1. © Infosys Technologies Limited 2002-2003 Performance of Infosys for the First Quarter ended June 30, 2002 Nandan M. Nilekani Chief Executive Officer, President and Managing Director Nandan M. Nilekani Chief Executive Officer, President and Managing Director

2. © Infosys Technologies Limited 2002-2003Slide 2 Safe Harbour Certain statements in this release 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, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, 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, 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, 2002. These filings are available at www.sec.gov. 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 statement that may be made from time to time by or on behalf of the company.www.sec.gov

3. © Infosys Technologies Limited 2002-2003Slide 3 Agenda »Financial Performance »Operational Performance »Client Acquisition & Expansion of Services »Human Resources »Strategic Investments and Acquisitions »Business Process Management (BPM) »Capex and Infrastructure »Outlook for the Future »Summary

4. © Infosys Technologies Limited 2002-2003 Financial Performance

5. © Infosys Technologies Limited 2002-2003Slide 5 Highlights Q1 FY 03 Q4 FY 02 Q1 FY 02 Indian GAAP * Y-O-Y Growth Income24.8%21.0%72.3% PAT from ord. Activities14.1%15.8%56.7% US GAAP ** Y-O-Y Growth Revenues19.7%15.7%62.6% Net income9.2%10.3%46.3% New clients232926 Repeat business98.5%80.1%95.2% Headcount Gross addition772181315 Net addition56675116 Period end headcount11,30410,7389,947 * Non-consolidated ** Consolidated

6. © Infosys Technologies Limited 2002-2003Slide 6 Highlights (Indian GAAP*) (Rs. crore) FY2003FY2002FY 2002 % growth over Q1Q4Q1Q4 02Q1 02 Income764.62680.13612.5212.42%24.83% S/w development expenses377.39322.81285.5616.91%32.16% Gross profit387.23357.32326.968.37%18.43% S,G&A expenses112.3086.5886.4429.71%29.92% Operating profit274.93270.74240.521.55%14.31% Depreciation40.4844.8235.48(9.68%)14.09% Operating profit after depreciation234.45225.92205.043.78%14.34% Other income 24.9023.3313.496.73%84.58% PBT259.35249.25218.534.05%18.68% Provision for tax42.5038.9328.509.17%49.12% PAT from ordinary activities216.85210.32190.033.10%14.11% * Non-consolidated

7. © Infosys Technologies Limited 2002-2003Slide 7 Balance Sheet Summary* (Rs. crore) June 30, 2002% June 30, 2001% LIABILITIES Shareholders’ funds2,297.561001,595.61100 Total liabilities2,297.561001,595.61100 ASSETS Fixed assets755.9333623.8839 Investments 56.96344.443 Deferred tax assets24.84116.591 Current assets Cash & equivalents 1,089.2347630.5140 Accounts receivables 413.2918309.1219 Other current assets466.6820283.9618 Less: Current liabilities(509.37)(22)(312.89)(20) Net current assets1,459.8363910.7057 Total assets2,297.561001,595.61100 * Non-consolidated

8. © Infosys Technologies Limited 2002-2003Slide 8 Region wise Revenue (%) FY2003 FY2002FY2002 Q1Q4Q1 North America72.370.772.2 Europe19.319.719.8 India1.81.62.6 Rest of the world6.68.05.4 Total100.0 100.0100.0

9. © Infosys Technologies Limited 2002-2003 Operational Performance

10. © Infosys Technologies Limited 2002-2003Slide 10 Utilization Rates

11. © Infosys Technologies Limited 2002-2003Slide 11 Project type segmentation (%) FY2003FY2002FY2002 Q1Q4Q1 Fixed Price35.534.027.0 Time & Material64.566.073.0 Total100.0 100.0100.0

12. © Infosys Technologies Limited 2002-2003Slide 12 Onsite-Offshore Revenue split (%) FY2003FY2002FY2002 Q1Q4Q1 Onsite52.752.250.5 Offshore47.347.849.5 Total100.0100.0100.0

13. © Infosys Technologies Limited 2002-2003Slide 13 Customer Concentration FY2003FY2002FY2002 Q1Q4Q1 Top client contribution to revenues5.8%5.6%6.7% Top 5 client contribution to revenues 23.6%24.4%27.4% Top 10 client contribution to revenues 39.1%39.0% 43.7% Million dollar clients* 838384 Five million dollar clients*282521 Ten million dollar clients*141611 *LTM

14. © Infosys Technologies Limited 2002-2003Slide 14 AGE PROFILE Accounts Receivable June 30, 2002June 30, 2001 Days Sales Outstanding (LTM)5552

15. © Infosys Technologies Limited 2002-2003Slide 15 Other Highlights »Software revenues in US dollar terms grew by 11.9% for the quarter as compared to the quarter ended March 31, 2002. Revenue growth comprised volume growth of 12.5% offset by a price decline of 0.6%, as compared to the quarter ended March 31, 2002

16. © Infosys Technologies Limited 2002-2003 Client Acquisition & Expansion of Services

17. © Infosys Technologies Limited 2002-2003Slide 17 Client Acquisition & Expansion of Services »Client acquisitions during the quarter were 23 »Won the following new assignments in the financial sector »Selected by Bear Stearns, the seventh largest securities firm in the US, to provide long-term strategic solutions in simplifying business processes »Chosen by ZKB, one of the five largest asset management institutions in Switzerland, to re-engineer applications and develop frameworks »Commissioned by a leading banking, insurance and asset management company operating in 65 countries, to integrate in-house systems, applications and processes to keep pace with growing business needs »Serviced a Fortune 100 client providing global financial advisory services, through consulting projects to critically examine its IT organisation structure and to build a business case for a new IT organisation »Chosen by Himawari Securities Inc, a securities firm in Japan, to define a roadmap for next generation systems

18. © Infosys Technologies Limited 2002-2003Slide 18 Client Acquisition & Expansion of Services »Supply chain efficiencies contributed extensively to gaining and maintaining competitive edge and business growth in the retail sector »Working with Food Lion, a US-based retail supermarket chain, to redefine workflows and processes »Other wins include Chicos FAS, an exclusive private-label design store in the US and another upscale store catering to fashion needs of an exclusive clientele »Strengthened presence in the telecom sector »Commissioned by a large telecom company in Asia Pacific to reduce IT delivery cost and improve quality by implementing an IT delivery framework of processes and metrics »Developing the telephony related functionality of a campaign management system for Reynolds and Reynolds, a US-based information services company

19. © Infosys Technologies Limited 2002-2003Slide 19 Client Acquisition & Expansion of Services »Engagements in the transportation sector »Working with one of the global leaders in transportation and logistics to develop a global billing solution to achieve geographical synergy and improve process flexibility »Engaged by easyRentaCar in the UK to enhance web-based applications to improve its customer care activity »Others »Chosen by Galileo Avionica, a leading avionics manufacturing company in Europe, to recommend and build an enterprise portal, and to improve design processes »Other wins included Omron Automotive Electronics and CIT Commercial Services

20. © Infosys Technologies Limited 2002-2003Slide 20 Banking Products »FINACLE™ continued to gain increased acceptance »Engaged by National Commercial Bank Jamaica Ltd., for deploying the entire FINACLE™ suite of solutions »Strategic relationship with Saudi Investment Bank, for deploying FINACLE™ eCorporate »Infosys and Wipro Infotech entered into collaboration with Union Bank of India to deploy FINACLE™ Core Banking, FINACLE™ eCorporate – a powerful remote corporate banking solution and FINACLE™ eChannels – a multi channel solution

21. © Infosys Technologies Limited 2002-2003 Human Resources

22. © Infosys Technologies Limited 2002-2003Slide 22 Human Resources »Total employee strength at 11,304 as on June 30, 2002, up from 10,738 as on March 31, 2002 »Net addition of 566 employees during the quarter as compared to 75 during the quarter ended March 31, 2002 »Gross addition of employees during the quarter was 772, out of which 144 were laterals »9,944 software professionals as on June 30, 2002, up from 9,405 as on March 31, 2002 »Of these software professionals, 215 belong to the Banking Business Unit »Effective July 1, 2002, Infosys moved to a role based structure »Compensation structure would be more aligned towards individual performance

23. © Infosys Technologies Limited 2002-2003 Strategic Investments and Acquisitions

24. © Infosys Technologies Limited 2002-2003Slide 24 Strategic investments and acquisitions »Acquired the Intellectual Property (IP) of the Trade IQ product from IQ Financial Systems Inc, USA for the Banking Business Unit for Rs. 14.14 cr. Additional Rs. 4.88 cr has been retained in escrow pending completion of certain obligations by the seller »Entered into an agreement with the Aeronautical Development Agency, India (“ADA”) for transfer of the IP in AUTOLAY, a commercial software application product used in the design of high performance structural systems. Infosys will pay the consideration in the form of a revenue share with a firm commitment of Rs. 24.50 cr (US$ 5 million) payable within 10 years of the contract date »Invested Rs. 0.27 cr in M-Commerce Ventures Pte Limited, Singapore (“M-Commerce”). The aggregate investment in M-Commerce as on June 30, 2002 amounted to Rs. 2.11 cr

25. © Infosys Technologies Limited 2002-2003 Business Process Management (BPM)

26. © Infosys Technologies Limited 2002-2003Slide 26 Business Process Management (BPM) »A subsidiary for BPM, Progeon Limited, was incorporated on April 3, 2002 »In the first tranche of funding, Infosys invested Rs. 12.25 cr and Citicorp invested Rs 49 cr in Progeon »Progeon acquired 2 clients during the quarter and generated revenue of Rs. 0.21 cr »Employee strength of Progeon as on June 30, 2002 was 121

27. © Infosys Technologies Limited 2002-2003 Capex and Infrastructure

28. © Infosys Technologies Limited 2002-2003Slide 28 Capex and Infrastructure »Capital expenditure of Rs. 53.79 cr was incurred during the quarter »As of June 30, 2002, the company had 30,02,350 sq. ft of space capable of accommodating 13,800 professionals and 5,91,400 sq. ft under completion

29. © Infosys Technologies Limited 2002-2003 Outlook for the Future

30. © Infosys Technologies Limited 2002-2003Slide 30 Indian GAAP »Quarter ending Sep 30, 2002 »Income from software development services and products is projected to be between Rs. 762 cr to Rs. 781 cr »Earnings per share is expected to be between Rs. 33 and Rs. 34 »Fiscal year ending March 31, 2003 »Income from software development services and products is projected to be between Rs. 3,108 cr to Rs. 3,195 cr »Earnings per share is expected to be between Rs. 142 to Rs. 146

31. © Infosys Technologies Limited 2002-2003 Summary

32. © Infosys Technologies Limited 2002-2003Slide 32 Summary »Achieved a robust revenue growth during the quarter »Incremental revenue achieved substantially due to higher project starts which are predominantly onsite driven »Impact in margins due to increased investment in sales and marketing »Increased brand building efforts globally »Moved to a role-based organisation »Business environment continues to be challenging

33. © Infosys Technologies Limited 2002-2003 Thank You