Canadian Treasurer

November 22, 2010

Companies to offer industry leading solutions for Canadian financial services industry through new partnership

TORONTO--Davis + Henderson Income Fund and Wipro Technologies, the Global Consulting, System Integration and Outsourcing business of Wipro Limited, have formed a strategic alliance for the purpose of enabling value for financial services clients in Canada. Davis + Henderson - a leading provider of technology and technology based services to Canadian financial institutions, and Wipro - an outsourcing industry leader with extensive experience in the banking and insurance industries, will combine forces to offer program management solutions for the Canadian financial services industry via their combined capabilities.

As a result of this agreement, Davis + Henderson has augmented its Canada-based infrastructure, applications and capabilities in deposit, lending, and account onboarding programs with Wipro's global operations and expertise, enabling the companies to offer integrated end-to-end solutions with a focus on cost transformation and risk mitigation through industry leading quality, innovative business processes, and a unique balance of domestic and global expertise.

"Davis + Henderson has built its reputation as a go to partner that is focused on helping clients solve their business issues," noted Gerrard Schmid, President and COO of Davis + Henderson. "Increasingly, those solutions involve taking over the management of key business processes and it's critical that we're able to offer our clients the flexibility and cost benefits associated with a global delivery model. We're excited to be partnering with another industry leader in this space and confident that our clients will see significant benefits as a result of this partnership."

"The Canadian financial services industry is highly regarded around the world and we are committed to supporting the Canadian marketplace. By partnering with Davis + Henderson, we will be able to accelerate value creation for Canadian financial institutions", said Chris Lord, VP and Country Head - Canada for Wipro Technologies. "It was important to Wipro that our partner shared our values and had a heritage of client intimacy, trust and strong industry reputation. Davis + Henderson was the right choice."

Davis + Henderson and Wipro have already begun work on a number of initiatives which when implemented, will deliver significant customer value. Initiatives underway include a joint development effort on an indirect lending loan origination web portal; a proposal for contact centre services that would seamlessly combine both companies' onshore and offshore capabilities; and mapping out a comprehensive end-to-end back office solution for lenders interested in outsourcing parts of the overall lending lifecycle.

Founded in 1875 and headquartered in Toronto, Davis + Henderson (D+H) is one of Canada's leading solutions providers to financial services clients across North America. D+H provides innovative programs, technology products, and technology based business services to customers in the financial services industry who offer deposit, lending, insurance and wealth management products to consumers and businesses. In addition to being Canada's largest provider of programs to support chequing accounts, D+H is also Canada's largest provider of mortgage origination software solutions and lien search and registration services to the financial services industry. D+H has a strong presence in a broad range of other service areas including end-to-end outsourced lending solutions, technology for mortgage underwriting and other retail, small business, and commercial lending applications, technology for equipment finance and leasing applications, and end-to-end outsourced services supporting clients' claims and payment processing and customer service requirements.

Wipro Technologies, a $6B division of Wipro Limited, is one of the global providers of technology, consulting and business process outsourcing services operating in 54 countries around the world.

Wipro provides industry leading comprehensive services, including systems integration, testing, information systems outsourcing, package implementation, software application development and maintenance, and end to end business process services to corporations globally enabling transformational business benefits well beyond cost reduction.

Wipro's commitment to innovation and continuous improvement has resulted in reusable frameworks, components, and Intellectual property that speeds time to market and reduces the cost of innovation for our clients. Wipro is committed to Canada and is undertaking significant initiatives to extend its Canadian presence significantly through tangible client and partner relationships both domestically and globally.



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