Cognizant's Unique Global Model Delivers Full Range of IT Services to

    Business Editors/High-Tech Writers

    TEANECK, N.J.--(BUSINESS WIRE)--Feb. 15, 2005--Cognizant (Nasdaq: CTSH) today announced that they are delivering a full range of IT services to IndyMac Bank, F.S.B., the principal subsidiary of IndyMac Bancorp. Inc., one of the nation's leading savings and loans and mortgage lenders. IndyMac has expanded the relationship quickly because of Cognizant's unique global delivery model that features high-touch customer relationship management, and advanced IT consulting and delivery capabilities.
    "Cognizant brings a broad suite of capabilities to meet our needs and has become a trusted partner," said Mark Nelson, Executive Vice President of Global Resources for IndyMac. "We are very happy with the relationship and have expanded it more rapidly than originally anticipated. Cognizant's onshore / offshore delivery model coupled with their high quality personnel has allowed us to deepen the relationship quickly and accelerate development initiatives that are key to maintaining our competitive edge."
    IndyMac is using many of Cognizant's solutions capabilities for application development, integration and management, infrastructure outsourcing and helpdesk, testing, business and technology consulting, and business analysis. Cognizant is helping to provide support for many of IndyMac's core applications including loan origination, loan underwriting, PeopleSoft, and Siebel.
    "Our investment in expanding our service lines is paying off. Because of our increased capabilities Cognizant is now eligible to capture a greater share of clients' IT budgets," said Lakshmi Narayanan, President and CEO of Cognizant. "We are increasingly being viewed as a strategic partner for all IT services because our business transformation services help clients make the shift to new models and adopt new technologies. IndyMac is a good example of that and is redefining service models through their unique use of technology. Cognizant's high-value added transformation services are delivered using our Business Technology Consulting, Advanced Solutions and domain and technology experts."

    About IndyMac

    IndyMac Bank, the largest savings and loan in Los Angeles County and the 10th largest thrift nationwide (based on assets), is the principal subsidiary of IndyMac Bancorp, Inc. (NYSE: NDE). Through its hybrid thrift/mortgage banking business model, IndyMac is in the business of designing, manufacturing, and distributing cost-efficient financing for the acquisition, development and improvement of single-family homes. IndyMac also provides financing secured by single-family homes to facilitate consumers' personal financial goals and strategically invests in single-family mortgage-related assets.

    About Cognizant Technology Solutions

    Cognizant (Nasdaq: CTSH) is a leading provider of IT services. Focused on delivering strategic information technology solutions that address the complex business needs of its clients, Cognizant provides applications management, development, integration, and re-engineering, infrastructure management, business process outsourcing, and a number of related services such as enterprise consulting, technology architecture, program management and change management through its onsite/offshore outsourcing model.
    Cognizant's more than 15,000 employees are committed to partnerships that sustain long-term, proven value for customers by delivering high-quality, cost-effective solutions through its development centers in India, and onsite client teams. Cognizant maintains P-CMM and SEI-CMM Level 5 assessments from an independent third-party assessor. Cognizant was recently named to the NASDAQ-100 Index, recognized as Forbes' Best Small Company in America for the second consecutive year, and ranked as the top information technology company in BusinessWeek's Hot Growth Companies. Further information about Cognizant can be found at http://www.cognizant.com.

    This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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CONTACT: Cognizant Technology Solutions Corporation Larry Gordon, 201-678-2743 VP of Corporate Marketing lgordon@cognizant.com or Financial Dynamics Investors: Ian Bailey/Kirin Smith Press: Brian Maddox/Scot Hoffman 212-850-5600 shoffman@fd-us.com

KEYWORD: NEW JERSEY INDUSTRY KEYWORD: BANKING INTERNET E-COMMERCE PRODUCT MARKETING AGREEMENTS SOURCE: Cognizant Technology Solutions Corporation

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