The worst of the global economic downturn seems to be gradually
 receding, although the crisis in Greece and Spain continue to be viewed
 with concern around the world.
 
 Given the difficult economic scenario, your Company has performed
 excellently. Since Firstsource was launched as a strategic investment
 by ICICI Bank in 2002, it has established a track record of superior
 performance amongst its peer group. This years performance is
 particularly noteworthy as it was driven organically, refl ecting the
 effectiveness of the new verticalised organisation structure which was
 created and effectively led by Ananda Mukerji, the MD and CEO.
 
 I also wish to compliment the heads of the vertical business groups for
 their performance, and who were very ably assisted by the heads of
 Technology, HR and Finance. The superior performance could not have
 been achieved without the dedication and hard work of each of our
 employees around the world.
 
 Well managed pure play BPO companies like Firstsource will continue to
 remain attractive to outsourcing clients for their specialised skills
 and business focus compared to full service providers.
 
 I wish to put on record my appreciation for the support received from
 the shareholders and thanks to the members of the Board of Firstsource
 for their role in this years business performance.
 
 A S GANGULY