HCL Technologies Ltd — Investor Presentation 2021

Mar 1, 2021

March 1, 2021

The General Manager BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001

The Manager National Stock Exchange of India Limited Listing Department Exchange Plaza 5th Floor, Plot No. C-1, Block-G Bandra-Kurla Complex, Bandra(E) Mumbai-400 051

BSE Scrip Code: 532281

NSE Scrip Code: HCLTECH

Dear Sir/ Madam,

Subject: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Re: Issuance of USD denominated unsecured notes

Further to our letter dated February 25, 2021 on the above matter, we would like to inform you that HCL America Inc., a wholly owned step-down subsidiary of the Company incorporated under the laws of California, United States of America ("Issuer") would engage in discussions with certain potential investors and analysts outside India on the proposed issuance of USD denominated fixed rate, senior unsecured notes ("Notes"), and the potential terms thereof. A copy of the presentation proposed to be used in these discussions by the Issuer is enclosed for information.

Further, a preliminary offering memorandum has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of the Notes. The Notes will not be offered or sold in India.

This is for your information and records. Thanking you,

Yours truly, For HCL TECHNOLOGIES LIMITED

Manish Anand Company Secretary

Encl.:a/a

Disclaimer:

This announcement does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or any other jurisdiction where it is unlawful to do so. This announcement has been prepared for publication in India only and is not for release, publication or distribution, directly or indirectly, in or into the United States, except to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act")) or in any other jurisdiction in which such release, publication or distribution would be prohibited by applicable law. The Notes and Guarantee have not been, and will not be, registered under the Securities Act, or the securities laws of any state of the United States or other jurisdiction of the United States and no such securities may be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws of the United States. Accordingly, the Notes and the Guarantee are being offered and sold (i) in the United States only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in reliance on an exemption from registration provided by Rule 144A under the Securities Act and (ii) outside the United States in reliance on Regulation S under the Securities Act, in each case in compliance with applicable laws of the jurisdictions where such offers and sales occur.

The Notes have not been, are not being and will not be offered or sold, directly or indirectly, by means of any offer document, offering circular or any other document / material relating to the Notes, to any person or to public in India which would constitute an advertisement, invitation, offer, sale or solicitation of an offer to subscribe for or purchase any securities in violation of applicable laws of India.

The Offering Circular has not been, nor will it be, registered, produced or published as an offer document (whether a prospectus in respect of a public offer, a statement in lieu of a prospectus or information memorandum, private placement offer cum application letter, an offering circular, an offering memorandum or other offering material in respect of any private placement under the Companies Act, 2013, regulations formulated by Securities and Exchange Board of India ("SEBI") or any other applicable Indian laws) with any Registrar of Companies, the SEBI or any Indian stock exchange or any other statutory or regulatory body of like nature in India.

Investor Presentation

March, 2021

© 2021 HCL Technologies Limited

Presenters

C Vijayakumar President and Chief Executive Officer

• With HCL since 1994 and CEO since 2016
• Pioneered HCL's industry leading Remote Infrastructure Management portfolio
• Spearheaded HCL's Mode 1-2-3 strategy and digital transformation offerings
• Launched the software product business for HCL which has become one of the fastest billion-dollar-run-rate product line in the sector
• 'Best CEO of the Year, 2020' in IT/ITES Industry by Business Today magazine
• Included in list of 'Top 10 Disruptive CEOs' by leading analyst group HFS
• Graduate in Electrical & Electronics Engineering

Prateek Aggarwal Chief Financial Officer

• Associated with HCL from 2005 – 2008 and from 2012 - Present
• Business-focused finance professional with 30 years of experience in driving strategic business initiatives and in the areas including financial planning and analysis, treasury, global taxation, etc.
• Played a pivotal role in shaping HCL's Mode 3 strategy and scaling its Products & Platforms business as well as leading M&A pursuits
• As Head of Finance for Software business, created several firsts including a financial planning and analysis team and "project profitability" mechanism
• Graduate in Commerce from SRCC, Delhi and an MBA from IIM, Calcutta

1. Company Overview

CY20 Revenue(1)

$1.7bn+

Market Cap(2) (Listed on NSE and BSE)

31

$50mn+ clients(4)

#3

Listed Indian IT Services Player(3)

15 $100mn+ clients(4)

159k+

Ideapreneurs(5)

157 Nationalities(5)

HCL Technologies at a Glance $10bn+

CY20 Net Income(1) ✓ HCL Technologies is a leading global technology company

✓ The Company listed on the Indian Stock Exchanges in 1999

Provides IT & Engineering Outsourcing, Digital Transformation Services and Select Enterprise Software to cater to the technology needs of global companies

✓ Serves significant number of Fortune 500 and Global 2,000 companies

Strategic alliances with diverse set of ecosystem partners – hyperscalers, product companies and xTech firms to address the entire value chain ✓

✓ 200+ leadership recognitions by industry analysts in FY20

© 2021 HCL Technologies Limited www.hcltech.com 4 Note 1: From company filings as per US GAAP 2: As of January 31, 2021; 3: Based on market cap of BSE IT Index Companies as of January 31, 2021; 4: LTM data as on December 2020 5. Number of Employees as of December 31, 2020

✓

Industry leading recognition across stakeholders - Employees, Clients and Shareholders

Proudly Recognized among the World's Best Employers

#30

Among 750 multinational corporations across the world

Highest ranked multinational company headquartered in India

Best in Class Customer Recognition

Accredited with Top Corporate Governance Score

ISS(2) Governance Quality Score(3)

Note: 1. Source: Feedback Consulting (third party) 2. ISS – Institutional Shareholder Services 3. Score indicate decile rank relative to index of region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk

Driven by Values

$1.7bn verified value delivered to clients from 12,225 employee generated ideas in FY20

Highest governance rating issued by Institutional Shareholder Services with best -in -class quality score of 1

Our community outreach programs impacted the lives of more than 1.5mn people in FY20

Employees First

Value Centricity

Trust Transparency Flexibility

Relationship Beyond the ContractTM

Differentiated Mode 1-2-3 Strategy

Growth blueprint to navigate swiftly in the Digital Age

Mode 1

Existing core services Application Services Infrastructure Services Engineering & R&D Services Digital Process Operations

61.0%

Agility, Experience & Insights

Mode 2

Accelerating new services Digital & Analytics IoT WoRKSTM Cloud Native Cybersecurity & GRC Digital Engineering 22.7%

Mode 2 growing at 25% CAGR for the last 4 years

Powering our industryleading growth

Mode 3

Building new and reimagining mature products & platforms

16.3%

Digital

Enterprise

Integrated Portfolio of Services and Products

Industry-leading services & products across three business segments

IT & Business Services

A Comprehensive suite of end-to-end offerings to address the traditional and transformational needs of enterprises

12.7% FY20 YoY Constant Currency Growth

$7.1bn+ FY20 Revenue

58 Innovation labs worldwide(2)

Engineering and R&D Services

Accelerating product development by leveraging the latest technologies, monetizing product services and providing immersive end-user experiences

Broad-based provider (by revenue), Everest group Engineering Services Top50TM, 2020 and #3 in overall on the list of engineering services providers

$1.6bn+ FY20 Revenue

#1

80+ Engineering labs worldwide(2)

Products and Platforms

Offerings that represent future vision to create innovative IP by leveraging an ecosystem model through partnerships, carve-outs and co-innovation programs

Leading to 75% increase in client satisfaction scores (based on net promoter score improvement)

$1.1bn+ FY20 Revenue

599+ Product releases delivered(3) 66+ Major product releases(3)

Note: 1: From company filings as per US GAAP 2: As of March 31, 2020 3: December 31, 2020

200+

Leadership recognitions by analysts competitive assessments in FY20

A leader across key analysts assessments

Note: The Gartner content described herein, (the "Gartner Content") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Gartner Content speaks as of its original publication date (and not as of the date of this investor presentation and the opinions expressed in the Gartner Content are subject to change without notice.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

Leadership in ERS, Infrastructure Services and Select Platforms / Products

Leadership in ERS and Software Products enables HCL to create compelling 'as-a-service' offerings by combining these products with traditional IT and next gen services

(and not as of the date of this investor presentation and the opinions expressed in the Gartner Content are subject to change without notice.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

IT & Business Services

for the resilient digital enterprise

A comprehensive suite of end-to-end digital offerings to address the traditional & transformative needs of large enterprises

Engineering and R&D Services

To engineer the next

Solutions

Digital engineering

• Industry 4.O
• CARETM Platform
• Accessibility engineering
• High performance computing
• Edge Computing
• Virtual Reality

Products & Platforms

Focused on innovation and client value

HCL Software
Automation
Commerce & Marketing
Digital Solutions
Data Management
Mainframes
Secure DevOps
DRYICETMSoftware
AIOps
Service Orchestration
Business Flow Intelligence
ERX
Telecom & 5G
Industry 4.0 & Manufacturing
Enterprise Cloud

Actian – Hybrid Cloud

R&D and Innovation Driven Culture

80+

Engineering laboratories across globe

100 Client development Centers across globe

58 Innovation Labs across the world

15+ Centre of excellence in niche areas like automation, big data, imaging and analytics

Leveraging ecosystems for breakthrough innovations

Strategic Alliance Partner Ecosystem

Partnership with some of the world's leading technology firms to create new and differentiated IP/ Digital Solutions and accelerate the digital journeys of clients

Google	Adobe
Microsoft	Salesforce
Dell	ServiceNow
IBM	AWS
Intel	SAP
Cisco

Start-up Ecosystem

Unique and innovative ecosystem comprising start-ups, venture capitals and trade missions from across the globe

Academic & Industry Ecosystem

Affiliated with and contributes to numerous large academic and industry forums and foundations

Truly Global Delivery Model

Presence across 50(1) countries with 225 delivery centres

Workforce of 159,000+ ✓ (1)

67.1% localization in U.S. comprising 17,920 employees

Source: Company Filings; Note 1: As on December 31, 2020

Experienced Board Of Directors

Stellar board consisting of diverse and reputed individuals from diverse backgrounds and experience; 9/12 independent directors

Shiv Nadar Founder, Managing Director and Chief Strategy Officer

Roshni Nadar Malhotra Chairperson and Non-Executive Non Independent Director

Shikhar Neelkamal Malhotra Non-Executive Non Independent Director

Robin Ann Abrams Non-Executive Independent Director

R. Srinivasan Non-Executive Independent Director

Dr. Sosale Shankara Sastry Non-Executive Independent Director

Subramanian Madhavan Non-Executive Independent Director

Thomas Sieber Non-Executive Independent Director

Nishi Vasudeva Non-Executive Independent Director

Deepak Kapoor Non-Executive Independent Director

Dr. Mohan Chellappa Non-Executive Independent Director

Simon John England Non-Executive Independent Director

Proven Leadership Team

Professional management team with local and international business experience and deep industry know-how

• Shiv Nadar Founder, Managing Director and Chief Strategy Officer
• Established HCL in 1976

C Vijayakumar President and Chief Executive Officer

• Spearheaded HCL's Mode 1-2-3 strategy and digital transformation offerings
• Included in HFS's list of "Top 10 Disruptive CEOs"
• Been with HCL since 1994 and CEO since 2016

Prateek Aggarwal

Chief Financial Officer

• Business-focused finance professional with 30 years of experience
• Previously worked with Hindustan Unilever and Genpact
• Been with HCL since 2005 (left in 2008 and rejoined 2012)

Apparao V V

Chief Human Resource Officer

• Three decades of overall industry experience
• Been with HCL since 2002

GH Rao

President – Engineering and R&D Services

• Heads a team of more than 33,000 engineers
• Career spanning more than 39 years

Rahul Singh

President – Financial Services

• 30 years of rich experience across industry segments
• Previously served at Citibank

Darren Oberst

Corporate Vice President -- HCL Software

• Previously worked at IBM and Robertson Stephens
• Handles business responsibility for inorganic strategy, Mergers &Acquisitions, joint ventures, minority investments and carve-outs

Kalyan Kumar

Corporate Vice President and Chief Technology Officer, IT Services

• Holds two patents and has co-authored seven books in the space of service management and XaaS/Cloud Services
• Member of the eminent Wall Street Journal CIO Network

Anand Birje

Senior Corporate Vice President – Digital & Analytics

• Previously worked at Atesto Technologies and Emerson Electric Company
• Responsible for driving the global growth of the D&A business

HCL's Sustainability Strategy

Creating harmony between Profit, People, and the Planet

Our sustainability priorities based on a combination of importance of the business, and importance to stakeholders.

They are presented in order of importance, with the highest priorities closer to the core of the matrix.

Why Clients choose HCL?

At HCL Technologies, innovative minds collaborate to make a resilient digital enterprise, empowered with technology for the next decade today

Culture Innovation Outcomes IP Focus

Key Differentiators

Innovative Business ✓ Constructs

✓ Digital at Scale

✓ Partnership Ecosystem

Relationship Beyond ✓ the Contract

Key Takeaways for a Post Pandemic World

Accelerated digitization of customer interactions and business operations

Cloud 'as a service' market is expected to see the strongest growth in next few years

Fluid work place framework to manage remote workers without compromise on security and productivity

Artificial Intelligence (AI) led services to be the norm than an exception across industries; AI is the new personal assistant for every human

Demand for tech talent and niche acquisitions will increase - Automation, cloud, As-a-service, Data & analytics, AI, Cybersecurity

Strategy for Sustainable Growth Going Forward

Continuously improve service and delivery efficiencies

• Develop and deliver services across all three modes of our Mode 1-2-3 strategy
• Invest and grow next gen products and services portfolio

Focus on a broad range of services in key industry verticals and develop deep industry knowledge

• Continue to build specialized industry expertise in key verticals
• Offer a broad range of IT services in each of these key verticals
• Continue to invest in developing deep industry knowledge

Pursue selective acquisitions to expand across offerings and geographies

• Enhance and broad-base our digital capabilities
• Acquisitions of innovative IP to drive growth in the P&P business unit
• Acquisitions in newer geographies

Strengthen brand name

• Enhance visibility through marketing and promotional initiatives
• Continue brand building efforts, communications and promotional initiatives

2. Key Credit Highlights

Portfolio of services and products spread across the product and service spectrum

Full Suite of Products and Services

IT & Business Services

DigitalFoundation	DigitalBusiness	DigitalOperations
➢Hybrid Cloud	➢Consulting	➢Integrated IT
➢Digital	➢Applications	Operations
Workplace	➢Insights	➢Cybersecurity
➢Unified Service	➢IoT	Fusion Centers
Management	➢DRYiCE™	➢Process
➢Cybersecurity	software	Operations
and GRC

Engineering and R&D Services

Solutions

16.7%

of FY20 Revenue

• ➢ Product Engineering: Existing or new product lifecycle services
• ➢ Platform Engineering: Platform Build & Enablement Solutions and Cybersecurity
• ➢ Operations Technology: Plant Engineering, Manufacturing Engineering Services, Asset Modernization and Industry 4.0

Products and Platforms

Products and Platforms

• ➢ HCL Software Division
• ➢ ERX Division
• ➢ Actian software
• ➢ Banking transformation platform (IP partnership with DXC Technology, which is a leading independent, endto-end IT services and solutions company, for the digital banking solutions that is marketed and distributed under the brand name "CeleritiFinTech")

11.5% of FY20 Revenue

71.8%

of FY20 Revenue

Expanding Mode 2 and Mode 3 Contribution

HCL's service mix is increasingly shifting towards the fast growing Mode 2 and Mode 3 1,458 3,275 FY18 FY20 81% 72% 67% 61% 13% 17% 19% 23% 6% 11% 14% 16% FY18 FY19 FY20 Q3FY21 Mode 1 Mode 2 Mode 3 39% revenue contribution in Q3FY21 from Mode 2 + 3 compared to 19% in FY18 Mode 2+3 offering revenue has increased 2.2x Mode 2 + 3 Digital business capabilities is driving large- ✓ scale operating model changes Cybersecurity/IoT/AI/Digital Reality - next ✓ drivers of growth Adoption of Digital Foundation driven by Hybrid cloud, Digital Workspace and next gen services approach ✓ Experience centric and outcome based integrated offerings including Digital and Analytics, IoTWoRKSTM, Cloud and Cybersecurity ✓ $ million Huge Market Opportunity

Source: Company Filings as per US GAAP

Blue chip and Diversified Client Base with Strong Relationships

High level of annuity revenues due to big wins and high proportion of revenues coming from existing clients

Blue chip and Diversified Client Base with Strong Relationships (Cont'd)

Balanced and diversified portfolio securing long-term stable cashflows through economic and industry cycles

Diversified Across Industry Verticals(1)

Strong Margin and Cash Flow Generation – US GAAP

Source: Company Filings as per US GAAP. Please refer Appendix for numbers as per IndAS financials; Note 1: EBITDA as per US GAAP Filings as reported in Company Filings 2: FCF = Net Cash Flow from Operating Activities – ( Purchase of property, plant and equipment and intangibles (including purchase of licensed IPRs)) 3: Cash and cash equivalent includes fixed deposits, investment securities (available for sale) 4: Capex includes cash used for purchase of property, plant and equipment and intangibles including purchase of licensed IPRs 5: CFO – Cash Flow from Operations 6: Charts not made to scale

Strong Margin and Cash Flow Generation (Cont'd) – US GAAP

Disciplined Shareholder Distribution Policy(5) Steady Days Sales Outstanding (DSO)

Source: Company Filings as per US GAAP. Please refer Appendix for numbers as per IndAS financials; Note 1: Debt = Long Term Debt + Current Portion of Long Term Debt + Short term borrowings (including bank line of credit) 2: EBITDA as per US GAAP Filings as reported in Company Filings ; 3: Total Capital = Shareholder's Equity + Debt 4. Leverage for Dec – 20 calculated by annualizing the 9M FY21 EBITDA 5. Calculation as per Indian Rupees 6. Charts not made to scale

Appendix

Strong Margin and Cash Flow Generation – Ind AS

© 2021 HCL Technologies Limited Source: As per IndAS financials; Note 1: EBITDA = Profit Before Tax + Depreciation and Amortisation + Finance Costs + Other Income 2: FCF = Net Cash Flow from Operating Activities – ( Purchase of property, plant and equipment and intangibles) 3: Cash and Cash Equivalent includes other bank balances, fixed deposits and current investments 4: Capex includes cash used for purchase of property, plant and equipment and intangibles 5: CFO- Cash Flow from Operations 6: Charts not made to scale

www.hcltech.com 30

Strong Margin and Cash Flow Generation (Cont'd) – Ind AS

Disciplined Shareholder Distribution Policy(5) Steady Days Sales Outstanding (DSO)

Source: As per IndAS financials; Note 1: Debt = Long Term Debt + Current Portion of Long Term Debt + Short term borrowings 2: EBITDA = Profit Before Tax + Depreciation and Amortisation + Finance Costs + Other Income ; 3: Total Capital = Shareholder's Equity + Debt 4. Leverage for Dec – 20 calculated by annualizing the 9M FY21 EBITDA 5. Calculation as per Indian Rupees 6. Charts not made to scale

$10 BILLION ENTERPRISE(1) | 159,000+ IDEAPRENEURS(2) | 50 COUNTRIES(2)

Note 1: For Calendar Year 2020 and from company filings as per US GAAP 2: As on December 31, 2020