- Promoters' statement outlines potential negative consequences to corporate 
culture, client relationships, employee retention

    The promoters of Mindtree [http://www.mindtree.com], a global technology 
services and Digital transformation company, today said they would 
unconditionally oppose the reported hostile takeover bid by Larsen and Toubro 
Ltd.

    (Logo: https://mma.prnewswire.com/media/633364/Mindtree_Logo.jpg)

    The promoters, including Krishnakumar Natarajan (executive chairman), 
Subroto Bagchi (co-founder), Rostow Ravanan (CEO) and Parthasarathy N.S. 
(executive vice chairman and COO) , issued the following statement:

    "The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a 
grave threat to the unique organization we have collectively built over 20 
years. Since we started the company in 1999, we have built a rock-solid 
organization that outperforms its peers in IT services, differentiates and 
innovates through digital, and consistently delivers strong financial results 
and favorable returns to our shareholders. We've also carefully created a 
differentiated corporate culture made up of our amazing "Mindtree Minds", which 
reached the 20,000 milestone this year. A hostile takeover by Larsen & Toubro, 
unprecedented in our industry, could undo all of the progress we've made and 
immensely set our organization back. We don't see any strategic advantage in 
the transaction and strongly believe that the transaction will be value 
destructive for all shareholders. Our collective success depends on building 
and nurturing relationships with our clients and partners. This unexplainable 
transaction will bring disruption to those relationships and impair Mindtree's 
ability to differentiate itself in the market and continue to deliver client 
value and great shareholder return. We believe that culture needs to be 
carefully created and nurtured over time, and can't be bought and sold like any 
asset."

    "We remain 100 percent committed to our long-term vision of building an 
independent company. We believe it's in the best interests of our shareholders, 
Mindtree Minds, and our organization overall to continue opposing this takeover 
attempt. In addition, there has been a large outpouring of sentiment from 
Mindtree Minds online at #MindtreeMatters expressing their strong desire to 
retain our culture and our independence. In the meantime,  while this situation 
unfolds, Mindtree will continue to be laser focused on continuing the stellar 
work for our clients and delivering great value to them."

    - Krishnakumar Natarajan, Subroto Bagchi, Parthasarathy N.S. and Rostow 
Ravanan

    About Mindtree

    Mindtree [NSE: MINDTREE] is a global IT consulting and services company 
which helps clients across 17 countries achieve business agility, competitive 
edge, and growth. We harness the power of Continuous Delivery, our digital 
expertise, industry knowledge, and research in emerging technologies to drive 
efficiencies and enable business innovation for over 340 clients. Mindtree is 
consistently regarded as one of the best places to work. This is a reflection 
of our entrepreneurial, collaborative and dedicated "Mindtree Minds" who embody 
the winning culture that defines our commitment to excellence, innovation, and 
co-creation. To learn more about us, visit http://www.mindtree.com or follow us 
@Mindtree_Ltd

    All product and company names herein may be trademarks of their registered 
owners.

    For more information, contact: 
    INDIA 
    Rahul Nag
    Mindtree Ltd
    +91-9958644228
    Rahul.Nag@mindtree.com

    UNITED STATES 
    Erik Arvidson or Tim Hurley Matter 
    +1-978-518-4542 
    +1-978-518-4513 
    mindtree@matternow.com

    EUROPE
    Susie Wyeth 
    Hotwire 
    +44-20-7608-4657 
    susie.wyeth@hotwireglobal.com

    Source: Mindtree