HOV Services Assigned Over US$700 million of Face Value Healthcare Receivable Portfolio

Mumbai, January 09, 2007:  HOV Services Ltd, (NSE: HOVS), has been assigned for collections over US$ 700 million of face value healthcare receivables in the Accounts Receivable Management (ARM) vertical. The addition of this portfolio increases the total debt assigned to HOVS for collections in the ARM vertical to over US$3.25 billion, an increase of over 29% of approximately US$2.5 billion.

The healthcare receivable portfolio was recently purchased by a joint venture partly owned by HandsOn Ventures, LLC, an affiliate of the Promoters and assigned under an exclusive service and collection agreement with HOVS.

“We continue to work hard to Exceed Expectations. This assignment is the largest ever-single portfolio assignment in our history. We believe, the success is directly attributed to the confidence our customers have in our processes and employees,” said Sunil Rajadhyaksha, executive director of the company.