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In October, we learned that we were ranked as a leader in a key report for offshore outsourcers. Specifically, we were recognized for our strength in a number of categories including: application development and maintenance, portfolio assessment services, vertical depth and industry focus, marketing, messaging and positioning, customer reference-ability, process maturity and breadth and depth of offshore services – all categories in which we received ratings of “excellent.” It is particularly pleasing to us, since the rating also notes that we are among the leaders in delivering more complex solutions, and in taking a more sophisticated approach towards how we work with our customers. 

We ended 2004 with a great piece of news, namely that Cognizant was to be added to the NASDAQ-100 Index, which is comprised of the 100 largest non-financial stocks (based on market capitalization) listed on the NASDAQ Stock Market. We are particularly proud of this achievement, as we are the only IT Services firm on the list, and the first and only offshore firm to be included in the NASDAQ-100. Our inclusion in the Index is a clear indication of the strength of our global model, and is further validation of Cognizant’s leadership status among IT services firms. 

## Conclusion 

## 5 

We are grateful to have received these awards and distinctions this year, which, like our financial performance, reflect the tremendous commitment of all our employees to our clients around the world. Our team is proud to have successfully addressed the major trends discussed above, namely the broadened range of services sought by customers, the advent of new industries selecting offshore outsourcing solutions, and fresh geographic markets opening up to our model, especially Europe. 

Our market has been dynamic, and we have deployed our strengths with speed and commit- ment. Our foremost objective has been our customers, and making certain they receive from us the highest possible value added. For that reason, we have viewed the year as we have entitled this annual report, “Re:defining Global Delivery,” meaning that even in this dynamic environ- ment, we continue to focus on improving seamless global delivery. 

Stepping back from the year’s developments, we reflect on the attributes that we believe will continue to drive our success: 

• We founded our business on a unique “on-site/offshore” model that is now paying even greater dividends with the market’s increased emphasis on global delivery and the customer shift towards “best of breed” and away from exclusive reliance on a single “end-to-end” provider. 

• Our investment in sales and marketing has surpassed our key competitors, leading to more differentiated offerings and greater customer satisfaction. 

• Our emphasis remains on leveraging domain expertise with a focus on solutions rather than just technology. 

• Our new business pipeline ended the year stronger than ever. 

Based on these competitive strengths, we anticipate continued robust performance throughout 2005 and the years beyond. Thank you for your continued support of our company. 

Sincerely, 

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