MphasiS Appoints Bhaskar Menon as Chief of Staff

Bangalore, August 23, 2000: MphasiS, a global software architecture, integration and implementation company, has appointed Bhaskar Menon as Chief of Staff. Prior to joining MphasiS, Mr. Menon was Head of International of E-Citi - Citigroup's (parent of Citibank and Travelers) e-commerce division & Global Consumer Internet Division.

As Chief of Staff, Bhaskar will be responsible for Human Resource Management and the Corporate Information Systems at MphasiS. In addition, Bhaskar will also head two verticals - the Financial Services Practice and the Dot Com practice. Bhaskar, who has relocated from the US, will be based at the MphasiS offices in Bangalore.

Commenting on the appointment, Jerry Rao, Chairman and CEO of MphasiS said, "Bhaskar has extensive experience in diverse businesses, functions and geographies in areas of International Banking, Investments, Product Development, E-commerce and Electronic Distribution & Delivery of Financial Services. Bhaskar's appointment will help enhance our strong domain capability in the area of financial services, e-commerce, and will enable us leverage his global experience , expertise and network for MphasiS."

As Head of International E-Citi, Bhaskar was responsible for helping Citigroup's Consumer and Corporate businesses develop and implement their Internet strategies and to deliver Internet and E-Commerce capabilities. In this capacity Bhaskar also led the effort to establish alliances and JVs with global Media, Entertainment, Telecommunications and Technology companies. Prior to his position as Head of International, Bhaskar was Vice President / Regional Director of Citigroup / Asia Pacific Consumer Business in Singapore where he was responsible for developing and implementing remote strategy for electronic delivery of consumer products and services across the region. From 1997-1998, Bhaskar was Vice President, Senior Director & Chief of Staff of E-Citi in New York. In this position he helped establish and manage the "Electronic Distribution & Marketing" group whose mandate was to develop and deliver alternate electronic distribution channels to the bank to provide easy customer access.

In 1996-1997, as Vice President of Citicorp's Advanced Development Division, Los Angeles, Bhaskar developed a Financial Planning Product that has been standardised and adopted as a product offering to the retail and high net-worth segments within the Consumer and Private Banking businesses.

Bhaskar was also Vice President / Financial Consultant - International Private Banking for Merrill Lynch, Pierce, Fenner & Smith in Beverly Hills, California. He was in the top 5 percentile of Merrill Lynch's financial consultants, among 15,000 globally, and was elected to their prestigious million-dollar "Eagles Club" and "Chairman's Club" every year for 6 years. From 1986 - 1989, Bhaskar was Assistant Vice President - International Personal Banking, Citibank International, USA, UK, Africa and Middle East where he developed and managed the "Non-Resident Indian" banking group, resulting in deposits of over US$ 1 billion. Bhaskar joined Citibank in 1985 as Manager - Consumer Services Group, New Delhi, and was the founding team member of Citibank's Consumer Services Group in India.