Mastek Ltd.

Growth by Vendor Size (US $M) 26% -5% -4% 19% 31% 4% 30% While Tier 1 companies and MNC backends have registered good growth, SMEs have also registered 19% growth Mastek

Profits  Margin at net level were under pressure as,  Gross Margins dropped by 1% to 45% *  S,G & A increased by 4% to 32% *  Profits grew by 21% * Subject to audit

Revenue Vs. Profit Rs. Million %

Operating Cashflows Rs. Million

Highlights  Strategic outsourcing relationship with F 500 Software major  Preferred vendorship with system integrator in Telecom space  Large Virtual Sourcing Contract with existing Insurance major  Large Web based State Government project  Completion of Congestion Charging project  Initiation of three partnership

Maintenance Revenue

Financial Services

Investments Investments 98% Increase in cash & cash equivalents 5% Others (3%) Total Operating Cashflows - Rs. 463 Million

Orders Order from existing customer 24% Partnership 18% Order Backlog 35% Order from new customer 23%

Guidance for 2004 Consolidated Revenue Rs.460 crores 40% in First Half 60% in Second Half Net Profit Rs. 35 crores Less than 20% in First Half More than 80% in Second Half

Operations Overview  How will we make sales happen  How will we deliver predictably

Distribution of Organic Revenues for All Figures in USD Million Opening Backlog New Business in Existing Accounts Revenue from New Accounts Total Projected Revenue Revenue (US$M) Percentage43%29%28%100%

Increase in Mastek Sales Force during RegionAs on 30 th June 2002 As on 1 st July 2003 USSales1018 Account Managers22 UKSales11 Account Managers714 ROWSales1213 Account Managers12 TotalSales3242 Account Managers1118

Practice Line  E Elixir – Java based framework for Life Insurance  Channel Management solution – 8 sites across 5 countries  To be leveraged in the UK and US this year

Delivery Predictability  People  Process  Technology

Low Existing Resource Leverage Recruitment cell from 7 to 18

Processes & Technology  CMM 5 Processes  ePMO  SAP  Masteknet Proven ability to scale in projects like LCC

Approach to Strategic Partnerships  Leverage World class Delivery capabilities  Expand our reach to market  Strengthen our Value Proposition through partnership with companies having complimentary skills.

JV with Deloitte Consulting  Kicked off in October 2001  First Year Revenue of 5 M  Second Year Revenue of 15M  Current Head count 320 persons  F100 Marquee end - Customers

Alliance with Carreker Corp.  Carreker Corp is NASDAQ listed, $150M company specializing in payments infrastructure technology solutions and services to banks. 70 of top 100 US banks are their customers.  Two entities :  Carretek LLC in US with 51% ownership by Carreker Corp and 49% ownership by Mastek – for Marketing activities  Mastek Carreker Pvt. Ltd in India with 51% ownership by Mastek and 49% by Carreker Corp. – for Execution activities  Offers IT as well as BPO services to Carreker’s banking customers  Has independent operating team headed by CEO. Would leverage client relationships and sales force of Carreker and delivery capabilities of Mastek

Partnerships with 2 other IT services companies  Each has Revenue base of $ 400 M plus in IT services  Sales force of 50 plus persons and 20 plus sales offices in US  These companies see interest in offshore amongst their customer base.  Created joint teams to work together

Thank You

Copyright 2003 Mastek (All rights reserved)  No part of this presentation may be reproduced or transmitted in any form or for any purpose without the express written permission of MASTEK  MASTEK, Majesco Logo are trademarks or registered trademarks of MASTEK in US and in several other countries all over the world