www.hexaware.com One great year at work…

Safe Harbor Certain statements on this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

Agenda Financial Performance Industry Challenges Outlook

Hexaware - A scalable model

Scalable model Solutions Market Customers Management Infrastructure

Solutions Enterprise solutions – a focus area Growing market Range of services & products Mainframe & application maintenance Strong base and experience Proven methodologies Web based solutions Large size projects Huge experience base Niche solutions Leasing HR IT

Market Europe – increased focus Successes in Germany Growing market for offshoring in key markets 25% revenue from Europe US continues to improve

Customers 28 Fortune 500/ Global 500 clients Increased offshore spending from existing customers 16 customers billing more than 1 million More 5 million and 10 million dollar customers Large satisfied client base

Management Depth of management Experience Number Large number of senior management close to customers Stability of senior management

Infrastructure Facilities State of art technology set-up Multiple locations Capacity to ramp up State of art technology set-up Completely wired locations Business continuity

Infrastructure

Financial Performance

Highlights

Profit and Loss

Balance Sheet

Verticals

Region-wise

Onsite-Offshore Mix

Cash & Equivalents

Human Resources

Business Outlook

Operating Cost Leverage Key Customer ramp-up Guidance for FY 2004 In INR YoY Growth In USD YoY Growth Revenue 4,590 mn 35.5% 102 mn 40% Profit After Tax 459 mn 168% 10.2 mn 175% EPS Rs. USD 19.70 - 156% 0.44 160% @ 1 USD=Rs. 45.0 Factors: Growing Order Book Operating Cost Leverage Key Customer ramp-up Better Utilization and Onsite: Offshore Mix Compensation increase Foreign Exchange Parity

5 year strategic game plan BREAK OUT Internal & External Drivers & Challenges Offshore an economic reality in OECD region Low corporate brand visibility Significant room to improve financial ratios Growing execution and retention challenges Incubation of new lines of businesses Sustainability of growth and niche leadership BUILD BASE Rapidly improving external market environment Execution challenges Retention and management bandwidth Rising investor expectations TURN-AROUND External scenario improving Pricing instability Client acquisition and relationship management Increasing scrutiny from investors REPAIR B U S I N E S S S C E N A R I O Uncertain economic environment Value proposition to be defined Profitability Market status -Underperformer STABILIZE Post-merger Re-structuring Unprofitable Business Mix High Fixed Costs FY 2001-02 FY 2002-03 FY 2003-04 FY 2004-06 FY 2005-

Key Strategies 5 year strategic game plan Niche Dominance Grow rapidly STABILIZE REPAIR TURN AROUND BUILD BASE BREAK OUT FY 2001-02 FY 2002-03 FY 2003-04 FY 2004-06 FY 2005 - Post Merger Restructuring Setting Strategic Direction Clean up financials Stabilize existing revenues & client relationships Identify major cost areas for reduction Aggressive Customer acquisition Win “light house’ Deals Target operational break - even Cost rationalization- target SGA costs & utilization levels Stabilize cash flows Invest in defined niche, competency areas Revenue growth at industry level rates Quarterly growth in bottom line – grow Margin aggressively Establish leadership in select niche areas Build Investor base Intense focus on Key Account Mgmt. Continuing focus on cost reduction – SG&A, utilization levels Invest in retention & improve ability to attract top talent Revenue growth FASTER than industry Bottom line reach peer levels Continue aggressive leadership focus in key niche areas Incubate new LoBs Build strategic Investor base Focus on branding & corporate image building P/E expansion focus – corporate governance; leadership; HR branding; Stand-out Growth rates for top line & niches Better than industry level financial metrics Establish market dominance in select niche areas Emerging LoBs are 15% of revenue Build alternate Revenue streams Aggressive focus on branding P/E expansion- leading P/E multiples Peer recognition as market leaders thru industry surveys BUSINESS PERFORMANCE Re-structure Set Direction Start winning Clients Grow rapidly Niche Dominance Key Strategies 5 year strategic game plan

Indicators of growth High growth potential Over 16 clients with $1mn+ billing currently 28 clients acquired in the Year 2003 28 Global 500 clients Order book: $170 Mn over 5 years High growth potential

Order Book 3 clients in USD 10 Mn+ 3 clients in USD 5 Mn+

Challenges Salary increase – some uncertainty Currency depreciation Ability to attract executive talent in sufficient numbers, particularly for execution

Thank You For more details please contact sesha@hexaware.com