Dear Shareholders,
 
 Oracle Financial Services Software has completed another stellar year.
 In the year under review, on a consolidated basis, we delivered a 44
 percent increase in net income driven by a 21 percent increase in
 license revenue and a 14 percent increase in support revenue. We won
 several marquee customer names for our product and service offerings.
 Our leadership in the markets we operate in together with our focus on
 operational excellence has led to superior performance.
 
 Innovation is the key to our success and we have added new
 functionality and features to our existing products and introduced new
 products. New releases of Oracle FLEXCUBE added additional modules. In
 addition, FLEXCUBE''s existing business functionality that helps bank
 manage a wide range of banking activity was enriched to meet the needs
 of our focus countries. New releases of Oracle Financial Services
 Analytical Applications that address enterprise risk and enterprise
 performance management have helped us gain new customers and momentum.
 Oracle''s Liquidity Risk Management solution helps financial
 institutions identify and assess enterpriseRs.wide liquidity risk under
 normal and extreme market conditions, and develop strategies to
 effectively bridge liquidity gaps. Oracle Financial Services Data
 Warehouse is designed to specifically address the complex and
 crossRs.functional analytical challenges of global financial
 institutions. Oracle''s Energy and Commodity Trading Compliance solution
 automates the surveillance of the trading activity of energy and
 commodities market participants.
 
 Our products and services continue to win industry accolades and
 recognition.  Leading research and advisory firm, Celent, has named
 Oracle a leader in core banking sales for 2010. Operational Risk &
 Regulation (formerly OpRisk & Compliance) readers once again ranked
 Oracle Financial Services Software as a leader for compliance software
 based on the publication''s 2010 Annual Compliance Software Survey. The
 publication''s readers named Oracle (including Sun) as a leading vendor
 across seven of the survey''s eight compliance software categories. No
 other vendor achieved this distinction in the 2010 survey. Oracle
 Financial Services Software Limited customers, Jibun Bank and United
 Bank Limited Pakistan, were honoured with 2010 Model Bank Awards from
 industry analyst firm Celent.
 
 Though the global economy is on a firmer footing than it was that in
 2008 and 2009, financial institutions are all too aware of the need to
 align their management of finance and risk. A recent study conducted by
 the Economist Intelligence Unit (EIU) and sponsored by Oracle Financial
 Services titled Transforming the CFO Role in Financial Institutions:
 Towards Better Alignment of Risk, Finance and Performance Management
 found a positive correlation between greater alignment of risk and
 finance functions and financial performance in financial institutions.
 Also, several studies have confirmed that because of their fragmented
 IT infrastructure many banks were not able to track their overall risk
 exposure prior to and during the downturn. Regulatory authorities are
 now demanding that banks rectify these gaps and we are uniquely placed
 to help banks confront these challenges. The opportunities are exciting
 and we look forward to another rewarding year at Oracle Financial
 Services Software.
 
 Our employees are our major asset. Their commitment to our mission and
 to our customer''s success has been the reason for our Company''s
 performance.
 
 Regards,
 
 William T Comfort, Jr.
 
 Chairman
 
 Oracle Financial Services Software Limited