Press Room: 2007

Keynote Designated the Preferred Supplier by Vodafone Global – Strategic Worldwide Agreement for End-to-End Mobile Network Test and Measurement Systems

• Sales agreement builds on a successful decade of work Keynote SIGOS, Keynote’s wholly owned German subsidiary, has performed for Vodafone
• Keynote SIGOS’s excellent direct customer relationship with Vodafone Germany expanded to Vodafone Global; Agreement covers up to 20 Vodafone companies including the UK and Spain
• Keynote SIGOS’s solutions replicate the customer experience of a mobile network transaction whether voice or data; detailed performance and quality metrics provided to Vodafone

SAN MATEO, Calif., — January 30, 2007 — Keynote (Nasdaq: KEYN), The Mobile and Internet Performance Authority™, today announced the signing of a strategic worldwide agreement with Vodafone, the world’s leading mobile telecommunications company. The “worldwide framework agreement” designates Keynote SIGOS, a wholly-owned Keynote subsidiary based in Germany, as the preferred supplier to Vodafone Global for the company’s advanced systems for actively testing and measuring the performance of mobile networks. SIGOS was purchased by Keynote in April 2006 and renamed Keynote SIGOS.

Keynote SIGOS is the leading supplier of mobile data network testing and active service monitoring systems to major wireless operators in Europe. In addition to Vodafone, customers include T-Mobile, Telephonica and Orange.

The worldwide framework agreement capitalizes on the excellent customer relationship Keynote SIGOS has built up with Vodafone Germany over the last decade. That direct sales relationship has now been expanded to the complete Vodafone group including the UK, Spain and more than 15 additional Vodafone companies. Up to 20 Vodafone companies may now obtain mobile network test and measurement solutions directly from Keynote SIGOS.

Johannes Reis, CEO of Keynote SIGOS, said, “End-to-end performance measurement is vital to ensure that services offered within a mobile network infrastructure meet the quality expectations of today’s demanding customers. Users demand and deserve services that can be successfully utilized first time and every time. Our solutions have been chosen by Vodafone to ensure their networks conform to the high quality goals of their organization.”

Umang Gupta, chairman and CEO of Keynote, said, “Our new direct selling relationship with Vodafone underscores the momentum Keynote has begun to enjoy in the mobile test and measurement market. While we are already the leading supplier of Internet test and measurement services in the U.S., our new sales agreement with Vodafone Global underscores that our strategy to forge a strong future for Keynote in the mobile market is succeeding.”

The Keynote SIGOS Integrated Test Environment (SITE) is a highly sophisticated test and measurement system that provides 2nd and 3rd generation (3G) mobile interfaces that are distributed over the coverage area of a network operator. The unique Keynote SIGOS system, leveraging advanced SIM card multiplexer technology deployed in a variety of geographic locations across a mobile network, allows mobile providers to generate test applications covering the complete portfolio of mobile services. The system allows for test, measurement and verification of any subscriber profile, using any mobile service, in any location.

Forward-Looking Statements

This press release contains forward-looking statements that are not purely historical regarding the Company or management’s intentions, hopes, beliefs, expectations and strategies for the future. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results could differ materially from the Company’s current expectations.

Forward-looking statements in this release include, but are not limited to, statements regarding Keynote’s mobile business and its relationship with Vodaphone. It is important to note that actual outcomes and Keynote’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the fact that there are no minimum usage levels contained in the agreements, and therefore Keynote will not necessarily receive any specific amount of revenues from this agreement, customer acceptance of services across the relevant Vodafone network, Keynote’s ability to retain key employees, pricing pressure, unforeseen expenses, competition, Keynote’s ability to manage expanded international operations, Keynote’s ability to keep pace with changes in the telecommunications infrastructure as well as other technological changes, and overall market conditions. Readers should also refer to the risks outlined in Keynote’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for its fiscal year ended September 30, 2006, and its quarterly reports on Form 10-Q and any current reports on Form 8-K filed during the fiscal year.

All forward-looking statements and reasons why results might differ included in this release are made as of the date of this press release, based on information available to Keynote as of the date of this press release, and Keynote assumes no obligation to update any such forward-looking statement or reasons why results might differ.

About Keynote

Keynote Systems (Nasdaq “KEYN”) is the global leader in test & measurement solutions that improve mobile communications and online business performance. As an independent and trusted third-party, Keynote provides IT and marketing executives with an unbiased view into their Internet services from around the world. For over a decade, we have been providing measurement data and testing capabilities that allow companies to understand and improve their customer’s online and mobile experience. Keynote has four test and measurement businesses: Web performance, mobile quality, streaming & VoIP, and customer experience/UX. In addition, our industry analysis group called Keynote Competitive Research publishes proprietary studies measuring customer experience and service levels across a wide range of industries.

Known as The Mobile and Internet Performance Authority™, Keynote has a market-leading infrastructure of 2,400 measurement computers and mobile devices in over 240 locations around the world. Keynote also maintains one of the most representative panels of online users consisting of 160,000 consumers. Our on-demand, hassle-free infrastructure allows businesses to access services they need, when they need them to pinpoint and fix mobile quality and Internet problems before they impact customers.

We help over 2,600 corporate customers become “the best of the best” by helping them improve online business performance and mobile communications quality. Our customers represent top Internet and mobile companies including American Express, BP, Caterpillar, Dell, Disney, eBay, ESPN Mobile, E*TRADE, Expedia, FedEx, Microsoft, SonyEricsson, Sprint, T-Mobile, Verizon and Vodafone.

Keynote Systems, Inc. is headquartered in San Mateo, California and can be reached at www.keynote.com or by telephone in the U.S. at (650) 403-2400.

Keynote, The Internet Performance Authority and Perspective are registered trademarks and The Mobile and Internet Performance Authority and True Experience are trademarks of Keynote Systems, Inc. Other trademarks are the property of their respective owners. © 2007 Keynote Systems, Inc.

Editorial Contacts:

Dan Berkowitz, Keynote Systems, Inc.(650) 403-3305, dberkowitz@keynote.com