iOS 5 Beta 4, Invalid Calendar Entries

I updated the iPhone 4 to iOS Beta 4. Observed that the exchange calendar entries are off by 1 hour. That is, if the meeting is at 2:00 PM, its showing me as 3 PM in calendar. But the Notification tray shows the correct time.

Details below;

Time Zone Support : Off, Timezone is detected via location.
Current Time Zone : India (IST). Daylight saving is not applicable in India.
Store Account : India
Account type : Exchange 2010

Any more details, will provide. Any suggestions to fix this, do mention. Thanks,

- First timer post in this forum..still catching up if this error was already observed.