At the very outset, I want to thank you on behalf of the board of
 directors, the management team and the 10,000 MindTree Minds for your
 continued support and goodwill at a time when your Company is
 undergoing a significant transformation. This August, as a Company, we
 will complete our twelfth year and step into the thirteenth. It is a
 time when we leave some things behind and take some things on.
 
 Today, the most significant thing your Company is leaving behind is the
 past; the most significant thing we are embracing is our future. Let me
 begin with the key events that defined the year that has gone b y.
 
 FY 2010-2011 will be remembered by all of us as the year we exited the
 smartphone business. When we entered this segment, we had taken on the
 risks involved because the rewards seemed commensurate. As the market
 evolved, the nature and quantum of the risks changed. Therefore we felt
 that the prudent course of action would be to exit this segment. We
 have learnt some valuable lessons in this process and these will guide
 us in our future decisions.
 
 The second significant event of the year was the change at the top.
 Co-founder of the Company and the Chairman, Mr. Ashok Soota moved on
 and the board welcomed Dr. Albert Hieronimus in his place.
 
 In the year that has gone by, your Company grew from a base of Rs.
 12,332 million to Rs. 15,090 million, a growth of 22% year-on- year, in
 itself among the best in the industry. However, the impressive top-line
 growth should have been accompanied by comparable growth in
 profitability, which got impacted due to the internal and environmental
 issues last year. We are conscious that our current profitability is
 behind the industry benchmark; that is what investors are focussed on
 and we will do everything we can to put our profitability back on
 track.
 
 FY 2010-11 was the year of large, multi-year annuity deals in our IT
 Services business from Fortune 500 customers around the world who chose
 us for our expertise, size and culture. The relentless efforts of the
 sales and the delivery teams makes your Company open the year on a very
 strong footing. In a moment, I want to share with you why we are
 winning these deals and, going forward, where we must train our eyes.
 First, a word about the demand and the competitive environment that
 drive our ability to shift from where we are to where we intend to take
 your Company in the future years.
 
 There is credible evidence that our industry will actually grow three
 times1 from the current US billion to an estimated US5- 310
 billion by the year 2020. In other words, there could not be a better
 time to be in the software services business. That said, every player
 in the industry will have to reinvent itself both externally and
 internally to take advantage of the projected growth.  That is, more
 of the same will not work.
 
 At MindTree, we are taking several determined steps to be there when
 the future arrives. The first step is in simplifying the structure of
 your Company. In the previous year, as we told you, we had 7 growth
 engines. Today, we have reorganized ourselves to just two: IT Services
 and Product Engineering Services. Our IT Services business serves the
 needs of a Chief Information Officer of leading global organizations
 like Avis, Procter and Gamble, SITA and Unilever. Our Product
 Engineering business serves the needs of a Vice President of
 Engineering in companies like Microsoft, Symantec, TomTom and Texas
 Instruments. Both businesses are now focussing on building deep
 industry expertise instead of being everything to everyone.
 
 We are asking our business leaders to choose their customers wisely, to
 keep a sharp eye on profitability, to look at non-linear revenue models
 and to go after larger deals. Today, we have 67 customers above 
 million in revenues. The time has come to up our ambition-to go after
 and win the  million and 0 million deals that will soon open up.
 
 In the businesses we are in, our customers are asking for three things
 in addition to development and application maintenance; infrastructure
 management, testing, and data and analytics services. We are building
 these three capabilities. We see these as very significant growth
 drivers in the years to come.
 
 Our two businesses send potential customers a message with three
 easy-to-understand premises:
 
 .  We are expertise- led; we focus on domains; we are organized as
 industry groups.
 
 .  We are the best mid-sized company in the game and you need 
 us to de-risk your vendor strategy.   We deliver you access,
 attention, and agility with the right attitude.
 
 .  Last but not the least, when you work with us, you will be 
 pleasantly surprised to see that our culture is very different from
 others and that will make you feel good about the choice you made.
 
 As we move forward, we are not resting on the present success of these
 premises. We are engaging with leading brand companies in the world to
 see what future customers of large deals are seeking and we are
 internally readying ourselves to change so that we become relevant to
 the customers of tomorrow.
 
 Your Companys business is about customers and people. At one level, it
 is a straightforward business. If one can get good customers, and hire,
 train and retain good people, building a sustainably profitable
 business is not difficult. For the most part, our people-satisfaction
 score and our retention numbers have been way above the industry norm.
 We are reinvigorating our people- engagement initiatives and it is our
 goal to get back our status as one of the most admired employers. You
 can already see the impact of the focus in the latest Aon-Hewitt Best
 Employer Survey, which ranks us amongst the Best-25 Employers in India.
 
 We have work ahead of us and we are systemically gearing up to be one
 of the most preferred places for the top talent in our industry to
 build a career. Making MindTree a great place to work in and improving
 profitability are the most important drivers of sustained success for
 MindTree.
 
 Your Company has some of the best people in the industry and we have
 the confidence that they will be able to transform themselves and, in
 the process, transform the organization. If we collectively succeed in
 our endeavour, we know that investor confidence will return. In the
 process collectively, we continue to create and build value for all our
 stakeholders.
 
 With best regards,
 
 
 Krishnakumar Natarajan
 
 CEO & Managing Director