Wijeyaraj Mahadeva Chairman and Chief Executive Officer Lakshmi Narayanan President and Chief Operating Officer To strengthen our service capabilities for global clients and companies in Europe – a market that we believe is ripe for offshore growth – Cognizant acquired a near-shore develop- ment facility in Ireland during 2002. An important step in our international expansion strategy, this facility also allows us to better serve the multi-time zone requirements of many of our large North American clients and to further solidify the business continuity and disaster recovery options available to our global clients. We also opened two out of three of our newly built technocomplexes in Calcutta and Pune dur- ing 2002. These state-of-the-art facilities are company owned, ultimately reducing Cognizant’s per-square-foot occupancy expense in India by more than 50 percent. For 2003 and beyond, Cognizant’s prospects appear extremely bright. We are continuing to deepen our relationships with our established clients, and our pipeline for new business remains robust. The mainstream acceptance of offshore in strategic IT initiatives has generated unprece- dented momentum in the marketplace. Giga Research predicts that offshore outsourcing will grow at 25 percent annually. Moreover, Europe seems poised for the next wave of offshore growth, and Cognizant is well positioned to lead the offshore revolution for companies in the U.K. and Continental Europe. We are grateful to our clients for allowing us to prove our value to them, to our shareholders for sharing and supporting our vision for this company, and to our amazing employees, whose dedi- cation to achieving the best results for our clients never wavers. Together, we are advancing the advantages of offshore, advancing Cognizant’s advantage in the offshore industry and enhanc- ing the ability of companies throughout the world to compete on a higher level. Sincerely, Lakshmi Narayanan President and Chief Operating Officer Wijeyaraj Mahadeva Chairman and Chief Executive Officer 5