© Infosys Technologies Limited Infosys Consulting Stephen Pratt CEO & Managing Director Stephen Pratt CEO & Managing Director Paul Cole Managing Director Paul Cole Managing Director

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Safe harbor Certain statements made in this Analyst Meet concerning our future growth prospects are forward- looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2004 and quarterly report on Form 6-K for the quarter ended June 30, These filings are available at Infosys may, from time to time, make additional written and oral forward- looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company. Slide 2

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We see a new game with new rules in the Business Consulting industry Management Consulting Firms »Advisors »Business Experts »On-site »High Cost »High Quality Ideas Management Consulting Firms »Advisors »Business Experts »On-site »High Cost »High Quality Ideas Systems Integrators »Do-ers »IT Experts »On-site »High Cost »High Quality Project Management Systems Integrators »Do-ers »IT Experts »On-site »High Cost »High Quality Project Management Off-Shore Software Engineers »Do-ers »IT Experts »Off-site »Low Cost »High Quality Technology Off-Shore Software Engineers »Do-ers »IT Experts »Off-site »Low Cost »High Quality Technology New Model Business Consulting Firm »Advisors + Do-ers »Business + IT experts »On-site + Off-site »High Quality Business Results »Lower Cost New Model Business Consulting Firm »Advisors + Do-ers »Business + IT experts »On-site + Off-site »High Quality Business Results »Lower Cost 20 th Century 21 st Century Slide 3

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We see a new game with new rules in the Business Consulting industry - Cultural rejection of Do-ers and Technology Outcome: Focus on corporate strategy x - Financial restructuring barriers - Limited management consulting talent - Re-training barriers Outcome: Lose talent & bundle services x - Must scale business consulting talent quickly - Must have tight integration of Business + IT - Must re-position brand effectively Outcome: Assert Category Leadership Slide 4 Management Consulting Firms »Advisors »Business Experts »On-site »High Cost »High Quality Ideas Management Consulting Firms »Advisors »Business Experts »On-site »High Cost »High Quality Ideas Systems Integrators »Do-ers »IT Experts »On-site »High Cost »High Quality Project Management Systems Integrators »Do-ers »IT Experts »On-site »High Cost »High Quality Project Management Off-Shore Software Engineers »Do-ers »IT Experts »Off-site »Low Cost »High Quality Technology Off-Shore Software Engineers »Do-ers »IT Experts »Off-site »Low Cost »High Quality Technology New Model Business Consulting Firm »Advisors + Do-ers »Business + IT experts »On-site + Off-site »High Quality Business Results »Lower Cost New Model Business Consulting Firm »Advisors + Do-ers »Business + IT experts »On-site + Off-site »High Quality Business Results »Lower Cost 20 th Century 21 st Century

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Our model gives us a competitive advantage over traditional firms Fees to Client for Complex Operational Change »On-site resources – $6X/hr (same rate for Infosys and Systems Integrators) »Off-shore resources – $X/hr (same rate for Infosys and Systems Integrators) »Traditional Systems Integrator model – 80% on-site, 20% off-shore (cost factor = 5) »Infosys consulting model – 40% on-site, 60% off-shore (cost factor = 3) »Cost to client is 40% less using Infosys. (We recommend the client re-invest part of this difference to improve business process design and organizational preparation.) Slide 5

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Executing on the plan »Winning the war for top talent »Effective internal integration »Delivering higher ROI to clients Slide 6

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited The global war for talent is key to winning the new game Sample of Recent Hires Operations Focus Industry Focus Previous Employers Education John Kalil Product Operations Retail The Gap & Accenture Stanford MBA Sharad Elhence Product Operations High Tech i2 & McKinsey & Co. Wharton MBA Mark Holmstrom Customer Operations High TechDeloitteKellogg MBA Kevin Corr Customer Operations Media & Entertain. Cap Gemini Michigan MBA/MSE Tony Gerth Corporate Ops. - Enterprise Systems Cross Industry Deloitte & EDS Indiana MBA Jim Shand Corporate Ops. - IT Strategy Cross IndustryAT KearneyMIT Sloane MBA Representative Profiles Slide 7 We are hiring the top 10% from Industry & Consulting

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We use five levers to integrate consulting and global delivery The five levers of integration »Shared financial goals »Personal accountability (metrics and compensation to reward integration) »Project roles clarity and interdependence »Joint focus on expanding services footprint »Attitude & Culture Slide 8

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We believe our model delivers higher ROI to clients ReturnInvestment Better insights from top 10% consultants Lower overall cost of project Focus on delivering competitive advantage Doing it right the first time Strict linkage to shareholder value Slide 9

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Early signs are encouraging; Our model is working well in the market »We have a healthy pipeline of opportunities »Multiple client projects underway »Our integrated field model is working well Slide 10

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited In summary »We are pleased with progress to date and soon will have completed the foundation of a superbly competitive consulting practice Slide 11

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