MASTEK ANALYST MEET JULY 2004 MASTEK www.mastek.com

Disclaimer Except for the historical information and discussion contained herein, statements included in this presentation may constitute forward looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those that be projected by these forward looking statements. These risks and uncertainties include, but not limited to such factors as competition, growth, pricing environment, recruitment and retention, technology, wage inflation, law and regulatory policies etc. Such risks and uncertainties are detailed in the Annual Report of the company which is available on the website www.mastek.com. Mastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.

Performance in Retrospect (Financial) Income Vs. Profit Rs. Crs %

Performance in Retrospect (Financial) Driven by: Revenue in Rs. Crs. Q1 Q2 Q3 Q4 Europe 42.3 48.6 60.7 68.7 US (excl JV) 21.6 20.6 22.3 26.2 Steady improvement in order book during every quarter

Performance in Retrospect (Financial) Driven by: Man Power Revenue 2002-03 100 2003-04 126 108

Performance in Retrospect (Financial) Annual Net Margins were under pressure as, Gross Margins dropped by 2% to 41% S,G & A increased by 4% to 35% However, Margin improved during the last two quarters due to, Execution efficiency Operational restructuring Better management of S,G & A

Rev. from Financial Services Changing the Composition Rev. from Financial Services Rs. Crs 45% 43% 40% 38% 30% 32%

Changing the Composition Resource Mix Offshore Man Months Onsite Man Months 2002-03 100 2003-04 150 108

Strong Financials Operating Cashflows Rs. Crs

Strong Financials Liquidity Rs. Crs

Summary Profile By Service Offerings By Geography By Domain F.Y. 2003-4 By Geography By Domain F.Y. 2003-4 F.Y. 2003-4

Highlights Winning streak continues which can ensure visibility and sustainability Strategic breakthroughs in Insurance space – Health insurance, P&C and Savings products in Life insurance. Partnership producing results NHS Spine project on schedule. US operations turning around Robust pipeline

Environment Non Trade barriers likely to stay for some time though resistance to outsourcing less visible Partnership producing results Currency volatility Pressure on operating cost due to salary hikes Prices more or less stabilized Restructuring in US would optimize the operations

Going forward During the Quarter ending September 2004, Group Income and Profits at around April-June levels. Sequential growth in subsequent quarters

Driving Strategies Focus on Fortune / FTSE customers Complex Projects Insurance Practice Line Partnerships

Fortune / FTSE Customers Strategized in 2001-2002 Presently form 41% of active customer base Account for 65% of Revenues. Present Across Regions – US, UK, Germany and Asia Pacific Include Corporations from Airline, Beverage, Chemical, Computer Equipment, Computer Software, Engineering, Insurance, System Integration space

Complex Projects Application Development Lineage Presently (Q4) Development forms 71% of Revenues Mission critical in nature Big Ticket Solution developed by Mastek are: Application High Volume, High load , Citizen facing Multiple Products State of the art Technology Complex Architecture, Big Deployment Execution Approach Multi-vendor – Collaborative Driven by Risk mitigation Contract Complex Contracts Risk-Reward based

Insurance Practice Line Built the strength from exposure in Asia Pacific Region and with overall experience of 12 years in Insurance industry Presently has 14 customers which include leading Fortune 1000 corporations in ‘Life, Health’ mutual & stock space Set up a dedicated Offshore Development Centre with strength of 250 practitioners Sales and Marketing infrastructure in place Framework based approach helping in progressing sales funnel

Partnerships Joint Venture with Deloitte Consulting in IT domain Joint Venture in ITES with Capita group Carreker in banking space Strategic relationship with Syntegra and Capita in UK and ePolicy in US

Strategy for 2004-05 Focus on big ticket sales, Partnerships, Insurance and BPO Growing current accounts Improve efficiency and effectiveness of sales organization Strengthen technology and architecture advantage

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