8/3/2019 TCS to Acquire Citigroup

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PRESS RELEASE

Tata Consultancy Services To Acquire Citigroup Global Servicesfor $ 505 m ill ion

Transaction Increases Efficiencies for both Companies and DeliversService Improvements for Citi Clients;

$2.5 Billion, 9.5 Year Contract Underscores Strong Long-Standing Relationship

Mumbai, India & New York, USA, 8 October 2008: Tata Consultancy Services (TCS) (BSE: TCS.BO,NSE: TCS.NS), a leading IT services, business solutions and outsourcing firm, and Citigroup Inc. (Citi)(NYSE: C), a leading global financial services company, today announced that they have reached an

agreement for TCS to acquire all of Citis interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) arm of Citi for all cash consideration of approximately$505 million, subject to closing adjustments. In addition to the sale, Citi has signed an agreement for TCSto provide, through CGSL, process outsourcing services to Citi and its affiliates in an aggregate amount ofUS$2.5 billion over a period of 9.5 years. The agreement builds upon the existing relationship between Citiand TCS whereby TCS provides application development, infrastructure support, help desk and otherprocess outsourcing services to Citi.

The acquisition broadens TCSs portfolio of end-to-end IT and BPO services in the global Banking andFinancial Services (BFS) sector. TCSs enhanced scale and expertise will provide service improvements toCiti and Citis customers.

CGSL is one of the largest providers of business processing outsourcing services within the Banking andFinancial Services sector, providing end-to-end process management across the BFS spectrum and a broadarray of services to Citis consumer, corporate and global wealth management businesses world wide. CGSLhas more than 12,000 employees located in India and expects to generate revenues of approximately $278million in 2008.

S. Ramadorai, CEO and MD, TCS said: This is a landmark acquisition for TCS, helping us not onlyacquire new capabilities in the banking domain but also underscoring the importance of our long-term,sustainable relationships with our large customers, including Citi. He added: This transaction willcomplement our domain expertise and bring new capabilities to TCS that will help drive growth going

forward.

Don Callahan, Chief Administrative Officer, Citi said: This is a great transaction that benefits allparties Citi, our customers, our employees and TCS. Our customers require access to increasinglycomplex processing solutions and this relationship will achieve a best in class technology model thatcapitalizes on both CGSLs expertise in financial services and TCSs expertise in process optimization. TCSwill offer CGSL stronger growth potential and superior continued services to Citi clients around the world.This transaction is expected to help reduce operating expenses related to business processing and willallow us to focus on our core financial services competencies.

8/3/2019 TCS to Acquire Citigroup

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PRESS RELEASE

N. Chandrasekaran, COO and Executive Director, TCS added: The acquisition of CGSL has two

immediate strategic benefits for TCS. It gives us the ability to offer a comprehensive end-to-end, domain-led solution for business operations of large financial services institutions. It also positions us well to createbanking processing platforms by integrating our products and process capabilities. He added: Wewelcome CGSL professionals into the TCS family, where they will be able to participate in the companysnew growth endeavours.

TCS has provided IT services to Citi since 1992 and is currently one of the largest IT services partners forCiti, delivering IT and business processing outsourcing services to Citi across its operations in NorthAmerica, Europe, India, Japan, Singapore and the rest of Asia Pacific.

The parties expect to close the transaction in the fourth quarter of 2008. Merrill Lynch acted as advisors to

TCS in this transaction.

###About Cit iCiti, the leading global financial services company, has some 200 million customer accounts and does business inmore than 100 countries, providing consumers, corporations, governments and institutions with a broad range offinancial products and services, including consumer banking and credit, corporate and investment banking, securitiesbrokerage, and wealth management. Citis major brand names include Citibank, CitiFinancial, Primerica, Smith Barney,Banamex, and Nikko. Additional information may be found at www.citigroup.comor www.citi.com.

Citi Media Contacts:Mumbai Godwin Chellam 91-22-4001-5056

New York Shannon Bell 1-212-793-6206

Investor:New York Scott Freidenrich 1-212-559-2718

About TCS

Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real resultsto global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integratedportfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized asthe benchmark of excellence in software development. A part of the Tata Group, Indias largest industrialconglomerate, TCS has over 116,000 of the world's best trained IT consultants in 50 countries. The companygenerated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 and is listed on the National

Stock Exchange and Bombay Stock Exchange in India. For more information, visit us atwww.tcs.com

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Media Contacts:

Global: Pradipta.Bagchi@tcs.com Phone: +91 22 6778 9999India: Ashish.Babu@tcs.com Phone: +91 22 6778 9077USA/Canada: M.Mccabe@tcs.com Phone: +1 646 313 4594

APAC/Australia: Vishwendra.V@tcs.com Phone: + 65 6372 4931UK: Keith.Sharp@tcs.com Phone: + 44 0207 245 1387Europe: Ross.Roy@tcs.com Phone: + 44 77931 89477

Investor Relations: Kedar Shirali Phone: +1 917-435-4779

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