Hexaware Technologies

Dear Shareholder,
 
 We have completed 18 years at Hexaware.
 
 The way we perceive it is, that we have grown and alongside we have not
 only added value but have also strengthened our ties. With over 5000
 people working across the globe and making a difference to clients,
 investors, shareholders and one another, we are a youthful Company.
 
 The year 2008 witnessed the downturn in the global economy and brought
 along some external challenges for us as well. But also during 08 we
 added many feathers in our cap and moving further, this will only get
 better.
 
 - Your Company emerged as one of the Top 25 companies adopting good
 corporate governance practices by the Institute of Company Secretaries
 of India for the year 2008.
 
 - We ranked 15th in the NASSCOM Top 20 IT Software and Services
 Exporters from India (2007-2008).
 
 - Your Company was ranked among the Top 20 Best IT employers in India
 by DQ-IDC for four years in a row now.
 
 - Your Company was selected among the Leaders category for The 2008
 Global Outsourcing 100 by the International Association of Outsourcing
 Professionals (IAOP).
 
 - The Siruseri campus went live.
 
 - We also launched a new global delivery center at New Jersey, USA.
 
 - Our subsidiary Caliber Point marked a new beginning in Nagpur with a
 pristine campus.
 
 - Your Company was certified at CMMI Level-5 once again and was awarded
 ISO 9001:2000 certification.
 
 Inspite of the macroeconomic conditions we added several marquee
 customers to our roster and continue to strengthen our relationships on
 our high-quality client base. We currently have 68 Fortune 500 / Global
 500 corporations of the 178 active clients. We also considerably
 improved our utilization and our margins.
 
 The Company integrated the Business Technology Optimization (BTO)
 operations of FocusFrame and Hexaware. The strengthened organization
 will be equipped with a complete suite of service offerings both in
 automated and manual testing.
 
 We are now well into 2009 and certainly realize the impact of the
 demanding situation. But I believe life is a journey and when we are in
 a journey, we have to face the sun and the rain as well. Sometimes
 along the journey, one also passes through a dark tunnel, but, there is
 always light at the end of a tunnel. While we are in the midst of a
 global recession today, I have no doubt that at the end of it; we will
 emerge much stronger.
 
 Let me remind you that after the downturn in 01 and 02, the whole
 industry grew at a very high rate and Hexaware emerged as one of the
 fastest growing companies in the industry.
 
 Also in 2008, we considerably strengthened our management team and are
 sufficiently geared to face the macro challenges 2009 may hold for us.
 The tide of the famous book by Robert H. Schuller is very apt here,
 Tough Times Never Last But Tough People Do. I am confident that our
 TOUGH management team will guide the Company through this phase to
 newer successes.
 
 We as a Company continue to remain poised for growth; we have the
 necessary capabilities, the right competencies, the niche focus areas
 and most of all the right people. In addition as an organization, we
 have the patience and the fortitude required to build a strong Hexaware
 and we are building it from a long term perspective. Rome was not built
 in a day and at 18 today, we clearly have the most youthful years still
 ahead of us.
 
 We as an organisation will continue to successfully tread along this
 journey that we have embarked on, together.
 
 As I conclude, let me end by extending my gratitude to you, the
 shareholders for supporting us.
 
 Your commitment is truly valued.
 
 Yours Sincerely,
 
 Atul K. Nishar
 Executive Chairman
 
 Date: March 25,2009