1 Progress at work Europe 2004

2 Europe at a glance Total IT Spend in Europe :USD 165 Bn UK 28% Germanic 24% France 14% Benelux 10% Scandinavia 9% Italy 8% Spain 5% Other Western Europe 2% Europe IT Services - Segments Software Maintenance & Support 9% Consulting 7% Hardware Maintenance & Support 13% IT Management 23% Process Management 14% Development and Integration 34% UK, Germanic, France and Benelux Constitute 76% of Europe IT spend Share of Europe in Indian IT Exports is 21%. Expected to increase to 31% by 2006

3 Key market dynamics Gradual improvement in market Capex still constrained –Tactical spend Sophisticated and demanding buyers –Evaluating Value & re-evaluating Cost –Diverse, multi-cultural, multi-lingual Fixed price and shared risk/reward more common Multiple reference checks –Longer sales cycles

4 Our market positioning Broadly based by geography, by sector and by offering A reliable, flexible and long-term partner In-depth industry expertise Providers of mission-critical, repeatable offerings Focus on value-based outsourcing Costs; Consultancy ; Processes; Quality Building upon Relationships

5 Account – Lufthansa EnterPenetrateRadiate Passage Logistics Tourism IT Services Catering Ground Services MRO Services Chronology : -Q4 2002: Cargo -Q1 2003: EAI -Q3 2003: Cargo consultancy -Q4 2003: CRM in Passage -Q2 2004: CKI in Passage -Q2 2004: Testing in Passage -Q3 2004: DCS in Passage Technology : - USAS Mainframe - Tibco - People Tools - Forte - JAVA Second Largest Aviation IT services provider worldwide

6 Operations 10 Fortune 500 customer in Europe 2 new clients during Q2 23.8% of Global revenues – Q2 Revenue up from $3m ‘ 01 to $28m ‘ 04E CAGR of 110% YTD 2004 Repeat Business at 93% up from 86% 03 Commenced French operations President Europe HR Administration Sales & Marketing UK 1+4 France 1 Germany 1+4 Belgium 1 Tech Support

7 Status update Business Growth in line with our expectations: Acquired 11 New Clients in the last few quarters - Expect some more for the full year UK, Belgium and France progress continues Germany is beginning to shape-up well Revenues and margins in H1 04 improved on H2 03

8 Clients

9 Thank You