Multi-Million Dollar Contract With Consumer Electronics Retailer is Exult’s First Breakthrough In U.S. Retail Marketplace

Irvine, CA, - Exult, Inc. (Nasdaq: EXLT), the leading provider of human resources (HR) led business process outsourcing (BPO) for Global 500 companies, has signed a contract with Circuit City Stores, Inc. (NYSE: CC), a leading U.S. consumer electronics retailer, to provide integrated human resources processing services. Under the terms of the agreement, Exult will assume responsibility for managing certain core administrative and transactional HR services, including payroll, benefits administration, compensation, and employee contact center services. Exult will also provide technology support and third-party vendor management related to those functions.

The multi-million dollar agreement has a term of seven years, and the transition is expected to be completed in the first half of calendar 2004. Exult will leverage its current MultiDeliverySM shared client service centers to provide services to Circuit City’s 38,000-plus employees.

"By leveraging Exult's tremendous HR expertise, unique service delivery model, leading-edge technology, and Six Sigma process engineering, Circuit City is able to reduce operating costs while delivering a high level of HR services to our associates," said Jeff Wells, senior vice president for human resources at Circuit City.

“This is our first BPO contract in the U.S. retail marketplace and we look forward to helping this consumer electronics powerhouse streamline its HR processes and realize significant cost efficiencies,” said Jim Madden, Exult Founder, Chairman and CEO. According to Madden, Circuit City selected Exult after a competitive bidding process.

The Everest Group served in an advisory role in guiding Circuit City in the vendor selection process. Everest Group provides strategic advisory services that help companies worldwide harness the power of outsourcing.

About Exult:

Exult, Inc. (Nasdaq: EXLT) is the market leader in HR-led business process outsourcing for Global 500 corporations, with headquarters in Irvine, California, and client service centers in North America, South America, Europe, and Asia. Through its proprietary Exult Service Delivery ModelSM, Exult offers comprehensive, scalable process management solutions, designed to manage clients’ Human Resource and related Finance & Accounting and Procurement functions. Exult uses its expertise in HR and F&A functions, process management, MultiDeliverySM shared client service centers, and its myHRSM web-enabled applications to help Global 500 corporations improve productivity, reduce costs, streamline processes and provide superior HR services to their employees. Visit Exult's website at www.exult.net.

About Circuit City Stores, Inc.:

With headquarters in Richmond, Va., Circuit City Stores, Inc. puts the customer first with high-quality service and more than 5,000 consumer electronics products available in its stores and online at www.circuitcity.com. Top-quality, low-priced products; detailed product information; and product specialists, who complete extensive online and in- store training programs, are all a part of Circuit City's promise to provide superior consumer electronics solutions to its customers. Circuit City's remodel and relocation program reflects the changing needs of consumer electronics shoppers; the stores are brighter and more open; the aisles are wider and virtually every product Circuit City sells is on the sales floor for easy customer access. At the end of the second fiscal quarter, Circuit City operated 612 Circuit City Superstores and 13 mall-based stores in 159 markets.

Forward-Looking Statements

Statements in this release about the scope, transition, duration, and size of the contract, including number of employees supported, are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Taking on new clients imposes expense and management challenges. Exult must transition client processes on schedule and transform these processes to a service delivery model that reduces the cost of delivering in-scope services while meeting contractual service level commitments. Further, Exult must meet performance standards, and the contract permits reduction or early termination of the relationship under various circumstances. More information about Exult's risks is available in Exult's annual report on Form 10-K and other filings made from time to time with the Securities and Exchange Commission. Special attention is directed to the portions of those documents entitled "Risk Factors."