1. Welcome to the 23 rd Annual General Meeting

2. Annual General Meeting 2003 - 04 © Infosys Technologies Limited 2003 - 04 Operational Highlights 2003 - 04 S. Gopalakrishnan Chief Operating Officer and Deputy Managing Director

3. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Safe Harbor This presentation may contain certain forward looking statements. The company may not achieve results as expressed or implied by such forward looking statements. Actual results could differ materially from those expressed or implied in such forward looking statements due to a number of factors including those discussed under the head "Risk factors" in the company's filings with the United States Securities and Exchange Commission. Do not place undue reliance on these forward looking statements. This presentation contains references to findings of various reports available in the public domain. The company makes no representation as to their accuracy or that the company subscribes to those findings. They are provided only by way of information.

4. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Proven Fundamentals Predictability, Sustainability, Profitability and De-risking  Deep rooted value system  Value driven client relationships  End-to-end suite of services  Pioneered Global Delivery Model  Excellence in execution  Quality processes and systems  Best-in-class people and leadership  Scalability and resilience  Benchmark corporate governance This is a milestone, not the destination. We are moving forward on our journey…

5. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 New Game… New Rules  Clients demand a “defined” benefit for every IT dollar spent  Businesses seek end-to-end solutions that are also cost effective  Traditional total outsourcing model faces rough weather  Competitors race to replicate the Global Delivery Model  Ability to scale and meet client needs emerges as a differentiator  War for acquiring and retaining best- in-class global talent intensifies  Change the meaning of “Value for Money” with Global Delivery Model  Integrate the suite of services to meet clients’ business needs  Demonstrate strengths of “Modular Global Sourcing” model  Build on the extensive experience and hone the Global Delivery Model  Grow rapidly based on the intrinsic resilience built over years  Continue to build and motivate a team of the best and the brightest

6. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Geographical Footprint  Focus on geographical diversification  53% Revenue growth in Europe, relationships with Europe head-quartered clients  Infosys Australia formed to address the Australian market  Infosys Shanghai formed to service the global and Chinese markets  Operating through 31 marketing offices in 16 countries. Further developed the 31 global development centers out of which 13 are outside India  Banking Business Unit made significant headways in several countries including Mauritius, Zimbabwe & China GeographiesFY 2004FY 2003FY 2002 North America71.2%73.0%71.2% Europe19.2%17.7%19.5% India1.4%2.1%2.0% Rest of the world8.2%7.2%7.3% Total100.0%100.0%100.0%

7. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Vertical Footprint  Re-organized along verticals in Nov. 2003 to align with clients’ business needs, develop business solutions and evolve go-to-market strategies  Enterprise Capability Units (ECUs) formed to enhance service capability and develop innovative frameworks e.g. InSpire by Enterprise Solutions (ES)  Professionals with specific domain expertise and consulting skills integrated with the respective vertical business units IndustriesFY 2004FY 2003FY 2002 Manufacturing14.8%16.4%17.1% Insurance, Banking & Financial Services36.6%37.6%36.7% Insurance23.7%23.3%20.4% Banking & Financial Services12.9%14.3%16.3% Telecom16.6%15.2%15.6% Retail11.6%11.4%12.3% Energy & Utilities3.0%2.9%2.0% Transportation 7.1%6.8%2.7% Others10.3%9.7%13.6%

8. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Services and Solutions  Enterprise Solutions (ES) and Independent Validation Services (IVS) lend significant competitive advantage to the Global Delivery Model  Progeon continues to establish itself in Business Process Management Services, added 9 clients and 1,358 employees  Infosys Consulting formed with a planned investment of $20 Mn to integrate high end consulting with execution excellence  Introduced the next generation “Modular Global Sourcing” model to provide a well-tested and experienced approach to outsourcing Service offeringsFY 2004FY 2003FY 2002 Development25.7%32.1%32.0% Maintenance30.1%28.2%29.0% Re-engineering6.0%5.5%10.1% Package implementation14.5%11.0%9.8% Consulting3.7%4.3%4.2% Testing5.3%3.4%2.9% Engineering Services2.2%2.6%2.6% Other services9.7%8.3%5.4% Products2.8%4.6%4.0%

9. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Client Relationships  Top 10 clients represent 36% revenues, 33% increase in 20+ Million $ clients. High predictability with 93.4% repeat business  Engagement management structure improved. Continuous reinforcement of client facing competencies, processes and systems  Exhaustive analysis and planning of strategic client relationships. Focused actions plans to support clients’ business objectives FY 2004FY 2003FY 2002 Clients 393345293 Clients added during the year11992116 No. of million $+ clients13111583 No. of 5 million $+ clients514125 No. of 10 million $+ clients251616 No. of 20 million $+ clients1296 No. of 30 million $+ clients63- No. of 40 million $+ clients42 - No. of 50 million $+ clients3--

10. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Building Trust, Demonstrating Predictability  Innovative “Client Advisory Council” established with senior client leaders to discuss strategy and business directions  Pioneered the “Global Sourcing Summit” with distinguished client leaders to provide a platform for sharing experience and learning  Flagship client forum “Milan” (USA and Europe) and Leadership Forum in Japan continue to provide greater opportunities for learning and growth  Wharton Infosys Business Transformation Award (WIBTA) continues to grow from strength to strength with wider participation from industry leaders  InStep Global Internship grew by 100% with reputed global institutions spanning US, Canada, Europe, Australia, Singapore and Japan  Ranked as one of the world’s “Top Brands With A Conscience” (amongst the only seven companies identified by The Medinge Group)  Rated #1 in last 2 successive benchmark surveys of the professional services industry conducted by Technology Business Research

11. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Operational Effectiveness  PRidE : “Process Repository @ Infosys for Driving Excellence” developed and integrated with tools and knowledge base to optimize execution across the world  Improved quality & productivity through standardization of engineering processes for key technologies with tools, methodologies and reusable components and frameworks  Six Sigma for enhanced customer focus and improved service delivery in maintenance, production support and engineering design  Enabled people with focused accreditation programs such as CSQA, PMI, CSTE, CFPE, Quantitative Project Management and Statistics for Decision Making

12. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Best-in-class People  Initiatives with education regulators to expand talent pool in India. Launched “Campus Connect”, a program to improve industry readiness of students  Sustained focus on recruiting the top 20% from best schools. 907,922 applications received of which 17,978 were interviewed and 10,077 hired  Continued investments and innovations in developing people competencies. Established the Enterprise Solutions University  Reinforced High Performance Work Ethic by further aligning the variable compensation program with business results at organization, team and individual levels * consolidated

13. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 World-class Infrastructure  40,46,250 Sq. Ft. space, with a capacity to accommodate 22,730 professionals  Additional 22,27,000 sq. ft. nearing completion in Bangalore, Bhubaneshwar, Chennai, Hyderabad, Mysore & Pune  World-class Education & Research infrastructure to accommodate 4,000 trainees  Rs. 341 Crores spent on developing physical infrastructure  Rs. 88.9 Crores spent on developing state-of-the-art technological infrastructure  27,000 Sq. Ft. of disaster recovery and business continuity facility in Mauritius commissioned

14. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Key Awards  Awarded the prestigious global “Most Admired Knowledge Enterprises (MAKE)” Award, for the year 2003  Ranked 34 among WIRED magazine’s 40 companies that are reshaping the global economy  Ranked 74 among the top 100 fastest growing IT companies in the world, by Business Week  Rated as India’s most respected company by Financial Times - PwC survey  Presented the Texas Instruments (TI) Supplier Excellence Award for dedication and commitment to high standards for excellence

15. Annual General Meeting 2003 - 04 June 12, 2004© Infosys Technologies Limited 2003 - 04 Reinforcing Stakeholder Value  Employer of choice while retaining the advantage of cost that brings value to client  Offering global careers to over 25,000 employees from 34 countries  Implementing best HR practices to attract and retain best-in-class employees  Focused investments in business – Enhanced domain expertise and service offerings  Investments into world-class infrastructure, research and Knowledge Management  Evolving next-generation GDM for greater differentiation and value to global customers  Meeting clients’ changing business requirements, aligned structure, services and solutions  Effective and seamless integration of strategic acquisition and subsidiary organizations  Complete suite of services including high-end business consulting and BPM  Revenues cross the Billion Dollar mark with industry benchmarks in performance  Strong financials, best in class corporate governance, high cash reserves  Proven business model coupled with robust Enterprise Risk Management practices

16. Annual General Meeting 2003 - 04 © Infosys Technologies Limited 2003 - 04 Thank You www.infosys.com