© Infosys Technologies Limited Financial Services Ashok Vemuri Vice President & Head – Banking and Capital Markets Ashok Vemuri Vice President & Head – Banking and Capital Markets

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Safe Harbor Slide 2 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.

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Agenda »Introduction to the Financial Services Practice »Market overview and client imperatives »Financial Services Strategy »Industry Expertise »Risk management »Solutions and Alliances »Integrated Outsourcing »Benefits of our new Strategy »Q&A Slide 3

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Banking and Capital Markets The financial services industry is the largest end-user of Infosys’ services Insurance & Healthcare ASIA-PACIFIC EUROPE Financial Services is the largest contributor to Infosys’ revenues, accounting for 34% of total revenues 74% of Financial Services revenues comes from North America The Banking Business Unit develops and markets the Finacle ® suite of banking products and solutions NORTH AMERICA Europe Financial Services Practice Asia-Pacific Financial Services Practice Global Accounts Banking Business Unit (Finacle Banking products) Slide 4

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited It contributes to over a third of company revenues and has been growing at a CAGR of 39 percent REVENUE BY INDUSTRY VERTICAL (Q1 05) FY 02 FINANCIAL SERVICE REVENUE ($ M) FY 03 FY 04 Manufacturing Financial Services Telecom Others Retail CAGR=39% Number of active clients Number of large clients* $ 30 m+ $ 5 m+ Practice Strength : 127 : 5 : 13 : 8,500 Consulting & Package Implementation ADM Testing and Re-engg. Others : 12.8% : 55.5% : 11.8% : 19.9% KEY METRICSREVENUE PROFILE LTM Q1 05 Slide 5

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We service the complete spectrum of the financial services industry… Treasury Retail Banking & Cards Transaction Banking Corporate & Credit Private Banking Investment Management Custody Depository & Exchanges Diversified Financial Brokerage InsuranceBankingCapital Markets Advisory Services Leasing & Finance Benefits Administration Trust Services Travel Related Services Specialty Finance Health Care Life Insurance Property & Casualty Insurance Brokerage Re-Insurance Slide 6

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited CAPABILITIESCAPABILITIES Global Sourcing Strategy Portfolio Rationalization Benchmarking & Best Practices STRATEGIC PLANNING BUSINESS TRANSFORMATION OPERATIONAL EFFICIENCY RISK MANAGEMENT & COMPLIANCE CUSTOMER & REVENUE MANAGEMENT Org-wide BPR Post-Merger Integration Time-To-Market Reduction Straight Through Processing Claims Process Automation (Paperless office) Process & System Optimization CMM & Six-Sigma Consulting Anti-Money Laundering, HIPAA Trading Compliance Basel II Sarbanes Oxley Unified Customer View Data Management Pricing Strategy Client Reporting ADM & ENHANCEMENT BUSINESS PROCESS OUTSOURCING INFRASTRUCTURE MAINTENANCE BUSINESS CONSULTING … through a suite of end-to-end business advisory and execution services SERVICESSERVICES PROGRAM MANAGEMENT Slide 7

© Infosys Technologies Limited Market Overview and Client Imperatives

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited WORLDWIDE FINANCIAL SERVICES IT SERVICES SPENDING ($ Billion) The worldwide financial services industry spends about $129 billion annually on IT services Source – Gartner FY 02FY 04FY 06FY 03FY 05 FY 07 CAGR 6.3%  Technology is one of the top 5 business issues for financial services CEOs  The financial services industry represents the largest market for IT Services spending worldwide  Financial institutions have been at the forefront of global sourcing both in technology as well as in operations  We are now seeing growth in all segments in this industry, due to the recovery in the US and world economy  Several other drivers are also contributing to this growth: »The quest for competitive advantage »M&A related IT integration »Regulatory mandates (e.g. Patriot Act, AML, HIPAA, Basel II, etc.)  The era of buying technical expertise is on its way out and that of buying business-IT expertise is emerging  Technology is one of the top 5 business issues for financial services CEOs  The financial services industry represents the largest market for IT Services spending worldwide  Financial institutions have been at the forefront of global sourcing both in technology as well as in operations  We are now seeing growth in all segments in this industry, due to the recovery in the US and world economy  Several other drivers are also contributing to this growth: »The quest for competitive advantage »M&A related IT integration »Regulatory mandates (e.g. Patriot Act, AML, HIPAA, Basel II, etc.)  The era of buying technical expertise is on its way out and that of buying business-IT expertise is emerging Financial Services IT Services – Key Facts Slide 9

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Certain mega trends are driving clients strategies and expectations from service providers - THE NEW GAME  Improve customer management – increase cross-sell and reduce churn  Increased regulatory oversight – focus on risk management & compliance  Global Sourcing for competitive advantage  Growing global competition and entry of non-traditional competitors  Increased complexity and sophistication of financial products and services  Importance of scale leading to industry consolidation through M&As  Increased use of technology to deliver products and services  Cost reduction though operational improvement  Improve customer management – increase cross-sell and reduce churn  Increased regulatory oversight – focus on risk management & compliance  Global Sourcing for competitive advantage  Growing global competition and entry of non-traditional competitors  Increased complexity and sophistication of financial products and services  Importance of scale leading to industry consolidation through M&As  Increased use of technology to deliver products and services  Cost reduction though operational improvement FINANCIAL SERVICES MEGATRENDS CLIENT EXPECTATIONS  Global sourcing and delivery capability critical to IT services purchase –Deep knowledge, not just familiarity, on their industry vertical and sub-vertical –Familiarity with market actualities –Pure low cost strategy by itself is inadequate  Expectation of partner size and scale –Risk Management –Ability to scale and rapidly –Potential for strategic partnerships  Expectation of providing an integrated operations and technology offering  Ability to provide industry-focused solutions rather than plain vanilla services  Global sourcing and delivery capability critical to IT services purchase –Deep knowledge, not just familiarity, on their industry vertical and sub-vertical –Familiarity with market actualities –Pure low cost strategy by itself is inadequate  Expectation of partner size and scale –Risk Management –Ability to scale and rapidly –Potential for strategic partnerships  Expectation of providing an integrated operations and technology offering  Ability to provide industry-focused solutions rather than plain vanilla services Slide 10

© Infosys Technologies Limited Infosys Strategy to meet Client Expectations

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Our strategic response is driven by client imperatives  Increase focus on building domain and process skills  Achieve partner-of-choice status through process innovation to provide low risk and high value solutions and services  Develop industry-focused services and business solutions internally or through third party alliances  Provide an integrated, end-to- end, outsourcing service  Increase focus on building domain and process skills  Achieve partner-of-choice status through process innovation to provide low risk and high value solutions and services  Develop industry-focused services and business solutions internally or through third party alliances  Provide an integrated, end-to- end, outsourcing service OUR RESPONSE AND FOCUS  Global sourcing critical to IT services purchase –Deep knowledge, not just familiarity, on their industry vertical and sub-vertical –Pure low cost strategy is inadequate  Importance of partner size and scale –Risk management –Ability to scale –Potential for strategic partnerships  Need for an integrated operations and technology offering  Need for industry-focused solutions rather than plain vanilla services  Global sourcing critical to IT services purchase –Deep knowledge, not just familiarity, on their industry vertical and sub-vertical –Pure low cost strategy is inadequate  Importance of partner size and scale –Risk management –Ability to scale –Potential for strategic partnerships  Need for an integrated operations and technology offering  Need for industry-focused solutions rather than plain vanilla services CLIENT EXPECTATIONS Slide 12

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services We are investing in our people to build depth and breadth of industry expertise… OUR RESPONSE AND FOCUS BUILD SUBJECT MATTER EXPERTISE  Emphasis on recruiting business consultants and analysts, both in local markets and India, with structured training programs delivered in-house (banking, securities, insurance)  Aggressive focus on domestic and international certifications (NCFM, Securities Institute UK, GARP, Certified Treasury Professional, LOMA, HIPAA, Actuarial Certification, etc)  Quantify various key assets from existing projects to leverage innovation and enhance capability for new initiatives BUILD SUBJECT MATTER EXPERTISE  Emphasis on recruiting business consultants and analysts, both in local markets and India, with structured training programs delivered in-house (banking, securities, insurance)  Aggressive focus on domestic and international certifications (NCFM, Securities Institute UK, GARP, Certified Treasury Professional, LOMA, HIPAA, Actuarial Certification, etc)  Quantify various key assets from existing projects to leverage innovation and enhance capability for new initiatives Slide 13

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited …and are taking steps to ensure Infosys remains the highest value & lowest risk provider  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services OUR RESPONSE AND FOCUS RISK MITIGATION FOR CLIENTS  Leverage multiple world-wide and Indian locations to mitigate geographical concentration risk  Appointment of Chief Risk Officer for key accounts  Disaster Recovery and Business Continuity plan for all accounts RISK MITIGATION FOR CLIENTS  Leverage multiple world-wide and Indian locations to mitigate geographical concentration risk  Appointment of Chief Risk Officer for key accounts  Disaster Recovery and Business Continuity plan for all accounts Slide 14

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited Our response is a solutions-led strategy that will quickly address common business and technology problems for our clients  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services OUR RESPONSE AND FOCUS DEVELOP INDUSTRY-FOCUSED SOLUTIONS  Solutions comprise process know-how, domain and industry expertise and strong technology competency  Solutions have been identified after extensive client validation (Exceptions Management, AML, Claims Process Automation, etc)  Forged alliances with established and emerging technology vendors focused on this industry DEVELOP INDUSTRY-FOCUSED SOLUTIONS  Solutions comprise process know-how, domain and industry expertise and strong technology competency  Solutions have been identified after extensive client validation (Exceptions Management, AML, Claims Process Automation, etc)  Forged alliances with established and emerging technology vendors focused on this industry Slide 15

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited We are also redefining our established outsourcing model to offer a seamless IT & Operations offering to our clients OUR RESPONSE AND FOCUS INTEGRATED OUTSOURCING  Integrate Technology & Operations at the strategic, operational and tactical level using our GDM to ensure long term value  Strategic Level  At the Board level to capture value and provide direction  Operational level Change Management and Organization changes to facilitate integration  Tactical Level IT Awareness of Operations Process Application Clustering Innovation Management  Integrated service offering with Progeon INTEGRATED OUTSOURCING  Integrate Technology & Operations at the strategic, operational and tactical level using our GDM to ensure long term value  Strategic Level  At the Board level to capture value and provide direction  Operational level Change Management and Organization changes to facilitate integration  Tactical Level IT Awareness of Operations Process Application Clustering Innovation Management  Integrated service offering with Progeon  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services  Increase focus on building subject matter expertise across the organization  Achieve partner-of-choice status through low risk (and high value) proposition  Develop industry-focused services and business solutions internally or through alliances  Provide integrated, end-to-end, outsourcing services Slide 16

Analyst Meet 2004 | New Game. New Rules.© Infosys Technologies Limited The structure for the next generation company-the new rules of the new game. Global Majors Next Generation GDM –Seamless delivery –Scalability Solution-led Selling Deep Industry Knowledge Client Engagement & Account Mgmt Process Maturity Talent Attraction & Retention Offshore PlayersInfosys Weak Very Strong Execution Ability Industry Competence Execution Ability Industry Competence High Low High Global Majors Infosys Offshore Players “Over the years, [Infosys] has developed the domain expertise to service the financial services community and offers support for such core business responsibilities as asset management, investment banking, brokerage services, risk management and custody and clearing.” – Waters Financial Publication Slide 17

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