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Teaneck, NJ October 15, 2004 Cognizant (Nasdaq: CTSH) a leading provider of IT services, was ranked #1 in the annual 200 Best Small Companies, published by Forbes magazine. This is the fifth time that Cognizant has been named to the list, second straight year at #1 and third #1 ranking overall.
We attribute the consistency of our performance in the Forbes rankings to Cognizants focus on IT solutions that deliver measurable business benefits to our customers, which translates into strong financial performance across the criteria on which Forbes bases the rankings, said Lakshmi Narayanan, President and CEO of Cognizant. Cognizant has established itself as a leader in the fast-growing offshore outsourcing services market by building deep technology and domain expertise, long-term customer relationships with major global companies, and a differentiated business model.

Forbes evaluated companies based on five-year sales and earnings per share (EPS) growth rates. In order to qualify for the list, each company was required to demonstrate sales in the $5 million to $750 million range, net profit margins greater than 5% and a share price above $5. Cognizant's average return on equity of 23%, annualized sales growth of 40%, and annualized EPS growth of 43% placed the Company well ahead of its industry peers on Forbes' list.

Cognizant focuses on enterprise-wide business applications and large-scale, complex application development, integration and management services. The Company has received numerous industry accolades for delivery excellence across the industry vertical practices in which it operates -- financial services, insurance, retail, healthcare, manufacturing and logistics. Cognizant has differentiated its model with an intense focus on meeting customer needs quickly and being the most responsive and flexible partner in the industry, and by providing thought leadership, particularly around technology strategies and business and IT consulting services.

About Cognizant
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 12,000 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, was recently named 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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