Mastek Launches ElixirAsia for India and Asia Pacific Markets

MUMBAI, India -

- A Platform for Life Insurance Carriers That Will Enable New Carriers ‘Go Live’ With Their Businesses in 90 Days

- ElixirAsia Will be the ‘Platform of Choice’ for Insurance Carriers Pursuing Aggressive Growth

- Mastek Expects to be the Leader in the Fast Growing Indian Market

Mastek Ltd, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organizations worldwide, announced the launch of ElixirAsia, a platform for life insurance carriers that will enable new carriers ‘go live’ with their businesses in three months. An out-of-the- box platform with ready to deploy pre-configured products, interfaces and reports, backed by a proven implementation methodology, ElixirAsia helps insurance carriers go live with their business in 90 days.

ElixirAsia encapsulates over 2000 man years of experience gained from multiple insurance implementations in the region. It is a comprehensive product catering to all aspects of the insurance business lifecycle from proposal to claims while accommodating emerging distribution models. ElixirAsia is proven to support high volume of policies, to meet the growing and unique Asian insurance market needs.

Vilas Kanyal, Head - Asia-Pacific said, “The Asian insurance industry is witnessing tremendous changes with India alone growing at more than 25% over the last few years. This market, unlike the western countries is characterised by a high volume and rapid scale of business. ElixirAsia is built to meet these unique requirements and Mastek will be the partner of choice in this growth story”

The product meets the growth imperatives of an expanding market while keeping IT costs low accomodating ever changing requirements in the industry.

Sudhakar Ram, CMD, Mastek said, “ElixirAsia validates our position as a wave 3 company in Indian IT focusing on intellectual property and high impact for our customers. The Asian insurance market is the most attractive growth market in the next decade. With our strategic focus, market proximity and unique set of products and competencies - we expect to be the market leader in the region”

In February this year, Mastek launched Elixir Distribution Management (EDM), its next generation distribution management solution for life and annuity insurance carriers globally.

About Mastek

Mastek, is a Rs. 965 crore, (FY 2009) publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across the US, Europe and Asia Pacific regions. Incorporated in 1982, Mastek has been at the forefront of technology, which along with intellectual property products, proven methodologies and processes, increase IT value generation to its customers.

For more information and detailed results, please visit our web site www.mastek.com

Shareholders may also contact Mastek via email at Investor_grievances@mastek.com, which has been specifically created for the redressal of investor grievances.

Note: Except for the historical information and discussion contained herein, statements included in this release 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

Media contact: Sanjay Mudnaney / Leon de Souza +91-22-2824-7745 / 98335-81376 sanjaym@mastek.com leon@corvoshandwick.co.in Investor/analyst contact: Abhinandan Singh +91-22-2824-7864 abhinandans@mastek.com

Source: Mastek

Media contact: Sanjay Mudnaney / Leon de Souza, +91-22-2824-7745 / 98335-81376, sanjaym at mastek.com, leon at corvoshandwick.co.in; Investor/analyst contact: Abhinandan Singh, +91-22-2824-7864, abhinandans at mastek.com