Report of Independent Accountants Statement of Management’s Responsibility for Financial Statements To the Stockholders of Cognizant Technology Solutions Corporation To the Board of Directors and Stockholders of Cognizant Technology Solutions Corporation: Management is responsible for the preparation of the consolidated finan- cial statements and related information that are presented in this report. The consolidated financial statements, which include amounts based on management's estimates and judgments, have been prepared in conformity with generally accepted accounting principles. Other financial information in the report to shareholders is consistent with that in the consolidated financial statements. The Company maintains accounting and internal control systems to pro- vide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing financial statements and maintaining accountability for assets. These systems are augmented by written policies, an organizational structure providing division of responsibilities and care- ful selection and training of qualified personnel. The Company engaged PricewaterhouseCoopers LLP, independent account- ants, to audit and render an opinion on the consolidated financial state- ments in accordance with generally accepted auditing standards. These standards include an assessment of the systems of internal controls and tests of transactions to the extent considered necessary by them to support their opinion. The Board of Directors, through its Audit Committee consisting solely of outside directors of the Company, meets periodically with management and our independent accountants to ensure that each is meeting its responsibilities and to discuss matters concerning internal controls and financial reporting. PricewaterhouseCoopers LLP has full and free access to the Audit Committee. In our opinion, the accompanying consolidated statements of financial position, and the related consolidated statements of operations, stock- holders’ equity and cash flows present fairly, in all material respects, the financial position of Cognizant Technology Solutions Corporation and its subsidiaries at December 31, 2002 and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule presents fairly, in all material respects, the informa- tion set forth therein when read in conjunction with the related consoli- dated financial statements. These financial statements and financial statement schedule are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements in accordance with auditing standards general- ly accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclo- sures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the over- all financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Wijeyaraj Mahadeva Chairman and Chief Executive Officer Gordon J. Coburn Senior Vice President, Chief Financial Officer, Secretary & Treasurer PricewaterhouseCoopers LLP New York, New York February 10, 2003, except for Note 13, as to which the date is February 21, 2003, and Note 14 as to which the date is April 1, 2003 23