Portal Software Completes Reverse Stock Split

CUPERTINO, Calif.--(BUSINESS WIRE)--Oct. 1, 2003--Portal Software, Inc. (Nasdaq:PRSF) announced that it has completed a one-for-five reverse split of its common stock. As a result of the reverse stock split, every five (5) shares of common stock will be combined into one (1) share of common stock and the total number of issued and outstanding shares of common stock will be reduced to approximately 41,500,000 shares as of September 29, 2003.

The company's stock began trading under the split adjustment when the market opened on September 29, 2003, under the stock symbol PRSFD. After twenty trading days, the "D" designation (signifying the reverse split) will be removed and the symbol will revert to PRSF.

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The Company's transfer agent will mail letters of transmittal to the stockholders of record to facilitate the exchange of stock certificates. Fractional shares of Common Stock will not be issued as a result of the reverse stock split; holders of a fractional share of Common Stock will receive an amount in cash equal to the value of such fractional share (based on a full share value of $14.91).

About Portal Software, Inc.

Portal Software provides flexible billing and subscriber management solutions to enable organizations to monetize their voice and digital transactions. Portal's convergent billing platform enables service providers to charge, bill, and manage a wide range of services via multiple networks, payment models, pricing plans, and value chains. Portal's flexible and scalable product-based solutions enable customers to introduce new value added services quickly, providing maximum business value and lower total cost of ownership. Portal's customers include thirty-five of the top fifty wireless carriers as well as organizations such as Vodafone, AOL Time Warner, Deutsche Telekom, TELUS, NTT, China Telecom, Reuters, Telstra, China Mobile, Telenor Mobil, and France Telecom.

Infranet and the Portal logo are U.S. registered trademarks, and Portal is a trademark of Portal Software, Inc. All other trademarks are the property of their respective owners. All statements made in this press release are made only as of the date set forth at the beginning of this release. Portal undertakes no obligation to update the information in the event facts or circumstances subsequently change.