Syntel Transforms IT for GeoLogistics Three-year Agreement Valued at $8M

TROY, Mich., Aug. 5, 2003 -- Syntel , a leading global provider of custom outsourcing solutions, announced today a strategic agreement with GeoLogistics Corporation, one of the world's largest global third-party logistics companies. The three-year fixed-price agreement is valued at approximately $8 million and has two optional one-year extensions.

Syntel will assume support of five mission-critical system groups, including order management, freight management, warehouse management, material management tracking, EDI, and financial and reporting systems. Using its proprietary IntelliTransfer(R) process, the transition will take about three months.

"We selected Syntel for its global presence and willingness to partner with GeoLogistics in several value-add initiatives," said Joe Szmadzinski, CIO of GeoLogistics. "Additionally, their ability to deliver seamless, cost- efficient service at SEI CMM Level 5 quality translates into tangible benefits in the form of dollar savings and system reliability for our customers."

Fortune 500 corporations are increasingly realizing the advantages of partnering with companies like Syntel for managing and developing IT applications. Between 2002 and 2007, Gartner Dataquest expects that IT outsourcing will increase from $162 billion in 2002 to reach $232 billion in 2007.

"We are excited about the opportunities presented by this engagement," said Bharat Desai, Chairman and CEO, Syntel. "GeoLogistics and Syntel share several corporate values and these clear synergies will deliver great value and return on investment for both our organizations."

About GeoLogistics Corporation

GeoLogistics Corporation is a global leader in non-asset based logistics, with an extensive network of operations in over 100 countries around the world. GeoLogistics offers its customers a broad range of freight management and customized logistics solutions backed by a single, company-wide IT system. With experienced and dedicated people, GeoLogistics meets customers' specific local logistics needs on a truly global basis. GeoLogistics combines more than 150 years of history with the latest technology and practices. More information may be obtained at the Company's website at www.geo-logistics.com.

About Syntel

Syntel is a leading global provider of custom outsourcing solutions in a broad spectrum of information technology and information technology-enabled services. The Company's vertical practices support the entire Design-Build-Operate-Optimize lifecycle of systems and processes for corporations in the Financial Services, Insurance, Retail, Health Care and Automotive industries. The first US-based firm to launch a Global Delivery Service to drive speed-to-market and quality advantages for its customers, Syntel now leverages this efficient model for the majority of its Global 2000 customers. Named one of Forbes Magazine's "Best 200 Small Companies in America," Syntel has approximately 3,200 employees worldwide, is assessed at Level 5 of the SEI's CMM and is ISO 9001:2000 certified. To learn more, visit us at: www.syntelinc.com.

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual Form 10-K document dated March 31, 2003. Factors that could cause results to differ materially from those set forth above include general trends and developments in the information technology industry, which is subject to rapid technological changes, and the Company's concentration of sales in a relatively small number of large customers, as well as intense competition in the information technology industry, which the Company believes will increase.