Capita Life & Pensions and Mastek expand Elixir licence agreement

Mumbai, 1July 2008

Mastek is pleased to announce that it has revised its agreement with Capita Life & Pensions to expand its licence and service arrangement for the Elixir software to support the customer base of Capita’s growing, market leading Business Process Outsource (BPO) operations in the UK Life & Pensions market.

This expanded agreement includes an enhanced support and maintenance arrangement based on Elixir as the strategic platform of choice for the new product launches and legacy migrations / consolidations.

Since the original Agreement between the two organisations in 2005, Capita has actively sponsored and worked with Mastek to create a platform capable of meeting the business drivers of a large scale BPO solutions provider:

• the achievement of industry leading productivity
• the ability to setup and rapidly launch new customers and products quickly, efficiently and accurately;
• the facilitation of the rapid migration of legacy system to reduce operational and hosting costs;
• the ability to rapidly transform both Capita’s and their customer’s business operations;
• the realisation of Capita Life & Pensions’ target (utility) operating model.

Steve Parkinson, Managing Director Capita Life & Pensions, comments that "having Elixir as part of our overall life and pensions BPO solution proposition gives Capita a real competitive advantage. Capita already administers a significant number of policies on Elixir on behalf of our customers, and with this new capability and expanded service arrangement, we are confident we can expand this to cover the majority of the 22 million policies we currently administer".

Brian Please, Director of Insurance for Mastek UK, comments "Capita has placed a great trust and dependence on Mastek and our Elixir platform to deliver their business results. I am confident that we can meet Capita’s expectations and our obligations to deliver high quality services in support of their transformation and operational programmes proving that our on-going investment & commitment to Elixir can deliver real business value."

About Mastek
Mastek, is a Rs. 810 crore, US $184 million (FY 2007) 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 US, Europe, Japan and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.

For more information and detailed results, please visit our Web Site http://www.mastek.com.

Media contact:
Sanjay Mudnaney
+91 22 2824-7745
sanjaym@mastek.com

Investor/analyst contact:
Abhinandan Singh
+91 22 2824-7864
abhinandans@mastek.com