivided
     ownership of the said plot along with constructions made thereon in the
     common stock of the partnership firm, namely, M/s. DLF Cyber City on
     January 7, 2004, vide a Memorandum of Partnership executed on January 27,
     2004;

C.   AND WHEREAS the said Plot along with constructions made thereon ceased to
     be the property of M/s. DLF Universal Limited and M/s. DLF Housing and
     Construction Limited and became the absolute property of the partnership
     firm 'DLF Cyber City' on the date of January 7, 2004;

D.   AND WHEREAS THE LESSOR is constructing multi-storeyed buildings comprising
     of three towers namely A, B & C with basements named as
     "Infinity Towers" (hereinafter referred to as the "SAID BUILDING")
     prescribed use whereof is offices with basements for parking and services
     in accordance with the building plans as approved by the Director Town &
     Country Planning Department, Government of Haryana, Chandigarh;

E.   AND WHEREAS THE LESSOR is seized and possessed of the said Plot and the
     building constructed thereon and is competent to lease office spaces in
     the said Building on the said Plot.

F.   AND WHEREAS based on the above representations made by THE LESSOR and after
     due inspection and verification of the said Plot, approved building plans,
     ownership record of the said Plot and other documents relating to the
     title, competency and all other relevant details THE LESSEE is satisfied in
     all respects with regard to the right, title and authority of THE LESSOR to
     enter into this Lease Deed.

G.   AND WHEREAS THE LESSEE has approached THE LESSOR to take on lease and THE
     LESSOR has agreed to give on lease, office space in the said Building as
     per detailed terms stipulated in this Lease Deed and ANNEXURES I TO X
     annexed hereto.

H.   AND WHEREAS both the Parties have agreed to enter into this Lease Deed on
     the terms and conditions stipulated in this Lease Deed and ANNEXURES I TO X
     annexed hereto:

NOW THEREFORE IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1.   THE LESSOR hereby leases out to THE LESSEE and THE LESSEE takes on lease
     from the Lease Commencement Date (as specified in ANNEXURE-II), office
     space admeasuring an aggregate super built up area of 8453.641 sq. mtrs
     ((90,995 sq.ft.) in the said Building as more detailed in ANNEXURE-II
     (hereinafter referred to as the "DEMISED PREMISES"), the area calculations
     for which are defined in ANNEXURE-IV to this Lease Deed, and obtains the
     right to use only the common areas in the said Building/said Plot to be
     used by THE LESSEE together with other occupants in the said Building and
     the right to park in terms of this Lease Deed, cars in the car parking
     spaces earmarked in the basement(s)/surface by THE LESSOR and the right to
     use only, along with other occupants in the said Building, areas in the
     basement reserved for common services and common circulation.

2.   The rent as specified in this Lease Deed shall commence from the Date of
     Rent Commencement as specified in ANNEXURE-II.

     The car parking space charges, maintenance and other charges as specified
     in this Lease Deed shall commence from the Date of Possession which date
     shall hereinafter be alternatively referred to as the 'DATE OF LEASE
     COMMENCEMENT' as specified in ANNEXURE-II.

                                       2
<PAGE>
     The detailed calculations of rent, car parking space charges & security
     deposits payable by THE LESSEE during the period of lease are given in
     Annexure -- V to this Lease Deed separately, which forms part and parcel of
     this Lease Deed.

3.   During Lock-in-period as given in Annexure -- II (the "Lock-in-period"),
     starting from the Date of Lease Commencement, THE LESSEE shall not be
     entitled to terminate the Lease Deed during this period. THE LESSEE can
     terminate the Lease Deed, without cause, at any time after the expiry of
     the Lock-in-period of lease by giving notice in writing or payment of rent
     and other dues in lieu of the notice to THE LESSOR as per the notice period
     mentioned in Annexure -- II. In the event of THE LESSEE terminating the
     Lease Deed before the expiry of Lock-in-period, THE LESSOR shall also be
     entitled to payment of rent, car parking space charges and maintenance
     charges, taxes, etc., if any, for the entire unexpired period of the
     Lock-in-period, from THE LESSEE. THE LESSOR's sole right of terminating
     this Lease Deed shall be as contained in Annexure -- I -- Clause 39.

4.   THE LESSOR shall charge and THE LESSEE shall pay an initial rent of
     Rs. 30/- (Rupees Thirty only) per sq.ft. per month as more detailed in
     Annexure -- II on the super built-up area of the Demised Premises to be
     paid fully without any and all deductions whatsoever except deduction of
     income-tax at source, if applicable.

5.   In addition to the rent payable for the Demised Premises as stipulated in
     this Lease Deed, THE LESSEE shall also be liable to bear and pay on its
     sole account the entire part of any and all levies, duties, taxes on
     property, charges, rates, cesses, fees, wealth-tax, etc. imposed/demanded
     by the Central or the State Government/any local body/all other
     authorities and all increases and/or fresh impositions thereof as
     applicable and attributable to the said Plot/said Building/Demised
     Premises on and from the Date of Possession. THE LESSEE shall also be
     liable to fulfill any and all procedural requirements as may be
     prescribed by the Central or the State Government/any local body/all other
     authorities in connection with the subject matter hereof.

6.   In the event any such fresh imposition and/or increase as stated above in
     Clause 5 hereof is levied retrospectively, the liability of THE LESSEE
     shall relate only to the period on and from the Date of Possession and the
     same shall not be deductible/adjustable from the rent and other sums due
     and payable by THE LESSEE to THE LESSOR in terms of this Lease Deed. All
     such fresh impositions and/or increases as above stated shall be paid by
     THE LESSEE to THE LESSOR within fifteen (15) days of written demand by THE
     LESSOR to THE LESSEE, giving details thereof duly supported with copies of
     the relevant documents, if any, from the Central or State Government/local
     body/any and all authorities, as the case may be. In the event any all
     such levies, duties, taxes on property, charges, rates, cesses, fees,
     wealth-tax, etc., referred to above and/or such fresh imposition and/or
     increase is payable by THE LESSEE to the Central or State Government/local
     body/any and all authorities as the case may be, THE LESSEE shall pay the
     same immediately upon the same becoming due. Any default made by it in such
     payment shall be entirely at its own risk and penalties thereby accruing
     will be entirely borne and paid by it.

7.   At present various services, facilities within the said Plot/said
     Building/Demised Premises and civic amenities in the DLF City where the
     Demised Premises/said Building are located are being maintained by DLF
     Services Limited ("DSL"), the nominee of THE LESSOR. Maintenance services
     are as set out in Annexure -- VI to this Lease Deed, charges of which are
     payable to DSL or any other nominees/assigns of THE LESSOR as per bills
     raised by them calculated at 1.2 times the actual expenditure. Additional
     charges towards service tax(es) as applicable, shall also be payable by THE
     LESSEE.

     However, the maintenance charges are charged for normal office operations
     i.e. from 8.00 A.M. to 8.00 P.M. (Monday to Friday) and from 8.00 A.M. to
     2.00 P.M. on Saturdays. For working beyond normal office hours, additional
     charges will be based

                                       3
<PAGE>
     on cost plus 20% and in case there are other offices operational during
     that time, the cost for the same will be shared proportionately. The
     maintenance charges shall be subject to deduction of income-tax at source
     as applicable.

     Notwithstanding anything contained in the Lease Deed/Annexures to the Lease
     Deed, the maintenance charges for the initial twelve (12) months shall be
     capped @Rs.21 per sq.ft. per month on the super built-up area for 24*6
     operations and Rs.23 per sq.ft. per month on the super built-up area for
     24*7 operations. These estimated maintenance charges are charges as on
     1st Jan 2005 and will change subject to variation in the cost of any of the
     components of the maintenance charges i.e. electricity rates, petroleum
     products, taxes, wages and salaries at any point of time.

     The Service Tax as applicable shall be additional.

8.   THE LESSEE agrees that, in consideration of THE LESSOR granting lease and
     THE LESSEE in consideration of taking on lease the Demised Premises and
     due performance of all its obligations stipulated in this Lease Deed, THE
     LESSEE shall pay and always maintain with THE LESSOR during the entire term
     of this Lease Deed, an interest free refundable deposit ("Interest Free
     Refundable Security Deposit") for an amount as mentioned in Annexure -- II.

9.   THE LESSEE has paid an amount as mentioned in Annexure II, the receipt of
     which is hereby acknowledged by THE LESSOR as the portion of the Interest
     Free Refundable Security Deposit paid at the time of signing of the
     Memorandum of Understanding. The balance sum as mentioned in Annexure -- II
     being the balance of the Interest Free Refundable Security Deposit shall be
     paid by THE LESSEE on Lease Commencement Date.

10.  Upon increase in rent as mentioned in Annexure -- II, the aforesaid
     Interest Free Refundable Security Deposit shall automatically stand
     increased proportionately as mentioned in Annexure -- II. The increased
     amount of Interest Free Refundable Security Deposit shall be paid by THE
     LESSEE along with the rent due for the month succeeding the month in which
     the term of the Lease Deed is renewed.

11.  The entire amount paid by THE LESSEE as Interest Free Refundable Security
     Deposit during the lease period shall be kept by THE LESSOR which shall be
     refunded by THE LESSOR to THE LESSEE without any interest upon THE LESSEE
     surrendering peaceful, vacant and physical possession of the Demised
     Premises in bare shell condition on expiry or earlier termination of this
     Lease Deed, if any and subject to adjustment of arrears of rent and any
     other sum, if any, due and payable under this Lease Deed as renewed from
     time to time.

12.  On Lease Commencement Date THE LESSEE agrees to pay to THE LESSOR an amount
     as mentioned in Annexure -- II as Interest Free Refundable Maintenance
     Security Deposit which shall be refunded to THE LESSEE upon surrendering
     peaceful, vacant and physical possession of the Demised Premises in bare
     shell condition and after adjustment of any amount due from THE LESSEE on
     account of maintenance and other charges under this Lease Deed and of any
     amount due from THE LESSEE to THE LESSOR and any adjustments, deductions or
     reimbursement for any damages suffered by THE LESSOR on account of any
     default or breach of any obligation by THE LESSEE under this Lease Deed.

13.  THE LESSEE agrees, in consideration of THE LESSOR granting right to use car
     parking spaces as mentioned in Annexure -- II earmarked in the
     basement(s)/surface (plan attached as Annexure -- VII to this Lease Deed)
     to perform all its obligations under this Lease Deed pertaining to use of
     car parking spaces.

14.  THE LESSEE shall not have the right to terminate this Lease Deed hereby
     granted and vacate the Demised Premises until the expiry of the Lock-in-
     period as mentioned in Annexure -- II starting from the Date of Lease
     Commencement. Thereafter, THE

                                       4
<PAGE>
     LESSEE shall have an option to renew the Lease Deed for such terms as
     mentioned in Annexure -- II by giving six (6) months' advance notice in
     writing prior to the expiry of the first term of the Lease Deed and upon
     exercise of renewal option, THE LESSOR shall execute and cause the renewed
     Lease Deed to be registered, at the cost of THE LESSEE, and the renewed
     Lease Deed shall be on the same lines hereof except only that the rent (and
     correspondingly, the security deposits and car parking charges, if any)
     shall be enhanced as mentioned in Annexure -- II. THE LESSEE agrees that in
     case THE LESSEE terminates the Lease Deed prior to the expiry of Lock-in-
     period as mentioned in Annexure -- II to this Lease Deed, then THE LESSEE
     shall be liable and hereby authorises THE LESSOR to deduct from the
     deposits lying with THE LESSOR, the entire rent and other sums due and
     payable under this Lease Deed for the unexpired period of the Lock-in-
     period and other sums due and payable under this Lease Deed on that date.
     Further, THE LESSEE undertakes to pay the balance, if any, remaining after
     such adjustment on or before the expiry of notice of termination.

15.  After the said Lock-in-period, THE LESSEE may terminate the lease by
     giving six (6) months' prior notice in writing to THE LESSOR or by payment
     of proportionate equivalent rent and all other charges/sums stipulated
     under this Lease Deed in lieu of the notice. Upon the expiry of six (6)
     months from the date of notice, as aforesaid, the lease shall stand
     terminated subject to THE LESSEE paying THE LESSOR till the date of
     vacation of the Demised Premises, the entire rent, car parking charges,
     maintenance charges, other charges, taxes, etc. as set out in this Lease
     Deed and handing over vacant, peaceful physical possession of the Demised
     Premises.

     That upon the expiry of initial lease period as mentioned in Annexure -- II
     or upon expiry or earlier termination during the renewed period as
     stipulated above, this Lease Deed will expire and come to an end subject to
     THE LESSEE paying to THE LESSOR till the date of vacation of the Demised
     Premises, the entire rent, car parking space charges, maintenance charges,
     other charges, taxes, etc. as set out in this Lease Deed and handing over
     vacant, peaceful physical possession of the Demised Premises. If THE
     LESSEE fails to pay as aforesaid or hand over peaceful and vacant physical
     possession of the Demised Premises on the date of expiry of the last
     day of lease, THE LESSEE agrees to pay to THE LESSOR damages calculated @
     Rs. 2,72,985/- (Rupees Two Lacs Seventy Two Thousand Nine Hundred Eighty
     Five only) per day for occupation of the Demised Premises by THE LESSEE
     and in such an event THE LESSEE hereby authorises THE LESSOR to withhold
     without any interest the refund of all the refundable security deposits
     lying with THE LESSOR. THE LESSEE further agrees and authorises THE LESSOR,
     in the event of such occupation of the Demised Premises exceeding a period
     of three (3) months beyond the expiry or last day of earlier termination of
     the lease, to forfeit all the refundable security deposits lying with THE
     LESSOR and in addition to continue to be liable and pay damages calculated
     @ Rs. 2,72,985/- (Rupees Two Lacs Seventy Two Thousand Nine Hundred Eighty
     Five only) per day for the number of days of such occupation beyond the
     expiry or earlier termination of the Lease Deed.

16.  Simultaneous to THE LESSEE paying all its dues under this Lease Deed and
     delivering peaceful, vacant and physical possession of the Demised
     Premises on or before the last day of the validity of the Lease Deed, THE
     LESSOR shall refund all refundable security deposits without any interest
     under this Lease Deed deposited by THE LESSEE after adjustment of
     outstanding dues, if any.

     In case of delay by THE LESSOR in refunding the refundable security
     deposits, THE LESSOR shall pay interest to THE LESSEE at the rate of 15%
     p.a. for the period of delay.

17.  All costs, charges, expenses including penalties, payable on or in respect
     of execution and registration of this Lease Deed and on all other
     instruments and deeds to be executed pursuant to this Lease Deed, shall be
     borne and paid solely by THE

                                       5
<PAGE>
     LESSEE who shall be responsible for compliance of the provisions of Indian
     Stamp Act, 1899.

18.  The Lease Deed alongwith the Annexures annexed hereto constitutes the
     entire agreement between the Parties and revokes and supersedes all
     previous discussions, correspondence and deeds between the Parties, if any
     concerning the matters covered herein whether written, oral or implied.
     This Lease Deed shall not be changed or modified except by written
     amendment duly agreed by the Parties.

19.  The original Lease Deed duly executed and registered in terms of this Lease
     Deed shall be retained by THE LESSOR and copy of the same certified to be a
     true copy will be provided to THE LESSEE by THE LESSOR. The original Lease
     Deed shall be produced by THE LESSOR as and when required by THE LESSEE.

20.  Failure of either Party to enforce at any time or for any period of time
     the provisions hereof shall not be construed to be waiver of any provisions
     or of the right thereafter to enforce each and every provision hereof.

21.  THE LESSOR shall not be held responsible for any consequences or
     liabilities under this Lease Deed if it is prevented in performing its
     obligations under the terms of this Lease Deed by reason of laws or
     regulations, action by any local body or authority, local or otherwise,
     riots, insurrection, war, terrorist action, acts of God and unforeseen
     circumstances beyond its control.

22.  The Civil Courts at Gurgaon and Punjab and Haryana High Court at
     Chandigarh, alone shall have jurisdiction in all matters arising out of and
     touching and/or concerning this transaction.

23.  That this Lease Deed and the rights and obligations of the Parties under or
     arising out of this Lease Deed shall be construed and enforced in
     accordance with the laws of India.

The terms and conditions agreed between THE LESSOR and THE LESSEE containing
interalia a) covenants and conditions to be observed and performed by THE
LESSEE, and b) covenants and conditions to be observed and performed by THE
LESSOR are as per Annexures I to X of this Lease Deed. These Annexures I to X
shall form an integral part of this Lease Deed and shall be binding on THE
LESSOR and THE LESSEE.

IN WITNESS WHEREOF THE LESSOR M/s DLF Cyber City through its Authorised
Signatory Shri A.S.Minocha authorised to execute lease deeds etc. This Deed will
be presented for registration before the Registering Authority and got
registered by Shri Jasmer Singh S/o Shri Balwant Singh R/o C-68, Indira Enclave,
Neb Sarai, New Delhi 110068, who has been authorised vide resolution dated
15-10-2001 of the company to appear before the registering authority and present
for registration, acknowledge and get registered any deed or documents executed
by Shri A.S.Minocha on behalf of THE LESSOR.

                                       6
<PAGE>
IN WITNESS WHEREOF the Parties hereto have set their hands and seal to these
presents on the day, month and year first and above mentioned.

SIGNED AND DELIVERED on behalf of the above named DLF Cyber City acting through
Mr. A.S.Minocha, Authorised Signatory:

in the presence of:

                                                     FOR AND ON BEHALF OF
WITNESSES :                                          DLF CYBER CITY

1
                                                       /s/ A.S.Minocha

                                                        (A.S.MINOCHA)
                                                     AUTHORISED SIGNATORY

2

SIGNED AND DELIVERED on behalf of the above named M/s. WNS Global Services (P)
Ltd by its Authorised Signatory, Mr. Amit Bhatia:

In presence of

WITNESSES

                                                        FOR AND ON BEHALF OF
1                                                    WNS Global Services (P) Ltd

                                                          /s/ Amit Bhatia

                                                            (AMIT BHATIA)
2                                                       AUTHORISED SIGNATORY

                                       7
<PAGE>
                                   ANNEXURES

I    - Detailed Terms and Conditions between THE LESSOR and THE LESSEE

II   - Commercial Terms and Conditions

III  - Description of the Plot

IV   - Super area calculations

V    - Statement of rent, Interest Free Refundable Security Deposit, Interest
       Free Refundable Maintenance Security Deposit, payable by THE LESSEE to
       THE LESSOR during the lease period.

VI   - Maintenance charges.

VII  - Car parking spaces earmarked for use by THE LESSEE

VIII - Specifications

IX   - Condition of the Demised Premises at the time of handover for occupation

X    - THE LESSEE's responsibility during interior fitouts work,
       additions/modifications/alterations of interior works and during the
       Lease Tenure/Lease Renewal

                                       8
<PAGE>
                                                                      ANNEXURE-I

TERMS AND CONDITIONS FORMING AN INTEGRAL PART OF THE LEASE DEED DATED BETWEEN
DLF CYBER CITY AND WNS GLOBAL SERVICES (P) LTD, WHILE NOT DEROGATING FROM THE
MUTUAL PROMISES SET OUT THEREIN:

COVENANTS AND CONDITIONS TO BE OBSERVED AND PERFORMED BY THE LESSEE:

1.   To pay THE LESSOR or its nominees/permitted assigns, by cheque/bank
     draft/transfer payable at New Delhi the rent and all other sums payable
     under this Lease Deed on the 1st day of each calendar month (due date) but
     not later than the 7th day, in advance for the month in respect of which
     such sums are payable.

2.   To be liable to pay interest @ 15% per annum on all amounts due and payable
     by THE LESSEE under this Lease Deed for the period of delay beyond the due
     date. This is in addition to the rights of THE LESSOR under PARAGRAPH 39 OF
     this ANNEXURE-I given hereunder.

3.   To pay all the amounts agreed to be paid in Clauses 4, 5 and 6 of the Lease
     Deed, provided, however, that the liability of THE LESSEE for such payments
     shall be calculated proportionately to the super built-up area of the
     Demised Premises and provided further that such liability shall commence
     from the date such revision/imposition/increase is effective from the Date
     of Possession or any subsequent date.

4.   To pay THE LESSOR or its nominees or assigns including DSL, the actual
     charges incurred by THE LESSOR for consumption of electricity and power in
     the Demised Premises and to pay by the due date the bills for consumption
     of power and electricity. In case of meters provided separately, THE LESSEE
     shall pay by due date the meter hire and also the bills for consumption of
     power and electricity in the Demised Premises as recorded in the meters or
     as demanded by THE LESSOR or its nominees or assigns including DSL. In case
     of there being common meter(s) for recording the consumption by THE LESSEE
     jointly with the other tenants or occupants of the said Building, THE
     LESSEE shall pay the proportionate cost of power and electricity charges
     calculated on the super built-up area of the Demised Premises. THE LESSOR
     shall, as and when required provide THE LESSEE with the facility and use of
     their stand by generators as and by way of back up for their internal power
     and electricity requirements at 1.2 times of expenditure incurred by THE
     LESSOR. Provided, however, that THE LESSEE shall plan and distribute its
     electrical loads in conformity with the electrical systems installed by THE
     LESSOR and get these works executed after due approval in writing from THE
     LESSOR. Provided further that, should modifications, additions, alterations
     be required in the fire-fighting, electrical and other systems already
     installed, THE LESSOR shall, if feasible make such changes and be entitled
     to recover from THE LESSEE, all additional cost incurred on this account at
     1.2 times of actuals.

5.   To carry out day-to-day maintenance of the Demises Premises and the
     fixtures and fittings installed therein and the normal maintenance, minor
     repairs, including painting and distempering and polishing the interior of
     the Demised Premises at its own cost.

6.   To pay every month in advance, along with the aforesaid rent proportionate
     charges for the operation/maintenance/service charges (more specifically
     detailed in ANNEXURE-VI) in respect of the central
     air-conditioning/heating plant, the cost of running, maintenance and
     servicing of the service/utility lifts, generators, the cost of cleaning
     the said Plot and said Building, maintenance of lawn/grounds, cost of
     security services, electricity charges, water charges and such other
     necessary/ancillary expenses of and incidental to the preservation and
     maintenance of the said Building and the said Plot in which the Demised
     Premises is located and for the adequate provision of common services and
     facilities at 1.2 times of actual expenditure pro rata to the super
     built-up area of the Demised Premises.

                                       9
<PAGE>
7.   To permit THE LESSOR and its agents at all reasonable hours, but after
     prior notice in writing to that effect, to enter into the Demised Premises
     for the purpose of inspection or for any other purposes connected with the
     Lease Deed.

8.   To hand over the Demised Premises together with THE LESSOR's fixtures and
     fittings therein, in good order and condition (reasonable wear and tear
     excepted) on the expiry/earlier termination of the Lease.

9.   Not to do or permit to be done any act or thing which may render void or
     voidable any insurance relating to or in respect of a part or the whole of
     the said Plot, the said Building or the Demised Premises, or cause any
     increase in premium payable in respect thereof.

10.  To use the Demised Premises for office purposes only and not to carry on or
     permit to be carried on in the Demised Premises or in any part thereof any
     activities which shall be or are likely to be unlawful, obnoxious or of
     nuisance, annoyance or disturbance to other tenants/occupants of the said
     Building wherein the Demised Premises are situated or store any goods of
     hazardous or combustible nature or which are heavy so as to affect the
     construction or the structure of the said Building or any part thereof or
     in any manner interfere for common use. The usage of the Demised Premises
     for office use shall be unrestricted and uninterrupted and shall be made
     available at all times of day and night to THE LESSEE, its employees,
     servants, representatives, customers, visitors and invitees.

11.  Subject to all local laws applicable, THE LESSOR shall, through its
     architect identify the location(s) and provide space for internal signage
     at the atrium/floor occupied by THE LESSEE, as approved by the architect
     and THE LESSEE will be allowed to put signage on such location.

     Further, LESSOR shall through its architect identify the location for the
     LESSEE to put up its signage at LESSEE's cost on the external facade of the
     building as and when requested by LESSEE at an annual charge as mentioned
     in ANNEXURE II, payable in advance, subject to availability at the time of
     exercising this option.

     All taxes, duties, rates, cesses, costs and charges relating to the
     internal/external signage payable to the authorities concerned shall be
     borne and paid by THE LESSEE.

12.  The Demised Premises shall be used by THE LESSEE only and THE LESSEE
     undertakes that it shall not assign, transfer, mortgage, sublet or underlet
     or grant leave & license or transfer or part with or share possession in
     any manner whatsoever, of any portion of the Demised Premises.

     In the event, THE LESSEE merges/amalgamates/consolidates or transfer its
     assets with/to any entity on account of any
     merger/amalgamation/consolidation, then a fresh Lease Deed shall be
     executed between THE LESSOR and the new entity and all costs, charges,
     expenses including penalties, payable on or in respect of execution and
     registration of the fresh Lease Deed and on all other instruments and deeds
     to be executed pursuant to the fresh Lease Deed, shall be borne and paid
     solely by new entity/transferee who shall be responsible for compliance of
     the provisions of Indian Stamp Act, 1899.

     However, THE LESSEE shall have the option to sub-let any portion of the
     Demised Premises to any of its subsidiaries/group companies, without any
     approval from THE LESSOR but with prior written intimation. Further, THE
     LESSEE shall have the option to sub-let any portion of the Demised Premises
     to any third party after obtaining the prior written approval of THE LESSOR
     which approval will not be unreasonably withheld and will be given in 5
     business days from the date of receipt of the request.

                                       10
<PAGE>
     However, at all times, including when the Demised Premises are sublet by
     THE LESSEE in accordance with the abovestated, THE LESSEE alone shall be
     responsible for enforcement/compliance of the terms and conditions of this
     Lease Deed.

13.  THE LESSEE shall not make any structural additions or alterations in the
     Demised Premises without prior consent of THE LESSOR in writing.

14.  Upon its taking possession of the Demised Premises from THE LESSOR, THE
     LESSEE is satisfied that the construction work as also various
     installations like electrification work, sanitary fittings, water, sewerage
     connections, fire fighting equipment and detection systems etc. are in good
     working condition and all shortcomings/complaints and defects, if any, have
     been removed and rectified before its taking possession from THE LESSOR and
     that it shall not require THE LESSOR to perform any work whatsoever in the
     Demised Premises (except structural repairs if any) and there shall be no
     obligation whatsoever on the part of THE LESSOR to repair, renovate,
     improvise or to do anything concerning the Demised Premises, the said
     Building and the said Plot in any manner whatsoever.

15.  THE LESSOR has provided the fire fighting and fire detection system in
     accordance with the Amendment no. 3 to the National Building Code of 1983
     (SP7):1983 Part IV on each floor, common areas and basements of the
     building.

     When the Demised Premises are handed over to THE LESSEE for interior
     fit-out work or when THE LESSEE carries any additional interior
     works/modifications/alterations during the Lease period, THE LESSEE agrees
     that it shall carry out such work, without altering/tampering with the fire
     fighting systems as installed therein. However, any
     modifications/additions/alternations to the existing fire fighting system
     shall be made by THE LESSEE with the prior written approval of THE LESSOR
     and by providing alternative and standby fire fighting system.

     Any lapse/violation/negligence on the part of THE LESSEE or its
     contractors/agents during any such interior works or
     additions/modifications/alterations resulting in any kind of hazard or fire
     in the Demised Premises/Building, loss of life/property including third
     party, damage to the Demised Premises/building structure etc. and all
     financial and legal consequences arising therefrom shall be the sole
     responsibility of THE LESSEE and shall not impose any legal and financial
     liability on THE LESSOR.

     THE LESSEE'S responsibility during interior fitouts work,
     additions/modifications/alterations of interior works and during the Lease
     Tenure/Lease Renewal is more specifically detailed in Annexure X hereto.

COVENANTS AND CONDITIONS TO BE OBSERVED AND PERFORMED BY THE LESSOR:

16.  During the term of the Lease Deed, THE LESSOR shall at its own cost, design
     and install a continuous and proper air conditioning/heating system and
     shall maintain the same in good order and condition and shall operate and
     run the same to ensure air conditioning/heating facilities to the Demised
     Premises throughout the year and shall be entitled to recover from THE
     LESSEE, charges on the basis stipulated in this Lease Deed. Provided,
     however, that should THE LESSEE require any changes, additions,
     alterations, in the system, due to its interior layouts, THE LESSOR shall,
     if possible, make such changes and be entitled to recover from THE LESSEE,
     all additional costs incurred on this account at 1.2 times of actuals.

17.  Except in the event of a mechanical defect and/or electrical failure, THE
     LESSOR shall provide air conditioning/heating facilities to the Demised
     Premises during the normal office hours i.e. from 8 a.m. to 8 p.m. on all
     week days except Saturdays, Sundays and Public Holidays. On Saturdays, the
     air conditioning will be provided

                                       11
<PAGE>
     from 8 a.m. to 2 p.m. only. Provided, however, that on receiving twenty
     four (24) hours' notice, in writing, should THE LESSEE so require, THE
     LESSOR, if possible and permissible, may at the exclusive cost of THE
     LESSEE, provide air-conditioning facilities, on the second half of Saturday
     and also Sundays and/or Public Holidays, calculated at 1.2 times the actual
     cost incurred on this account, to the Demised Premises beyond the timings
     fixed, as aforesaid for the provision of such facilities.

     However, for the initial 12 months, THE LESSOR shall provide
     air-conditioning/heating facilities to the Demised Premises for 24X6
     operations on all days except Sundays and Public Holidays.

18.  Except to the extent of a mechanical defect and/or electrical failure, THE
     LESSOR shall maintain the lifts in the said Building serving the Demised
     Premises and operate and run the same during the normal office hours as
     specified above, on all week days except on Saturdays, Sundays and Public
     Holidays. On Saturdays, the lifts shall operate for first half of the day
     only. These timings shall, however, be subject to such restrictions as may
     be imposed by any competent authority in this behalf. One of the lifts in
     the said Building shall, however, operate even after normal office hours as
     well as on second half of Saturdays and also on Sundays and/or Public
     Holidays.

     Provided, however, THE LESSEE may by giving twenty four (24) hours' notice
     in writing, should THE LESSEE so require, THE LESSOR may provide lift
     facilities to THE LESSEE calculated at 1.2 times the actual cost incurred
     on this account, beyond the timings fixed as aforesaid for the provision of
     such lift facility to the Demised Premises, on the second half of Saturdays
     and also on Sundays and Public Holidays.
     However, for the initial 12 months, THE LESSOR shall maintain the lifts in
     the said Building serving the Demised Premises and operate and run the same
     for 24X6 operations on all days except Sundays and Public Holidays.

19.  To carry out its own cost, all major and structural repairs to the Demised
     Premises and also to the said Building.

20.  To supply and maintain regular supply of electricity and water to the
     Demised Premises.

21.  To keep the Demised Premises in wind and water tight condition.

22.  To permit to carry out at the cost of THE LESSEE, but without in any way
     damaging the main structure of the Demised Premises or the said Building,
     erection of internal partitions and other internal alterations and
     additions which are not visible from outside, as may be necessary for the
     business of THE LESSEE provided THE LESSEE shall give prior written
     intimation of thirty (30) days to THE LESSOR in writing before commencing
     such alteration(s) or addition(s), provided, further that if any such
     additions or alterations, require the prior approval or permission of any
     Municipality or any other local body or authority, local or otherwise, or
     are governed by any rules or regulations. THE LESSEE shall not carry out
     such additions or alterations or erections without obtaining the prior
     permission or approval aforesaid and complying with such rules and
     regulations of such Municipal or local body or Government Authority.
     Provided further, that THE LESSEE shall upon vacating the Demised Premises
     remove such fittings and restore the Demised Premises to THE LESSOR in its
     original condition excepting reasonable wear and tear.

23.  To allow during the term of the Lease Deed, peaceful and uninterrupted
     enjoyment of the Demised Premises, subject to THE LESSEE performing all its
     obligations under this Lease Deed.

                                       12
<PAGE>
COVENANTS AND CONDITIONS TO BE OBSERVED AND PERFORMED BY THE PARTIES:

24.  The super built-up area calculations are as provided in ANNEXURE-IV
     hereto. All payments by THE LESSEE towards rent, interest free security
     deposit, interest free maintenance security deposit, maintenance and other
     charges etc. shall be determined and payable by THE LESSEE in terms of the
     final super built-up area to be determined on the Date of Possession by THE
     LESSOR.

25.  In the event any local body/authority takes over the maintenance of such
     services and facilities/amenities and the payment for such services and
     facilities/amenities of DLF City (more particularly set out in ANNEXURE-
     VI) to the local body/authority is to be made by THE LESSOR, then THE
     LESSEE agrees to reimburse all such costs and charges as may be levied in
     respect of the Demised Premises to THE LESSOR as may be demanded by THE
     LESSOR.

26.  THE LESSOR has provided electrical wiring only up to the main distribution
     board on each floor in the said Building and shall not provide any electric
     wiring, fixtures, fans, electric and water meters etc., inside the office
     spaces which shall be installed by THE LESSEE at its own cost. Similarly
     air conditioning is provided by THE LESSOR up to air handling unit on each
     floor of the said Building. The internal distribution system of air
     conditioning in the Demised Premises shall be the sole responsibility of
     THE LESSEE.

27.  THE LESSEE agrees to pay deposit for bulk supply of electricity as
     mentioned in ANNEXURE-II, if provided, as and when demanded by DSL/THE
     LESSOR or its nominees/assigns. THE LESSEE agrees to reimburse to THE
     LESSOR/DSL or any other nominees or assigns, costs, charges, deposits, etc.
     as may be demanded by Dakshin Haryana Bijli Vitran Nigam Limited from time
     to time and paid by THE LESSOR/DSL or its nominee/assign for arranging bulk
     electricity supply to the said Plot/said Building/Demised Premises and such
     reimbursement is to be payable to THE LESSOR on the basis of proportionate
     electricity load provided to the Demised Premises and proportionate load
     attributable to THE LESSEE in respect of common areas of the said Plot/said
     Building. Out of the above sums, any deposit to be refunded by Dakshin
     Haryana Bijli Vitran Nigam Limited shall, be refunded by THE LESSOR to THE
     LESSEE upon the expiry and/or earlier termination of this Lease Deed and on
     handing over the peaceful physical and vacant possession of the Demised
     Premises by THE LESSEE.

28.  The fire fighting and fire detection system which is provided by THE LESSOR
     in accordance with Amendment no.3 to the National Building Code of 1983
     (SP7):1983 Part IV is limited to installation of sprinklers and fire
     detection system in the basement(s) and common areas of the said Building
     such as lobbies, staircases corridors, etc. and service shaft for fire
     fighting and sprinkler services on each floor. If, however, due to any
     subsequent legislation, Government orders, directives or guidelines or due
     to any change in the National Building Code, additional fire safety
     measures are undertaken, then THE LESSEE agrees to pay on demand additional
     expenditure incurred thereon for installing additional fire safety measures
     as determined by THE LESSOR which shall be final and binding on THE LESSEE.
     THE LESSEE agrees that it shall at its own cost and responsibility install
     fire fighting equipment and systems within the Demised Premises which shall
     be in compliance with the fire fighting regulations and safety systems as
     prevalent and approved by the Competent Authorities. However, it is made
     clear that any lapse on the part of THE LESSEE in installing safe and
     adequate fire fighting systems within the Demised Premises or any fire,
     electrical or otherwise, or any kind of hazard originating from the Demised
     Premises shall not impose any legal and financial liability on THE LESSOR
     and THE LESSEE agrees to keep THE LESSOR indemnified and harmless in this
     regard. Similarly THE LESSEE shall ensure that the internal
     air-conditioning electrical systems and any other work done internally
     within the Demised Premises shall not pose any fire, electrical,
     structural, pollution and health hazards. THE

                                       13
<PAGE>
     LESSEE shall be solely responsible for all legal and financial consequences
     arising therefrom and THE LESSEE agrees to keep THE LESSOR indemnified and
     harmless in this regard in all respects.

29.  If THE LESSEE requires any extra fire fighting systems to be installed in
     the Demised Premises, including but not limited to extending fire fighting
     system in the Demised Premises, then the same shall be installed by THE
     LESSOR at 1.2 times of the actual costs to be payable by THE LESSEE to THE
     LESSOR.

30.  In the event THE LESSOR suggests additional fire safety measures, though
     not statutorily required, for installation by THE LESSEE within the Demised
     Premises and THE LESSEE fails to implement THE LESSOR's suggestion either
     fully or in part, then THE LESSEE alone shall be liable and responsible for
     all consequences arising from such inaction/decision on its part.

31.  It is abundantly made clear to THE LESSEE that the cost incurred by THE
     LESSEE, during the lease period, to install fire fighting and fire
     detection systems within the Demised Premises, shall be to its account
     solely and shall be not borne or refunded by THE LESSOR or deducted from
     the rent payable to THE LESSOR under any circumstances whatsoever.

32.  The specifications and information as to the materials used in construction
     of the Demised Premises are set out in Annexure -- VII and any change in
     the specifications as set out in Annexure -- VIII, if desired by THE
     LESSEE, shall be implemented by THE LESSOR at 1.2 times the actual cost
     which shall be paid by THE LESSEE to THE LESSOR.

33.  THE LESSOR has provided to THE LESSEE car parking spaces in the
     basement/surface as earmarked in Annexure -- VII subject to payment of rent
     and maintenance charges as per details mentioned in Annexure -- II. In the
     event additional car parking spaces are required by THE LESSEE, THE LESSEE
     shall pay to THE LESSOR additional car parking space charges as may be
     mutually agreed between the Parties hereto for every additional car
     parking space provided by THE LESSOR, if available, on the same terms and
     conditions applicable to rent including rate of escalation, interest free
     refundable security deposit, maintenance charges stipulated in this Lease
     Deed.

     In the event of THE LESSOR providing electro mechanical system for car
     parking spaces, the car parking spaces as earmarked in Annexure -- VII may
     be re-allocated, provided, however, the number of car parking spaces shall
     remain the same in terms of this Lease Deed.

34.  The use of car parking spaces in the basement(s) in the said Building
     shall be allowed to THE LESSEE only from 8 a.m. to 8 p.m. from Monday to
     Friday and from 8 a.m. to 2 p.m. on Saturday except Sundays and Public
     Holidays. The above timings shall, however, be subject to such restrictions
     as may be imposed by any statutory authority or for security reason. THE
     LESSEE shall use the parking spaces only for the purposes of parking its
     cars and for no other use. THE LESSEE undertakes that it shall not make any
     constructions on the car parking spaces or create obstruction of any kind
     on it or around these spaces to hinder the movement of vehicles and
     persons. Further, without prior permission in writing of THE LESSOR
     overnight parking of vehicles shall not be permitted for security
     reasons. Any usage of car parking spaces from 8 p.m. to 8 a.m. on weekdays
     and after 2 p.m. on Saturdays and any usage thereof on Sundays and Public
     Holidays would entail additional charges as determined by THE LESSOR.

     However, for the initial 12 months, the use of car parking spaces in the
     basement(s) in the said Building shall be allowed to THE LESSEE for 24X6
     operations on all days except Sundays and Public Holidays.

                                       14
<PAGE>
35.  During the term of the Lease Deed, THE LESSOR shall obtain fire and special
     peril insurance coverage of the entire said Building, including third-party
     liability and shall make timely payment of all insurance premiums. For
     record purposes, THE LESSOR shall give THE LESSEE, copies of the insurance
     policy and the receipts of the premiums paid.

36.  During the term of the Lease Deed, THE LESSEE shall obtain comprehensive
     insurance coverage, including third-party coverage, of all interior works,
     renovations, furniture, equipment and/or other items kept or stored in the
     Demised Premises. THE LESSOR shall in no way be responsible for any loss
     occasioned by THE LESSEE on account of not obtaining comprehensive
     insurance coverage of all renovations, furniture, equipment and/or other
     items kept or stored in the Demised Premises. For record purposes, THE
     LESSEE shall give THE LESSOR, copies of the insurance policy and the
     receipts of the premiums paid.

37.  However, it is made clear that in the event of an accident or fire
     resulting in damages to either party or to third parties, both Parties
     agree to take up the matter with their respective insurance companies
     through the insurance cover including third-party liability.

38.  That if at any time during the occupation by THE LESSEE of the Demised
     Premises, the lifts or the air conditioning system fails to function or
     fails to maintain the required temperature levels, THE LESSEE will be
     entitled to call upon and require THE LESSOR to remedy and rectify the
     system within a reasonable time. Provided, however, that THE LESSOR will
     ensure that there will not be total absence of lifts and air-conditioning
     for more than one day at a time.

39.  That if any amount payable by THE LESSEE to THE LESSOR by way of rent or
     otherwise under this Lease Deed shall be in arrears and unpaid for a period
     of thirty (30) days after the same has become due, or if THE LESSEE shall
     omit to perform, observe any covenant or condition to be observed and
     performed on the part of THE LESSEE and shall continue to do so or fails to
     remedy the breach within thirty (30) days after written notice is received
     in respect thereof by THE LESSEE, or THE LESSEE is adjudicated as insolvent
     THE LESSOR may forthwith re-enter upon the Demised Premises or upon any
     part thereof and this Lease Deed shall thereupon stand determined but
     without prejudice to any claim which THE LESSOR may have against THE LESSEE
     in respect of any breach, non-performance or non-observance of the
     covenants or conditions herein contained. It is further agreed by THE
     LESSEE that THE LESSOR shall be entitled to adjust all sums due to THE
     LESSOR including rent, car parking space charges and maintenance charges
     for the unexpired period of lease, taxes, interests, damages, etc., against
     all deposits made by THE LESSEE with THE LESSOR under this Lease Deed. In
     the event the aggregate of arrears of rent, any other sum due and payable
     and the above mentioned costs exceed the amount deposited as security
     deposit with THE LESSOR and maintenance security deposit, then THE LESSEE
     shall pay to THE LESSOR such amounts due to THE LESSOR, over and above such
     sums deposited by THE LESSEE with THE LESSOR.

40.  That if the Demised Premises or any part thereof be destroyed or damaged by
     fire (not caused by any willful act or negligence of THE LESSEE),
     earthquake, tempest, flood, lighting, violence of any army or mob or
     enemies of the country or by any other irresistible force so as to render
     the Demised Premises unfit for the purpose for which the same was let, THE
     LESSEE may temporarily vacate the whole or such portion of the Demised
     Premises as may be required to enable THE LESSOR to carry out repairs in
     order to restore the Demised Premises as it was then existing at the time
     of THE LESSEE entering into the Demised Premises (reasonable wear and tear
     excepted) and in such event, the payment of rent, other charges and
     maintenance/service charges till the affected area of the Demised Premises
     or portion thereof are repaired and restored to the state as specified
     above shall be subject to zero rent and zero maintenance charges to the
     extent of area affected and vacated at THE LESSOR's instance.

                                       15
<PAGE>
41.  THE LESSEE undertakes that during the term of this Lease Deed or any
     extension thereof, it shall maintain its corporate existence and shall not
     dissolve or liquidate or enter into an agreement with any party, including
     but not restricted to a compromise with its creditor(s) such that its
     corporate existence is or may be questioned, in which event, this Lease
     Deed shall automatically terminate.

42.  THE LESSEE agrees and consents that it would have no objection to THE
     LESSOR raising finance by way of mortgage/charge of the Demised Premises
     subject to, however, that the creation of such mortgage/charge of the
     Demised Premises shall not affect the rights of THE LESSEE to use the
     Demised Premises during the lease period.

43.  THE LESSEE agrees and consents that it would have no objection for transfer
     either by way of sale, mortgage or in any other manner howsoever, of the
     Demised Premises and/or the said Building, provided, the rights of THE
     LESSEE in the Demised Premises remain unaffected vis-a-vis the transferee.

44.  THE LESSEE agrees and commits that THE LESSOR shall have sole and absolute
     right to make additions, raise storeys or put up additional structures as
     may be permitted by competent authorities and such additional structures
     and stories shall be the sole property of THE LESSOR, which it will be
     entitled to dispose of in any way it chooses without any interference on
     the part of THE LESSEE by itself or with one or more of the rest of
     occupants of the said Building. Further all the terraces of the said
     Building including the parapet walls of the terraces shall always be the
     property of THE LESSOR and THE LESSOR shall be entitled to use the same
     for any purpose as it may deem fit.

45.  That if during the term of the Lease Deed, the Demised Premises or any
     part thereof be lawfully acquired or requisitioned by the Government or any
     local body or authority, local or otherwise, THE LESSOR alone shall be
     entitled to any and all compensation payable and THE LESSEE shall not raise
     any claim in respect thereof.

46.  That if any provision of this Lease Deed shall be determined to be void or
     unenforceable under applicable law such provisions shall be deemed amended
     or deleted to the extent necessary to conform to applicable law and the
     remaining provisions of this Lease Deed shall remain valid and enforceable.

47.  That THE LESSEE and THE LESSOR shall abide by the laws of the land and any
     and all local enactments in respect of this Lease Deed of the Demised
     Premises. THE LESSOR may, with the prior notice in writing to THE LESSEE,
     inspect the Demised Premises from time to time at frequencies considered
     necessary by THE LESSOR and should there be any contravention, THE LESSEE
     will ensure compliance with the requirements as per applicable laws. Any
     penalties levied by the Government, State, Municipal Body, etc. as a result
     of non-complianoe by either Party will be borne by the defaulting party in
     respect of the Demised Premises.

48.  That any notice, letter or communication to be made, served or communicated
     unto THE LESSOR under these presents shall be in writing and shall be
     deemed to be duly made, served or communicated only if the notice or letter
     or communication is addressed to THE LESSOR at the address shown above or
     such other addresses as may be intimated in writing by THE LESSOR in this
     behalf and sent by registered post/fax or delivered personally with
     acknowledgement. Similarly any notice, letter or communication to THE
     LESSEE shall be deemed to be made, served or communicated only if the same
     in writing is addressed to the above mentioned address of THE LESSEE or to
     the address of the Demised Premises after THE LESSEE has shifted to the
     same, by registered post/fax or delivered personally with acknowledgement.

                                       16
<PAGE>
     This Annexure forms an integral part of the Lease Deed.

     FOR AND ON BEHALF OF                 FOR AND ON BEHALF OF
     DLF CYBER CITY                       WNS GLOBAL SERVICES (P) LTD

     /s/ A.S.Minocha                      /s/ Amit Bhata

     (A.S.MINOCHA)                        (AMIT BHATA)
     AUTHORISED SIGNATORY                 AUTHORISED SIGNATORY

                                       17
<PAGE>
                                                                     ANNEXURE II

COMMERCIAL TERMS AND CONDITIONS FORMING INTEGRAL PART OF LEASE DEED DATED
___________ BETWEEN DLF CYBER CITY AND WNS GLOBAL SERVICES (P) LTD

<Table>
<Caption>
S.N  Item                     Description                                  Cross Reference
                                                                           (For convenience
                                                                           only)
                                                                           Reference
                                                                           Clause of
<S>  <C>                      <C>                                          <C>
a)   Building                 DLF Infinity Towers

b)   Floor (s) and tower      6th Floor, Tower A & 6th Floor,              1 of Lease Deed
                              Tower B, DLF Infinity Towers, Sector 25,
                              Phase -- II, DLF City, Gurgaon -- 122 002.

c)   Aggregate super built    8453,641 Sq.Mtr.
     up area under this
     Lease Deed
                                                                           1 of Lease Deed
                              90,995 Sq.ft.

                              (Ninety Thousand Nine Hundred                1 of Lease Deed
                              Ninety Five Square ft.)

d)   Number of car parks      90 (Ninety) car park spaces (earmarked in    13 of Lease Deed & 33
                              the basements/surface) will be provided      of Annexure -- I
                              free of parking space charges but on
                              payment of maintenance charges. Any
                              additional car parking spaces will be on
                              payment of Rs 2500/- per car park per
                              month along with payment of maintenance
                              charges

e)   Date of Possession for   For Interior works: Infinity Tower 'A'       2 of Lease Deed
     Interior Works           Wet Works -- Immediate
                              Wood Works -- 1st April 2005

                              For Interior works: Infinity Tower 'B'
                              Wet Works -- 1st March 2005
                              Wood Works -- 1st May 2005

f)   Date of Lease            6th Floor, Tower A -- 1st May, 2005          2 of Lease Deed
     Commencement             6th Floor Tower B -- 1st June, 2005

g)   Date of Rent             6th Floor, Tower A -- 1st Aug, 2005          2 of Lease Deed
     Commencement             6th Floor Tower B -- 1st Nov, 2005

h)   Initial lease period     Fifty Four (54) Months                       15 of Lease Deed
     from the Date of Lease
     Commencement

i)   Option to renew Lease    One term of Fifty Four (54) months           14 of Lease Deed
     Deed for further
     period(s)

j)   Rent Payable on super    Rs 30 (Rupees Thirty) Per Sq.Ft. Per Month   4 of Lease Deed
     built-up area for        in bare shell condition
     initial lease period

k)   Increase in rent for     The increase in rent shall be subject to
     subsequent period(s)     fair market valuation after the first
     of Lease                 Fifty Four (54)
</TABLE>

                                       18
<PAGE>
<TABLE>
<S>  <C>                      <C>                                          <C>
                              months and the parties may mutually agree    10 & 14 of Lease Deed
                              upon the increase in rent, subject to a
                              maximum of 15% percent over the last rent
                              paid

l)   Car parking space        NIL
     charges
                                                                           33 of Annex -- I
m)   Bulk Electricity         Rs. 16,50,000 (Rupees Sixteen Lac Fifty
     Supply Deposit (For      Thousand only)                               27 of Annex -- I
     550 KVA of power load
     @ Rs 3000 per KVA of
     power load)

n)   Interest Free            Rs 81,89,550 (Rupees Eighty One Lac Eighty   8, 9, 10 & 14 of Lease
     Refundable Security      Nine Thousand Five Hundred Fifty Only)       Deed
     Deposit always           For the initial period of lease. For
     equivalent to rent of    subsequent period(s) of lease, the amount
     Three (03) months at     shall stand increased by such percent as
     any given point of       mentioned in Clause (k) above.
     lease

     - Paid at the time of    Rs 54,59,700 (Rupees Fifty Four Lac Fifty
     signing of MOU dated     Nine Thousand Seven Hundred Only)
     7th February 2005 by     equivalent to 2 months Rent)
     and between the Parties

     - Payable on the Lease   Rs 27,29,850 (Rupees Twenty Seven Lacs
     Commencement Date        Twenty Nine Thousand Eight Hundred Fifty
                              Only)

o)   Interest Free            Rs 57,32,685/- (Rupees Fifty Seven Lacs      12 of Lease Deed
     Refundable Maintenance   Thierty Two Thousand Six Hundred Eighty
     Security Deposit @ Rs.   Five Only))
     63 Per Sq.Ft. (Payable
     on the Lease
     Commencement Date)

p)   Lock- in- period from    Thirty Six (36) (Months)
     the Date of Lease                                                     3 & 14 of Lease Deed
     Commencement

q)   Notice period for        Six (6) (Months)                             3 of Lease Deed
     termination of Lease                                                  11 of Annexure 1
     Deed

r)   Charges for External     Rs 7,50,000/- (Rupees Seven Lacs Fifty
     Signage                  Thousand Only) per annum to be paid in
                              advance

</Table>

This Annexure forms an integral part of the Lease Deed.

FOR AND ON BEHALF OF                             FOR AND ON BEHALF OF
DLF CYBER CITY                                   WNS GLOBAL SERVICES (P) LTD

  /s/ A.S.Minocha                                   /s/ Amit Bhatia
    (A.S.MINOCHA)                                    (AMIT BHATIA)
AUTHORISED SIGNATORY                             AUTHORISED SIGNATORY

                                       19

<PAGE>
                                                                    ANNEXURE III

                          (TENTATIVE SIXTH FLOOR PLAN
                          BLOCK A & B, INFINITY TOWER)

                                       20
<PAGE>
                                ANNEXURE-IV(a)

TENTATIVE SUPER BUILT UP AREA CALCULATIONS
BLOCK 'A', INFINITY TOWERS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FLOOR/           OFFICE AREA         TERRACE AREA         SUPER AREA          TOTAL SUPER
OFFICE NO.                                                                   BUILT UP AREA
               -----------------------------------------------------------------------------
                (SQM)     (SFT)      (SQM)   (SFT)      (SQM)     (SFT)      (SQM)     (SFT)
--------------------------------------------------------------------------------------------
<S>            <C>        <C>       <C>      <C>       <C>        <C>       <C>        <C>
SIXTH/6F       2840.896   30579     65.340   703       3551.120   38224     3583.790   38576
--------------------------------------------------------------------------------------------
TOTAL          2840.896   30579     65.340   703       3551.120   38224     3583.790   38576
--------------------------------------------------------------------------------------------
</TABLE>

Aforesaid areas are tentative and subject to change, the final areas shall be
confirmed by the DLF on the date of possession upon completion of construction
of the said building after accounting for changes during construction, if any.
The Super built up area shall be the sum of Office area of the said premises and
its prorata share of Common areas in the entire said building i.e., Infinity
Towers.
Whereas the Office area of the said premises shall mean the entire area
enclosed by its periphery walls including area under walls, wall cladding,
columns AHU and electrical rooms, half the area of walls common with other
premises etc. which form integral part of said premises and Common area shall
mean all such parts/areas in the said building which WNS Global
Services/Occupants of the said premises shall use by sharing with other
Allottees/Occupants in the said building including entrance canopy and lobby,
stilt area, atrium, corridors and passages, common toilets, area of cooling
towers, security/fire control room(s), lift shafts, all electrical shafts, D.G.
shafts, A C shafts pressurisation shafts, plumbing and fire shafts on all floors
and rooms, staircases, mumties, refuge areas, lift machine rooms, water tanks,
electric sub station and transformers. In addition entire services area in
basement including but not limited to D.G. set rooms, AC plant room underground
water and other storage tanks, pump rooms, maintenance and service rooms, fan
rooms and circulation areas etc. shall be counted towards common area.
Super built up area of offices provided with attached useable open terrace(s)
shall also include half the area of such terrace(s).

                                       21

<PAGE>
                                 ANNEXURE-(IV)b

TENTATIVE SUPER BUILT UP AREA CALCULATIONS
BLOCK 'B', INFINITY TOWERS

<Table>
<Caption>
-------------------------------------------------------------------------------------
FLOOR/                                                               TOTAL SUPER
OFFICE NO.     OFFICE AREA        TERRACE AREA    SUPER AREA         BUILT UP AREA
               ----------------------------------------------------------------------
                (SQM)     (SFT)   (SQM)   (SFT)    (SQM)     (SFT)    (SQM)     (SFT)
-------------------------------------------------------------------------------------
<S>            <C>        <C>     <C>     <C>     <C>        <C>     <C>        <C>
SIXTH/6F       3895.838   41935     -       -     3583.790   52419   3583.790   52419
-------------------------------------------------------------------------------------
TOTAL          3895.838   41935     -       -     3583.790   52419   3583.790   52419
-------------------------------------------------------------------------------------
</Table>

Aforesaid areas are tentative and subject to change, the final areas shall be
confirmed by the DLF on the date of possession upon completion of construction
of the said building after accounting for changes during construction, if any.
The Super built up area shall be the sum of Office area of the said premises and
its prorata share of Common areas in the entire said building i.e., Infinity
Towers.
Whereas the Office area of the said premises shall mean the entire area enclosed
by its periphery walls including area under walls, wall cladding, columns AHU
and electrical rooms, half the area of walls common with other premises etc.
which form integral part of said premises and Common area shall mean all such
parts/areas in the said building which WNS Global Services/Occupants of the said
premises shall use by sharing with other Allottees/Occupants in the said
building including entrance canopy and lobby, stilt area, atrium, corridors and
passages, common toilets, area of cooling towers, security/fire control room(s),
lift shafts, all electrical shafts, D.G. shafts, AC shafts, pressurisation
shafts, plumbing and fire shafts on all floors and rooms, staircases, mumties,
refuge areas, lift machine rooms, water tanks, electric sub station and
transformers. In addition entire services area in basement including but not
limited to D.G. set rooms, AC plant room underground water and other storage
tanks, pump rooms, maintenance and service rooms, fan rooms and circulation
areas etc. shall be counted towards common area.
Super built up area of offices provided with attached useable open terrace(s)
shall also include half the area of such terrace(s).

                                       22
<PAGE>
                                 ANNEXURE V(A)
 STATEMENT OF RENT, INTEREST FREE SECURITY, INTEREST FREE MAINTENANCE SECURITY
        PAYABLE BY M/S WNS GLOBAL SERVICES (P) LTD TO M/S CYBER CITY LTD
                           DURING THE PERIOD OF LEASE
                   FOR SIXTH FLOOR, TOWER A, INFINITY TOWERS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PERIOD                      RENT PAYABLE PER                 *INTEREST FREE     Estimated            INTEREST FREE          Free
                            MONTH                                               Maintenance
(In Months)                 FOR AN AREA 38,576               SECURITY (IFS)     Charges per          MAINTENANCE            Car
                            SQ. FT. (in Rs.)                 (IN Rs.)           month (Rs.)          SECURITY (IFMS)        Parking
                                                             EQUIVALENT TO      (estimated to be     @ Rs63 per sq. ft.     Space
                                                             3 MONTHS           @21/- per sq. ft.    (equivalent to
                                                             PREVAILING         per month            3 months maintenance
                                                             RENT               presently)           charges which are
------------------------------------------------------------                                         presently estimated
BEGINNING      ENDING       Rentals (Rs.)    Total Rental                                            to be Rs21/- per
FROM           ON           per sq. ft. of   For 38,576                                              sq. ft. per month
                            the Super        sq. ft. (Rs.)                                           for 24 X 6
                            Built Up                                                                 Operations)
                            Area
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>             <C>                <C>                  <C>                    <C>
1st May 2005   31st         30               1157280         3471840            810096               2430288                38
               October
               2009
------------------------------------------------------------------------------------------------------------------------------------
1st November   30th April   34.5             1330872         3992616            810096               2430288                38
2009           2014
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: 1. Assuming escalation after 4.5 years of lease is to the maximum of 15%.
         The rentals and interest free security increases proportionately.

2. The maintenance charges are at 1.2 times of the actuals presently capped to
   be Rs.21.00 for 24*6 Operations.

3. Any additional car parking space @2500/-per month per car park besides 38
   free car parking space. Subject to availability of space.

4. The first term of lease will be expiring on 31st October, 2009. First
   Renewal will be for a 54 months starting from 1st November, 2009.

5. Payment of Rent shall begin from 1st August 2005.

                                       23
<PAGE>
                                ANNEXURE V(B)
 STATEMENT OF RENT, INTEREST FREE SECURITY, INTEREST FREE MAINTENANCE SECURITY
        PAYABLE BY M/S WNS GLOBAL SERVICES (P) LTD TO M/S CYBER CITY LTD
                           DURING THE PERIOD OF LEASE
                   FOR SIXTH FLOOR, TOWER B, INFINITY TOWERS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PERIOD                      RENT PAYABLE PER                 *INTEREST FREE     Estimated            INTEREST FREE          Free
                            MONTH                                               Maintenance
(In Months)                 FOR AN AREA 52,419               SECURITY (IFS)     Charges per          MAINTENANCE            Car
                            SQ. FT. (in Rs.)                 (IN Rs.)           month (Rs.)          SECURITY (IFMS)        Parking
                                                             EQUIVALENT TO      (estimated to be     @ Rs63 per sq. ft.     Space
                                                             3 MONTHS           @21/- per sq. ft.    (equivalent to
                                                             PREVAILING         per month            3 months maintenance
                                                             RENT               presently)           charges which are
------------------------------------------------------------                                         presently estimated
BEGINNING      ENDING       Rentals (Rs.)    Total Rental                                            to be Rs21/- per
FROM           ON           per sq. ft. of   For 52,419                                              sq. ft. per month
                            the Super        sq. ft. (Rs.)                                           for 24 X 6
                            Built Up                                                                 Operations)
                            Area
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>             <C>                <C>                  <C>                    <C>
1st June 2005  31st         30               1572570         4717710            1100799              3302397                52
               November
               2009
------------------------------------------------------------------------------------------------------------------------------------
1st December   31st May     34.5             1808455.5       5425366.5          1100799              3302397                52
2009           2014
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: 1. Assuming escalation after 4.5 years of lease is to the maximum of 15%.
         The rentals and interest free security increases proportionately.

2. The maintenance charges are at 1.2 times of the actuals presently capped to
   be Rs.21.00 for 24*6 Operations.

3. Any additional car parking space @2500/-per month per car park besides 38
   free car parking space. Subject to availability of space.

4. The first term of lease will be expiring on 30th November, 2009. First
   Renewal will be for 54 months starting from 1st December, 2009.

5. Payment of Rent shall begin from 1st November 2005.

                                       24
<PAGE>
                                                                  ANNEXURE -- VI

            MONTHLY MAINTENANCE AND SERVICE EXPENDITURE (INDICATIVE)

The expected monthly maintenance and service expenditure shall be 1.20 times the
sum total of the following expenditure calculated on sq.ft. of super built-up
area basis and shall be charged every month. The expenditure shall include but
shall not be limited to the following:

1.   Service contract expenditure including taxes & statutory levies as
     applicable, charges for operation and maintenance of all electro-mechanical
     equipments and all equipment additionally installed by THE
     LESSOR/maintenance agency.

2.   Cost of water for all purposes.

3.   Cost of electricity for central air-conditioning and all services provided
     including in the parking, common and external areas.

4.   Cost of maintenance of landscaped areas, compound wall, tube well,
     electrification sewerage, roads and paths and any other services within the
     boundary of the said Plot.

5.   Cost of maintenance, cleaning, painting and necessary replacements of a
     revenue nature in common areas including cost of maintenance of basements
     and common services therein.

6.   Cost of security services.

7.   Cost of administrative staff, maintenance staff of the said Building and
     the manager, directly related to the maintenance of the said Building.

8.   Cost of all consumables for all services in common areas.

9.   Annual fees of various authorities.

10.  Cost of diesel and lubricants for DG sets.

11.  Cost of all replacements/refurnishings of parts.

12.  Cost of insurance of the said Building and fitouts when fitted out space is
     provided.

13.  Township maintenance charges till the services of the colony are handed
     over to a local body or authority.

14.  Depreciation/sinking fund of all electro-mechanical equipments, including
     but not limited to chillers, D.G. Sets and lifts.

15.  Cost of exclusive services, if any, provided to the occupant.

16.  Maintenance Charges for Car Parking Space.

                                       25
<PAGE>
                                                                    ANNEXURE VII

               CAR PARKING SPACES EARMARKED FOR USE BY THE LESSEE

Number of car parking spaces earmarked in the basement/surface for use by M/s
WNS Global Services (P) Ltd

90 (NINETY) NUMBERS

                                       26
<PAGE>
                                                                   ANNEXURE VIII

       TENTATIVE SPECIFICATIONS FOR COMMERCIAL BUILDINGS AT BLOCK A & B,
                     DLF INFINITY TOWERS, DLF CITY, GURGAON

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
STRUCTURE                   RCC framed structure
--------------------------------------------------------------------------------
<S>                         <C>
Finishes
--------------------------------------------------------------------------------
External Facade             Combination of Clear Float Glass and/or Reflective
                            floats glass with Granite / Metal Cladding /
                            Exterior paint / any other.
--------------------------------------------------------------------------------
Atrium, Lift Lobbies        Combination of Indian marbles and / or granites.
Floors & Walls.
--------------------------------------------------------------------------------
Main staircase(s) / Fire    Terrazzo / Kota Stone / Good concrete.
Escape staircase(s)
--------------------------------------------------------------------------------
Elevators                   High Speed Passenger Elevators.
                            Service Elevator
--------------------------------------------------------------------------------
Basement                    Basement for parking & services.
--------------------------------------------------------------------------------
Amenities                   Centrally Air Conditioned Building -- Provision for
                            office area Air Conditioning provided up to AHU on
                            each floor. The internal distribution system of
                            Air Conditioning shall be sole responsibility of
                            the tenant.
--------------------------------------------------------------------------------
Power Back-up               100% power back-up including power back-up for AC
                            system also.
--------------------------------------------------------------------------------
Fire Fighting               Sprinkler and fire detection system will be provided
                            in the basement area and common area only as per
                            NBC. For fire fighting & sprinkler services in
                            Office area, provisions will be made up to service
                            shaft on each floor.
--------------------------------------------------------------------------------
Wash room                   Gents / Ladies Toilet on each floor as per statutory
                            norms, CI/GI piping will be provided, but no CP
                            fittings, Fixtures Wall / Floor finishes. Door &
                            shutters will be provided.
--------------------------------------------------------------------------------
Electricity/Telephone       Provision on each floor up to the shaft. Connections
                            have to be arranged by respective owners/users. No
                            Electric conduits or wiring shall be provided in the
                            slab.
--------------------------------------------------------------------------------
</TABLE>

                                      NOTE:

A.   Materials, specially the imported ones, are subject to availability as per
     prevalent policies of Govt. of India.

B.   Larger floor heights provided are due to architectural reasons. However,
     from the view point of air conditioning load, the height of false ceiling
     to be done by the Occupants shall not exceed 3 mtrs. from the finished
     floor level.

C.   The above mentioned specifications are for common area only. The office
     area will be in "BARE SHELL" condition only i.e. cement flooring, no
     plaster on concrete columns, walls or ceiling except on brick walls
     wherever provided. All fittings, A.C. Ducts, Electrical distribution and
     Fire Fighting, etc. shall be the sole responsibility of the Occupants.

D.   Plumbing provision for extra toilets may be given at one/two different
     locations.

E.   The above specifications are tentative and are subject to change at the
     sole discretion of the Lessor.

                                       27
<PAGE>
                                                                     ANNEXURE IX

CONDITIONS OF THE DEMISED PREMISES ON HANDOVER DATE FOR OCCUPATION AT THE TIME
OF HANDOVER FOR OCCUPATION, THAT IS 1ST MAY 2005 FOR TOWER A & 1ST JUNE 2005 FOR
TOWER B.

Completion status of the building to be achieved at the time of the building
operation date.

     1.   The Demised Premises shall be operational along with all services such
          as Air-conditioning, power back-up, water supply to start operations.

     2.   Passenger and service lifts to support THE LESSEE's operations.

     3.   Cables of telephone service provider shall be terminated to the
          basement of the said building. Service provider to discuss all other
          last mile connectivity issues with THE LESSEE's IT team and THE LESSOR
          to provide all possible assistance for the same.

     4.   AHUs, DGs and chillers shall be operational for servicing the Demised
          Premises.

                                       28
<PAGE>
                                                                      ANNEXURE X

           THE LESSEE'S RESPONSIBILITY DURING INTERIOR FITOUTS WORK,
 ADDITIONS/MODIFICATIONS/ALTERATIONS OF INTERIOR WORKS (REFERRED HEREINAFTER AS
           INTERIOR WORKS) AND DURING THE LEASE TENURE/LEASE RENEWAL

THE LESSOR has provided the fire detection systems as elaborated in Part B.
These systems are as per NBC norm.

A.   THE LESSEE will be responsible to ensure that:

1.   The existing sprinkler system provided is not to be isolated or closed at
     any point of time during interior works. For providing sprinklers below
     false ceiling a separate network of sprinklers to be installed.

2.   THE LESSOR has provided the electrical tap-off in electrical room along
     with a submeter installed. THE LESSEE to tap-off electricity through proper
     distribution panel/board properly earthed. The distribution of electricity
     inside the premises during the interior works shall be the responsibility
     of THE LESSEE.

3.   While doing any hot works, THE LESSEE is to ensure that adequate standby
     firefighting mechanism in place which includes fire extinguishers, sand
     buckets, etc.

4.   Zonal fire detection panels are provided on all floors. THE LESSEE to
     ensure that at any point of time there would be some smoke detectors spread
     over the Demised Premises operational and connected to the Zonal panel.

5.   THE LESSEE to use fire retardant material in the design of their interior
     works.

6.   During interior works, THE LESSEE to ensure proper signages and fire escape
     routes are prominently displayed inside their premises.

7.   THE LESSEE to ensure that the electro-mechanical system installed in the
     Demised Premises is properly maintained during their interior works and at
     the time of operations. THE LESSEE to also ensure that no fire spreads from
     the premises.

8.   While designing of interior works, it should be kept in mind that the
     access to the fire hydrants is not restricted in any way.

9.   Security Guards professionally trained in fire fighting systems to be
     deployed on each floor during all shifts round the clock. They should be
     capable of handling the fire fighting equipment provided on the floors such
     as fire hydrants, etc.

10.  The entire building is a no smoking zone. THE LESSEE to ensure that even
     during interior works no person smokes inside the building.

11.  No items of any nature to be stored in Electrical Control/Panel Room. A
     stray electrical spark may result in such items catching fire; moreover,
     presence of such items may impede access to Control Panel in times of
     emergency.

12.  Please refrain from use of cooking gas in your pantries/kitchens.

13.  No Parking of CNG/LPG powered cars in basements as the chances of
     occurrence of fire/explosion in such vehicles are very high.

14.  No storage of any material/records in basement, to enable free movement.

15.  THE LESSEE's Security Personnel should not remain inside the offices after
     they have been closed for the day. Unauthorised smoking by such staff can
     also contribute to major fire. After closing hours, your Security be
     stationed outside the office (and

                                       29
<PAGE>

     not within), and the interiors of the offices can be monitored by them over
     closed circuit video cameras.

16.  Fire detection, alarm systems and fire fighting systems must not be closed
     or isolated during the period when interior works are carried out or during
     the lease period or lease renewal period.

B.   The following fire-detection and alarm system are provided as per NBC norms
     inside the premises:

  Fire Detection & Alarm System:
  -------------------------------

     1.  Main control / Alarm panel located in security room connected with the
         floor-wise zonal panel located near the staircase.
     2.  The Smoke / Heat Detectors installed by the floor occupant are
         connected to the zonal panels located on the floors.
     3.  The main panel has inbuilt zone-wise fire detector and automatic alarm
         on all floors, through an amplifier.
     4.  All AHUs and other ventilation / pressurization systems are
         operationally hooked-up with fire alarm / detection system.

   Fire Fighting System
   --------------------

   The following fire fighting systems are provided along with:
      o  Fire Pumps (Hydrants & sprinkler)
      o  Jockey pumps
      o  Diesel Driven engine pump
      o  Fire Hydrants
      o  Hose reels
      o  Fire extinguishers in common areas
      o  Sprinkler systems
      o  Public address and Alarm System
      o  Automatic / manual Fire Alarm system

The Fire Hydrant systems comprises of internal fire hydrant system available on
all the floors and the external hydrant system around the building.

Sprinkler system is provided in basement, Lift lobby and service area and office
areas as per NBC norms.

                                       30

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