Syntel Included in Business 2.0 Magazine's Second Annual 'B2 100' Ranking of Fastest-Growing Technology Companies

SAN FRANCISCO, Sept. 15 -- Syntel, Inc. announced its inclusion today in Business 2.0's second annual B2 100, the magazine's ranking of the fastest-growing technology companies. Syntel ranked 38th on the list. The B2 100 is featured in the October 2003 issue of the magazine, on newsstands Sept. 22. This is the second time Syntel has been included on the list, moving up from the 90th spot last year.

To make the B2 100, companies had to meet rigorous financial requirements. The list of 100 was winnowed down from an original group of 2,000 publicly traded tech firms. Criteria for making the final list included at least three years of trading on a major U.S. stock exchange, at least $50 million in annual revenue, and positive cash flow over the most recently reported 12 months. Business 2.0 editors then ranked the companies with the help of Zacks Investment Research of Chicago, using a combination of four financial criteria: growth in revenue, profit, and operating cash flow during the past three years, and the 12-month stock return. Cash flow growth counted for 40 percent of a company's ranking; each of the other criteria counted for 20 percent.

In announcing this year's list, Business 2.0 editor Josh Quittner observed that "companies on the 2003 B2 100 have shown remarkable results in a most challenging business environment. But what the list shows is who to watch, who to watch out for, and what we can learn from the leaders. Technology is alive and well, as proven by the performance of these companies."

"This is great recognition for the focus and hard work our more than 3,300 Syntel employees put forth every day to create winning technology solutions for our customers and enhance our overall shareholder value," said Bharat Desai, Syntel Chairman and CEO.

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 over 3,300 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.

About Business 2.0

Business 2.0, a monthly magazine about business, technology, and innovation, is published out of The FORTUNE Group at Time Inc., an AOL Time Warner company. For more information, visit its website at www.business2.com.