During the fourth quarter of 2002, plans were announced to distribute IMS’ majority interest in Cognizant. This distribution was completed after the close of the year – in February 2003 – through a “split-off” exchange offer that provided IMS shareholders with the opportunity to exchange some or all of their shares of IMS stock for shares of Cognizant Class B common stock held by IMS, which owned 33.9 million shares (post-split), or about 55 percent of the outstand- ing shares of Cognizant. All of the Cognizant shares were distributed by IMS, substantially broadening our investor base, increasing liquidity in the stock and enabling us to operate as a fully independent company. Our accomplishments have also garnered recognition outside of the realm of our prospective and established clients and shareholders. Cognizant was the top-ranked technology company on Business Week’s 2002 list of  Hot Growth Companies and Forbes’ 2002  Best Small Companies list, and was ranked one of the top-performing stocks for the year on Personal Finance magazine’s Bloomberg 100 list. Cognizant was also chosen as the top pure-play onsite/offshore company on a newly created list of multinational software exporters by the National Association of Software and Services Companies (NASSCOM), an 870-member organization for IT software and services companies in India. In addition, Computerworld, one of America’s leading publications for IT executives, selected two Cognizant clients – DFS Group and Mercury Insurance – as Premier 100 IT Leaders. This award honors their creative application of technology in the execution of their business plans – projects in which Cognizant played a significant role. Collectively, this recogni- tion re-confirms Cognizant’s reputation as a top-tier company in its peer group. 3 The effects on our financial results were significant. Revenue grew 29 percent to $229.1 million for 2002 from $177.8 million for 2001. More than 80 percent of our revenue came from estab- lished clients that have been with Cognizant for at least a year. Net income (on a U.S. GAAP basis) for 2002 increased 56 percent to $34.6 million, or $0.54 per diluted share (post-split), from $22.1 million, or $0.36 per diluted share (post-split), for 2001. Pro forma earnings, which exclude $1.7 million in transaction costs related to the IMS Health exchange offer in 2002 (explained below), and a $2.0 million impairment loss on our investment in Questra Corporation in 2001, rose to $0.57 per diluted share (post-split) for 2002 from $0.38 per diluted share (post-split) for 2001. Moreover, Cognizant completed 2002 with no debt, $126 million in cash and a 68 percent year-over-year increase in stockholders’ equity. In addition to our strong cash position, Cognizant’s decision in 2002 to no longer repatriate money from India to the United States bolsters our company’s ability to invest in growth initiatives. Cognizant’s vertical expertise, domain and client knowledge, and top position as an IT and MBA recruiter bolster our ability to support and build business applications that provide meaningful change, supporting our clients’ top- and bottom-line growth objectives.