1. Mastek Ltd. http://www.mastek.com

2. 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

3. 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

4. Revenue Vs. Profit Rs. Million %

5. Operating Cashflows Rs. Million

6. 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

7. Maintenance Revenue

8. Financial Services

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

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

11. 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

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

13. Distribution of Organic Revenues for 2003-2004 All Figures in USD Million Opening Backlog New Business in Existing Accounts Revenue from New Accounts Total Projected Revenue Revenue (US$M) 35.123.322.681 Percentage43%29%28%100%

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

15. 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

16. Delivery Predictability  People  Process  Technology

17. Low Existing Resource Leverage Recruitment cell from 7 to 18

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

19. 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.

20. 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

21. 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

22. 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

23. Thank You

24. 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