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<SEC-DOCUMENT>0001145549-07-002017.txt : 20071115
<SEC-HEADER>0001145549-07-002017.hdr.sgml : 20071115
<ACCEPTANCE-DATETIME>20071115073102
ACCESSION NUMBER:		0001145549-07-002017
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071115
DATE AS OF CHANGE:		20071115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WNS (HOLDINGS) LTD
		CENTRAL INDEX KEY:			0001356570
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				330996780
		STATE OF INCORPORATION:			XX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32945
		FILM NUMBER:		071247676

	BUSINESS ADDRESS:	
		STREET 1:		GATE 4, GODREJ & BOYCE COMPLEX
		STREET 2:		PIROJSHANAGAR, VIKHROLI (W)
		CITY:			MUMBAI
		STATE:			K7
		ZIP:			400 079
		BUSINESS PHONE:		91-22-55976100

	MAIL ADDRESS:	
		STREET 1:		GATE 4, GODREJ & BOYCE COMPLEX
		STREET 2:		PIROJSHANAGAR, VIKHROLI (W)
		CITY:			MUMBAI
		STATE:			K7
		ZIP:			400 079
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u93140e6vk.htm
<DESCRIPTION>WNS (HOLDINGS) LIMITED
<TEXT>
<HTML>
<HEAD>
<TITLE>WNS (HOLDINGS) LIMITED</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>For the quarter ended September&nbsp;30, 2007</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Commission File Number &#151; 001-32945</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>WNS (HOLDINGS)&nbsp;LIMITED</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in the charter)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable<BR>
(Translation of registrant&#146;s name into English)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Jersey, Channel Islands<BR>
(Jurisdiction of incorporation or organization)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Gate 4, Godrej &#038; Boyce Complex,<BR>
Pirojshanagar, Vikroli(W)<BR>
Mumbai 400 079, India<BR>
&#043;91-22-6797-6100<BR>
(Address of principal executive offices)</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1) :&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule 101(b) (7):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g 3-2(b) under the
Securities Exchange Act of 1934.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to registrant in connection with Rule
12g 3-2(b):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Part I &#151; FINANCIAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">CONDENSED CONSOLIDATED BALANCE SHEETS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">Part II &#151; OTHER INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">SIGNATURE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company is incorporating by reference the information and exhibits set forth in this Form 6-K
into its registration statement on Form S-8 (Registration No: 333-136168).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conventions used in this Report</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this report, references to &#147;US&#148; are to the United States of America, its territories and its
possessions. References to &#147;UK&#148; are to the United Kingdom. References to &#147;India&#148; are to the
Republic of India. References to &#147;$&#148; or &#147;dollars&#148; or &#147;US dollars&#148; are to the legal currency of the
US and references to &#147;Rs.&#148; or &#147;rupees&#148; or &#147;Indian rupees&#148; are to the legal currency of India.
References to &#147;GBP&#148; or &#147;pounds sterling&#148; or &#147;&#163;&#148; are to the legal currency of the UK and references
to &#147;EUR&#148; or &#147;<FONT face="'Times New Roman',times,serif">&#128;</FONT> &#148; are to Euros. References to &#147;pence&#148; are to the legal currency of Jersey, Channel
Islands. Our financial statements are presented in US dollars and are prepared in accordance with
US generally accepted accounting principles, or US GAAP. References to a particular &#147;fiscal&#148; year
are to our fiscal year ended March&nbsp;31 of that year. Any discrepancies in any table between totals
and sums of the amounts listed are due to rounding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also refer in various places within this report to &#147;revenue less repair payments,&#148; which is a
non-GAAP measure that is calculated as revenue less payments to automobile repair centers and more
fully explained in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations.&#148; The presentation of this non-GAAP information is not meant to be considered in
isolation or as a substitute for our financial results prepared in accordance with US GAAP.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special note regarding forward looking statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This report contains &#147;forward-looking statements&#148; that are based on our current expectations,
assumptions, estimates and projections about our company and our industry. The forward-looking
statements are subject to various risks and uncertainties. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;will,&#148; &#147;project,&#148; &#147;seek,&#148; &#147;should&#148; and similar
expressions. Those statements include, among other things, the discussions of our business strategy
and expectations concerning our market position, future operations, margins, profitability,
liquidity and capital resources. We caution you that reliance on any forward-looking statement
involves risks and uncertainties, and that although we believe that the assumptions on which our
forward-looking statements are based are reasonable, any of those assumptions could prove to be
inaccurate, and, as a result, the forward-looking statements based on those assumptions could be
materially incorrect. These factors include but are not limited to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological innovation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>telecommunications or technology disruptions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future regulatory actions and conditions in our operating areas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dependence on a limited number of clients in a limited number of industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to attract and retain clients;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to expand our business or effectively manage growth;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to hire and retain enough sufficiently trained employees to support our operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>negative public reaction in the US or the UK to offshore outsourcing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulatory, legislative and judicial developments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increasing competition in the business process outsourcing industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>political or economic instability in India, Sri Lanka and Jersey;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>worldwide economic and business conditions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to successfully consummate strategic acquisitions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These and other factors are more fully discussed in our other filings with the Securities and
Exchange Commission, or the SEC, including in &#147;Risk Factors,&#148; &#147;Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations&#148; and elsewhere in our annual report on Form 20-F
for our fiscal year ended March&nbsp;31, 2007. In light of these and other uncertainties, you should not
conclude that we will necessarily achieve any plans, objectives or projected financial results
referred to in any of the forward-looking statements. Except as required by law, we do not
undertake to release revisions of any of these forward-looking statements to reflect future events
or circumstances.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Part I &#151; FINANCIAL INFORMATION" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Part I &#151; FINANCIAL INFORMATION
</DIV>

<!-- link1 "CONDENSED CONSOLIDATED BALANCE SHEETS" -->
<DIV align="left"><A NAME="001"></A></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>As of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>As of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Current assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">112,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net of allowance of $1,741 and $364, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Funds held for clients</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,589</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,422</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,356</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,091</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,081</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>296,905</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>275,881</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Current liabilities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued employee costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue &#151; current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Obligations under capital leases &#151; current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred revenue &#151; non current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred rent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued pension liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liabilities &#151; non current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Shareholders&#146; equity:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ordinary shares, $0.16 (&#163;0.10) par value; Authorized 50,000,000 shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issued and outstanding: 42,066,106 and 41,842,879 shares, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in-capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ordinary shares subscribed, nil and 30,022 shares, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,528</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>296,905</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>275,881</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>See accompanying notes.</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS" -->
<DIV align="left"><A NAME="002"></A></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
(UNAUDITED)<BR>
(Amounts in thousands, except per share data)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">114,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">84,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">226,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">133,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,711</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of goodwill and intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,850</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(101</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,060</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(557</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,073</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(892</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10,454</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,015</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic (loss)&nbsp;income per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted (loss)&nbsp;income per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.27</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>See accompanying notes.</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS" -->
<DIV align="left"><A NAME="003"></A></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(UNAUDITED)<BR>
(Amounts in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">15,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisitions, net of cash received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,714</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(795</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,340</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,414</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transfer of delivery centre to AVIVA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,419</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,167</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess tax benefits from share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from initial public offering (&#147;IPO&#148;), net of expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">IPO expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(150</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal payments under capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(123</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,725</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">92,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>See accompanying notes.</I>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Basis of presentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited condensed consolidated financial statements of WNS (Holdings) Limited
(the &#147;Company&#148; or &#147;WNS&#148;) have been prepared in accordance with United States generally accepted
accounting principles for interim financial information and with the instructions of Rule&nbsp;10-01 of
Regulation&nbsp;S-X. Accordingly, they do not include all information and footnotes required by United
States generally accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments (including normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three and six month periods ended
September&nbsp;30, 2007 are not necessarily indicative of the results that may be expected for the year
ending March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The balance sheet at March&nbsp;31, 2007 has been derived from the audited financial statements at that
date, but does not include all of the information and footnotes required by United States generally
accepted accounting principles for complete financial statements. For further information, refer
to the audited consolidated financial statements and footnotes thereto of WNS (Holdings) Limited
for the year ended March&nbsp;31, 2007, except for the adoption of the Financial Accounting Standards
Board Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes </I>(&#147;FIN 48&#148;), as discussed in
Note 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Acquisitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Marketics Technologies (India) Private Limited</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;8, 2007, the Company completed the acquisition of Marketics Technologies (India) Private
Limited (&#147;Marketics&#148;), a provider of offshore analytics services. This acquisition strengthened the
Company&#146;s position in this line of business. Among other things, with this acquisition the Company
acquired expertise in offshore analytics, a fast-growing area of the business process outsourcing
(&#147;BPO&#148;) business, which enabled the Company to gain access to a few prominent clients in the United
States. The Company has accounted for this acquisition from May&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consideration for the acquisition was an initial cash payment of $30,000 plus direct
transaction costs of $1,400. The consideration also includes a contingent earn-out payment of up to
$35,000 payable in July&nbsp;2008 based on the performance and results of the operations of Marketics
for the fiscal year ending March&nbsp;31, 2008 and will be recorded as additional purchase consideration
upon determination of the amount payable. The initial cash payment of $30,000 was made in May&nbsp;2007,
of which $2,500 is in escrow to be paid out to the selling shareholders along with the contingent
earn-out payment.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company acquired 75.1% of the equity shares of Marketics and the remaining 24.9% has been kept
in escrow to be transferred to the Company upon payment of the contingent earn-out payment. The
Company has accounted for 100% of the operations from May&nbsp;1, 2007 as there are no likely conditions
that would preclude the transfer of shares held in escrow. The payment of contingent consideration
is the only event required to effect the transfer of the remaining shares, which is entirely within
the control of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total estimated cost of acquisition has been allocated to the assets acquired and liabilities
assumed based on a preliminary determination of their fair value. The following table summarizes
the preliminary allocation:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unbilled receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible (customer relationships)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,170</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,859</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total purchase consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has not disclosed pro forma information because the revenue and net income of Marketics
is not material to the revenue and net income of the Company for the six months ended September&nbsp;30,
2007 and 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Flovate Technologies Limited</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;11, 2007, the Company acquired the entire share capital of Flovate Technologies Limited
(&#147;Flovate&#148;), of which the CEO of a division of a UK subsidiary of the Company was a majority
shareholder, for total cash consideration of $6,159 including $221 of transaction costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has accounted for this acquisition beginning from June&nbsp;1, 2007. Flovate is a software
company and the auto claims handling software of Flovate is used by the Company in its auto claims
business in the UK.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has also paid $1,384 held in escrow to be released to the selling shareholders of
Flovate by June&nbsp;2008 upon the software acquired being upgraded as specified in the purchase
agreement. Upon such payment, the Company will record the amount paid as additional cost of the
software.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total purchase consideration has been allocated based on a preliminary determination of their
fair value as customer relationship intangible of $652, software of $1,839 and net tangible assets
of $342 with the residual allocated to goodwill of $3,326.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Adoption of FIN 48</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective April&nbsp;1, 2007, the Company adopted the provisions of Financial Accounting Standards Board
Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes </I>(&#147;FIN 48&#148;)<I>. </I>FIN 48 clarifies the
accounting for uncertainty in income taxes recognized in an enterprise&#146;s financial statements in
accordance with Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;109 <I>&#147;Accounting for
income taxes&#148; </I>and prescribes a recognition threshold of more-likely-than-not to be sustained upon
examination. As a result of the implementation of FIN 48, the Company recognized a $1,346 increase
in the liability for unrecognized tax obligations related to tax positions taken in prior periods.
This increase was accounted for as an adjustment to retained earnings in accordance with the
provisions of FIN 48.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company continues to record penalties and interest on tax obligations as income tax expense. As
of September&nbsp;30, 2007, the Company has accrued $284 towards the payment of such interest. For the
six months ended September&nbsp;30, 2007, $12 has been charged as interest cost to the income statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total unrecognized tax benefits as on September&nbsp;30, 2007 were $12,164. If this unrecognized tax
benefit is recognized, the effective tax rate of the Company would be significantly lower for the
period in which it will be recognized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of September&nbsp;30, 2007, no material changes have occurred in the Company&#146;s uncertain tax
positions since the adoption of FIN 48 on April&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The three major tax jurisdictions of the Company are India, UK and US. The tax return of a
subsidiary of the Company in India for the financial year 2004-05 is under examination by
Government agencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Stock-based compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the three and six months ended September&nbsp;30, 2007 and 2006, the fair value of stock
awards was estimated at the date of grant using the assumptions as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #FFFFFF"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #FFFFFF"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="bottom" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.5 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.5 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6 years</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5.0%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">48.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">48.9%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The expected life of options till March&nbsp;31, 2007 was based on the mid-point of the vesting and the
contracted term of the options. Effective April&nbsp;1, 2007, the expected term is based on the
Company&#146;s historic exercise pattern because the Company now believes that such historical patterns
are more representative of the expected life of the options. The volatility is calculated based on
the historic volatility of similar public companies for the expected term of the options. The risk
free rate is based on the United States treasury instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The change in the expected term of the options has resulted in lower stock compensation charge of
approximately $200 for the six months period ended September&nbsp;30, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2007, the Indian government extended its Fringe Benefit Tax (&#147;FBT&#148;) to include stock options
issued to employees in India. Under the new legislation, on exercise of an option, employers are
responsible for a tax equal to the intrinsic value of an option at its vesting date multiplied by
the applicable tax rate. The employer can seek reimbursement of the tax from the employee, but
cannot transfer the obligation to the employee. The Company intends to recover the FBT from
certain employee option holders. The recovery of FBT from such employee option holders did not
result in additional stock compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The FBT on options payable to the government of India are recorded as an operating expense and the
recovery of the FBT on options from the employees is treated as additional exercise price and
recorded in shareholders&#146; equity. The options issued subsequent to the introduction of the FBT are
fair valued after considering the FBT as an additional component of the exercise price at the grant
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A notification dated October&nbsp;23, 2007 was issued by the government of India to clarify the
valuation and calculation of the FBT. However, it is uncertain from the notification and the
related terms used therein whether or not the FBT on stock options is
applicable to those companies not registered under the Indian Companies Act, 1956. The Company is
not registered under the Indian Companies Act of 1956.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Through September&nbsp;30, 2007, the Company has recorded the FBT as an operating expense which is due
to be remitted on December&nbsp;15, 2007. As a result of the uncertainty, the Company with the
assistance of legal counsel is in the process of interpreting and evaluating the applicability of
the notification with respect to stock options it has granted. In the event the Company concludes
that the notification more likely than not does not apply to the stock options it has granted, it
would result in a reversal of the FBT recorded as on operating expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Share-based compensation expense during the three and six months ended September&nbsp;30, 2007 and 2006
are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #ffffff"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #ffffff"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share-based compensation recorded in</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Selling, general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated income tax benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(527</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(163</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(163</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share-based compensation expense, net of
estimated taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Loss of client</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the three months ended September&nbsp;30, 2007, one of WNS&#146; clients, First Magnus Financial
Corporation (&#147;FMFC&#148;), a US mortgage service company, informed WNS that the prevailing business
relationship between the two entities will be terminated with immediate effect from August&nbsp;16, 2007
as FMFC has filed a voluntary petition for relief under Chapter&nbsp;11 of the US Bankruptcy Code. With
the acquisition of Trinity Partners in November&nbsp;2005, WNS significantly increased its presence in
the mortgage industry. FMFC and its associated companies comprise the bulk of customers acquired in
connection with the acquisition. In addition, the US mortgage market today continues to be
difficult, weak and uncertain and therefore WNS&#146; other mortgage clients have also scaled down their
existing operations with the Company. The Company is uncertain when this market will rebound. As a
result of these indicators of impairment, the Company has tested the related goodwill and
intangible assets for impairment and concluded that such goodwill and intangibles acquired in the
purchase of Trinity Partners are impaired. Accordingly, the Company has recorded an impairment
charge of $9,106 for the goodwill and $6,359 for the intangibles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has also recorded a provision for doubtful account of $1,398 for accounts receivable
from FMFC for services rendered to FMFC through June&nbsp;2007. In view of the current uncertainty
about the collectability of the amounts due for the services rendered to FMFC after June&nbsp;30, 2007,
the Company has not recognized revenue for service rendered after June&nbsp;30, 2007 through the date
of termination of its contract with FMFC on August&nbsp;16, 2007. Contractually, the Company was
entitled to certain annual minimum amounts as well as contract termination fees for which it is in
the process of filing a claim with a US bankruptcy court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The revenue earned from this client for the year ended March&nbsp;31, 2007 and the three months ended
June&nbsp;30, 2007 was approximately $15,030 and $4,188, respectively. We expect the loss of revenue
from FMFC to materially reduce our revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Comprehensive income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Components of comprehensive income for the three and six month periods ended September&nbsp;30, 2007 and
2006 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10,454</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,015</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in fair value of cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(529</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized actuarial loss on pension liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(7,473</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Capital structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the movement of the number of ordinary shares:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding at the beginning of the
period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,906,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,328,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,842,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,321,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares issued in initial public offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,473,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,473,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares issued upon exercise of options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding at the end of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,066,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,918,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,066,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,918,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. (Loss) income per share</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the computation of basic and diluted net (loss)&nbsp;income per share:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Numerator:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10,454</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,015</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denominator:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic weighted
average ordinary
shares
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,993,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,372,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,941,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,805,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dilutive impact
of equivalent
stock options
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,720,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted weighted
average ordinary
shares
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,993,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,093,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,941,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,521,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The
Company computes net (loss)&nbsp;income per share in accordance with
SFAS No.&nbsp;128, <I>&#147;Earnings Per
Share&#148;</I>. The computation of net (loss)&nbsp;income per ordinary share was determined by dividing net
(loss)&nbsp;income by the weighted average ordinary shares outstanding during the respective periods.
The potentially dilutive shares, consisting of outstanding options on ordinary shares, have not
been included in the computation of diluted net loss per share, or in the weighted average shares
outstanding, as the result would be anti-dilutive.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Retirement benefits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Defined Contribution Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the Company&#146;s contribution to defined contribution plans:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provident fund &#151; India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension scheme &#151; UK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">401(k) Plan &#151; US</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,923</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Defined benefit plan &#151; gratuity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the net periodic cost recognized by the Company in respect of
gratuity payments under the Company&#146;s gratuity plans covering eligible employees of the Company in
India and Sri Lanka.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net periodic gratuity cost</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected return on plan asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(10)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(9)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(19)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(17)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recognized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net periodic gratuity cost for the period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">$215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Segments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company uses revenue less repair payments as a primary measure to allocate resources and
measure segment performance. Revenue less repair payments is a non-GAAP measure which is
calculated as revenue less payments to repair centers. The Company believes that the presentation
of this non-GAAP measure in the segmental information provides useful information for investors
regarding the segment&#146;s financial performance. The presentation of this non-GAAP information is not
meant to be considered in isolation or as a substitute for the Company&#146;s financial results prepared
in accordance with US GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Segmental information for the three and six month periods ended September&nbsp;30, 2007 and 2006 are as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Three months ended September 30, 2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Global</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Auto</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Claims BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue from external customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segmental revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(237</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments to repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(237</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(237</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,918</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(479</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of goodwill and intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,465</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,394</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,060</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10,454</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets, net of eliminations as at
September&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">219,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">296,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Three months ended September 30, 2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Global</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Auto</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Claims BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue from external customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">46,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segmental revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">46,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments to repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(910</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(480</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(557</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets, net of eliminations as at
September&nbsp;30, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">176,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">233,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Six months ended September 30, 2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Global</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Auto</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Claims BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue from external customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">127,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">228,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segmental revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">127,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">228,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments to repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,593</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,423</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,308</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of goodwill and intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,465</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,073</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,015</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Six months ended September 30, 2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Global</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>WNS Auto</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Claims BPO</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue from external customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segmental revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments to repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,122</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(951</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(101</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(892</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Other income (expense), net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Components of other income (expense)&nbsp;for the three and six month periods ended September&nbsp;30, 2007
and 2006 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange gain (loss), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(964</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,139</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" nowrap align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Recent accounting pronouncements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In
September&nbsp;2006, the Financial Accounting Standards Board
(&#147;FASB&#148;) issued SFAS No. 157, <I>&#147;Fair
Value Measurements&#148;</I>. SFAS No.&nbsp;157 defines &#147;fair value&#148; as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. SFAS No.&nbsp;157 provides guidance for the determination of fair value, and
establishes a fair value hierarchy for assessing the sources of information used in fair value
measurements. SFAS No.&nbsp;157 is effective for fiscal years beginning after November&nbsp;15, 2007. The
Company is currently evaluating the impact of this pronouncement on its consolidated financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In
February&nbsp;2007, the FASB issued SFAS No.&nbsp;159, <I>&#147;The Fair Value Option for Financial Assets and
Financial Liabilities&#148;</I> which permits entities to choose to measure many financial instruments and
certain other items at fair value that are not currently required to be measured at fair value.
SFAS No.&nbsp;159 will be effective for the Company on April&nbsp;1, 2008. The Company is currently
evaluating the adoption of this pronouncement on its consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WNS (HOLDINGS)&nbsp;LIMITED<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
(UNAUDITED)<BR>
SEPTEMBER 30, 2007 AND 2006<BR>
(Amounts in thousands, except share and per share data)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Transfer of Delivery Centre to AVIVA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Sri Lanka Delivery Centre</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS had established a wholly owned subsidiary, WNS Customer Solutions Private Limited Sri Lanka
(&#147;WNS CS&#148;), in June&nbsp;2004 to provide BPO services exclusively to AVIVA. As a part of the business
arrangement with AVIVA, WNS had granted an option to AVIVA to purchase the shares of WNS CS from
WNS at the net asset value of WNS CS as on the date of transfer of such WNS CS shares. AVIVA
exercised the option on January&nbsp;1, 2007. The transfer of shares of WNS CS was completed on July&nbsp;2,
2007 for a consideration of the net asset value of WNS CS as of July&nbsp;2, 2007 which has been
determined to be equal to $2,068. There was no gain or loss recorded by the Company on transfer of
the business to AVIVA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS CS contributed revenue of $6,601 and pre-tax profit of $1,033 for the year ended March&nbsp;31, 2007
and revenue of $1,981 and pre-tax profit of $116 for the three months ended June&nbsp;30, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ntrance Delivery Centre</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS had established a wholly owned subsidiary, Ntrance Customer Services Private Limited
(&#147;Ntrance&#148;), in February&nbsp;2004 dedicated to providing BPO services exclusively to AVIVA. Ntrance is
based in Pune, India. As a part of the business arrangement with AVIVA, WNS granted an option to
AVIVA to purchase the shares of Ntrance from WNS at the net asset value of Ntrance as on the date
of transfer of the Pune facility and its resources and operations to AVIVA. This option was
exercisable by AVIVA at any time on or after July&nbsp;1, 2007 with the effective date of transfer not
being earlier than January&nbsp;1, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;10, 2007, WNS entered into another agreement with AVIVA to amend the existing terms of
exercise of AVIVA&#146;s option. Pursuant to this amendment, the earliest date of exercise of the
option has been extended to January&nbsp;1, 2008, with the effective date of transfer not being earlier
than April&nbsp;2, 2008. The Company does not expect a material gain or loss arising from the transfer
of this business to AVIVA except for the unrealized foreign currency translation adjustment
included in accumulated other comprehensive income that will be realized at the time of transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ntrance contributed revenues of $18,257 and $10,779 for the year ended March&nbsp;31, 2007 and six
months ended September&nbsp;30, 2007, respectively.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>You should read the following discussion in conjunction with our unaudited condensed consolidated
financial statements and the related notes included elsewhere in this report. We urge you to
carefully review and consider the various disclosures made by us in this report and in our other
SEC filings, including our annual report on </I><I>Form 20-F</I><I> for our fiscal year ended March&nbsp;31, 2007.
Some of the statements in the following discussion are forward-looking statements. See &#147;Special
note regarding forward-looking statements.&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a leading provider of offshore business process outsourcing, or BPO, services. We provide
comprehensive data, voice and analytical services to our clients, which are typically companies
located in Europe and North America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we usually enter into long-term contractual arrangements with our clients, these contracts
can usually be terminated with or without cause by our clients and often with short notice periods.
Nevertheless, our client relationships tend to be long-term in nature given the scale and
complexity of the services we provide coupled with risks and costs associated with switching
processes in-house or to other service providers. We structure each contract to meet our clients&#146;
specific business requirements and our target rate of return over the life of the contract. In
addition, since the sales cycle for offshore business process outsourcing is long and complex, it
is often difficult to predict the timing of new client engagements. As a result, we may experience
fluctuations in growth rates and profitability from quarter to quarter, depending on the timing and
nature of new contracts. Our focus, however, is on deepening our client relationships and
maximizing shareholder value over the life of a clients&#146; relationship with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our revenue is generated primarily from providing business process outsourcing services. We have
two reportable segments for financial statement reporting purposes &#151; WNS Global BPO and WNS Auto
Claims BPO. In our WNS Auto Claims BPO segment we provide claims handling and accident management
services, where we arrange for automobile repairs through a network of third party repair centers.
In our accident management services, we act as the principal in our dealings with the third party
repair centers and our clients. The amounts we invoice to our clients for payments made by us to
third party repair centers is reported as revenue. Since we wholly subcontract the repairs to the
repair centers, we evaluate our financial performance based on revenue less repair payments to
third party repair centers which is a non-GAAP measure. We believe that revenue less repair
payments reflects more accurately the value addition of the business process outsourcing services
that we directly provide to our clients. The presentation of this non-GAAP information is not meant
to be considered in isolation or as a substitute for our financial results prepared in accordance
with US GAAP. Our revenue less repair payments may not be comparable to similarly titled measures
reported by other companies due to potential differences in the method of calculation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles our revenue (a GAAP measure) to revenue less repair payments (a
non-GAAP measure):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(US dollars in millions)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">228.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Payments to repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Revenue</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We generate revenue by providing business process outsourcing services to our clients. For the
three months ended September&nbsp;30, 2007, our revenue was $115.6&nbsp;million as compared to $86.6&nbsp;million
for the three months ended September&nbsp;30, 2006, representing an increase of 33.5%. Our revenue less
repair payments was $71.7&nbsp;million for the three months ended September&nbsp;30, 2007 as compared to
$53.0&nbsp;million for the three months ended September&nbsp;30, 2006, representing an increase of 35.4%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the six months ended September&nbsp;30, 2007, our revenue was $228.1&nbsp;million as compared to $139.6
million for the six months ended September&nbsp;30, 2006, representing an increase of 63.4%. Our revenue
less repair payments was $141.5&nbsp;million for the six months ended September&nbsp;30, 2007 as compared to
$98.5&nbsp;million for the six months ended September&nbsp;30, 2006, representing an increase of 43.7%. We
have been successful in adding new clients who are diversified across industries and geographies to
our existing large client base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Our Contracts</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We provide our services under contracts with our clients, the majority of which have terms ranging
between three and five years, with some being rolling contracts with no end dates. Typically, these
contracts can be terminated by our clients with or without cause and with notice periods ranging
from three to six months. However, we tend to have long-term relationships with our clients given
the complex and comprehensive nature of the business processes executed by us, coupled with the
switching costs and risks associated with relocating these processes in-house or to other service
providers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each client contract has different terms and conditions based on the scope of services to be
delivered and the requirements of that client. Occasionally, we may incur significant costs on
certain contracts in the early stages of implementation, with the expectation that these costs will
be recouped over the life of the contract to achieve our targeted returns. Each client contract has
corresponding service level agreements that define certain operational metrics based on which our
performance is measured. Some of our contracts specify penalties or damages payable by us in the
event of failure to meet certain key service level standards within an agreed upon time frame.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When we are engaged by a client, we typically transfer that clients&#146; processes to our delivery
centers over a two to six month period. This transfer process is subject to a number of potential
delays. Therefore, we may not recognize significant revenue until several months after commencing a
client engagement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the WNS Global BPO segment, we charge for our services primarily based on three pricing models
&#151; per full-time-equivalent; per transaction; or cost-plus &#151; as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>per full-time equivalent arrangements typically involve billings based on the number of
full-time employees (or equivalent) deployed on the execution of the business process
outsourced;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>per transaction arrangements typically involve billings based on the number of
transactions processed (such as the number of e-mail responses, or airline coupons or
insurance claims processed); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cost-plus arrangements typically involve billing the contractually agreed direct and
indirect costs and a fee based on the number of employees deployed under the arrangement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our prior contract with one of our major clients, British Airways, expired in March&nbsp;2007. In July
2006, we entered into a definitive contract with British Airways to replace the prior contract. The
new contract will expire in May&nbsp;2012. Under the new contract the parties have agreed to change the
basis of pricing for a portion of the contracted services over a transition period from a &#147;per full time equivalent basis&#148;
to a &#147;per unit transaction basis.&#148; This change has had the effect of reducing the amount of revenue
that we receive under this contract for the same level of services. The change to a &#147;per unit
transaction price&#148; basis allows us to share benefits from increases in efficiency in performing
services under this contract.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts with another major client, AVIVA, grant AVIVA the option to require us to transfer
our facilities at Sri Lanka and Pune to this client. On January&nbsp;1, 2007, AVIVA exercised its call
option requiring us to transfer the Sri Lanka facility to AVIVA effective July&nbsp;2, 2007. Effective
July&nbsp;2, 2007, we have transferred the Sri Lanka facility to AVIVA. For fiscal 2007, 2006 and 2005,
the Sri Lanka facility accounted for 1.9%, 3.3% and 1.1% of our revenue, respectively, and 3.0%,
4.5% and 1.7% of our revenue less repair payments, respectively. For the three months ended June
30, 2007 and 2006, the Sri Lanka facility accounted for 1.8% and 2.7% of our revenue, respectively,
and 2.8% and 3.1% of our revenue less repair payments, respectively. The Sri Lanka facility was
transferred at book value and did not result in a gain or loss. AVIVA may give us notice to
exercise its call option regarding the Pune facility at any time on or after January&nbsp;1, 2008. If
the option to transfer the Pune facility is exercised, we will be required to transfer the AVIVA
Pune facility to AVIVA on or after April&nbsp;1, 2008 and we would lose all revenue from AVIVA. For
fiscal 2007, 2006 and 2005, the Pune facility accounted for 5.2%, 6.5% and 5.1% of our revenue,
respectively, and 8.3%, 8.8% and 8.4% of our revenue less repair payments, respectively. For the
six months ended September&nbsp;30, 2007 and 2006, the Pune facility accounted for 4.7% and 6.1% of our
revenue, respectively, and 7.6% and 8.6% of our revenue less repair payments, respectively. See
&#147;Part&nbsp;II &#151; Other Information. Risk Factors &#151; Risks Related to Our Business &#151; We may lose some or
all of the revenue generated by one of our major clients.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Magnus Financial Corporation (&#147;FMFC&#148;), a US mortgage lender, was one of our major clients
from November&nbsp;2005 to August&nbsp;2007. FMFC was a major client of Trinity Partners, which we acquired
in November&nbsp;2005 from the First Magnus Group. In August&nbsp;2007, FMFC filed a voluntary petition for
relief under Chapter&nbsp;11 of the US Bankruptcy Code. For fiscal 2007, FMFC accounted for 4.3% and
6.8% of our revenue and revenue less repair payments, respectively. For the three months ended
June&nbsp;30, 2007 and 2006, FMFC accounted for 3.7% and 6.5% of our revenue, and 6.0% and 7.5% of our
revenue less repair payments, respectively. We expect the loss of revenue from FMFC to materially
reduce our revenue. Contractually, the Company was entitled to certain annual minimum amount as
well as contract termination fees for which it is in the process of filing a claim with a US
bankruptcy court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A small portion of our revenue is comprised of reimbursements of out-of-pocket expenses incurred by
us in providing services to our clients. In our WNS Auto Claims BPO segment, we earn revenue from
claims handling and accident management services. For claims handling, we charge on a per claim
basis or a fixed fee per vehicle over a contract period. For automobile accident management
services, where we arrange for the repairs through a network of repair centers that we have
established, we invoice the client for the amount of the repair. When we direct a vehicle to a
specific repair center, we receive a referral fee from that repair center. Overall, we believe that
we have established a sustainable business model which offers revenue visibility over a substantial
portion of our business. We have done so by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing a broad client base which has resulted in limited reliance on any particular client;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seeking to balance our revenue base by targeting industries that offer significant offshore outsourcing potential;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>addressing the largest markets for offshore business process outsourcing services, which provide geographic diversity
across our client base; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>focusing our service mix on diverse data, voice and analytical processes, resulting in enhanced client retention.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Expenses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of our expense is comprised of cost of revenue and operating expenses. The key
components of our cost of revenue are payments to repair centers, employee costs and
infrastructure-related costs. Our operating expenses include selling, general and administrative
expenses, or SG&#038;A, and amortization of intangible assets. Our non-operating expenses include
interest expenses, other income and other expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cost of Revenue</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our WNS Auto Claims BPO segment includes automobile accident management services, where we arrange
for repairs through a network of repair centers. The value of these payments in any given period is
primarily driven by the volume of accidents and the amount of the repair costs related to such
accidents.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employee costs are also a significant component of cost of revenue. In addition to employee
salaries, employee costs include costs related to recruitment, training and retention.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our infrastructure costs are comprised of depreciation, lease rentals, facilities management and
telecommunication network cost. Most of our leases for our facilities are long-term agreements and
have escalation clauses which provide for increases in rent at periodic intervals commencing
between three and five years from the start of the lease. Most of these agreements have clauses
that cap escalation of lease rentals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>SG&#038;A Expenses</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our SG&#038;A expenses are primarily comprised of corporate employee costs for sales and marketing,
general and administrative and other support personnel, travel expenses, legal and professional
fees, share-based compensation expense, brand building expenses, and other general expenses not
related to cost of revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Amortization of Intangible Assets</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amortization of intangible assets is associated with our acquisitions of Trinity Partners in
November&nbsp;2005 (see discussion regarding FMFC under note 5 of our unaudited condensed consolidated financial statements included elsewhere in this report),
Marketics Technologies (India) Private Limited, or Marketics, in May&nbsp;2007 and Flovate Technologies
Limited, or Flovate, in June&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Income (Expense), Net</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other income (expense), net is comprised of interest expenses, interest income and foreign exchange
gains or losses. Interest expense primarily relates to interest charges arising from short-term
note payable and line of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operating data</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents certain operating data as of dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total head count</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">17,090</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">16,709</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15,084</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13,729</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13,064</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Built up seats</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9,475</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9,358</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8,794</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8,784</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,787</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Used seats</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8,131</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,825</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,769</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6,698</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6,102</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Built up seats refer to the total number of production seats (excluding support functions like
Finance, Human Resource and Administration) that are set up in any premises. Used seats refer to
the number of built up seats that are being used by employees and billed to clients. The balance
would be termed &#145;vacant seats.&#146; The vacant seats would get converted into used seats when we acquire a new client or
increase head count.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth certain financial information as a percentage of revenue and revenue
less repair payments:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Revenue</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Revenue less repair</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Revenue</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Revenue less repair</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>payments</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>payments</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">80.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">77.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">67.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">63.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">80.1%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">67.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">64.6%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22.2%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32.2%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32.1%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">35.4%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SG&#038;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16.3%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26.2%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22.6%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of
intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.0%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of goodwill
and intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.0%</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(10.1)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(16.2)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2.1)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(3.4)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11.9%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income
(expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.9%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.1)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.1%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.2)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.2%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.1)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.2)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income
taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.9)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.6)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(1.5)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(1.1)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.9)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.6)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(1.5)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.9)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(9.0)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(14.6)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(0.9)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.6%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(1.4)%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.8%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles revenue less repair payments to revenue and sets forth payments to
repair centers and revenue less repair payments as a percentage of revenue:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #FFFFFF"><B>Three months ended September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #FFFFFF"><B>Six months ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(US dollars in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(US dollars in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">228.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Payments to
repair centers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="31" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue less repair
payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">71</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="31" nowrap align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents our results of operations for the periods indicated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three months ended,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Six months ended,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>(US dollars in millions)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$115.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">$86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">$228.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">$139.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue <I>(note 1)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">92.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">67.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">182.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">104.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">45.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">34.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SG&#038;A <I>(note 2)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">18.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">33.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">22.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment
of goodwill and intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(11.6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(4.9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(0.1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(0.2)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(1.1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(0.6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(2.1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(0.9)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(10.5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center">(2.0)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10.6</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>Note 1:</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes share-based compensation expense of $0.7&nbsp;million and $1.2&nbsp;million for the three
and six months ended September&nbsp;30, 2007, respectively, and $0.1&nbsp;million for each of the three and
six months ended September&nbsp;30, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>Note 2:</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes share-based compensation expense of $1.2&nbsp;million and $2.2&nbsp;million for the three
and six months ended September&nbsp;30 2007, respectively, and $0.8&nbsp;million and $1.0&nbsp;million for the
three and six months ended September&nbsp;30, 2006, respectively.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Results for Three months ended September&nbsp;30, 2007 Compared to Three months ended September&nbsp;30, 2006</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Revenue</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue for the three months ended September&nbsp;30, 2007 was $115.6&nbsp;million as compared with $86.6
million for the three months ended September&nbsp;30, 2006, representing an increase of $29.0&nbsp;million or
33.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Global BPO&#146;s revenue for the three months ended September&nbsp;30, 2007 was $64.6&nbsp;million as
compared with $46.1&nbsp;million for the three months ended September&nbsp;30, 2006, representing an increase
of $18.5&nbsp;million or 40.1%. New clients added since October&nbsp;1, 2006 contributed $6.8&nbsp;million of the
increase in revenue (including $2.3&nbsp;million in revenues from new clients as a result of our
acquisition of Marketics in May&nbsp;2007) and existing clients contributed the balance $11.7&nbsp;million of
the increase in revenue for the three months ended September&nbsp;30, 2007 compared to the three months
ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Auto Claims BPO&#146;s revenue for the three months ended September&nbsp;30, 2007 was $51.0&nbsp;million as
compared with $40.5&nbsp;million for the three months ended September&nbsp;30, 2006, representing an increase
of $10.5&nbsp;million or 25.9%. This increase in revenue was primarily on account of higher payment to
repair centers of $10.2&nbsp;million, mainly based on assumption of the role of the principal in
dealings with third-party repair centers for accident management services for an existing
significant client and an increase in revenue from existing clients. Our acquisition of Flovate in
June&nbsp;2007 also contributed to increased revenues to the extent of $0.6&nbsp;million.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Revenue Less Repair Payments</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue less repair payments for the three months ended September&nbsp;30, 2007 was $71.7&nbsp;million as
compared with $53.0&nbsp;million for the three months ended September&nbsp;30, 2006, representing an increase
of $18.7&nbsp;million or 35.4%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Global BPO&#146;s revenue less repair payments for the three months ended September&nbsp;30, 2007 was
$64.6&nbsp;million as compared with $46.1&nbsp;million for the three months ended September&nbsp;30, 2006,
representing an increase of $18.5&nbsp;million or 40.1%. New clients added since October&nbsp;1, 2006
contributed $6.8&nbsp;million of the increase in revenue (including $2.3&nbsp;million in revenues from new
clients as a result of our acquisition of Marketics in May&nbsp;2007) and existing clients contributed
the balance $11.7&nbsp;million of the increase in revenue for the three months ended September&nbsp;30, 2007
compared to the three months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Auto Claims BPO&#146;s revenue less repair payments for the three months ended September&nbsp;30, 2007
was $7.1&nbsp;million as compared with $6.9&nbsp;million for the three months ended September&nbsp;30, 2006,
representing an increase of $0.2&nbsp;million or 2.9%. This increase in revenue was primarily on
account of additional revenues from existing clients and our acquisition of Flovate in June&nbsp;2007
which added $0.6&nbsp;million in revenue less repair payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cost of Revenue</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cost of revenue for the three months ended September&nbsp;30, 2007 was 80.0% of revenue as compared to
77.8% of revenue for the three months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cost of revenue for the three months ended September&nbsp;30, 2007 was $92.5&nbsp;million against $67.3
million for the three months ended September&nbsp;30, 2006, representing an increase of $25.2&nbsp;million or
37.3%. This increase was primarily on account of an increase in cost of revenues of $16.7&nbsp;million
in the WNS Global BPO segment and of $8.5&nbsp;million in the WNS Auto Claims BPO segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase in the cost of revenue in the WNS Global BPO segment was mainly attributable to
increases of approximately $11.6&nbsp;million in employee costs including share-based compensation
expense. It was also attributable to an increase of $3.8&nbsp;million in infrastructure costs on account
of increased capacity, $1.1&nbsp;million in depreciation expenses and $0.2&nbsp;million in travel expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase in cost of revenue in the WNS Auto Claims BPO segment was mainly attributable to
higher payments of $10.2&nbsp;million to repair centers, mainly due to the assumption of the role of
principal in dealings with third-party repair centers for accident management services for an
existing significant client, partially offset by a decrease in employee costs, infrastructure
expenses and depreciation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Gross Profit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross profit for the three months ended September&nbsp;30, 2007 was $23.1&nbsp;million or 20.0% of revenue,
as compared to $19.3&nbsp;million or 22.2% of revenue, for the three months ended September&nbsp;30, 2006.
The decrease in gross profit as a percentage of revenue was mainly due to the loss of a mortgage
services client, higher salary costs, and net adverse impact of exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross profit as a percentage of revenue less repair payments was 32.2% for the three months ended
September&nbsp;30, 2007 as compared to 36.4% for the three months ended September&nbsp;30, 2006.
The decrease in gross profit as a percentage of revenue less repair payments for the three
months ended September&nbsp;30, 2007 was mainly due to the loss of a mortgage services client, higher
salary costs and net adverse exchange rate impact.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>SG&#038;A Expenses</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SG&#038;A expenses for the three months ended September&nbsp;30, 2007 were $18.8&nbsp;million, or 16.3% of
revenue, as compared to $12.1&nbsp;million, or 13.9% of revenue, for the three months ended September
30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SG&#038;A expenses for the three months ended September&nbsp;30, 2007 were $18.8&nbsp;million, or 26.2% of revenue
less repair payments, as compared to $12.1&nbsp;million, or 22.8% of revenue less repair payments, in
the three months ended September&nbsp;30, 2006.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase in SG&#038;A expenses was primarily attributable to the increase of approximately $4.3
million in administrative expenses, $1.5&nbsp;million for employee related costs on account of an
increase in headcount and increments, $0.5&nbsp;million in professional fees and $0.4&nbsp;million in travel
costs. SG&#038;A expense as a percentage of revenue less repair payments increased to 26.2% for the
three months ended September&nbsp;30, 2007 from 22.8% for the three months ended September&nbsp;30, 2006
primarily on account of additional bad debt provisions due to the loss of a mortgage services
client, higher legal and professional expenses and fringe benefit taxes of employee stock options
exercised. SG&#038;A expenses for the three months ended September&nbsp;30, 2007 and September&nbsp;30, 2006
included share-based compensation expense of $1.2&nbsp;million and $0.8&nbsp;million, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Amortization of Intangible Assets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amortization of intangible assets was $0.5&nbsp;million for the three months ended September&nbsp;30, 2007,
as compared to $0.5&nbsp;million for the three months ended September&nbsp;30, 2006. Amortization of
intangible assets for the three months ended September&nbsp;30, 2007 was primarily for intangible assets
amounting to $9.0&nbsp;million acquired through our acquisition of Marketics in May&nbsp;2007 and intangible
assets of $0.7&nbsp;million acquired through our acquisition of Flovate in June&nbsp;2007. Amortization of
intangible assets for the three months ended September&nbsp;2006 was primarily for intangible assets
amounting to $9.4&nbsp;million acquired through our acquisition of Trinity Partners in November&nbsp;2005.
Subsequent to the loss of FMFC as a mortgage services client, which we had acquired through our
acquisition of Trinity Partners, the value of intangible assets acquired through our acquisition of
Trinity Partners was impaired.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Impairment of Goodwill and Intangible Assets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We performed impairment reviews of goodwill and intangible assets when FMFC filed a voluntary
petition for relief under Chapter&nbsp;11 of the US Bankruptcy Code in August&nbsp;2007, following the
secondary mortgage market crisis. We had $15.5&nbsp;million of impairment of goodwill and intangible
assets during the three months ended September&nbsp;30, 2007, consisting of impairment of $9.1&nbsp;million
of goodwill recognized and impairment of $6.4&nbsp;million of intangible assets acquired in connection
with the acquisition of Trinity Partners in November&nbsp;2005. We had no impairment of goodwill and
intangible assets in the three months ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operating (Loss) Income</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating loss for the three months ended September&nbsp;30, 2007 was $11.6&nbsp;million, or (10.1)% of
revenue, as compared to operating income of $6.7&nbsp;million, or 7.7% of revenue, for the three months
ended September&nbsp;30, 2006. Operating loss was primarily on account of the loss of a mortgage
services client and related goodwill and intangible impairment and adverse impact of exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating loss for the three months ended September&nbsp;30, 2007 was $11.6&nbsp;million, or (16.2)% of
revenue less repair payments, as compared to operating income $6.7&nbsp;million, or 12.6% of revenue
less repair payments, for the three months ended September&nbsp;30, 2006. Operating loss was primarily
on account of the loss of a mortgage services client and related goodwill and intangible impairment
and adverse impact of exchange rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Income (Expense), Net</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other income for the three months ended September&nbsp;30, 2007 was $2.2&nbsp;million as compared to other
expense of $0.1&nbsp;million for the three months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded a foreign exchange gain of $0.9&nbsp;million during the three months ended September&nbsp;30,
2007 compared to a foreign exchange loss of $1.0&nbsp;million during the three months ended September
30, 2006. This gain on foreign exchange was on account of the forward and options derivative
contracts entered into by the Company. In addition, interest income was earned primarily from the
IPO proceeds held in short-term money market accounts. Interest income for the three months ended
September&nbsp;30, 2007 was $1.2&nbsp;million compared to $0.8&nbsp;million for the three months ended September
30, 2006.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Provision for Income Taxes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provision for income taxes for the three months ended September&nbsp;30, 2007 was $1.1&nbsp;million, an
increase of 90.3% from our provision for income taxes of $0.6&nbsp;million for the three months ended
September&nbsp;30, 2006. The increase is on account of higher profits in our Auto Claims BPO segment
resulting in higher tax expense. Profits earned from our Auto Claims BPO segment are generated from
our operations in UK while profits earned from our Global BPO segment are primarily generated from
our operations in India which are eligible to claim tax exemptions with respect to profits earned
from export revenue by various delivery centers that benefit from a tax holiday.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Net (Loss)&nbsp;Income</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss for the three months ended September&nbsp;30, 2007 was $10.5&nbsp;million as compared to net income
of $6.0&nbsp;million for the three months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss
as a percentage of revenue was (9.0)% for the three months ended September&nbsp;30, 2007 as
compared to net income of 7.0% for the three months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss
as a percentage of revenue less repair payments was (14.6)% for the three months ended
September&nbsp;30, 2007 as compared to net income 11.4% for the three months ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Results for six months ended September&nbsp;30, 2007 compared to six months ended September&nbsp;30, 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Revenue</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue for the six months ended September&nbsp;30, 2007 was $228.1&nbsp;million as compared with $139.6
million for the six months ended September&nbsp;30, 2006, representing an increase of $88.5&nbsp;million or
63.4%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Global BPO&#146;s revenue for the six months ended September&nbsp;30, 2007 was $127.5&nbsp;million as compared
with $86.3&nbsp;million for the six months ended September&nbsp;30, 2006, representing an increase of $41.2
million or 47.7%. New clients added since October&nbsp;1, 2006 contributed $10.3&nbsp;million of the increase
in revenue (including $3.6&nbsp;million in revenues from new clients as a result of our acquisition of
Marketics in May&nbsp;2007) and existing clients contributed the balance $30.9&nbsp;million of the increase
in revenue for the six months ended September&nbsp;30, 2007 compared to the six months ended September
30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Auto Claims BPO&#146;s revenue for the six months ended September&nbsp;30, 2007 was $100.6&nbsp;million as
compared with $53.3&nbsp;million for the six months ended September&nbsp;30, 2006, representing an increase
of $47.3&nbsp;million or 88.7%. This increase in revenue was primarily on account of higher payment to
repair centers of $45.5&nbsp;million, mainly based on assumption of the role of the principal in
dealings with third-party repair centers for accident management services for an existing
significant client and an increase in revenue from existing clients. Our acquisition of Flovate in June&nbsp;2007 also contributed to
increased revenues to the extent of $1.0&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Revenue Less Repair Payments</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue less repair payments for the six months ended September&nbsp;30, 2007 was $141.5&nbsp;million as
compared with $98.5&nbsp;million for the six months ended September&nbsp;30, 2006, representing an increase
of $43.0&nbsp;million or 43.7%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Global BPO&#146;s revenue less repair payments for the six months ended September&nbsp;30, 2007 was
$127.5&nbsp;million as compared with $86.3&nbsp;million for the six months ended September&nbsp;30, 2006,
representing an increase of $41.2&nbsp;million or 47.7%. New clients added since October&nbsp;1, 2006
contributed $10.3&nbsp;million of the increase in revenue (including $3.6&nbsp;million in revenues from new
clients as a result of our acquisition of Marketics in May&nbsp;2007) and existing clients contributed
the balance $30.9&nbsp;million of the increase in revenue for the six months ended September&nbsp;30, 2007
compared to the six months ended September&nbsp;30, 2006.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WNS Auto Claims BPO&#146;s revenue less repair payments for the six months ended September&nbsp;30, 2007 was
$14.0&nbsp;million as compared with $12.2&nbsp;million for the six months ended September&nbsp;30, 2006,
representing an increase of $1.8&nbsp;million or 14.7%. This increase in revenue was primarily on
account of additional revenues from existing clients and our acquisition of Flovate in June&nbsp;2007
which added $1.0&nbsp;million in revenue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cost of Revenue</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cost of revenue for the six months ended September&nbsp;30, 2007 was 80.1% of revenue as compared to
75.0% of revenue for the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cost of revenue for the six months ended September&nbsp;30, 2007 was $182.7&nbsp;million against $104.8
million for the six months ended September&nbsp;30, 2006, representing an increase of $77.9&nbsp;million or
74.4%. This increase was primarily on account of an increase in cost of revenue of $35.4&nbsp;million in
the WNS Global BPO segment and of $42.5&nbsp;million in the WNS Auto Claims BPO segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase in the cost of revenue in the WNS Global BPO segment was mainly attributable to
increases of approximately $23.6&nbsp;million in employee costs including share-based compensation
expense. It was also attributable to an increase of $7.6&nbsp;million in infrastructure costs on account
of increased capacity, $2.2&nbsp;million in depreciation expenses and $2.0&nbsp;million in travel expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase in cost of revenue in the WNS Auto Claims BPO segment was mainly attributable to
higher payments of $45.5&nbsp;million to repair centers, mainly due to the assumption of the role of
principal in dealings with third-party repair centers for accident management services for an
existing significant client, partially offset by a decrease in employee costs, depreciation and
infrastructure expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Gross Profit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross profit for the six months ended September&nbsp;30, 2007 was $45.4&nbsp;million, or 19.9% of revenue, as
compared to $34.8&nbsp;million, or 25.0% of revenue, for the six months ended September&nbsp;30, 2006. This
decrease in gross profit as a percentage of revenue was mainly due to the loss of a mortgage
services client, higher salary costs, and net adverse impact of exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross profit as a percentage of revenue less repair payments was 32.1% for the six months ended
September&nbsp;30, 2007 as compared to 35.4% for the six months ended September&nbsp;30, 2006. The decrease
in gross profit as a percentage of revenue less repair payments for the three months ended September
30, 2007 was mainly due to the loss of a mortgage services client, higher salary costs and exchange
rate impact.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>SG&#038;A Expenses</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SG&#038;A expenses for the six months ended September&nbsp;30, 2007 were $33.5&nbsp;million, or 14.7% of revenue,
as compared to $22.2&nbsp;million, or 15.9% of revenue for the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SG&#038;A expenses for the six months ended September&nbsp;30, 2007 were $33.5&nbsp;million, or 23.7% of revenue
less repair payments, as compared to $22.2&nbsp;million, or 22.6% of revenue less repair payments, for
the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increase of $11.3&nbsp;million in SG&#038;A expenses was primarily attributable to the increase of
approximately $5.6&nbsp;million in administrative expense, $3.7&nbsp;million for employee related cost
primarily on account of an increase in share based compensation expense, $1.2&nbsp;million in legal and
professional charges and $0.8&nbsp;million in travel. SG&#038;A expense as a percentage of revenue less
repair payments increased to 23.7% for the six months ended September&nbsp;30, 2007 from 22.6% for the
six months ended September&nbsp;30, 2006 primarily on account of additional bad debt provisions due to
the loss of a mortgage services client, higher legal and professional expenses and fringe benefit
taxes of employee stock options exercised. SG&#038;A expenses for the six months ended September&nbsp;30,
2007 and September&nbsp;30, 2006 included share-based compensation expense of $2.2&nbsp;million and $1.0
million, respectively.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Amortization of Intangible Assets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amortization of intangible assets was $1.3&nbsp;million for the six months ended September&nbsp;30, 2007, as
compared to $1.0&nbsp;million for the six months ended September&nbsp;30, 2006. The increase in amortization
was primarily on account of intangible assets amounting to $9.0&nbsp;million acquired through our
acquisition of Marketics in May&nbsp;2007 and intangible assets of $0.7&nbsp;million acquired through our
acquisition of Flovate in June&nbsp;2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Impairment of Goodwill and Intangible Assets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We performed impairment reviews of intangible assets and when FMFC filed a voluntary petition for
relief under Chapter&nbsp;11 of the US Bankruptcy Code in August&nbsp;2007, following the secondary mortgage
market crisis. We had $15.5&nbsp;million of impairment of goodwill and intangible assets during the six
months ended September&nbsp;30, 2007, consisting of impairment of $9.1&nbsp;million of goodwill recognized
and impairment of $6.4&nbsp;million of intangible assets acquired in connection with the acquisition of
Trinity Partners in November&nbsp;2005. We had no impairment of goodwill and intangible assets in the
six months ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operating (Loss) Income</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating loss for the six months ended September&nbsp;30, 2007 was $4.9&nbsp;million, or (2.1)% of revenue,
as compared to operating income $11.7&nbsp;million, or 8.4% of revenue, for the six months ended
September&nbsp;30, 2006. Operating loss was primarily on account of the loss of a mortgage services
client and related goodwill and intangible impairment and adverse impact of exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating loss for the six months ended September&nbsp;30, 2007 was $4.9&nbsp;million, or (3.4)% of revenue
less repair payments, as compared to operating income $11.7&nbsp;million, or 11.9% of revenue less
repair payments, for the six months ended September&nbsp;30, 2006. Operating loss was primarily on
account of the loss of a mortgage services client and related goodwill and intangible impairment
and adverse impact of exchange rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Income (Expense), Net</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other income for the six months ended September&nbsp;30, 2007 was $4.9&nbsp;million, as compared to other
expense of $0.2&nbsp;million for the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded a foreign exchange gain of $2.2&nbsp;million during the six months ended September&nbsp;30, 2007
compared to a foreign exchange loss of $1.1&nbsp;million during the six months ended September&nbsp;30, 2006.
The gain on foreign exchange was on account of the forward and options derivative contracts entered
into by the company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Increase in interest income was earned from the IPO proceeds held in short-term money market
accounts. Interest income for the six months ended September&nbsp;30, 2007 was $2.5&nbsp;million compared to
$0.9&nbsp;million for the six months ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Provision for Income Taxes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provision for income taxes for the six months ended September&nbsp;30, 2007 was $2.1&nbsp;million, an
increase of 132.3% over our provision for income taxes of $0.9&nbsp;million for the six months ended
September&nbsp;30, 2006. The increase is on account of higher profits in our Auto Claims BPO segment
resulting in higher tax expense. Profits earned from our Auto Claims BPO segment are generated from
our operations in the UK while profits earned from our Global BPO segment are primarily generated from
our operations in India which are eligible to claim tax exemptions with respect to profits earned
from export revenue by various delivery centers that benefit from a tax holiday.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Net (Loss)&nbsp;Income</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss for the six months ended September&nbsp;30, 2007 was $2.0&nbsp;million as compared to net income of
$10.6&nbsp;million for the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss
as a percentage of revenue was (0.9)% for the six months ended September&nbsp;30, 2007 as
compared to net income of 7.6% for the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net loss
as a percentage of revenue less repair payments was (1.4)% for the six months ended
September&nbsp;30, 2007 as compared to net income 10.8% for the six months ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity and Capital Resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Historically, our sources of funding have principally been from cash flow from operations
supplemented by equity and short-term debt financing as required. Our capital requirements have
principally been for the establishment of operations facilities to support our growth and
acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the three months ended September&nbsp;30, 2007 and September&nbsp;30, 2006, our net (loss)&nbsp;income was
$(10.5) million and $6.0&nbsp;million, respectively, and for the six months ended September&nbsp;30, 2007 and
September&nbsp;30, 2006, our net (loss)&nbsp;income was $(2.0) million and $10.6&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of September&nbsp;30, 2007, we had cash and cash equivalents of $96.6&nbsp;million. We typically seek to
invest our available cash on hand in bank deposits and money market funds. As of September&nbsp;30,
2006, we had an unused line of credit of Rs.369&nbsp;million ($9.3&nbsp;million, based on the exchange rate
of Rs.39.75 to $1.00 as at September&nbsp;30, 2007) from Hong Kong and Shanghai Banking Corporation,
Mumbai Branch.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cash Flows from Operating Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash flows generated from operating activities were $15.5&nbsp;million for the six months ended
September&nbsp;30, 2007 as compared with $7.9&nbsp;million for the six months ended September&nbsp;30, 2006. The
substantial increase in cash flows generated from operating activities for the six months ended
September&nbsp;30, 2007 as compared to the six months ended September&nbsp;30, 2006 was attributable to an
increase of $5.1&nbsp;million in cash profit and a decrease of $2.5&nbsp;million in working capital
requirement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cash Flows from Investing Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash flows used in investing activities were $35.4&nbsp;million for the six months ended September&nbsp;30,
2007 as compared with $17.2&nbsp;million used for the six months ended September&nbsp;30, 2006. The increase
in cash flow used in investing activities for the six months ended September&nbsp;30, 2007 as compared with
the six months ended September&nbsp;30, 2006 was primarily on account of a higher acquisition cost of $33.9
million paid towards the acquisition of Marketics and Flovate. This increase in outflow is
partially offset by the maturity of bank deposits of $12.0&nbsp;million, lower capital expenditure of
$2.1&nbsp;million incurred for leasehold improvements, purchase of computers, furniture, fixtures and
other office equipment associated with expanding the capacity of our delivery centers&#146; and net
proceeds of $1.6&nbsp;million received on account of the transfer of the Sri Lanka facility to AVIVA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cash Flows from Financing Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash inflows from financing activities were $2.3&nbsp;million for the six months ended September&nbsp;30,
2007 as compared to $82.1&nbsp;million for the six months ended September&nbsp;30, 2006. During the six
months ended September&nbsp;30, 2007, the cash inflow was primarily on account of the exercise of stock
options of $1.2&nbsp;million. In accordance with SFAS No.123 (R), we classified excess tax benefits from
share based compensation expense of $1.3&nbsp;million as cash flows from financing activities. The cash
inflow was partially offset by additional initial public offering costs of $0.15&nbsp;million.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the six months ended September&nbsp;30, 2006, cash inflow was due to net proceeds of $80.7
million from the initial public offering by the Company in July&nbsp;2006, proceeds from exercise of
options of $0.7&nbsp;million and classification of excess tax benefits from share based compensation
expense of $0.8&nbsp;million as cash flows from financing activities rather than cash flows from
operating activities during the six months ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our business strategy requires us to continuously expand our delivery capabilities. We expect to
incur capital expenditure on setting up new delivery centers or expanding existing delivery centers
and setting up related technology to enable offshore execution and management of clients&#146; business
processes. We believe that our anticipated cash generated from operating activities and cash and cash
equivalents in hand will be sufficient to meet our estimated capital expenditures needs for fiscal 2008.
We may in the future consider making acquisitions which we expect to be able to finance partly or fully
from cash generated from operating activities. If we have significant growth through acquisitions or require
additional operating facilities beyond those currently planned to service new client contracts, we may
need to obtain further financing. We cannot assure you that additional financing, if needed, will be
available on favorable terms or at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Off-Balance Sheet Arrangements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have no off-balance sheet arrangements or obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>General</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Market risk is attributable to all market sensitive financial instruments including foreign
currency receivables and payables. The value of a financial instrument may change as a result of
changes in the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market
changes that affect market risk sensitive instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our exposure to market risk is primarily a function of our revenue generating activities and any
future borrowings in foreign currency. The objective of market risk management is to avoid
excessive exposure of our earnings to loss. Most of our exposure to market risk arises from our
revenue and expenses that are denominated in different currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following risk management discussion and the estimated amounts generated from analytical
techniques are forward-looking statements of market risk assuming certain market conditions occur.
Our actual results in the future may differ materially from these projected results due to actual
developments in the global financial markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Risk Management Procedures</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We manage market risk through our treasury operations. Our senior management and our board of
directors approve our treasury operations&#146; objectives and policies. The activities of our treasury
operations include management of cash resources, implementation of hedging strategies for foreign
currency exposures, implementation of borrowing strategies and monitoring compliance with market
risk limits and policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Components of Market Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Exchange Rate Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our exposure to market risk arises principally from exchange rate risk. Although substantially all
of our revenue less repair payments is denominated in pounds sterling, US dollars and Euros, a
significant portion of our expenses for the six months ended September&nbsp;30, 2007 (net of payments to
repair centers made as part of our WNS Auto Claims BPO segment) are incurred and paid in Indian
rupees. The exchange rates among the Indian rupee, the pound sterling and the US dollar have
changed substantially in recent years and may fluctuate substantially in the future.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our exchange rate risk primarily arises from our foreign currency-denominated receivables and
payables. Based upon our level of operations for the six months ended September&nbsp;30, 2007, a
sensitivity analysis shows that a 5% appreciation in the pound sterling against the US dollar would
have increased revenue for the six months ended September&nbsp;30, 2007 by approximately $8.2&nbsp;million.
Similarly, a 5% depreciation in the Indian rupee against the US dollar would have decreased our
expenses incurred and paid in Indian rupee for the six months ended September&nbsp;30, 2007 by
approximately $4.6&nbsp;million. Based upon our level of operations for the six months ended September
30, 2007, a sensitivity analysis shows that a 5% appreciation in the pound sterling against the US
dollar would have increased revenue less repair payments for the six months ended September&nbsp;30,
2007 by approximately $3.8&nbsp;million. Similarly, a 5% depreciation in the Indian rupee against the US
dollar would have decreased our expenses incurred and paid in Indian rupee for the six months ended
September&nbsp;30, 2007 by approximately $4.6&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To protect against exchange gains (losses)&nbsp;on forecasted inter-company revenue, the Company has
instituted a foreign currency cash flow hedging program. The Company&#146;s operating entity in India
hedges a part of its forecasted inter company revenue denominated in foreign currencies with
forward contracts and options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Interest Rate Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not carry any interest rate risk as we currently do not have any borrowing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Credit Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financial instruments that potentially subject us to concentrations of credit risk consist
principally of cash equivalents, accounts receivable from related parties, accounts receivables
from others and bank deposits. By their nature, all such financial instruments involve risk
including the credit risk of non-performance by counter parties. Our cash equivalents, bank
deposits and restricted cash are invested with banks with high investment grade credit ratings.
Accounts receivable are typically unsecured and are derived from revenue earned from clients
primarily based in Europe and North America. We monitor the credit worthiness of our clients to
which we have granted credit terms in the normal course of the business. We believe there is no
significant risk of loss in the event of non-performance of the counter parties to these financial
instruments, other than the amounts already provided for in our financial statements.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<!-- link1 "Part II &#151; OTHER INFORMATION" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part II &#151; OTHER INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This report contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a
result of a number of factors, including those described in the following risk factors and
elsewhere in this report. If any of the following risks actually occur, our business, financial
condition and results of operations could suffer and the trading price of our ADSs could decline.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since our Report on Form 6-K submitted to the SEC on August&nbsp;16, 2007, First Magnus Financial
Corporation (&#147;FMFC&#148;), a US mortgage services client, has filed a voluntary petition for relief
under Chapter&nbsp;11 of the US Bankruptcy Code. FMFC was one of our major clients from November&nbsp;2005 to
August&nbsp;2007. FMFC was a major client of Trinity Partners, which we acquired in November&nbsp;2005 from
the First Magnus Group. For fiscal 2007, FMFC accounted for 4.3% and 6.8% of our revenue and our
revenue less repair payments, respectively. For the three months ended June&nbsp;30, 2007 and 2006,
FMFC accounted for 3.7% and 6.5% of our revenue, and 6.0% and 7.5% our revenue less repair
payments, respectively. We expect the loss of revenue from FMFC to materially reduce our revenue.
More generally, the downturn in the mortgage market could result in a further decrease in the
demand for our services and adversely affect our results of our operations. See &#147;&#151; Risks Related to Our Business &#151; A few major
clients account for a significant portion of our revenue and any loss of business from these
clients could reduce our revenue and significantly harm our business&#148; and &#147;&#151; Risks Related to Our Business &#151; Our revenue is highly
dependent on a few industries and any decrease in demand for outsourced services in these
industries could reduce our revenue and seriously harm our business&#148; below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to Our Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may be unable to effectively manage our rapid growth and maintain effective internal controls,
which could have a material adverse effect on our operations, results of operations and financial
condition.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since we were founded in April&nbsp;1996, and especially since Warburg Pincus &#038; Co., or Warburg Pincus,
acquired a controlling stake in our company in May&nbsp;2002, we have experienced rapid growth and
significantly expanded our operations. Our revenue has grown at a compound annual growth rate of
47.4% to $352.3&nbsp;million in fiscal 2007 from $162.2&nbsp;million in fiscal 2005. Our revenue less repair
payments has grown at a compound annual growth rate of 49.0% to $219.7&nbsp;million in fiscal 2007 from
$99.0&nbsp;million in fiscal 2005. We have established delivery centers in four locations in India, in
Sri Lanka and in the UK. Our employees have increased to 15,084 as of March&nbsp;31, 2007 from 7,176 as
of March&nbsp;31, 2005. In fiscal 2008, we intend to set up new delivery centers in Pune, Mumbai,
Gurgaon and Bucharest. We intend to continue expansion in the foreseeable future to pursue existing
and potential market opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This rapid growth places significant demands on our management and operational resources. In order
to manage growth effectively, we must implement and improve operational systems, procedures and
internal controls on a timely basis. If we fail to implement these systems, procedures and controls
on a timely basis, we may not be able to service our clients&#146; needs, hire and retain new employees,
pursue new business, complete future acquisitions or operate our business effectively. Failure to
effectively transfer new client business to our delivery centers, properly budget transfer costs or
accurately estimate operational costs associated with new contracts could result in delays in
executing client contracts, trigger service level penalties or cause our profit margins not to meet
our expectations or our historical profit margins. As a result of any of these problems associated
with expansion, our business, results of operations, financial condition and cash flows could be
materially and adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>A few major clients account for a significant portion of our revenue and any loss of business from
these clients could reduce our revenue and significantly harm our business.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have derived and believe that we will continue to derive in the near term a significant portion
of our revenue from a limited number of large clients. For fiscal 2007 and 2006, our five largest
clients accounted for 55.2% and 41.0% of our revenue and 45.7% and 52.8% of our revenue less repair
payments. FMFC, a US mortgage lender, was
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">one of our major clients from November&nbsp;2005 to August
2007. FMFC was a major client of Trinity Partners, which we acquired in November&nbsp;2005 from First
Magnus Group. In August&nbsp;2007, FMFC filed a voluntary petition for relief under Chapter&nbsp;11 of the US
Bankruptcy Code. For fiscal 2007, FMFC accounted for 4.3% and 6.8% of our revenue and our revenue less repair payments, respectively. For the three months ended June&nbsp;30,
2007 and 2006, FMFC accounted for 3.7% and 6.5% of our revenue, and 6.0% and 7.5% our revenue less
repair payments, respectively. We expect the loss of revenue from FMFC to materially reduce our
revenue.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts with one of our major clients, AVIVA, provide the client options, exercisable at the
client&#146;s election, to require us to transfer the relevant projects and operations of our facilities
at Sri Lanka and Pune to this client. On January&nbsp;1, 2007, AVIVA exercised its call option requiring
us to transfer the Sri Lanka facility to AVIVA effective July&nbsp;2, 2007. We completed the transfer of the Sri Lanka facility to AVIVA with effect from July&nbsp;2, 2007. For fiscal 2007, 2006 and 2005, the Sri
Lanka facility accounted for 1.9%, 3.3% and 1.1% of our revenue, respectively, and 3.0%, 4.5% and
1.7% of our revenue less repair payments, respectively. For the three months ended June&nbsp;30, 2007
and 2006, the Sri Lanka facility accounted for 1.8% and 2.7% of our revenue, respectively, and 2.8%
and 3.1% of our revenue less repair payments, respectively. AVIVA&#146;s call option regarding the Pune
facility, if exercised, would require us to transfer the facility at Pune to AVIVA on or after
April&nbsp;1, 2008 whereupon we would lose all our revenue from AVIVA. AVIVA may give us notice to
exercise its call option regarding the Pune facility at any time on or after January&nbsp;1, 2008. We
have agreed with AVIVA to cooperate with them in the conduct of their due diligence of the Pune
facility and have appointed a transfer manager to facilitate a smooth transfer of the Pune
facility. For fiscal 2007, 2006 and 2005, the Pune facility accounted for 5.2%, 6.5% and 5.1% of
our revenue, respectively, and 8.3%, 8.8% and 8.4% of our revenue less repair payments,
respectively. For the six months ended September&nbsp;30, 2007 and 2006, Pune facility accounted for
4.7% and 6.1% of our revenue, respectively, and 7.6% and 8.6% of our revenue less repair payments,
respectively. See &#147;&#151; We may lose some or all of the revenue generated by one of our major
clients.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the volume of work performed for specific clients is likely to vary from year to year,
particularly since we may not be the exclusive outside service provider for our clients. Thus, a
major client in one year may not provide the same level of revenue in any subsequent year. The loss
of some or all of the business of any large client could have a material adverse effect on our
business, results of operations, financial condition and cash flows. A number of factors other than
our performance could cause the loss of or reduction in business or revenue from a client, and
these factors are not predictable. For example, a client may demand price reductions, change its
outsourcing strategy or move work in-house. A client may also be acquired by a company with a
different outsourcing strategy that intends to switch to another business process outsourcing
service provider or return work in-house.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We may lose some or all of the revenue generated by one of our major clients.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts with one of our five largest clients, AVIVA, to provide business process outsourcing
services grant AVIVA the option, exercisable at AVIVA&#146;s election, to require us to transfer the
relevant projects and operations of our facilities at Sri Lanka and Pune to this client. On January
1, 2007, AVIVA exercised its call option requiring us to transfer the Sri Lanka facility to AVIVA
effective July&nbsp;2, 2007. We completed the transfer of Sri Lanka facility to AVIVA with effect from
July&nbsp;2, 2007. Effective July&nbsp;2, 2007, we lost all revenues generated by the Sri Lanka facility and
this has negatively impacted our revenues and result of operations. For fiscal 2007, 2006 and 2005,
the Sri Lanka facility accounted for 1.9%, 3.3% and 1.1% of our revenue, respectively, and 3.0%,
4.5% and 1.7% of our revenue less repair payments, respectively. For the three months ended June
30, 2007 and 2006, the Sri Lanka facility accounted for 1.8% and 2.7% of our revenue, respectively,
and 2.8% and 3.1% of our revenue less repair payments, respectively. If the option to transfer the
Pune facility is exercised, we will be required to transfer the AVIVA Pune facility to AVIVA on or
after April&nbsp;1, 2008 and we will lose all revenue from AVIVA. AVIVA may give us notice to exercise
its call option regarding the Pune facility at any time on or after January&nbsp;1, 2007. We have agreed
with AVIVA to cooperate with them in conduct of their due diligence of Pune facility and have
appointed a transfer manager to facilitate a smooth transfer of the Pune facility. For fiscal 2007,
2006 and 2005, the Pune facility accounted for 5.2%, 6.5% and 5.1% of our revenue, respectively,
and 8.3%, 8.8% and 8.4% of our revenue less repair payments, respectively. For the six months ended
September&nbsp;30, 2007 and 2006, the Pune facility accounted for 4.7% and 6.1% of our revenue,
respectively, and 7.6% and 8.6% of our revenue less repair payments, respectively. This loss of
revenue would have a material impact on our business, results of operations, financial condition
and cash flows, particularly during the quarter in which the option takes effect.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We may in the future enter into similar contracts with other clients, in which case we would be
subject to risks similar to those described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our revenue is highly dependent on a few industries and any decrease in demand for outsourced
services in these industries could reduce our revenue and seriously harm our business.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A substantial portion of our clients are concentrated in the travel industry and the banking,
financial services and insurance, or BFSI, industry. In fiscal 2007 and 2006, 22.8% and 33.1% of
our revenue and 36.6% and 45.4% of our revenue less repair payments were derived from clients in
the travel industry. During the same periods, clients in the BFSI industry contributed 61.8% and
55.6% of our revenue and 38.7% and 39.1% of our revenue less repair payments. Our business and
growth largely depend on continued demand for our services from clients in these industries and
other industries that we may target in the future, as well as on trends in these industries to
outsource business processes. A downturn in any of our targeted industries, particularly the travel
or BFSI industries, a slowdown or reversal of the trend to outsource business processes in any of
these industries or the introduction of regulation which restricts or discourages companies from
outsourcing could result in a decrease in the demand for our services and adversely affect our
results of operations. For example, following the mortgage market crisis, in August&nbsp;2007, FMFC, a
US mortgage services client, filed a voluntary petition for relief under Chapter&nbsp;11 of the US
Bankruptcy Code. FMFC was a major client of Trinity Partners which we acquired in November&nbsp;2005
from the First Magnus Group and became one of our major clients. For fiscal 2007, FMFC accounted
for 4.3% and 6.8% of our revenue and our revenue less repair payments, respectively. For the three
months ended June&nbsp;30, 2007 and 2006, FMFC accounted for 3.7% and 6.5% of our revenue, and 6.0% and
7.5% our revenue less repair payments, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other developments may also lead to a decline in the demand for our services in these industries.
For example consolidation in any of these industries or acquisitions, particularly involving our
clients, may decrease the potential number of buyers of our services. Any significant reduction in
or the elimination of the use of the services we provide within any of these industries would
result in reduced revenue and harm our business. Our clients may experience rapid changes in their
prospects, substantial price competition and pressure on their profitability. Although such
pressures can encourage outsourcing as a cost reduction measure, they may also result in increasing
pressure on us from clients in these key industries to lower our prices, which could negatively
affect our business, results of operations, financial condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our senior management team and other key team members in our business units are critical to our
continued success and the loss of such personnel could harm our business.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our future success substantially depends on the continued service and performance of the members of
our senior management team and other key team members in each of our business units. These
personnel possess technical and business capabilities including domain expertise that are difficult
to replace. There is intense competition for experienced senior management and personnel with
technical and industry expertise in the business process outsourcing industry, and we may not be
able to retain our key personnel. Although we have entered into employment contracts with our
executive officers, certain terms of those agreements may not be enforceable and in any event these
agreements do not ensure the continued service of these executive officers. The loss of key members
of our senior management or other key team members, particularly to competitors, could have a
material adverse effect on our business, results of operations, financial condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We may fail to attract and retain enough sufficiently trained employees to support our operations,
as competition for highly skilled personnel is intense and we experience significant employee
attrition. These factors could have a material adverse effect on our business, results of
operations, financial condition and cash flows.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The business process outsourcing industry relies on large numbers of skilled employees, and our
success depends to a significant extent on our ability to attract, hire, train and retain qualified
employees. The business process outsourcing industry, including our company, experiences high
employee attrition. In fiscal 2007, our attrition rate for associates (employees who execute
business processes for our clients following their completion of a six-month probationary period)
was approximately 43% which we believe is broadly in line with our peers in the offshore business
process outsourcing industry. There is significant competition in India for professionals with the
skills necessary to perform the services we offer to our clients. Increased competition for these
professionals, in the business process outsourcing industry or otherwise, could have an adverse
effect on us. A significant increase in the
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">attrition rate among employees with specialized skills could decrease our operating efficiency and
productivity and could lead to a decline in demand for our services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, our ability to maintain and renew existing engagements and obtain new businesses will
depend in large part, on our ability to attract, train and retain personnel with skills that enable
us to keep pace with growing demands for outsourcing, evolving industry standards and changing
client preferences. Our failure either to attract, train and retain personnel with the
qualifications necessary to fulfill the needs of our existing and future clients or to assimilate new employees successfully could have a material adverse effect on our business, results
of operations, financial condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Wage increases in India may prevent us from sustaining our competitive advantage and may reduce our
profit margin.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Salaries and related benefits of our operations staff and other employees in India are among our
most significant costs. Wage costs in India have historically been significantly lower than wage
costs in the US and Europe for comparably skilled professionals, which has been one of our
competitive advantages. However, because of rapid economic growth in India, increased demand for
business process outsourcing to India and increased competition for skilled employees in India,
wages for comparably skilled employees in India are increasing at a faster rate than in the US and
Europe, which may reduce this competitive advantage. In addition, if the US dollar or the pound
sterling declines in value against the Indian rupee, wages in the US or the UK will decrease
relative to wages in India, which may further reduce our competitive advantage. We may need to
increase our levels of employee compensation more rapidly than in the past to remain competitive in
attracting the quantity and quality of employees that our business requires. Wage increases may
reduce our profit margins and have a material adverse effect on our financial condition and cash
flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our operating results may differ from period to period, which may make it difficult for us to
prepare accurate internal financial forecasts and respond in a timely manner to offset such period
to period fluctuations.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our operating results may differ significantly from period to period due to factors such as client
losses, variations in the volume of business from clients resulting from changes in our clients&#146;
operations, the business decisions of our clients regarding the use of our services, delays or
difficulties in expanding our operational facilities and infrastructure, changes to our pricing
structure or that of our competitors, inaccurate estimates of resources and time required to
complete ongoing projects, currency fluctuation and seasonal changes in the operations of our
clients. For example, our clients in the travel industry experience seasonal changes in their
operations in connection with the year-end holiday season and the school year, as well as episodic
factors such as adverse weather conditions or strikes by pilots or air traffic controllers.
Transaction volumes can be impacted by market conditions affecting the travel and insurance
industries, including natural disasters, health scares (such as severe acute respiratory syndrome,
or SARS, and avian influenza, or bird flu) and terrorist attacks. Furthermore some of our contracts
do not commit our clients to providing us with a specific volume of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the long sales cycle for our services, which typically ranges from three to 12&nbsp;months,
and the internal budget and approval processes of our prospective clients makes it difficult to
predict the timing of new client engagements. Revenue is recognized upon actual provision of
services and when the criteria for recognition are achieved. Accordingly, the financial benefit of
gaining a new client may be delayed due to delays in the implementation of our services. These
factors may make it difficult for us to prepare accurate internal financial forecasts or replace
anticipated revenue that we do not receive as a result of those delays. Due to the above factors,
it is possible that in some future quarters our operating results may be significantly below the
expectations of the public market, analysts and investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our clients may terminate contracts before completion or choose not to renew contracts which could
adversely affect our business and reduce our revenue.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms of our client contracts typically range from three to five years. Many of our client
contracts can be terminated by our clients with or without cause, with three to six months&#146; notice
and, in most cases, without penalty. The termination of a substantial percentage of these contracts
could adversely affect our business and reduce our revenue. Contracts representing 10.2% of our
revenue and 16.4% of our revenue less repair payments from our clients in fiscal 2007 will expire
on or before March&nbsp;31, 2008. Failure to meet contractual requirements could result
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in cancellation
or non-renewal of a contract. Some of our contracts may be terminated by the client if certain of
our key personnel working on the client project leave our employment and we are unable to find
suitable replacements. In addition, a contract termination or significant reduction in work
assigned to us by a major client could cause us to experience a higher than expected number of
unassigned employees, which would increase our cost of revenue as a percentage of revenue until we
are able to reduce or reallocate our headcount. We may not be able to replace any client that
elects to terminate or not renew its contract with us, which would adversely affect our business
and revenue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Some of our client contracts contain provisions which, if triggered, could result in lower future
revenue and have an adverse effect on our business.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If our clients agree to provide us with a specified volume and scale of business or to provide us
with business for a specified minimum duration, we may, in return, agree to include certain
provisions in our contracts with such clients which provide for downward revision of our prices
under certain circumstances. For example, certain client contracts provide that if during the term
of the contract, we were to offer similar services to any other client on terms and conditions more
favorable than those provided in the contract, we would be obliged to offer equally favorable terms
and conditions to the client. This may result in lower revenue and profits under these contracts.
Certain other contracts allow a client in certain limited circumstances to request a benchmark
study comparing our pricing and performance with that of an agreed list of other service providers
for comparable services. Based on the results of the study and depending on the reasons for any
unfavorable variance, we may be required to make improvements in the service we provide or to
reduce the pricing for services to be performed under the remaining term of the contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of our client contracts provide that during the term of the contract and under specified
circumstances, we may not provide similar services to their competitors. Some of our contracts also
provide that, during the term of the contract and for a certain period thereafter ranging from six
to 12&nbsp;months; we may not provide similar services to certain or any of their competitors using the
same personnel. These restrictions may hamper our ability to compete for and provide services to
other clients in the same industry, which may result in lower future revenue and profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of our contracts specify that if a change in control of our company occurs during the term of
the contract, the client has the right to terminate the contract. These provisions may result in
our contracts being terminated if there is such a change in control, resulting in a potential loss
of revenue. Some of our client contracts also contain provisions that would require us to pay
penalties to our clients if we do not meet pre-agreed service level requirements. Failure to meet
these requirements could result in the payment of significant penalties by us to our clients which
in turn could have an adverse effect on our business, results of operations, financial condition
and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We enter into long-term contracts with our clients, and our failure to estimate the resources and
time required for our contracts may negatively affect our profitability.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms of our client contracts typically range from three to five years. In many of our
contracts we commit to long-term pricing with our clients and therefore bear the risk of cost
overruns, completion delays and wage inflation in connection with these contracts. If we fail to
estimate accurately the resources and time required for a contract, future wage inflation rates or
currency exchange rates, or if we fail to complete our contractual obligations within the
contracted timeframe, our revenue and profitability may be negatively affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our profitability will suffer if we are not able to maintain our pricing and asset utilization
levels and control our costs.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our profit margin, and therefore our profitability, is largely a function of our asset utilization
and the rates we are able to recover for our services. One of the most significant components of
our asset utilization is our seat utilization rate which is the average number of work shifts per
day, out of a maximum of three, for which we are able to utilize our work stations, or seats. If we
are not able to maintain the pricing for our services or an appropriate seat utilization rate,
without corresponding cost reductions, our profitability will suffer. The rates we are able to
recover for our services are affected by a number of factors, including our clients&#146; perceptions of
our ability to add value through our services, competition, introduction of new services or
products by us or our competitors, our ability to accurately estimate, attain and sustain
engagement revenue, margins and cash flows over increasingly longer contract periods and general
economic and political conditions. Our profitability is also a function of our ability to
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">control
our costs and improve our efficiency. As we increase the number of our employees and execute our
strategies for growth, we may not be able to manage the significantly larger and more
geographically diverse workforce that may result, which could adversely affect our ability to
control our costs or improve our efficiency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We have incurred losses in the past and have a limited operating history. We may not be profitable
in the future and may not be able to secure additional business.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have incurred losses in each of the three fiscal years from fiscal 2003 through fiscal 2005. In
future periods, we expect our selling, general and administrative expenses to continue to increase.
If our revenue does not grow at a faster rate than these expected increases in our expenses, or if our operating expenses are higher
than we anticipate, we may not be profitable and we may incur additional losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the offshore business process outsourcing industry is a relatively new industry, and
we have a limited operating history. We started our business by offering business process
outsourcing services as part of British Airways in 1996. In fiscal 2003, we enhanced our focus on
providing business process outsourcing services to third parties. As such, we have only focused on
servicing third-party clients for a limited time. We may not be able to secure additional business
or retain current business with third-parties or add third-party clients in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>If we cause disruptions to our clients&#146; businesses or provide inadequate service, our clients may
have claims for substantial damages against us. Our insurance coverage may be inadequate to cover
these claims, and as a result, our profits may be substantially reduced.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of our contracts with clients contain service level and performance requirements, including
requirements relating to the quality of our services and the timing and quality of responses to the
client&#146;s customer inquiries. In some cases, the quality of services that we provide is measured by
quality assurance ratings and surveys which are based in part on the results of direct monitoring
by our clients of interactions<BR>
between our employees and our client&#146;s customers. Failure to consistently meet service requirements
of a client or errors made by our associates in the course of delivering services to our clients
could disrupt the client&#146;s business and result in a reduction in revenue or a claim for substantial
damages against us. For example, some of our agreements stipulate standards of service that, if not
met by us, will result in lower payment to us. In addition, a failure or inability to meet a
contractual requirement could seriously damage our reputation and affect our ability to attract new
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our dependence on our offshore delivery centers requires us to maintain active data and voice
communications between our main delivery centers in India, Sri Lanka and the UK, our international
technology hubs in the US and the UK and our clients&#146; offices. Although we maintain redundant
facilities and communications links, disruptions could result from, among other things, technical
and electricity breakdowns, computer glitches and viruses and adverse weather conditions. Any
significant failure of our equipment or systems, or any major disruption to basic infrastructure
like power and telecommunications in the locations in which we operate, could impede our ability to
provide services to our clients, have a negative impact on our reputation, cause us to lose
clients, reduce our revenue and harm our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under our contracts with our clients, our liability for breach of our obligations is generally
limited to actual damages suffered by the client and capped at a portion of the fees paid or
payable to us under the relevant contract. To the extent that our contracts contain limitations on
liability, such limitations may be unenforceable or otherwise may not protect us from liability for
damages. In addition, certain liabilities, such as claims of third parties for which we may be
required to indemnify our clients, are generally not limited under those agreements. Although we
have commercial general liability insurance coverage, the coverage may not continue to be available
on reasonable terms or in sufficient amounts to cover one or more large claims, and our insurers
may disclaim coverage as to any future claims. The successful assertion of one or more large claims
against us that exceed available insurance coverage, or changes in our insurance policies
(including premium increases or the imposition of large deductible or co-insurance requirements),
could have a material adverse effect on our business, reputation, results of operations, financial
condition and cash flows.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We are liable to our clients for damages caused by unauthorized disclosure of sensitive and
confidential information, whether through a breach of our computer systems, through our employees
or otherwise.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are typically required to manage, utilize and store sensitive or confidential client data in
connection with the services we provide. Under the terms of our client contracts, we are required
to keep such information strictly confidential. Our client contracts do not include any limitation
on our liability to them with respect to breaches of our obligation to maintain confidentiality on
the information we receive from them. We seek to implement measures to protect sensitive and
confidential client data and have not experienced any material breach of confidentiality to date.
However, if any person, including any of our employees, penetrates our network security or
otherwise mismanages or misappropriates sensitive or confidential client data, we could be subject
to significant liability and lawsuits from our clients or their customers for breaching contractual
confidentiality provisions or privacy laws. Although we have insurance coverage for mismanagement
or misappropriation of such information by our employees, that coverage may not continue to be available on reasonable terms or in sufficient
amounts to cover one or more large claims against us and our insurers may disclaim coverage as to
any future claims. Penetration of the network security of our data centers could have a negative
impact on our reputation which would harm our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Failure to adhere to the regulations that govern our business could result in our being unable to
effectively perform our services. Failure to adhere to regulations that govern our clients&#146;
businesses could result in breaches of contract with our clients.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our clients&#146; business operations are subject to certain rules and regulations such as the
Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act in the US and
the Financial Services Act in the UK. Our clients may contractually require that we perform our
services in a manner that would enable them to comply with such rules and regulations. Failure to
perform our services in such a manner could result in breaches of contract with our clients and, in
some limited circumstances, civil fines and criminal penalties for us. In addition, we are required
under various Indian laws to obtain and maintain permits and licenses for the conduct of our
business. If we do not maintain our licenses or other qualifications to provide our services, we
may not be able to provide services to existing clients or be able to attract new clients and could
lose revenue, which could have a material adverse effect on our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The international nature of our business exposes us to several risks, such as significant currency
fluctuations and unexpected changes in the regulatory requirements of multiple jurisdictions.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have operations in India, Sri Lanka and the UK and we service clients across Europe, North
America and Asia. Our corporate structure also spans multiple jurisdictions, with our parent
holding company incorporated in Jersey, Channel Islands, and intermediate and operating
subsidiaries incorporated in India, Sri Lanka, Mauritius, the US and the UK, with operations
expected to commence in Romania soon. As a result, we are exposed to risks typically associated
with conducting business internationally, many of which are beyond our control. These risks
include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant currency fluctuations between the US dollar and the pound sterling (in which our
revenue is principally denominated) and the Indian rupee (in which a significant portion of our
costs are denominated);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>legal uncertainty owing to the overlap of different legal regimes, and problems in asserting
contractual or other rights across international borders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potentially adverse tax consequences, such as scrutiny of transfer pricing arrangements by
authorities in the countries in which we operate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential tariffs and other trade barriers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected changes in regulatory requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the burden and expense of complying with the laws and regulations of various jurisdictions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terrorist attacks and other acts of violence or war.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse effect on our results of
operations and financial condition.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We may not succeed in identifying suitable acquisition targets or integrating any acquired business
into our operations, which could have a material adverse effect on our business, results of
operations, financial condition and cash flows.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our growth strategy involves gaining new clients and expanding our service offerings, both
organically and through strategic acquisitions. Historically, we have expanded some of our service
offerings and gained new clients through strategic acquisitions. For example, we acquired Trinity
Partners Inc., or Trinity Partners, in November&nbsp;2005, Marketics in May&nbsp;2007, and Flovate in June
2007. It is possible that in the future we may not succeed in identifying suitable acquisition
targets available for sale on reasonable terms, have access to the capital required to finance
potential acquisitions or be able to consummate any acquisition. The inability to identify suitable
acquisition targets or investments or the inability to complete such transactions may affect our
competitiveness and our growth prospects. In addition, our management may not be able to
successfully integrate any acquired business into our operations and any acquisition we do complete
may not result in long-term benefits to us. For example, if we acquire a company, we could
experience difficulties in assimilating that company&#146;s personnel, operations, technology and
software. In addition, the key personnel of the acquired company may decide not to work for us. The
lack of profitability of any of our acquisitions could have a material adverse effect on our operating
results. Future acquisitions may also result in the incurrence of indebtedness or the issuance of
additional equity securities and may present difficulties in financing the acquisition on
attractive terms. Acquisitions also typically involve a number of other risks, including diversion
of management&#146;s attention, legal liabilities and the need to amortize acquired intangible assets,
any of which could have a material adverse effect on our business, results of operations, financial
condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our facilities are at risk of damage by natural disasters.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our operational facilities and communication hubs may be damaged in natural disasters such as
earthquakes, floods, heavy rains, tsunamis and cyclones. For example, during the floods in Mumbai
in July&nbsp;2005, our operations were adversely affected as a result of the disruption of the city&#146;s
public utility and transport services making it difficult for our associates to commute to our
office. Such natural disasters may lead to disruption to information systems and telephone service
for sustained periods. Damage or destruction that interrupts our provision of outsourcing services
could damage our relationships with our clients and may cause us to incur substantial additional
expenses to repair or replace damaged equipment or facilities. We may also be liable to our clients
for disruption in service resulting from such damage or destruction. While we currently have
commercial liability insurance, our insurance coverage may not be sufficient. Furthermore, we may
be unable to secure such insurance coverage at premiums acceptable to us in the future or secure
such insurance coverage at all. Prolonged disruption of our services as a result of natural
disasters would also entitle our clients to terminate their contracts with us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our business may not develop in ways that we currently anticipate due to negative public reaction
to offshore outsourcing, proposed legislation or otherwise.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have based our strategy of future growth on certain assumptions regarding our industry, services
and future demand in the market for such services. However, the trend to outsource business
processes may not continue and could reverse. Offshore outsourcing is a politically sensitive topic
in the UK, the US and elsewhere. For example, many organizations and public figures in the UK and
the US have publicly expressed concern about a perceived association between offshore outsourcing
providers and the loss of jobs in their home countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, there has been publicity about the negative experiences, such as theft and
misappropriation of sensitive client data, of various companies that use offshore outsourcing,
particularly in India. Current or prospective clients may elect to perform such services themselves
or may be discouraged from transferring these services from onshore to offshore providers to avoid
negative perceptions that may be associated with using an offshore provider. Any slowdown or
reversal of existing industry trends towards offshore outsourcing would seriously harm our ability
to compete effectively with competitors that operate out of facilities located in the UK or the US.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A variety of US federal and state legislation has been proposed that, if enacted, could restrict or
discourage US companies from outsourcing their services to companies outside the US. For example,
legislation has been proposed that would require offshore providers of services requiring direct
interaction with clients&#146; customers to identify to clients&#146; customers where the offshore provider
is located. Because some of our clients are located in the US, any expansion of existing laws or
the enactment of new legislation restricting offshore outsourcing could adversely
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">impact our
ability to do business with US clients and have a material and adverse effect on our business,
results of operations, financial condition and cash flows. In addition, it is possible that
legislation could be adopted that would restrict US private sector companies that have federal or
state government contracts from outsourcing their services to offshore service providers. This
would affect our ability to attract or retain clients that have such contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recent legislation introduced in the UK provides that if a company transfers or outsources its
business or a part of its business to a transferee or a service provider, the employees who were
employed in such business are entitled to become employed by the transferee or service provider on
the same terms and conditions as they had been employed before. The dismissal of such employees as
a result of such transfer of business is deemed unfair dismissal and entitles the employee to
compensation. As a result, we may become liable for redundancy payments to the employees of our
clients in the UK who outsource business to us. We believe this legislation will not affect our
existing contracts with clients in the UK. However, we may be liable under any service level
agreements we may enter into in the future pursuant to existing master services agreements with our
UK clients. In addition, this legislation may have an adverse effect on potential business from
clients in the UK.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We face competition from onshore and offshore business process outsourcing companies and from
information technology companies that also offer business process outsourcing services. Our clients
may also choose to run their business processes themselves, either in their home countries or
through captive units located offshore.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The market for outsourcing services is very competitive and we expect competition to intensify and
increase from a number of sources. We believe that the principal competitive factors in our markets
are price, service quality, sales and marketing skills, and industry expertise. We face significant
competition from our clients&#146; own in-house groups including, in some cases, in-house departments
operating offshore or captive units. Clients who currently outsource a significant proportion of
their business processes or information technology services to vendors in India may, for various
reasons, including to diversify geographic risk, seek to reduce their dependence on any one
country. We also face competition from onshore and offshore business process outsourcing and
information technology services companies. In addition, the trend toward offshore outsourcing,
international expansion by foreign and domestic competitors and continuing technological changes
will result in new and different competitors entering our markets. These competitors may include
entrants from the communications, software and data networking industries or entrants in geographic
locations with lower costs than those in which we operate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of these existing and future competitors have greater financial, human and other resources,
longer operating histories, greater technological expertise, more recognizable brand names and more
established relationships in the industries that we currently serve or may serve in the future. In
addition, some of our competitors may enter into strategic or commercial relationships among
themselves or with larger, more established companies in order to increase their ability to address
client needs, or enter into similar arrangements with potential clients. Increased competition, our
inability to compete successfully against competitors, pricing pressures or loss of market share
could result in reduced operating margins which could harm our business, results of operations,
financial condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our failure to timely comply with Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 could have a
material adverse effect on our share price.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 requires management&#146;s annual review and evaluation of
our internal controls over financial reporting, and an attestation of the effectiveness of these
controls by our independent registered public accountants beginning with our fiscal year ending on
March&nbsp;31, 2008. We are in the process of evaluating and testing our internal financial reporting
controls in anticipation of our compliance with Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 and
have not yet completed this process. We have formed internal evaluation committees and engaged
consultants to assist us in such compliance. If we do not implement the requirements of Section&nbsp;404
in a timely manner or with adequate compliance, we might be subject to sanctions or investigation
by regulatory authorities, such as the SEC. Any such action could harm our business or investors&#146;
confidence in our company and could cause our share price to fall.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our controlling shareholder, Warburg Pincus, is able to control or significantly influence our
corporate actions.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Warburg Pincus beneficially owns more than 50% of our shares. As a result of its ownership
position, Warburg Pincus has the ability to control or significantly influence matters requiring
shareholder and board approval including, without limitation, the election of directors,
significant corporate transactions such as amalgamations and consolidations, changes in control of
our company and sales of all or substantially all of our assets. These actions may be taken even if
they are opposed by the other shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We have certain anti-takeover provisions in our articles of association that may discourage a
change in control.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our articles of association contain anti-takeover provisions that could make it more difficult for
a third party to acquire us without the consent of our board of directors. These provisions
include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a classified board of directors with staggered three-year terms; and<BR></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of our board of directors to determine the rights, preferences and privileges of our
preferred shares and to issue the preferred shares without shareholder approval, which could be
exercised by our board of directors to increase the number of outstanding shares and prevent or
delay a takeover attempt.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These provisions could make it more difficult for a third party to acquire us, even if the third
party&#146;s offer may be considered beneficial by many shareholders. As a result, shareholders may be
limited in their ability to obtain a premium for their shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>It may be difficult for you to effect service of process and enforce legal judgments against us or
our affiliates.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are incorporated in Jersey, Channel Islands, and our primary operating subsidiary, WNS Global
Services (Private) Limited, or WNS Global, is incorporated in India. A majority of our directors
and senior executives are not residents of the US and virtually all of our assets and the assets of
those persons are located outside the US. As a result, it may not be possible for you to effect
service of process within the US upon those persons or us. In addition, you may be unable to
enforce judgments obtained in courts of the US against those persons outside the jurisdiction of
their residence, including judgments predicated solely upon the securities laws of the US.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to India</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>A substantial portion of our assets and operations are located in India and we are subject to
regulatory, economic, social and political uncertainties in India.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our primary operating subsidiary, WNS Global, is incorporated in India, and a substantial portion
of our assets and employees are located in India. We intend to continue to develop and expand our
facilities in India. The government of India, however, has exercised and continues to exercise
significant influence over many aspects of the Indian economy. The government of India has provided
significant tax incentives and relaxed certain regulatory restrictions in order to encourage
foreign investment in specified sectors of the economy, including the business process outsourcing
industry. Those programs that have benefited us include tax holidays, liberalized import and export
duties and preferential rules on foreign investment and repatriation. We cannot assure you that
such liberalization policies will continue. Various factors, including a collapse of the present
coalition government due to the withdrawal of support of coalition members, could trigger
significant changes in India&#146;s economic liberalization and deregulation policies and disrupt
business and economic conditions in India generally and our business in particular. The government
of India may decide to introduce the reservation policy. According to this policy, all companies
operating in the private sector in India, including our subsidiaries in India, would be required to
reserve a certain percentage of jobs for the economically underprivileged population in the
relevant state where such companies are incorporated. If this policy is introduced, our ability to
hire employees of our choice may be restricted. Our financial performance and the market price of
our ADSs may be adversely affected by changes in inflation, exchange rates and controls, interest
rates, government of India policies (including taxation policies), social stability or other
political, economic or diplomatic developments affecting India in the future.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">India has witnessed communal clashes in the past. Although such clashes in India have, in the
recent past, been sporadic and have been contained within reasonably short periods of time, any
such civil disturbance in the future could result in disruptions in transportation or communication
networks, as well as have adverse implications for general economic conditions in India. Such
events could have a material adverse effect on our business, on the value of our ADSs and on your
investment in our ADSs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>If the government of India reduces or withdraws tax benefits and other incentives it currently
provides to companies within our industry or if the same are not available for any other reason,
our financial condition could be negatively affected.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Indian Finance Act, 2000, except for one delivery center located in Mumbai, all our
delivery centers in India benefit from a ten-year holiday from Indian corporate income taxes. As a
result, our service operations, including any businesses we acquire, have been subject to
relatively low Indian tax liabilities. We incurred minimal income tax expense on our Indian
operations in fiscal 2007 as a result of the tax holiday, compared to approximately $8.7&nbsp;million
that we would have incurred if the tax holiday had not been available for that period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indian Finance Act, 2000, phases out the tax holiday over a ten-year period from fiscal 2000
through fiscal 2009. The tax holiday enjoyed by our delivery centers in India expires in stages, on
April&nbsp;1, 2008 for one of our delivery centers located in Nashik, and on April&nbsp;1, 2009 for our delivery centers located in
Mumbai, Pune, Nashik and Gurgaon. When our Indian tax holiday expires or terminates, or if the
government of India withdraws or reduces the benefits of the Indian tax holiday, our Indian tax
expense will materially increase and this increase will have a material impact on our results of
operations. In the absence of a tax holiday, income derived from India would be taxed up to a
maximum of the then existing annual tax rate which, as of March&nbsp;31, 2007, was 33.66%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2007, the Indian Finance Act, 2007 was adopted, with the effect of subjecting Indian
companies that benefit from a holiday from Indian corporate income taxes to the minimum alternate
tax, or MAT, at the rate of 11.33% in the case of profits exceeding Rs. 10&nbsp;million and 10.3% in the
case of profits not exceeding Rs. 10&nbsp;million with effect from April&nbsp;1, 2007. As a result of this
amendment to the tax regulations, we will be subject to MAT and be required to pay additional taxes
commencing fiscal 2008. To the extent MAT paid exceeds the actual tax payable on our taxable
income, we would be able to set off such MAT credits against tax payable in the succeeding seven
years, subject to the satisfaction of certain conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, in May&nbsp;2007, the government of India implemented a fringe benefit tax on the allotment
of shares pursuant to the exercise or vesting, on or after April&nbsp;1, 2007, of options and restricted
share units, or RSUs, granted to employees. The fringe benefit tax is payable by the employer at
the rate of 33.99% on the difference between the fair market value of the options and RSUs on the
date of vesting of the options and RSUs and the exercise price of the options and the purchase
price (if any) for the RSUs, as applicable. The new legislation permits the employer to recover the
fringe benefit tax from the employees. However, we may decide in the future not to recover, or we
may be unsuccessful in recovering, the fringe benefit tax from our employees, which may cause our
overall expense to increase, possibly materially, and impact our cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, the government of India implemented the Special Economic Zones Act, 2005, or the SEZ
legislation, with the effect that taxable income of new operations established in designated
special economic zones, or SEZs, may be eligible for a 15-year tax holiday scheme consisting of a
complete tax holiday for the initial five years and a partial tax holiday for the subsequent 10
years, subject to the satisfaction of certain conditions. However, the Ministry of Finance in India
has expressed concern about the potential loss of tax revenues as a result of the exemptions under
the SEZ legislation. The SEZ legislation has been criticized on economic grounds by the
International Monetary Fund and the SEZ legislation may be challenged by certain non-governmental
organizations. It is possible that, as a result of such political pressures, the procedure for
obtaining the benefits of the SEZ legislation may become more onerous, the types of land eligible
for SEZ status may be further restricted or the SEZ legislation may be amended or repealed.
Moreover, there is continuing uncertainty as to the governmental and regulatory approvals required
to establish operations in the SEZs or to qualify for the tax benefit. This uncertainty may delay
our establishment of operations in the SEZs.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">US and Indian transfer pricing regulations require that any international transaction involving
associated enterprises be at an arm&#146;s-length price. We consider the transactions among our
subsidiaries and us to be on arm&#146;s-length pricing terms. If, however, the applicable income tax
authorities review any of our tax returns and determine that the transfer prices we have applied
are not appropriate, we may incur increased tax liability, including accrued interest and
penalties, which would cause our tax expense to increase, possibly materially, thereby reducing our<BR>
profitability and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Terrorist attacks and other acts of violence involving India or its neighboring countries could
adversely affect our operations, resulting in a loss of client confidence and adversely affecting
our business, results of operations, financial condition and cash flows.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terrorist attacks and other acts of violence or war involving India or its neighboring countries,
may adversely affect worldwide financial markets and could potentially lead to economic recession,
which could adversely affect our business, results of operations, financial condition and cash
flows. South Asia has, from time to time, experienced instances of civil unrest and hostilities
among neighboring countries, including India and Pakistan. In recent years, military confrontations
between India and Pakistan have occurred in the region of Kashmir and along the India/Pakistan
border. There have also been incidents in and near India such as a terrorist attack on the Indian
Parliament, troop mobilizations along the India/Pakistan border and an aggravated geopolitical
situation in the region. Such military activity or terrorist attacks in the future could influence
the Indian economy by disrupting communications and making travel more difficult. Resulting
political tensions could create a greater perception that investments in Indian companies involve a
high degree of risk. Such political tensions could similarly create a perception that there is a
risk of disruption of services provided by India-based companies, which could have a material adverse effect on the market for our services. Furthermore, if India were to become
engaged in armed hostilities, particularly hostilities that were protracted or involved the threat
or use of nuclear weapons, we might not be able to continue our operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Restrictions on entry visas may affect our ability to compete for and provide services to clients
in the US, which could have a material adverse effect on future revenue.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The vast majority of our employees are Indian nationals. The ability of some of our executives to
work with and meet our European and North American clients and our clients from other countries
depends on the ability of our senior managers and employees to obtain the necessary visas and entry
permits. In response to recent terrorist attacks and global unrest, US and European immigration
authorities have increased the level of scrutiny in granting visas. Immigration laws in those
countries may also require us to meet certain other legal requirements as a condition to obtaining
or maintaining entry visas. These restrictions have significantly lengthened the time requirements
to obtain visas for our personnel, which has in the past resulted, and may continue to result, in
delays in the ability of our personnel to meet with our clients. In addition, immigration laws are
subject to legislative change and varying standards of application and enforcement due to political
forces, economic conditions or other events, including terrorist attacks. We cannot predict the
political or economic events that could affect immigration laws, or any restrictive impact those
events could have on obtaining or monitoring entry visas for our personnel. If we are unable to
obtain the necessary visas for personnel who need to visit our clients&#146; sites, or if such visas are
delayed, we may not be able to provide services to our clients or to continue to provide services
on a timely basis, which could have a material adverse effect on our business, results of
operations, financial condition and cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Currency fluctuations among the Indian rupee, the pound sterling and the US dollar could have a
material adverse effect on our results of operations.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although substantially all of our revenue is denominated in pound sterling or US dollars, a
significant portion of our expenses (other than payments to repair centers, which are primarily
denominated in pound sterling) are incurred and paid in Indian rupees. We report our financial
results in US dollars and our results of operations would be adversely affected if the Indian rupee
appreciates against the US dollar or the pound sterling depreciates against the US dollar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange rates between the Indian rupee and the US dollar and between the pound sterling and
the US dollar have changed substantially in recent years and may fluctuate substantially in the
future. The average Indian rupee/US dollar exchange rate was approximately Rs. 45.12 per $1.00
(based on the noon buying rate) in fiscal 2007, which represented a depreciation of the Indian
rupee of 2.17% as compared with the average exchange rate of
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">approximately Rs. 44.17 per $1.00
(based on the noon buying rate) in fiscal 2006, which in turn represented an appreciation of the
Indian rupee of 1.55% as compared with the average exchange rate of approximately Rs. 44.86 per
$1.00 (based on the noon buying rate) in fiscal 2005. The average pound sterling/US dollar exchange
rate was approximately &#163;0.53 per $1.00 (based on the noon buying rate) in fiscal 2007, which
represented an appreciation of the pound sterling of 5.63% as compared with the average exchange
rate of approximately &#163;0.56 per $1.00 (based on the noon buying rate) in fiscal 2006, which in turn
represented a depreciation of the pound sterling of 3.35% as compared with the average exchange
rate of approximately &#163;0.54 per $1.00 (based on the noon buying rate) in fiscal 2005. The average
Indian rupee/US dollar exchange rate was approximately Rs. 40.72 per $1.00 (based on the noon
buying rate) for the six months period ended September&nbsp;30, 2007, which represented an appreciation
of the Indian rupee of 9.8% as compared with the average exchange rate of approximately Rs. 45.12
per $1.00 (based on the noon buying rate) in fiscal 2007. The average pound sterling/US dollar
exchange rate was approximately &#163;0.50 per $1.00 (based on the noon buying rate) for the six months
period ended September&nbsp;30, 2007, which represented an appreciation of the pound sterling of 5.6% as
compared with the average exchange rate of approximately &#163;0.53 per $1.00 (based on the noon buying
rate) in fiscal 2007. Our results of operations may be adversely affected if the Indian rupee
appreciates significantly against the pound sterling or the US dollar or if the pound sterling
depreciates against the US dollar. We hedge a portion of our foreign currency exposures using
options and forward contracts. We cannot assure you that our hedging strategy will be successful or
will mitigate our exposure to currency risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>If more stringent labor laws become applicable to us, our profitability may be adversely affected.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">India has stringent labor legislation that protects the interests of workers, including legislation
that sets forth detailed procedures for dispute resolution and employee removal and legislation
that imposes financial obligations on employers upon retrenchment. Though we are exempt from a
number of these labor laws at present, there can be no assurance that such laws will not become
applicable to the business process outsourcing industry in India in the future. In addition, our employees may in the future form unions. If these labor laws become
applicable to our workers or if our employees unionize, it may become difficult for us to maintain
flexible human resource policies, discharge employees or downsize, and our profitability may be
adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>An outbreak of an infectious disease or any other serious public health concerns in Asia or
elsewhere could cause our business to suffer.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The outbreak of an infectious disease in Asia or elsewhere could have a negative impact on the
economies, financial markets and business activities in the countries in which our end markets are
located and could thereby have a material adverse effect on our business. The outbreak of SARS in
2003 in Asia and the outbreak of the avian influenza, or bird flu, across Asia and Europe,
including the recent outbreak in India, have adversely affected a number of countries and
companies. Although we have not been adversely impacted by these recent outbreaks, we can give no
assurance that a future outbreak of an infectious disease among humans or animals will not have a
material adverse effect on our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to our ADSs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Substantial future sales of our shares or ADSs in the public market could cause our ADS price to
fall.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales by us or our shareholders of a substantial number of our ADSs in the public market, or the
perception that these sales could occur, could cause the market price of our ADSs to decline. These
sales, or the perception that these sales could occur, also might make it more difficult for us to
sell securities in the future at a time or at a price that we deem appropriate or pay for
acquisitions using our equity securities. As of May&nbsp;31, 2007, we had 41,895,246 ordinary shares
outstanding, including 18,703,765 shares represented by 18,703,765 ADSs. In addition, as of May&nbsp;31,
2007, there were options and RSUs outstanding under our 2002 Stock Incentive Plan and our 2006
Incentive Award Plan to purchase a total of 3,200,130 ordinary shares or ADSs. All ADSs are freely
transferable, except that ADSs owned by our affiliates, including Warburg Pincus, may only be sold
in the US if they are registered or qualify for an exemption from registration, including pursuant
to Rule&nbsp;144 under the Securities Act of 1933, as amended, or the Securities Act. The remaining
ordinary shares outstanding may be sold in the United States if they are registered or qualify for
an exemption from registration, including pursuant to Rule&nbsp;144 under the Securities Act.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The market price for our ADSs may be volatile.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The market price for our ADSs is likely to be highly volatile and subject to wide fluctuations in
response to factors including the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>announcements of technological developments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulatory developments in our target markets affecting us, our clients or our competitors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or anticipated fluctuations in our quarterly operating results;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in financial estimates by securities research analysts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the economic performance or market valuations of other companies engaged in business
process outsourcing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>addition or loss of executive officers or key employees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales or expected sales of additional shares or ADSs; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of one or more significant clients.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, securities markets generally and from time to time experience significant price and
volume fluctuations that are not related to the operating performance of particular companies.
These market fluctuations may also have a material adverse effect on the market price of our ADSs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Holders of ADSs may be restricted in their ability to exercise voting rights.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At our request, the depositary of the ADSs will mail to you any notice of shareholders&#146; meeting
received from us together with information explaining how to instruct the depositary to exercise
the voting rights of the ordinary shares represented by ADSs. If the depositary timely receives
voting instructions from you, it will endeavor to vote the ordinary shares represented by your ADSs
in accordance with such voting instructions. However, the ability of the depositary to carry out
voting instructions may be limited by practical and legal limitations and the terms of the ordinary shares on deposit. We cannot assure you that you will receive voting materials in time to
enable you to return voting instructions to the depositary in a timely manner. Ordinary shares for
which no voting instructions have been received will not be voted. As a foreign private issuer, we
are not subject to the Commission&#146;s proxy rules which regulate the form and content of
solicitations by US based issuers of proxies from their shareholders. The form of notice and proxy
statement that we have been using does not include all of the information that would be provided
under the Commission&#146;s proxy rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We may be classified as a passive foreign investment company for our taxable year ended March&nbsp;31,
2007, which could result in adverse United States federal income tax consequences to US Holders.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The application of the &#147;passive foreign investment company,&#148; or PFIC, rules to us in respect of our
taxable year ended March&nbsp;31, 2007 is uncertain. A non-US corporation will be considered a PFIC for
any taxable year if either (1)&nbsp;under the PFIC income test, at least 75% of its gross income is
passive income or (2)&nbsp;under the PFIC asset test, at least 50% of its assets (determined on the
basis of a quarterly average) is attributable to assets that produce or are held for the production
of passive income for such taxable year. However, the application of the PFIC asset test to a
corporation that is a &#147;controlled foreign corporation,&#148; or a CFC (as defined under the United
States federal income tax law), for its taxable year in which it becomes a publicly traded
corporation after its first quarter is not clear. Because we were a CFC for our taxable year ended
on March&nbsp;31, 2007, the application of the PFIC asset test to us for our taxable year ended March
31, 2007 is uncertain. Under the least favorable interpretation of the PFIC asset test, there is
risk that we may be treated as a PFIC in respect of our taxable year ended March&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under more favorable interpretations of the PFIC assets test, we believe that we would not be
treated as a PFIC for our taxable year ended March&nbsp;31, 2007. It may be reasonable for US Holders to
apply a more favorable interpretation of this test for purposes of determining and reporting the US
federal income tax consequences of their investment in the ADSs or ordinary shares, although these
holders should consult their own tax advisers regarding the reasonableness of this position. The
following are US Holders for US federal income tax purposes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen of resident of the US;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation (or other entity taxable as a corporation) organized under the laws of the
US, any state therof or the District of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate whose income is subject to US federal income taxation regardless of its
source; or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust that (1)&nbsp;is subject to the supervision of a court within the US and the control
of one or more US persons or (2)&nbsp;has a valid election in effect under applicable US
Treasury regulations to be treated as a US person.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">US Holders also should note that the United States Internal Revenue Service could seek to apply the
least favorable interpretation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we are treated as a PFIC for any taxable year during which a US Holder owns an ADS or an
ordinary share, adverse US federal income tax consequences could apply to that holder. US Holders
are urged to consult their own tax advisors regarding the potential application of the PFIC rules
to their ownership of ADSs or ordinary shares and the availability and advisability of any
elections.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURE </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">WNS (Holdings) Limited <BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 15, 2007&nbsp;</TD>
    <TD valign="top" style="border-bottom: 1px solid #000000">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Zubin Dubash
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Name: Zubin Dubash&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Title : Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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