I am pleased to present to you the report on Patnis performance for
 the year 2010, having taken over as CEO & MD of Patni after the
 completion of the acquisition of the majority shares of Patni by iGATE.
 
 A glance at the Patni iGATE combine
 
 At a time when clients the world over are seeking a wider range of
 services from a single trusted source; scale, a breadth of service
 offerings, and a choice and flexibility of business models are becoming
 increasingly valuable for service providers. In the perfect scenario,
 synergy benefits everybody - clients, employees, stakeholders and, of
 course, the consolidated business itself.
 
 The coming together of Patni and iGATE is a synergy that spawns
 precisely such a win-win situation. Patni and iGATE are both very
 excited about this combination and view it as highly synergistic with
 complementary strengths.
 
 Its a combination that creates a company with strong intellectual
 capital, 25000 people and an almost bn in revenue. Also, a leaner
 executive team ensures closer alignment with the vision and better
 collaboration.
 
 The overall global footprint and delivery infrastructure have grown and
 capability has become distinctly superior. This is now a company with
 greater scale across more core verticals, benefitted by a wider
 portfolio of go-to-market offerings. We are now strengthened by a
 combined set of differentiators: a Business Outcomes model driven by an
 integrated technology and operations platform, micro-vertical focus
 and domain-led IP, mature delivery expertise, and value through
 innovation.
 
 Its a synergy that enables us to cross sell to each others customers
 and creates a platform for better growth in the future.
 
 Corporate Performance
 
 Under the leadership of its CEO in 2010 — Jeya Kumar, Patni continued
 its journey in operating excellence by not only reversing its revenue
 decline of 2009 but also improving its operations significantly,
 resulting in increased profitability.
 
 Revenues were up 7% at 1.7 million as compared to 5.9m in 2009.
 Net income adjusted for extra ordinary items registered impressive
 growth of 28.7% to 5.8 million for the year from .8m in 2009.
 
 Our continued focus on efficiency resulted in an optimal cost
 structure. Coupled with higher efficiency, effective hedging activities
 have generated significant upside in the net income.  With an improving
 market scenario, we are confident that Patni will achieve better
 topline growth and thus will have sustainable high bottomline in the
 coming years.
 
 Some of the key areas of corporate achievement were:
 
 Multi-year, high total-contract-value transactions We developed a
 strong growth pipeline in 2010 and this is further building up. The
 winning of three large deals of over $ 250 million TCV has been a
 significant highlight of the year and reflects our ability to succeed
 in multi-year transactions.
 
 Expansion of global delivery network 
 
 During the year, we established a new BPO Delivery Center in Texas for
 North American customers; we also opened a new IT Delivery Center in
 Queretaro, Mexico; as also our first ITO delivery (development and
 support) center in Suzhou, China.  We now have non-India footprints in
 Mexico, China, Singapore and US to serve our customers globally.
 
 Industry/service line growth
 
 During the year, we witnessed excellent expansion in our Product
 Engineering and Insurance businesses. Also, our managed services for
 our integrated IT & BPO offering performed well.
 
 High-performance organization
 
 Through an intensive year-long program, we laid the foundation for a
 High Performance Organization through strong people practices by
 defining roles to clarify key result areas and performance indicators,
 redesigning the performance management system, and reviewing our reward
 practices.
 
 Patni Innovate program
 
 Launched to provide Patni employees a channel to utilize their creative
 energies in converting their innovative ideas into viable business
 streams, this program received a huge response. Over 150
 entrepreneurial ideas were received, of which two-thirds were taken up
 for business case detailing and review by over 50 Subject Matter
 Experts across service lines, sales, and industry verticals.
 
 Awards & Recognitions
 
 We were listed among the Best 20 Leaders in Financial Services
 (Insurance) in the 2010 Global Outsourcing 100, by IAOP. We were also
 ranked 44th amongst the top technology providers for financial
 institutions in the FinTech 100 – 2010 list. We were named a Niche
 Player in Gartners Magic Quadrant for SAP ERP Implementation Service
 Providers in the North America – 2010 Report; also in the Magic
 Quadrant for CRM Service Providers in the North Americas – 2010
 Report, and the Europe – 2010 Report.  Toshiba Mitsubishi-Electric
 Industrial Systems Corp. named us the Best Supplier for FY 2009-2010.
 The Black Book of Outsourcing ranked us 21st among the global Top 50
 vendors in 2010. We also received three BPO Excellence Awards for
 2009-10 hosted by Stars of the Industry.
 
 Strategic Initiatives Pave the Way
 
 During the year, our vertical and horizontal Business Units (BUs)
 launched various strategic initiatives which paved the way for growth
 and expansion in business. The Patni Industry group defined the
 Concept2Conception (C2C) lifecycle model which enhances Patnis
 micro-vertical industry strategy. C2C provides a clear framework
 through which all of Patnis existing and emerging capabilities and
 strengths can be seamlessly integrated to support key end-to-end value
 chain requirements of our target industries.
 
 Insurance BU recorded a 9% growth in revenues in 2010, retaining its
 distinction of being the highest revenue and highest margin business.
 Our focus on tailoring our services to the changing business
 environment enabled customers to reap significant business benefits and
 solidified our already strong strategic relationships. A major
 initiative was our acquisition of CHCS, a 50-state licensed Third Party
 Administrator, in North America, which significantly extended our
 portfolio to offer full policy administration services. In addition to
 widening our portfolio of services for all Life & Health clients, this
 strategy paves the way for entering into the area of care management in
 the ever-changing healthcare environment. Our growing capabilities in
 chosen sub-verticals has also enabled us to introduce differentiated IT
 and BPO service offerings in 2010 that permit our customers to offer
 new products, in new markets while addressing all compliance
 requirements.
 
 Banking and Financial Services (BFS) BU launched a couple of major
 initiatives during the year. We introduced Patni RADAR™, a multi-step
 Reference and Data Rationalization (RADAR) program which is generating
 significant attention as firms prepare for upcoming regulatory changes.
 We also acquired an exclusive and perpetual license to the IP of
 Integrated Trade Processing (ITP) – a managed services platform
 designed to streamline middle-office processing and provide greater
 transparency across the trade lifecycle. Our various initiatives have
 effectively repositioned Patni in the BFS segment with strongly
 differentiated offerings for asset management, wealth management and
 benefits administration that leverage the wider portfolio of our
 capabilities across ADM, BPO & IMS.
 
 Manufacturing, Retail and Distribution (MRD) BU grew by almost 12% in
 2010 while retaining all of our key customers globally and extending
 our footprint within the emerging markets. Through Patnis extensive
 collaboration and joint initiatives with key technology partners such
 as Oracle and SAP, we have introduced innovative solutions that focus
 on critical needs of our clients and support improvement, innovation
 and growth opportunities. Some of these micro- vertical solution areas
 include supply chain planning and optimization, supplier information
 management, and supply network collaboration. In addition to these
 solutions we are introducing industry platforms which are aimed at
 integrating business processes across specific supply networks to
 enable productivity and efficiency improvements which cannot be
 achieved through other approaches.
 
 Life Sciences BU continued its focus on thought leadership and
 expansion of its client base, during 2010. We chaired a session at the
 46th DIA Annual Meeting; also presented a Paper at the Electronic
 Health Records Asia 2010 Conference.  We introduced and successfully
 built a SAP-based Complaints Management extension of the Patni iCAPA
 solution for a major medical device manufacturer. We expanded our
 global relationship with another major medical device manufacturer, to
 include development of its sales and marketing data warehouse and
 business intelligence systems. Our other successes included winning a
 major systems integration program at a leading research-based
 biopharmaceutical company; selection as one of two global project
 manager partners by a world leader in R&D of pharmaceutical products;
 and partnering with a NASDAQ listed company to jointly explore the
 development of next-generation Clinical Trial solution accelerators.
 
 Communications, Media & Utilities (CMU) BU saw geographical
 diversification in business with new customers in Indonesia and
 Malaysia, besides continued addition of customers in the North America
 and Western Europe. The BUs blended consulting, systems integration
 and managed services offerings results from its solution-led approach
 to business. Also, modular solutions crafted by the Solutions and CoE
 teams at Patni have been made available as platforms for ready
 implementation or for incremental transformation.  Industry-specific
 solution assets for business intelligence, mobility, process
 orchestration, provisioning, rating & charging, billing and dynamic
 pricing remain key areas of focus across the customer base and target
 accounts globally.
 
 Product Engineering Services (PES) BU has seen significant growth in
 revenues of 19% in 2010. This was largely driven by the increase in R&D
 budget and new product development activities. We continued to drive
 the business with laser-sharp focus on the select micro-verticals and
 competencies around bleeding-edge technologies. We made substantial
 investments in co-IP/solution development along with our customers to
 create new business opportunities, especially in the Indian market. We
 continued to dominate the selected verticals of medical electronics,
 storage, automation & control, and Independent Software Vendors with
 our end-to- end product development capacities including contract
 manufacturing. Today, we service the top 10 customers in each of these
 verticals. Patnis PES became the fastest growing Product Engineering
 Service business among our industry peers.
 
 Our Strategic Outsourcing Group played an important role in enabling
 revenues through various initiatives and winning pursuits.
 
 Our Integrated Global Support Solution (iGSS) initiative is being well
 received by, both, prospects and new customers.  This integrated
 offering is helping customers save between 15% and 30% on support and
 maintenance costs.
 
 Our Account Excellence initiative focusing on strengthening our
 position in large accounts is yielding positive results. We have so far
 covered our top 30 accounts.
 
 Our Accelerated Cost Transformation (ACT!Now) program has seen
 increased acceptance. The program engages multiple cost levers and is
 effectively designed to help clients transform their current IT cost &
 value structure to deliver an immediate cost impact of up to 40%.
 
 Enterprise Software and Systems Integration (ESSI) BU was newly created
 in 2010 with the merger of the earlier Enterprise Applications
 Solutions and Customer Dynamics & Intelligence BUs. The ESSI BU
 continued to expand business in SAP and Oracle Applications with
 existing clients, besides adding several new clients in the US, EMEA
 and APAC. We have won large multiyear integrated support deals in SAP
 in the US and took over the SAP practice of one of our strategic
 customers in the EMEA region. In Oracle and PeopleSoft, we have
 likewise expanded our footprint in the insurance and manufacturing
 segments. We have also expanded our portfolio of SAP solutions in life
 sciences and high-tech areas, around: compliance, customer complaints,
 inventory visibility, and collaboration; for Oracle solutions, around:
 edge applications, Oracle transportation management (OTM), warehouse
 management systems, and product lifecycle management (PLM). We are also
 building strong competencies around SCM, HCM and CRM areas in both
 product portfolios. Our Enterprise Content Management Practice grew by
 more than 75% revenues in 2010.  Its first major project was of a
 portal revamp for a noted Singapore client.
 
 During the year, ESSI also acquired the first Patni customer in
 Indonesia through differentiated offerings in Business Intelligence
 (BI) and Systems Integration services. The BI Practice is reaping
 rewards of investments made in the MDM product co-development with
 Oracle through new customer acquisitions in China and North America.
 Customer Relationship Management (CRM) services in Siebel, Chordiant
 and SalesForce.com continued to grow across all verticals. A new
 offering on Microsoft Dynamics CRM was also launched.  In addition to
 this, the Enterprise Integration Practice cross-sold their webMethods,
 Oracle SOA and Biztalk offerings and deeded 14 new customers to the
 Integration Services portfolio.
 
 BPO & CIS BU revenues grew 50% in 2010 compared to 2009. We won 20 BPO
 deals in 2010 and added 5 Million of TCV including two large
 structured deals with a Fortune 500 Insurance Company and a UK IT
 services provider. As part of the deal with the Fortune 500 Insurance
 company, we acquired CHCS Services, Inc. – a leading Third Party
 Administrator (TPA) in Health and Life Insurance with licenses to do
 business across all states in the Americas. The deal established Patni
 as a Full-Service TPA. In 2010, revenues from our million dollar
 clients increased by ~ 40%. In addition, our revenues from
 outcome/transaction based pricing have increased over 250%. We also
 focused and invested in platform based BPO services and increased
 revenues by 140%. As part of our strategy to expand our global delivery
 capability, the BPO & CIS BU established two centers in the US, namely
 at Pensacola (FL) and El Paso (TX).
 
 We continue to focus on key micro-verticals: Insurance (TPA, Health,
 Life), Retail Banking, Securities & Capital Markets, Life Sciences,
 Manufacturing; and on horizontals like F&A, CIS/iGSS, Benefits
 Administration. 2010 witnessed our delivery excellence and customer
 delight being endorsed by several recognitions including Patnis
 ranking as # 21 Global Outsourcing Vendor, by the Black Book of
 Outsourcing.
 
 Infrastructure Management Services (IMS) BU saw a 12% growth in
 revenues through Data Center operations as well as Database and
 Web-Operations Productized Services during the year. We rolled out
 various service and delivery models to supplement the BU offerings, in
 response to the dynamic market conditions. Output and Outcome based
 models, Managed Services, Shared Services delivery model were some of
 the models used to transition the customer operation risks to Patni.
 The BU received noteworthy recognitions and accolades during the year.
 Significant investments were also made in the Sales and Solutions
 development areas.
 
 Application (Apps) Practice, during the year, focused on
 transformational initiatives to improve the value of the overall
 portfolio for customers. The Practice provided consulting services on
 key transformational initiatives like Application Portfolio
 Rationalization (APR), Legacy Modernization (LM) and IT Transformation
 services. The consulting engagements paved the way for downstream
 opportunities in the form of development and maintenance support
 services helping customers reduce the total-cost-of-ownership and
 derive the best values for the services rendered.
 
 Verification & Validation (V&V) Practice continued to maintain its high
 growth trajectory and grew by around 30% in 2010, with two customers
 each in the USD 10+ and 5+ million category, and four in the USD 2+
 million category. A significant portion of the increased revenue in
 testing came from the Insurance and Financial services sector. We
 continued our focus on enhancing the solutions developed in test
 automation and non-functional testing areas such as Application
 Security testing, Data Warehouse testing, and Performance testing.
 Framework for Accelerated Automation Solution for Testing (FAAST) was
 rebranded to SPRINTESTTM, after launching a web-based version, and
 increasing the product span to support open source automation tools.
 The practice also launched PQMM, an Assessment Framework similar to
 industry frameworks like TPI and TMM; this helps us evaluate the
 maturity level of testing processes followed by a company, and thereby
 suggest a road-map to set up a Managed Test Center.
 
 Cloud Computing Practice delivered notable success in consulting
 services around our industry-leading Cloud Acceleration Programme
 methodology. In addition, several cloud-enablement and migration
 projects have been won and are being executed for customers in industry
 segments such as Electronic Design Automation, Medical & Consumer
 Electronics, and Power Utilities. These projects are expected to scale
 into enterprise programmes. Cloud service offerings have been developed
 and demonstrated for dev-test environments as well as for design and
 construction of private- and public-cloud based solutions. Our
 relationship with Amazon Web Services, the leading public cloud
 infrastructure provider, was further strengthened by the addition of a
 new alliance activity around value-added resale of their platform
 services. At the organizational level, a large part of Patnis internal
 application portfolio is currently in the process of being migrated to
 a Cloud environment. When the migration is completed by end of the
 second quarter of 2011, we expect significant savings in operational
 costs.
 
 Microsoft Practice registered a robust growth of 40% in 2010. Our focus
 on creating new service offerings such as Architecture Roadmap and
 Azure Computing helped us add new customers. Our expertise in
 Application Management Services helped us win significant new business
 in the European and North American geographies.
 
 The IT Governance Practice expanded its service offering to include IT
 Service Management (ITSM) solutions starting with HP Service Manager
 (HPSM) and Service-Now products.  HPSM is a leading product in the
 ITSM space. Service-Now is a SaaS based product that brings down the
 total-cost-of- ownership to end customers and also allows for speedy
 implementation of best-in-class ITIL (IT Infrastructure Library) based
 ITSM solutions.
 
 The User Experience (UX) Practice offered exclusive Usability/UX
 services to around 20 key customers and registered significant increase
 in business, during the year. Its unified UX services suite includes
 core as well as exclusive services like Comparative Competition
 Analysis and UX Certification. During the year, the Practice entered
 into the Medical, Industrial Product Design and Enterprise Mobility
 domains, and developed an UXM Methodology & Approach compliant with IEC
 62366 standard. A new Usability Lab being set up in Mumbai will enable
 large scale Usability Testing. The UX team was awarded the Dream Team
 Award for 2010, by a Top 20 Patni client.
 
 Innovation & Research Labs
 
 In 2010, Patni invested in establishing the Innovation and Research
 Labs (IRL) to create significant value for our customers through
 Innovative Solutions and Ideas and help build differentiators including
 Assets and IP for Patni. By the end of 2010, IRLs work brought in
 annualized savings of m, besides creating impactful offerings,
 solutions and proof-of-concepts in Mainframe Application Modernization,
 Open Source, Mobility, and Cloud Technology that led to wins of m
 TCV.
 
 IRL also undertook developing a Technology Leadership Program to breed
 top-notch Technology Leaders. After a stringent selection process, 11
 Employees representing top Technical Talent in Patni, were taken
 through a rigorous mentoring and development program including well
 thought through trainings and technology interventions. It also set up
 a virtual Customer Solution Center — an online portal which catalogued
 230+ demos/proof-of-concepts/artifacts and an “on demand” play
 capability of 30+ demos anytime from anywhere globally.
 
 The Solutions & Assets Group of IRL in collaboration with the Industry
 Verticals and Service Lines, delivered two new Assets for Patni in
 2010, namely SPRINTESTTM and Cross Reference Interrogator (CRI), with
 five more assets in the pipeline.  SPRINTESTTM has already been
 deployed in four customer engagements, resulting in cost
 savings/productivity increase of about 40-50%.
 
 Regional Performance
 
 Our focus on geographical diversification continued with the setting up
 of a delivery center in Suzhou, China. Our focus in developing East and
 South East Asia has increased the revenue share of the region from 5.7%
 in 2009 to 7.2% in 2010.
 
 The US region continued to be the biggest market with an 80.7%
 contribution to the total revenues in 2010. Patni Americas achieved a
 number of significant milestones during 2010 including the acquisition
 from Universal American Corp.  of CHCS Services, Inc., a provider of
 insurance and healthcare services.
 
 EMEA regions contribution was 12.1% in 2010, as it powered forward
 with a number of large transformational customer deals across the
 region and extended its footprint across Continental Europe.
 
 The Asia Pacific region contributed 7.2% of the total revenues. A key
 development was a JV pact with JR Kyushu System Solutions Inc. which
 helped form a new company – JR Kyushu Patni Systems, Inc., a 51:49
 partnership between JRQSS and Patni Japan, respectively. Focus on the
 SAARC countries brought significant revenue growth in 2010.
 
 Infrastructure
 
 In 2010, we continued to increase our regional presence in the regions
 we conduct our business, and build more employee friendly facilities
 globally. In India, seat utilization improved 20 points from 63% to
 83%; this was achieved by vacating excess space and through increased
 headcount. We opened our first ITO delivery (development and support)
 center in Suzhou, China. The state-of-the art facility with a planned
 capacity of 500 seats will serve the Yangtze region. It will also focus
 on delivering development and support services to Japanese, U.S,
 European and local multi-national corporations. We also opened our
 second delivery center in Gandhinagar, Gujarat increasing the current
 seating capacity of 500 to 750. The move was triggered by a recent deal
 signed by the company to provide Product Engineering Services (PES) and
 Application Development Management (ADM) services to a leading UK based
 enterprise.
 
 People Initiatives
 
 A large number of people initiatives were taken up during the year with
 the aim of achieving higher levels of engagement and making Patni a
 great place to work.
 
 The High Performance Organization program resulted in complete
 redefinition of all roles and structured career paths, which will be
 further aligned to various talent management practices within the
 company.
 
 The Patni Academy for Competency Enhancement (PACE) and Learning &
 Development delivered technical, functional and behavioral training of
 close to 1,17,605 person days in 2010.  Around 23 additional employees
 completed their Masters degree through Patni-BITS collaborative
 program specializing in Software Engineering and Embedded Systems.
 Through the executive education program offered to our employees, over
 70 persons successfully completed a customized Executive MBA program
 from IIM-Ahmedabad and IIM-Kozhikode. Also, one of our senior leaders
 attended the Advanced Management Program of Harvard Business School. As
 part of our Global Resources in Technology (GRiT) initiative, more than
 2500 GRiT employees successfully completed one or more of the
 certifications which included external certifications from vendors such
 as Microsoft, Sun, and Oracle.
 
 Our global headcount stood at 17,642 at the close of 2010.  We added 24
 senior employees at the Vice-President level and above, during the
 year. There was a continuous thrust on improvement through focussed
 interventions on employee attrition, which showed significant results.
 
 The Road Ahead
 
 Going forward, some heavy lifting remains to be done. The integration
 of iGATE and Patni is a landmark event watched by the entire industry —
 both for the potential synergies that the transaction brings and the
 integration risks that a transaction of this type carries.
 
 We are confident that the combination of the two companies will give us
 an entry ticket to more deals and larger deals. The combined
 capabilities and expertise will give us a higher win ratio than either
 of the two companies had, and we anticipate scale economies to benefit
 us and save -30m over the next two years. Our integrated
 go-to-market strategy will benefit both companies growth and margins.
 In addition, to minimize risks and ensure successful integration, we
 have chosen tested integration models and a committed integration
 leadership.
 
 Our vision for building out version 2.0 of this combine is a robust one
 and should take us to a position of higher-than- industry growth rate,
 and industry level margins (40-41% gross margin and 25% EBITDA), over
 the next two years.
 
 Regards,
 
 Phaneesh Murthy
 
 12 May 2011 
 Mumbai