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OUR HISTORYWe were incorporated on September 271989 as Citicorp InformationTechnology Industries Limited or CITIL under the Companies Act. OrMarch 30 2000 we renamed ourselves i-flex solutions Limited in orderto create an independent brand name and build on the success ofFLEXCUBE our flagship product brand. The changes in our Registeredoffice since inception are as follows:Date of Board meeting Old office address New office addressauthorizing address changeOctober 11 1989 14B Sunder Mahal I Floor Original Office 141 Marine Drive Mumbai 400 020November 7 1990 14B Sunder Mahal I Floor Sakhar Bhavan 8thFloor 141 Marine Drive 220 Backbay Reclamation Mumbai 400 020 Nariman Point Mumbai 400 021July 17 1992 Sakhar Bhavan 8th Floor S.No. 90/H.No.8 MIDC Cross Road A 220 Backbay Reclamation Andheri (East) Nariman Point Mumbai 400 021 Mumbai 400 093May 25 1996 S.No. 90/H.No.8 Unit-10-11 SDF1 SEEPZ MIDC Cross Road Andheri (East) A Andheri (East) Mumbai 400 096 Mumbai 400 093 History and Major EventsFinancial Year Ending March 31 1996 - MicroBanker ranked number 1 selling international banking solution in the world for the calendar year 1995 by IBS in its league table of wholesale back-office systems. - We attained SEI CMM Level 4. - FLEXCUBE conceptualised as the next generation banking solutions and commenced development work.1997 - MicroBanker ranked amongst the top two selling international banking solution in the world for the calendar year 1996 by IBS.1998 - FLEXCUBE launched in the international user meet held in Bangalore in November 1997. - The Data Warehousing Center of Excellence and Internet Solutions Unit established.1999 - MicroBanker reached 100 customer mark the sixth international banking product to achieve this distinction. - FLEXCUBE retail and investor services modules launched. - FLEXCUBE ranked among the top 10 international banking solutions in the world for the calendar year 1998 by IBS.2000 - Set-up Centers of Excellence in the areas of Customer Relationship Management and e-services for financial services. - FLEXCUBE@ launched. - Instituted the Java Centre for Financial Services-the second such Centre in Asia-along with Sun Microsystems. - Services Business rated at SEI-CMM level 5. - i-flex Consulting launched as a separate business group. - Established a separate business unit to address the ASP market. - Renamed ourselves "i-flex solutions ltd.". - FLEXCUBE was ranked in top two best selling wholesale banking products for the calendar year 1999 by IBS.2001 - Entered the Japanese market via our deal with Shinsei Bank. - Second year in succession FLEXCUBE was ranked in top two best selling wholesale banking products by IBS for the calendar year 2000. - Won prestigious orders for FLEXCUBE from Citibank and DBS Bank - Joint venture company DotEx International Limited was launched. - i-flex solutions b.v. a fully owned subsidiary in the Netherlands became operational. - Set-up a representative office in Singapore2002 - FLEXCUBE reached 100 customer mark. - Subsidiaries in Singapore and the US established. - Set up a venture Flexcel International Private Limited with HDFC Bank and its group companies to provide FLEXCUBE in an ASP model. - Won the Frost & Sullivan Market Engineering Award for Technology Leadership for our pioneering ASP initiative. - Figured in Data Quest's Top 10 IT employers in the country and in the top 20 Software Exporters (NASSCOM and DQ). - New Centers of Excellence in payment systems and insurance are established. - Facilities certified to be COBIT compliant. - FLEXCUBE ranked as second largest selling solution in both Retail Banking and Wholesale Banking sales league table published by IBS for the calendar year 2001.