20060630

INVESTOR PRESENTATION
How did we get here?

1993
POLARIS Software Lab Incorporated
1999
Listed on major stock exchanges
2002
2006
CAGR of over 22.3% for the last 6 years
Orbitech Merger
Major transformation
1999 Key statistics
Revenues $14mn Headcount 885
2006 Key statistics

Revenues $187mn Headcount 6092
Copyright Polaris Software Lab Limited, 2005. Confidential. Not to be republished without prior consent
Polaris Today
Business
Global Solutions Specialist with a dedicated focus on the Banking, Financial Services and Insurance vertical 20 years of experience in BFSI Banking, Financial Services & Insurance Over 2,500 projects and 28,000 person years of experience
Global presence
Global Delivery Capabilities(10 development centers) 22 relationship offices across 14 countries 16 Business Solution Centers Focused on Long-Term Customer Relationships(Repeat business of over 86%) 2nd longest single relationship with global customers (20 years)
Customer profile Employees Financials
6000+ associates
FY 06 Revenues:$187mn EBITDA:$17.4 mn Zero debt, Large Cash Reserves
Corporate functions
Relationship Banking Center Smart Legacy Modernization Center Insurance Center and Enterprise Innovations Capital Markets Center Corporate Banking Center Technologies for Globally Efficient Enterprises SmartBuild Architecture Group Business Process Outsourcing
Customer Sales
Business Leadership Council

Board of Directors
Quality & Process management
Organization structure
Marketing
Polaris positioning
Calibrated modernization of existing legacy platforms in a non-disruptive manner by way of deployment of innovative (SmartBuild) solutions that are SOA compliant and backward compatible.
Provider of Smart Legacy Modernization services to the worlds leading banks and financial institutions Proven point solutions leveraging innovative processes and technology that have been delivered cost effectively and provided significant business benefits in terms of risk mitigation, TCO and time to market.
Application management services to maintain, reengineer, aggregate and. upgrade portfolios of custom applications cost-effectively, by leveraging Polaris continuously replenished warehouse of intellectual property
Polaris Business model: 100-5-7

100 Relationships Build a few (but more than a handful) long-term relationships
5 Values to be delivered to the customer Cost Quality Reliability Flexibility Time to market
Using the 7 Levers 1. 2. 3. 4. 5. 6. 7. Technology Knowledge Domain Knowledge Customer Environment Knowledge Process Methods and Tools Reusable components Energy and Passion of People
On our way to a global BFSI player
Branding
Leadership
Strategy
BUILDING & GROWING STRATEGIC PARTNERSHIPS

Technology Delivery Quality COMPREHENSIVE OFFERINGS PORTFOLIO Products Solutions Fixed Bid Projects Business Processes Strategic Outsourcing
COMPETENCIES RESOURCES
CAPAB I LITI E S
Polaris Business Mix

Banking, Financial Services & Insurance Sectors
Run-the-Bank Offerings
Change-the-Bank Offerings
Operate-the-Bank Offerings
Horizontal Practices

Global ATM networks Core Banking Credit Card Processors Lending Mortgage Processing Insurance Securities Custody Derivatives/Fixed Income/Equities Wealth Management Corporate Banking Treasury Cash Trade Finance SAP Oracle BaaN Mainframe
Change-the-Bank Offerings

Global ATM networks Core Banking Credit Card Processors Lending Mortgage Processing MCI SLM for Credit Cards Home Lending Originations Branch Renewal Internet banking Insurance Securities Custody Derivatives/Fixed Income/Equities STP Lending Front end Integration using workflow and portal Client service Platforms for Private Banks Wealth Management Corporate Banking Treasury Cash Trade Finance SAP Oracle BaaN Mainframe
SLM Custodial solutions TechPort Global Liquidity Sweeping & Pooling Dashboards and Corporate Online Analytics Treasury MM/FX Imaging and Workflow Global roll Out with ERP
10

SLM Custodial solutions Liquidity Sweeping & Pooling Corporate Online Treasury MM/FX Global roll Out
Hosted Services
Transaction Processing
Voice Based Services
11

SLM Custodial solutions Liquidity Sweeping & Pooling Corporate Online Treasury MM/FX Global roll Out
Hosted Services
Transaction Processing
Voice Based Services
Siebel, BI/DW, Linux, Rational, PACE, Portals, dotNET, Imaging & Workflow, Infrastructural Management, Professional Services
12
Why customers choose Polaris?

Reliable Solutions Speed To Market Higher Savings Thought Leadership & Innovation
Solution Expertise Process Capabilities

Polaris has been able to deliver reliable solutions in more than 150 countries over the past 20 years because of its strong domain expertise, proven delivery capabilities, tools and processes 72 country Risk Management solution 60 country Trade Finance solution 23 country Treasury solution 32 country Cash Management Solution 3 continent ATM solutions Multi-currency, multi-lingual, multi-entity
13


Speed to Market through knowledge reuse of 750+ domain experts involved in developing BFSI solutions over the last 19 years Reuse of use cases and test scripts for multiple banking business processes Speed to Market using SMARTBUILD; through Component reuse of 56 Modular GeneS designed for Universal Banking needs Delivered a Working Capital Management solution for a large Asian bank in 6 months reusing Polaris Payments, Optimization and reconciliation GeneS Implementation of Fund transfer, Relationship, ATM, Funds Loans and Swift modules in the core banking infrastructure of large Japanese Bank resulted in 4 calendar years savings
14


Polaris ENTITY model and Domain Expertise have resulted in reduced total cost of ownership Multi-vendor and Virtual delivery model in the development of end to end retail banking solutions resulted in savings of $50 MM over a period of 5 years for a large Japanese Bank Global Support of ATM solutions through the onsite and offshore model have resulted in savings of $50 MM for a large MNC Bank Offshore Development and Support of Custody Solution have resulted in savings of $40 MM for a Global MNC
15


Polaris has delivered market differentiating solutions to large global MNCs in the past 2 decades: First global Credit Cards solution in open architecture dramatically reduced processing costs (Smithsonian Award) Delivered market differentiating Automated Cash Management System in early 90s which was later implemented in 30 countries Improved transaction throughput & customer service for the highly competitive and low margin Trade Finance business through global consolidation of platform and transaction processing Reduced technology cost per transaction by delivering the first global Core Banking solution in a distributed architecture First global Corporate Banking portal empowering users to transact rather than merely query
16


Laser beam focus on various sub-verticals within the BFSI domain through internal alignment. This ensures an in-depth understanding of Industry practices, an awareness of Industry trends & an appreciation of Industry specific nuances: Consumer Banking Corporate Banking Wealth Management Brokerage & Securities Insurance
17


Stringent adherence to Quality standards such as ISO, CMM and Six Sigma Continuous process improvement and process streamlining to ensure resource optimization Effective use of Tools to monitor and control processes providing transparency Internal metrics and performance measures reviewed by top management on a monthly basis Escalation procedures and Change Control Board in place to effectively manage change and resolve issues
18
How did we acquire this capability?

Multiple Relationships 2 Domain expertise 0 Solution Supermarket 0 Buy, Build & Rapid Deploy 2 as KSFs Multiple Relationships 1 Domain expertise 9 Competency Map Width 9 Delivery precision 9 as KSFs Multiple Relationships 1 Domain Focus, Large 9 Soln Delivery Precision, 9 Customer need 5 Sensitivity as KSFs Single Customer 1 Co-author customer 9 9 growth thru technology 0 led innovation as KSF Single Customer 1 Turnaround time & 9 Quality of delivery as 8 4 Key Success Factors (KSF) Single Customer Customer relevant Competency additions, Domain Grasp as KSF
20 year history with Citibank
Citigroup accumulated relationship of solutions worth over USD 1 Billion over the last decade Citigroup relationship stands at USD 105MM for FY05(single largest offshore solutions partner) Started as supplier to Citibank India retail business and today support solutions and services in more than 70 countries, 120 locations across all lines of business in the Citigroup world.
19
Quality process in Polaris
SEI CMMi Level 5 ISO 9001 : 2000 ISO 9001 SEI CMM 2001
First company in the world to be assessed at CMMi Level 5 ISO 9001:2000 certified Independent Software Engineering Process Group Over 700 Person years of Quality Engineering experience Largest pool of IFPUG Certified FP specialists (CFPS) amongst Indian Companies
&
Level 3
TQM
1999
Practice
1991
1995
Polaris Quality Journey
Mature and uniform FP counting methodology across the organization ensuring uniform implementation
20
Service offerings
Horizontals
Application Development Front end Technology Internet Technology Re-engineering
Verticals
Customer Relationship Management

Enterprise Knowledge Management
Maintenance
Network Management Mainframe Middleware Technology
Solution Integration
Global Deployment
Mobile Technology Enterprise Resource Planning
Application Certification
Enterprise Application Integration Application Certification
Business Consulting
Data Warehousing
21
Service Oriented Architecture

What is SOA?
Service-Oriented Architecture is an IT and Business strategy that organizes the discrete functions contained in an enterprise applications into interoperable, standards-based services that can be combined and reused quickly to meet business needs.
Business agility depends on the free flow of information, services and business processes across the organization. However this flow is stymied by the heterogeneous nature of the typical large enterprise. Multiple platforms (IBM, BEA, Microsoft, SAP, Oracle etc) and technologies (J2EE, .NET, Legacy, etc.) require IT to hard code the point to point connections, hampering the swift flow of information and slowing the delivery of new business services. Service Oriented Architecture (SOA) has emerged as the leading IT strategy for streamlining service delivery. SOA takes the discrete business functions contained in enterprise applications and organizes them into interoperable, standards-based services that can be quickly be combined and reused in composite applications and processes. The desire for Organizations to be service driven is creating a significant pull for IT to adopt SOA.
22
SOA gaining priority in the marketplace
23
SOA wave and Componentisation has been endorsed and adopted by many leading vendors and analysts
SOA wave and componentization has been endorsed and adopted by many leading technology vendors . . . Software Services companies
Software product companies
Yankee survey
70% of CIOs plan to

invest in SOA
IDFC survey
45% of banks have

some SOA plans over the next year. 27% of banks are already adopting SOA, nearly 1/3 of them enterprise-wide. Companies are beginning to realize and articulate significant benefits from SOA
Infoworld survey
24
SOA oppurtunity
While most large banks have existing offshore relationships, degree of work offshored varies widely offering Polaris window of opportunity
20
Per cent of total workforce relocated
Customers are open to giving vendor like Polaris a chance
10
5 4 3 2 1 0 0
Market shapers
A new vendor like Polaris can enter our banks, if it has some specific business expertise, in new and growing areas such as derivatives
VP, IT, Top tier, Wholesale bank
The biggest proof point for us is internal. If you have delivered something well then there is no reason why you cant get more business
VP, Vendor Management, Investment Bank
Ahead of the pack Building the platform
1,000
*Includes some BPO revenue in cases where it is not separately broken out Source: Press releases; company websites
Number of FTEs relocated*
2,000
3,000
4,000
10,000
12,000
25
Product offering
Integrated Multichannel Core Banking
Portfolio Mgt Cash Mgmt
Intellect SuiteTM is an enterprise platform that meets the needs of retail, private and corporate bankingDesigned using J2EE technology Over 56 modular components or GeneS for 10 banking business lines Supports over 10 million customers Developed on contemporary technology (Open API standards) enabling easy integration with legacy systems Web-enabled, multi-currency and multi-lingual
Loans Cards
Trade Treasury
Infrastructure Intellect suite
What are GeneS? Intellect Suite is designed and built with re-usable components called GeneS (Generalised Services). Several GeneS come together to form a product. Intellect Suite has over 56 GeneS in different combinations to develop a variety of banking solutions. Being functional-centric components, many GeneS are common across solutions.
26
Intellect Suite Built on Component based Architecture
Products
GeneS (Generalised Services) APIs (Application Programming Interfaces) RUSAs (Reusable Software Assets)
27
Intellect Suite-Underlying Genes
Parameters Payments Recon Sign Limits Integrator Time Deposits Statements Relationship Dr. Card Mgmt Customer Communication Current & Savings GL Teller
Charges
Reports
28
SmartBuild Value proposition

Integrated best of Breed
Smart Build value proposition

Lending Integrator Core
a
Customer Fee Web services Collateral GeneS
Accelerated Build
Source Code
29
Benefits of Smartbuild approach

Customizable solution Faster time to market
Reusable solution Reduced cost Tested product processor
Smart Build advantage
Reduced risk Service Oriented architecture
Standard process flows
Competitive advantage
30
Application Certification offering

PACE Expertise
PACE Services
End to end testing
Product testing Project testing
Independent Testing and Certification Unit Vast experience in testing mission critical applications 20% of the testing team are domain experts Tested and certified over 300 releases with many zero defect deliveries 1500+ person years of testing experience Expertise in Project and Product testing Continuous process improvement through Quantitative Project Management (QPM) Expertise in Test Automation tools WinRunner, Test Director, Quick Test Professional (QTP), SilkTest, LoadRunner, OptimizeIT, Purify, Jverify Performance Metrics Defect unearthing efficiency of 95% Test case efficiency of 80%
Test process consultancy

Quality Indexing Benchmarking Process Gap Analysis Process Alignment
Test automation
Tools Selection Tools Scripting Performance Analysis
31
Two pronged future strategy

Use IP led solutions delivered as Smart Build as arrowheads to open new doors Focus disproportionately on top 100 banks in US and Europe
Major
Transform core ADM services into higher margin business by leveraging IP
Intellectual Property Rights factory for Tier 1 Products for Tier 2, 3
Smart-Build, SLM for Tier 1 Banks of Europe, NA Selected products for Tier 2 Banks of ME, Latam, ASPAC Cards Liquidity Collect Origination Lending
32
Strategy Implementation
Q3-Q4 FY06
Timing Penetrate top accounts with IP led positioning Key corporate theme Stabilize and focus
Ensure current growth trajectory in IT services business Focus on IP led solutions, leverage SOA in the marketing message and get internal orgn alignment Realign organizational structure and key processes to create
Customer-back design End to end responsibility Efficient operational platform
FY07
FY08 onwards
Accelerate growth
Critical initiatives
Accelerate growth by firmly establishing IP driven off shoring approach Transform large accounts into AAA relationships Ramp up to 10-15 of top 100 Deliver enhanced banks and deliver distinctive IP profitability on account of led solutions to establish a client diversity, sharper platform for growth within these expertise positioning and accounts better operating platform Build partnerships with key players to leverage current componentization/SOA wave and gain market credibility Enhance front end capabilities and key account management function Induct IP driven approach in delivery of conventional service lines Enhance full service offerings with new service lines such as Linux migrations and niche package implementation
33
Optimus-BPO offering
Aims to fulfill emerging customer requirements for an integrated technology and operations offering using its expertise in the banking and financial services domain
DESIGN
DELIVER
OPERATE
Business Processing
Consulting
Feature customization/design
Application,Developme nt,Management & Support
complete spectrum of back office solutions.

Transaction processing Asset Management Custodial services Mortgage Customer Interactions Services Business Infrastructure Services Complete Card Solutions
34
A holistic offering
Integrated Technology and Operations
Technology
Process Expertise
Infrastructure
OPTIMUS Advantage
Leveraging Economics of Expertise
35
Some of our differentiators
Enchanced customer satisfaction
Decreased time to market Optimus Integrated Outsourcing seeks to deliver much more than just cost savings
Access to latest technology
Increased process efficiencies
Minimized capital outlay
36
Optimus-The perfect partner for outsourcing

Complete spectrum of back office solutions.
Talented Resource Pool Technology Expertise
Focus on Long Term Relationships
Expertise in Financial Services Domain Experienced Management Skilled in Strategy/ Implementation
Focused yet Comprehensive Product Offering
Rich Process Knowledge
Strong Quality Orientation
Polaris Advantage
India Offshore Advantage
37
People Practices @ Polaris
Associate Statistics
Education Profile
Others 9% Doctorates 1% Masters/ Post Graduates 31%
Age Group Distribution
35-40 40 Plus 5% 8% 30-35 24%

Graduates 59%
20-25 23%
25-30 40%
Flat Hierarchy 6 levels to CEO 6000 + Associates 25% Female Associates: diversity critical 20% onsite employees- US, UK, Singapore 90% Qualified Professionals (Engineers, MBAs, MS etc)
39
Talent Acquisition- Recruiting the best

Fuel Campaign - Future Leaders
Nationwide campaign to recruit the best domain experts in the country 150 Domain Experts (BFSI) recruited over the last 2 years
Tie-Up with Tier-1 B Schools

Tie Up with 6 out of Top Ten B Schools in India Day 0/Day 1 Slot at all Campuses we visit
Tie- Up with top T Schools for fresh engineers

All India Aptitude Test(Polaris Aptitude Test) followed by structured Assessment Centre Recruited 500 fresh engineers out of 1.5 lakh applications across the country
Cross-national hiring to move towards a global organization

Local hires in US, Japan, Germany & UK
40
Attrition Statistics
Attrition Analysis (General)
More than 6yrs 4% 4 to 6 yrs 12% 2 to 4 yrs 19% 1 to 2 yrs 38% 0 to 1 yrs 27%
Voluntary Attrition %age of 16%-17% for FY 05-06 Attrition at middle management level is much lower
41
Training & Development

All associate go through person-days of training every year Key focus on Project Management Certification & Leadership Development Certified Project Management is extended to a large part of the organization All Project Directors (PD) and Project Managers (PM) will have to spend 6 hrs of conducting training every month Onsite programs executed through Technology Mediated LearningTM All Chief Executive Council members will have to spend total of at least 40 hours in a year in conducting training
42
Career Development
Role Project Director Responsibilities Customer Satisfaction, Manage Multiple Project, People Management, Role Project Manager/ Sr. Project Manager Responsibilities Customer Interaction, Project Management, Resource Utilization, Role Project Lead/ Junior PM Responsibilities Module Development, Technical Lead and Micro Planning Role Developer Responsibilities Development and Coding 1). Quality Process Assessment/ Coaching 2). Coding & Review 3). Basic Domain Training Career Progression Project Lead Essentials Project Management Program Management Requirements Customer Relationship Leading @ Polaris Management Management Requirements Management
43
FINANCIALS
Financials Background Revenue Profile Profitability Profile Balance Sheet Conclusions
45
Context Setting : Key Events impacting Financials

Merger with Orbitech
Products Investments
Quest towards Differentiated Positioning IP Led Growth Strategy Transformation Agenda
46
The Market and Our Hybrid Strategy

Two Trends in the market Banks under pressure to bring innovative products to market more quickly, to improve operational efficiency through continued process optimisation and to implement comprehensive regulatory compliance programs Growing recognition of Service Oriented Architectures (SOA) as a viable approach to gradual and nondisruptive replacement of legacy systems Polaris transforming the application development and maintenance (ADM) business lines from a cost-arbitrage based resource augmentation model to a solution based value proposition through the use of a hybrid model of services combined with Intellectual Property (IP)
47
Early Adoption of our solutions by the Market

Strong references for our Lending suite covering the full spectrum of origination, loan processing and collections - in diverse markets of Japan, Germany, the US, India and the Middle East Initial success with Cards in the local market in India has resulted in opening up of new markets for consumer finance in Latin America Achieved a position of leadership with our Cash and Liquidity management offerings with leading banks in the UK market
48
Through:-Investments in IPs
Total Costs incurred for developing the products $ 36.90 Mn (3.5 years)
Part of the Product development costs were capitalized till Dec 04 $ 11.48 Mn Total Costs charged to P&L till Dec 05 is $ 25.41 Mn
Had the accounting treatment not changed, the EBITDA would have been higher by $ 1.2 Mn per quarter 2% increase in EBITDA margins.
49
All these investments have helped Polaris in

Expanding domain expertise & improving implementation capacity Hiring and training career bankers Aligning investment and roadmap plans with the market needs Engaging with Strategy consultants to validate market needs and product investment priorities Enhancing our Smart Build Solution capability SOAization of select GeneS Development of new GeneS such as BRE Improving product options, quality, capability, performance & user experience Benchmarking Adding new Product features Implementing Common Look and Feel and other architectural / design guidelines Testing and fine-tuning of products in different hardware and operating platform combinations Development of industry standard documentation (User manuals, implementation manuals, etc.)
50
All these investments have helped Polaris in

Improving engineering quality and productivity Investing in third-party tools and development of in-house tools Developing product development disciplines such as customisation strategy, engineering golden rules and estimation methodology Instituting Quality processes such as defect free programming handbook and SOA handbook Helping us to expand user base Developing product collateral Setting up product demonstration infrastructure Marketing and Sales Investment Developing product branding
51
Revenue profile
Revenue for FY06 was Rs 825 crore
Rs in Crores
900 800 700 600 500 400 300 200 100 FY 2001 FY 2002
CAGR : 19.5%
FY06 revenue break-up
FY 2003
FY 2004
FY 2005
FY 2006
Financial Year
Revenue Split
USA 39.73% ASPAC 21.32%
80.0% 60.0%
%
40.0% 20.0% 0.0% Citi Non Citi 2005-06 58.2% 41.8% Financial Year 2004-05 60.1% 39.9%
Citi Non Citi
Europe 27.89% India 11.06%
52
Revenue Geo Mix 2005-06

50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Q1 US/North America Q2 Europe India Q3 Q4 Asia Pacific & Japan
Geography
US/North America Europe India Asia Pacific & Japan
Q1 06
42.90% 27.60% 10.50% 19.00%
Q2 06
40.70% 28.45% 10.10% 20.75%
Q3 06
37.54% 29.72% 11.80% 20.94%
Q4 06
38.42% 28.53% 11.29% 21.76%
53
Revenue Customer mix

70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Q1 Q2 2005-06 Citibank Non Citi Bank Q3 Q4
% of revenue
Q1 06
Citibank Non Citi Bank 59.63% 40.37%
Q2 06
57.70% 42.30%
Q3 06
57.24% 42.76%
Q4 06
58.21% 41.79%
54
EBITDA
EBITDA for FY06 was Rs.77.07 cr
Reasons for decline in EBITDA
140 120 100 80 60 40 20 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006
25%
Product Investments
20%
15% 10% 5% 0%

Change in accounting treatment

Salary Increases Investments in Sales Infrastructure Muted Revenue Growth
EBITDA
EBITDA as % of Rev
55
PAT
70.00 60.00 50.00
in Rs. cr
40.00 30.00 20.00 10.00 0.00 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006
56
Expenditure Analysis
In Rs.cr
Rs in Crores
Expenditure has been under control over the last 4 quarters Increase mainly due to salary hikes in Q2
250 200 150 100 50 SG&A SDE Q1 44 139 Q2 45 141 Q3 49 142 Q4 47 140 SG&A SDE
Further optimization underway
Quarter - FY 2005-06
57
Balance Sheet
In Rs Crores 31-Mar-06 Sources of Funds Shareholders Capital Secured Loans Total Application of Funds Net Book Value Cash & Bank balances Working Capital Investments Miscellaneous Expenditure Total 31-Mar-05
540.90 1.88 542.78
531.10 2.10 533.20
237.63 121.70 169.79 12.91 0.75 542.78
216.26 136.71 172.15 6.93 1.15 533.20
58
Cash Flows
Fy 05-06 Opening Balance Cash flow from Operating Activities Cash flow from Investement Activities Cash flow from Financing Activities Closing Balance 137 72 (72) (16) 122 In Cr Fy 04-05 80 121 (49) (15) 137
Company has been consistent in generating cash from operational activities There are no debts in the company Cash & Cash balances of Rs.122 crores as of 31 Mar 06
59
Important Financial Ratios

Balance Sheet Ratios Earnings Per Share (EPS), Diluted Book Value Per Share Return on Assets(ROA) Return on Equity (ROE) Liquidity Ratios Current Ratio Cash & Mkt Securities Cash & Mkt Securities/Current Assets Profitability Ratios EBDITA/Net Sales Operating Margin Net Profit Margin Other ratios No. of Employees Sales/Employee(Rs.mn) 2001 11.66 37.13 24.6% 31.4% 2001 4.21 719.76 43.0% 2001 22.6% 20.1% 21.4% 2001 2415 1.15 2002 11.49 46.71 22.4% 24.6% 2002 4.61 784.83 43.6% 2002 22.0% 18.6% 20.7% 2002 2556 1.14 2003 7.76 61.88 22.7% 12.6% 2003 3.78 1172.03 35.1% 2003 22.2% 17.8% 12.7% 2003 4248 1.26 2004 7.17 50.75 19.4% 14.2% 2004 4.63 804.16 22.0% 2004 19.8% 14.7% 10.8% 2004 4976 1.40 2005 5.93 54.32 12.4% 10.9% 2005 3.69 1366.51 32.2% 2005 13.0% 7.8% 7.4% 2005 6003 1.43 2006 2.17 55.08 6.7% 3.9% 2006 3.46 1217.34 29.9% 2006 9.3% 3.3% 2.6% 2006 6092 1.36
60
Utilization
78.0% 76.0%
Utilisation %
76.0%
77.1%
74.0% 72.0% 70.0% 68.0% 66.0% Utilisation % Q1 76.0% Q2 77.1%
72.8% 70.0%
Q3 72.8%
Q4 70.0%
2005-06 - Q1 to Q4
61
Associate Strength
6,200
No. of associates
6,100 6,000 5,900 5,800 5,700 Total Associate strength Q1 5,850 Q2 5,890 Q3 5954 5,890 5,850 5954
6092
Q4 6092
2005-06 - Q1 to Q4
62
Debtors Outstanding - DSO

DSO
80
No. of days
63 40
70 40 Billed Unbilled
60 40 20 Billed Unbilled 2005-06 63 40 Financial Year 2004-05 70 40
63
Realization 2005-06
80.00
USD per hour
60.00 40.00 20.00 Onsite Offshore
Q1 57.25 19.65
Q2 57.40 19.70 2005-06
Q3 57.60 19.00
Q4 57.50 19.00
64
Conclusions
Healthy Balance sheet, No Debt Strong Cash Flows Significant investments in Products to differentiate Polaris Software Lab from other vanilla outsourcing service providers All product and other investments through internal accruals Cost Structure stable over the last 5 quarters Revenue uptake will drive significant increase in profitability
65
THANK YOU
66

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INVESTOR PRESENTATION

How did we get here?

2006 Key statistics

Customer profile Employees Financials

FY 06 Revenues:$187mn EBITDA:$17.4 mn Zero debt, Large Cash Reserves

Business Leadership Council

Quality & Process management

Polaris Business model: 100-5-7

On our way to a global BFSI player

BUILDING & GROWING STRATEGIC PARTNERSHIPS

Polaris Business Mix

Polaris Business Mix

Polaris Business Mix

Polaris Business Mix

Voice Based Services

Polaris Business Mix

Voice Based Services

Why customers choose Polaris?

Solution Expertise Process Capabilities

Why customers choose Polaris?

Solution Expertise Process Capabilities

Why customers choose Polaris?

Solution Expertise Process Capabilities

Why customers choose Polaris?

Solution Expertise Process Capabilities

Why customers choose Polaris?

Solution Expertise Process Capabilities

Why customers choose Polaris?

Solution Expertise Process Capabilities

How did we acquire this capability?

20 year history with Citibank

Quality process in Polaris

Polaris Quality Journey

Customer Relationship Management

Network Management Mainframe Middleware Technology

Mobile Technology Enterprise Resource Planning

Enterprise Application Integration Application Certification

Service Oriented Architecture

SOA gaining priority in the marketplace

Software product companies

70% of CIOs plan to

45% of banks have

Ahead of the pack Building the platform

Number of FTEs relocated*

Infrastructure Intellect suite

Intellect Suite Built on Component based Architecture

Intellect Suite-Underlying Genes

SmartBuild Value proposition

Smart Build value proposition

Benefits of Smartbuild approach

Reusable solution Reduced cost Tested product processor

Smart Build advantage

Reduced risk Service Oriented architecture

Standard process flows

Application Certification offering

Test process consultancy

Two pronged future strategy

Transform core ADM services into higher margin business by leveraging IP

Intellectual Property Rights factory for Tier 1 Products for Tier 2, 3

Application,Developme nt,Management & Support

complete spectrum of back office solutions.

Integrated Technology and Operations

Some of our differentiators