Joint Venture Agreement with First Eastern

Embargoed for release 7am (BST) 6 April 2010

MONITISE MOVES INTO ASIA PACIFIC WITH FIRST EASTERN

·; Monitise signs joint venture agreement with First Eastern to develop mobile financial services in the Asia Pacific region

·; Additional funding of £5.6 million secured as First Eastern increases its shareholding in Monitise

Monitise plc (LSE: MONI.L), the world leader in mobile money networks and technology, announces that it has signed a 50/50 Joint Venture agreement with First Eastern Mobile Investments Ltd., part of the First Eastern Investment Group ("First Eastern"), to develop mobile banking, payment and related services in the Asia Pacific region.

The agreement follows on from the Heads of Terms announced on 17 December 2009 and represents a significant opportunity for Monitise to extend its Mobile Money Manager technology platform into these key strategic markets.

First Eastern has extensive reach from its Hong Kong base into China and throughout Asia, and the Joint Venture will build on the substantial potential from First Eastern's wealth of contacts and outstanding track record of investing in and helping grow world class businesses.

Monitise will provide its industry leading technology to the Joint Venture and the first services are expected to be live in Hong Kong in the second half of 2010.

Over the past six years, Monitise has developed a very broad range of mobile banking and payments services which are enjoying real success in both Europe and North America. Already, Monitise has over two million registered customers and the live services it offers to them include checking balances, being alerted to transactions on their accounts, paying bills and sending money to friends and family around the world, all securely from a mobile phone. Each of these existing services will be available to the Joint Venture and a range of new ones will be developed in line with consumer demand and local market requirements.

Victor Chu, chairman of First Eastern, said, "We are delighted to launch our Joint Venture with Monitise in the Asia Pacific region. Their technology and expertise will enable us to rapidly exploit the huge potential for mobile financial services in the extremely fast growing Asia market. Our investment will bring new and exciting services to the region and we are delighted to partner with such a progressive and well respected company as Monitise."

Alastair Lukies, chief executive officer of Monitise, commented, "First Eastern is a superb partner for us. The Joint Venture enables us to develop these new markets with real confidence, giving us both fast entry and sustainability. At the same time First Eastern's experience will add enormously to Monitise as we seek to lead the world in mobile banking and payments capabilities."

In line with the conditional subscription approved by Monitise shareholders on 4 January 2010, First Eastern and UBS Asset Management (UK) Ltd. ("UBS") will respectively subscribe for £2.5 million and £0.3 million ordinary shares in Monitise at 13p per share.

First Eastern has also advised us that it wishes to exercise its warrant, granted following shareholder approval on 4 January 2010, and subscribe for a further £2.5 million of ordinary shares in Monitise at 15p per share. UBS will also subscribe for a further £0.3 million of Monitise ordinary shares at 15p per share, in line with the agreed conditional subscriptions.

The total cash inflow following all four transactions will be £5.6 million. Adding to this the cash balance at 31 March 2010, shows Monitise's total cash position at £18.3 million.

As a result of the subscriptions set out above, application for admission of 40,064,800 ordinary shares (representing 7.5% of the Company's enlarged issued share capital) has been made to the London Stock Exchange. It is expected that the conditional subscriptions will formally complete and trading of the new shares on AIM will commence on 9 April 2010. The number of ordinary shares in issue immediately following Admission will be 536,542,878.

On completion of the subscriptions, First Eastern companies will increase their holding of Monitise ordinary shares from 7.7% to 13.9%, and UBS, through various subsidiaries, will increase its share from 8.5% to 8.6%.

Ends

About Monitise

Monitise plc (LSE: MONI.L) has created the world's first mobile money networks, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset. For more information visit http://www.monitisegroup.com 

With live services in the UK and in the USA, where it is in partnership with FIS, the company is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide. Current key partners include Visa, VocaLink, FIS, HSBC, Lloyds TSB, First Direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Travelex, Ulster Bank, Vodafone, Orange, O2, T-Mobile and 3 UK.

About First Eastern

First Eastern is a leading Hong Kong-based investment group pioneering in the field of direct investments in China. Founded by Victor Chu in 1988, First Eastern has offices in Hong Kong, Beijing, Shanghai, Dubai, and London.

First Eastern and its associates have invested into over 100 projects in China and the Asia Pacific region covering infrastructure projects, light industries, real-estate development and financial services.

Victor Chu is the Chairman of First Eastern Investment Group. He is also Chairman of First Eastern Investment Bank Limited and FE Securities Limited. Over the last 20 years, Victor Chu has served at various times as Director and Council Member of the Hong Kong Stock Exchange, Member of the Hong Kong Takeovers and Mergers Panel, Advisory Committee Member of the Securities and Futures Commission, and part-time member of the Hong Kong Government's Central Policy Unit. Mr. Chu is currently a Foundation Board Member of the World Economic Forum in Geneva and co-chairs the Forum's International Business Council. He is a board member of Zurich Financial Services and chairs the ICC Commission on Financial Services and Insurance on a worldwide basis.