L&T Technology Services Limited — M&A Activity 2023

Jan 12, 2023

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L&T Technology Services Limited A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com

January 12, 2023

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (East), Mumbai-400 051 NSE Symbol: LTTS

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 BSE Script Code: 540115

Dear Sir/Madam,

We are sending herewith copy of the Press release titled “L&T Technology Services agrees to acquire Smart World & Communication business of L&T” and Investor Presentation titled “Business Update: Acquisition” which is self-explanatory.

This is for your information and record.

Thanking You,

Yours sincerely,

For L&T Technology Services Limited

Digitally signed by Prajakta Prajakta Ashish Powle Ashish Powle Date: 2023.01.12 17:51:28 +05'30'

Prajakta Powle Company Secretary & Compliance Officer M. No. A 20135

Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA, Tel: +91 22 6752 5656 Fax: +91 22 6752 5858 CIN : L72900MH2012PLC232169

L&T Technology Services is a subsidiary of Larsen & Toubro Limited

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L&T Technology Services agrees to acquire Smart World & Communication business of L&T

• LTTS to strengthen global reach across Next-Gen Communications, Sustainable Spaces and Cybersecurity through this acquisition

• Acquisition is a continuation of LTTS’ 6 Big Bets strategy in 5G, Sustainability and Digital Products & AI

Bengaluru (India) January 12, 2022: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leading pure-play engineering services company, today announced that it has agreed to acquire the Smart World & Communication (SWC) Business of L&T, enabling LTTS to combine synergies and take offerings in Next-Gen Communications, Sustainable Spaces and Cybersecurity to the global market.

Smart World & Communication was founded in 2016 to cater to the demands in smart cities, address opportunities and provide smart solutions in the areas of end-to-end communications, city surveillance and intelligent traffic management system for the Government as well as enterprises. It has an employee base of over 700 engineers from diversified technology domains and has crossed an annual revenue of INR 1,000 Crores.

The coming together of the LTTS and SWC teams will address the entire gamut of digital offerings including design, architect, build & operate, effectively catering to the portfolios encompassing NextGen Communications, Sustainable Spaces and Cybersecurity.

SWC’s strong expertise in the area of Next-Gen Communications has been instrumental in the network design, planning, implementation and management including Network Operations Center (NOC), OSS, Datacenter, Cloud/Private 5G of over 25,000 locations across India. It has assisted multiple state governments in India with network operating centers and network management systems while establishing end-to-end network connectivity projects such as TANFINET and Telangana Fiber Grid. SWC has created gEDGE data centers with a lot of innovation resulting in up to 40 percent reduction in power consumption and up to 30 percent savings in capex.

LTTS has been an early mover in the global communications domain, identifying 5G as a Big Bet in 2020. Today, LTTS’ 5G offerings and services have resulted in the company taking complete ownership of 10+ Labs-as-a-Service for customers, 5G network assurance with over 100 use cases for clients, and more than 100 product families developed for OEMs globally.

5G is expected to have a global impact of $1.3 trillion by 2030 and LTTS with SWC believes that together, it is in a stronger position to continue to win and execute large scale transformational programs in India and globally in this segment.

In Sustainable Spaces, SWC brings capabilities around public safety, smart cities, critical infrastructure and smart metering along with L&T Fusion Platform and Integrated Command and Control Center (IC3). Implementation of mega public safety projects were completed in Mumbai, Hyderabad and Nagpur where tens of thousands of devices including cameras and network

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 CIN: L72900MH2012PLC232169

www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

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equipment have been rolled out for city level projects. Another notable measure of success is the Prayagraj Smart City program, an AI based crowd management project which has successfully managed over 250 million people. SWC has also implemented smart metering in states like Uttar Pradesh, Haryana and Delhi to the tune of 6 million meters.

LTTS brings smart building and experience management capabilities through its i-BEMS platform that has been deployed in the ‘world’s smartest office campus’ in Israel with over 14,000 sensors. Together, LTTS and SWC will address a larger market of $390 billion globally for sustainable spaces.

In Cybersecurity, SWC brings Full Lifecycle Threat Management capabilities, with offerings in risk assessment, threat monitoring, security architecture, design, and DevSecOps. LTTS has been offering Cybersecurity services to its OT and product customers globally.

The joint team of LTTS and SWC would provide Security Operating Centers (SOC), full lifecycle threat management, OT cybersecurity and product security credentials and address the demands of the projected $376 billion cybersecurity market.

Commenting on the occasion, Mr. S. N. Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited remarked: “Smart World & Communication has created a niche for itself in the communications and smart spaces domain across developing markets. By combining with a global engineering services player like LTTS, its offerings across next-gen networks, smart spaces, and cybersecurity will help unlock new synergies across the technology spectrum. LTTS is well-positioned to take these capabilities to the global market, cementing its robust leadership in the engineering and technology domain.”

Amit Chadha, CEO & Managing Director, L&T Technology Services said “The acquisition of SWC is a progression of LTTS’ 6 Big Bets strategy with a direct bearing on 5G, Digital Products & AI, and Sustainability. SWC’s capabilities will enhance LTTS’ differentiation in the exciting field of next-gen communications with cutting edge solutions around 5G networks, sustainable spaces, along with a full stack of cybersecurity solutions to our global clientele. The combined team of LTTS and SWC will take these offerings incubated in India to the World while bringing best practices to Indian and global customers. On behalf of all employees at LTTS, I express my gratitude to the L&T management for putting their confidence in us and extend a warm welcome to all our colleagues at SWC. Look forward to doing exciting transformational programs together”.

The acquisition is subject to customary closing and approvals.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 21,400 employees spread across 20 global design centers, 28 global sales offices and 90 innovation labs as of September 30, 2022. For more information, please visit https://www.ltts.com/

Media Contact:

Aniruddha Basu L&T Technology Services Limited E: Aniruddha.Basu@LTTS.com T: +91-80-67675707

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 CIN: L72900MH2012PLC232169 www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

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January 2023

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Disclaimer

This presentation is issued by L&T Technology Services Limited (the “ Company ”) for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of any particular person. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person.

This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. This presentation should not be relied upon as a recommendation or forecast by the Company. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements.

This presentation may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of applicable laws.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

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Transaction Overview

On 12[th] January 2023, the Board of Directors & Audit Committee of L&T Technology Services Ltd. (LTTS) approved the acquisition of Smart World & Communication (SWC) business of Larsen & Toubro Limited subject to approval of shareholders

▪ Transaction consideration of INR 8 Bn

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▪ LTTS to fund transaction using internal cash reserves

▪ Completion is subject to approval from shareholders Transaction ▪ Summary Closing is expected to be achieved within 3 months

▪ Revenue: INR 10.98 Bn (FY22)

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▪ 700+ Employees across India

▪ SWC is a leading connected intelligence solution provider operating in 3 segments – Communications (74%), Safe & Smart Solutions (25%), Cybersecurity (1%)

▪ Aligns with 3 of the 6 Big Bets of LTTS – 5G, Sustainability & Digital Products & AI

Strategic ▪ Acquisition will enhance LTTS’ end-to-end offerings playbook across Next-Gen Communications, Rationale Sustainable Spaces & Cybersecurity

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About SWC

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COMMUNICATIONS

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SAFE & SMART SOLUTIONS CYBERSECURITY

• Solutions for Wired & Wireless networks • Solving challenges of rapid urbanization with • Advisory, Implementation and Managed (including OFC, GPON, Wi-Fi, 5G) covering tech platforms for citizen safety, crowd services for Threat Monitoring, design, implementation, monitoring, management, intelligent traffic and transit Vulnerability Assessment, SOC design, modernization & cloud-based network management implementation, management, and management governance

• Integrated NOC/SOC/DCO capability to • Offerings across themes of Safety, Security, • Full Life Cycle Cyber Security strategies implement converged solutions around Data Integrated Operations, and Intelligent Centre, Multi-Cloud and Virtualisation Automation

• •

• Implemented 27 Smart Cities with Integrated Security Assessment, Network & Security Command Control Centers (ICCCs) Architecture for OT network monitoring &

• • Integrated 125K+ IoT Devices & 30+ Data secure remote access solution for an Centers and a leader in the metro Indian Bank communication space in India

• Mega Communications Projects connecting 30k+ Gram Panchayats

• Manage, Support & Operate the countrywide Network of an Indian Govt. Entity

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650+

650+ Solution Architects Cybersecurity Experts 5G Experience Centre, Chennai Solutions & Fusion™platform Labs & Engineering Network Architects O-RAN, NMS Experts NOC/SOC, Chennai Platforms gEdge Data Centre CoEs Talent IoT Experts DC & Cloud Experts Software Foundry, Hyd.

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Aligns with 3 of LTTS’ 6 Big Bets

LTTS Big Bets

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5G

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Sustainability Digital Products

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LTTS + SWC

• Telecom Operator play strengthened with full stack offering and NOC

• Global Enterprise Private 5G market can be addressed better

• Lab-as-a-Service across products and telecom equipment

• 5G capability to enhance overall offerings in V2X, Edge computing and Vehicle analytics

• Current offerings directly addresses multiple aspects sustainability for Safety & Surveillance | Traffic Mgmt. | Waste Management | Smart Metering

• Integrated Control and Command Center

• Extend cyber security to Products, OT, IT and Cloud

• Extend Apps for Safe OS and City OS across domains

• ▪ Enhanced IIOT capabilities ▪ SOC

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LTTS + SWC Synergies

Business Segments:

Communications

Global Communications market: 5G Total Impact on worldwide GDP by 2030: US$1.3 Tn - PWC

Safe & Smart Cities

Global Sustainable Spaces market: ITES TAM for Sustainable spaces by 2025 – US$241 Bn – Statista 2022

Cybersecurity

Global cyber security market: $155.8 Bn in 2022; $376.32 Bn by 2029 CAGR of 13.4% - Fortune Business Insights

SWC Offerings

LTTS Offerings

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▪ ▪ Operator Network mgmt. Network Operations Center (NOC) ▪ and assurance, RAN OSS, Network Architecture, ▪ 5G Lab-as-a-Service Planning & Roll Out ▪ ▪ OEM NPD/Sustainance Datacenter, Private 5G & Cloud ▪ Safety & Surveillance ▪ ▪ Building Automation Traffic Management ▪ ▪ Energy & Sustainability Waste Management ▪ ▪ iBEMS™| UBIQWeise™ Smart Metering ▪ Fusion™Platform & IC3 ▪ Security Operating Centers (SOC) ▪ OT Cybersecurity ▪ Full Lifecycle Threat Management ▪ Product security

Synergies to Expand & Grow

Next-Gen Communications

Full stack offerings with added capabilities in 5G for Operators, OEMs and enterprises

Sustainable Spaces

End to End solutions across Efficient Campuses and Cities, Utilities, Mobility, Public Safety and Environment

Cybersecure

Cybersecurity playbook for End-to-end Security Lifecycle Management

Opportunities in: NA | Europe | Middle East| APAC | India

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ABOUT L&T TECHNOLOGY SERVICES

L&T Technology Services | www.LTTS.com

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