Clearstream Services S.A. adopts TCS BaNCS as IT enabler to meet Link Up Markets objectives

Sibos – Vienna, Austria, September 17, 2008: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced that it has been selected as technology partner by Clearstream Services S.A to support the development of the IT infrastructure for Link Up Markets.

While acting as operator for Link Up Markets, Clearstream Services S.A. will use the TCS BαNCS product suite (Service Integrator and Corporate Actions) for transforming and routing transactions and assuring the efficient exchange of information between the participating central securities depositories (CSDs). The solution will enable seamless integration among the CSDs, shielding them from differences in communication protocols and proprietary message standards. As a result the solution can be implemented swiftly, offering minimal adaptations for the participating CSDs.

Michael Jaeggi, Member of the Executive Board of Clearstream Services S.A. said "Link Up Markets is an innovative joint venture for which time to market is crucial. We find a strong partner in TCS Financial Solutions because they possess a truly wide set of proven products and share a good track record of working together.” Yves Baguet Member of the Executive Board of Clearstream Services S.A. said: “We are confident that the combination of the TCS BαNCS product running on Clearstream’s state of the art IT technical infrastructure that we operate is a powerful asset for Link Up Markets.”

“Improving the efficiency of cross-border services, and reducing the costs of post-trade processing in Europe is an exciting challenge for all stakeholders”, said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “Our team is proud to assist customers like Clearstream Services S.A. to develop strong partnerships between Central Securities Depository markets throughout Europe.”

TCS BαNCS Service Integrator is a flexible and extensible java based integration platform that enables seamless integration among various applications, TCS BαNCS and Standard Messaging Networks and market data feeds. The solution supports integration through Messages, Files and Web Services over the industry standard protocols providing high STP rates for high volume trading. The solution has inbuilt configuration-driven readymade adaptors to integrate with Networks such as SWIFT, FIX and Feeds such as Reuters, Bloomberg, thus saving time and cost and reducing risks.

TCS BαNCS Corporate Actions is an industry-leading solution that enables enterprise-wide corporate actions automation. It takes controls of the entire lifecycle of corporate actions processing thus mitigating operational risks and improving overall efficiency with high levels of STP and effective workflow management. It implements a common processing framework supporting a full range of event types, and has a comprehensive operations dashboard, presenting various operation metrics and alerts for critical events and breaks.

About Clearstream

Clearstream is the post-trade arm of Deutsche Boerse Group and a leading European supplier of post-trading services. It ensures that cash and securities are promptly and effectively delivered between trading parties. It also manages, safekeeps and administers the € 11 trillion in assets that it holds on behalf of its customers. Clearstream has around 2,500 customers in over 100 countries and its global network extends across 46 markets. Backed by flexible securities lending and collateral management services, Clearstream offers one of the most comprehensive international securities services available, settling more than 250,000 transactions daily. For more information, visit www.clearstream.com.

About Clearstream Services S.A.

Clearstream Services S.A., located in Luxembourg with more than 500 IT specialists, has successfully served financial markets customers worldwide –including Clearstream's 2,500 clients- for over 30 years.

About Link Up Markets

Link Up Markets is a joint venture by seven leading Central Securities Depositories (CSDs) - Clearstream Banking AG Frankfurt (Germany), Hellenic Exchanges S.A. (Greece), IBERCLEAR (Spain), Oesterreichische Kontrollbank AG (Austria), SIS SegaInterSettle AG (Switzerland), VP Securities Services (Denmark) and VPS (Norway). The joint ventures goals are to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe.

About TCS Financial Solutions

TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BαNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base in excess of 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.

About Tata Consultancy Services Ltd (TCS)

Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.