KBAY Kanbay International (MM)

ROSEMONT, Ill., Dec. 4 /PRNewswire-FirstCall/ -- Kanbay International, Inc. (NASDAQ:KBAY) today announced that it has been advised that a complaint has been filed in the Circuit Court of Cook County, Illinois alleging that Kanbay and its directors breached their fiduciary duties to the stockholders of Kanbay in the negotiation of the proposed merger transaction between Cap Gemini SA, Capgemini Financial Services, Inc. and Kanbay, which was announced on October 26, 2006. The complaint, which purports to be filed by a stockholder of Kanbay as a class action complaint, alleges that the price negotiated is inadequate, that the directors obtained benefits that are not available to the public stockholders and that certain material disclosures are omitted from the preliminary proxy statement Kanbay filed on November 13, 2006 with the Securities and Exchange Commission. The complaint also alleges that Cap Gemini aided and abetted the alleged breaches of fiduciary duty. The complaint seeks monetary damages and injunctive relief. (Logo: http://www.newscom.com/cgi-bin/prnh/20050830/CGTU033LOGO) Kanbay and the other defendants believe that the lawsuit is without merit and intend to defend it vigorously. About Kanbay International, Inc. Founded in 1989, Kanbay International, Inc. (KBAY) is a global IT services firm with approximately 6,900 associates worldwide. Kanbay provides a highly integrated suite of management consulting, technology integration and development, and outsourcing solutions through a proven global delivery platform to clients focused on Financial Services and Consumer & Industrial Products, as well as an emerging presence in the Communications & Media and Life Sciences industries. Kanbay is a CMM Level 5 assessed company headquartered in greater Chicago with offices in North America and India as well as London, Singapore, Hong Kong and Melbourne. Further information about Kanbay can be found at http://www.kanbay.com/. Forward-Looking Statements This press release contains forward-looking statements under the federal securities laws. Forward-looking statements with respect to the completion of the proposed transaction are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. We can give no assurance that any future results discussed in these statements will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, and any such forward-looking statements are qualified in their entirety to the cautionary statements contained in this press release. Neither Cap Gemini nor Kanbay updates forward-looking statements and expressly disclaims any obligation to do so. Additional Information and Where to Find It In connection with the proposed acquisition of Kanbay by Cap Gemini and the required stockholder approval, Kanbay filed on November 13, 2006 with the Securities and Exchange Commission (the "SEC") a preliminary proxy statement and will subsequently file a definitive proxy statement. The definitive proxy statement will be mailed to the stockholders of Kanbay. KANBAY'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION AND KANBAY. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at http://www.sec.gov/. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Kanbay by going to Kanbay's Investors page on its corporate website at http://www.kanbay.com/. Kanbay and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Kanbay's stockholders with respect to the proposed acquisition. Information about Kanbay's executive officers and directors and their ownership of Kanbay common stock is set forth in the proxy statement for Kanbay's 2006 Annual Meeting of Stockholders, which was filed with the SEC on May 1, 2006. Investors and security holders may obtain information regarding the direct and indirect interests of Kanbay and its executive officers and directors in the proposed acquisition by reading the preliminary and definitive proxy statements regarding the proposed acquisition. In addition, Cap Gemini and its executive officers and directors may be deemed to have participated in the solicitation of proxies from the stockholders of Kanbay in connection with the transaction described herein. Information regarding the special interests of these directors and executive officers will be included in the proxy statement to be circulated in connection with the transaction. Additional information regarding these directors and executive officers is also included in Cap Gemini's information statements and publicly available reports. These documents are available from Cap Gemini at http://www.capgemini.com/, by mail at 11, rue de Tilsitt, Paris 75017, France or by phone at 33-1-47-54-5400. http://www.newscom.com/cgi-bin/prnh/20050830/CGTU033LOGO http://photoarchive.ap.org/ DATASOURCE: Kanbay International, Inc. CONTACT: Investors: Seth R. Frank, Director of Investor Relations, +1-847-385-4732 or Media: Geoff Nixon, Corporate Communications, +1-847-384-6162 Web site: http://www.kanbay.com/ http://www.capgemini.com/

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