1. © Infosys Technologies Limited 2002-2003 Performance of Infosys for the Third Quarter ended December 31, 2002 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 and Quarterly Reports on Form 6-K for the quarters ended June 30, 2002 and September 30, 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  Capex and Infrastructure  Outlook for the Future  Summary

4. © Infosys Technologies Limited 2002-2003 Financial Performance

5. © Infosys Technologies Limited 2002-2003Slide 5 Highlights Q3 FY 03 Q2 FY 03 YTD FY 03 Indian GAAP Y-O-Y Growth Income45.1%35.3%35.3% PAT from ord. Activities24.4%12.0%17.0% US GAAP Y-O-Y Growth Revenues45.4%32.2% 32.7% Net income25.5%13.1%16.1% New clients231864 Repeat business89.7%94.9%93.7% Headcount Gross addition1,1332,0653,970 Net addition9481,8063,320 Period end headcount14,05813,11014,058

6. © Infosys Technologies Limited 2002-2003Slide 6 Highlights (Indian GAAP*-Quarterly) (Rs. crore) FY2003FY2003FY 2002 % growth over Q3Q2Q3Q2 03Q3 02 Income958.64879.57660.808.9945.07 S/w development expenses481.62424.49309.5013.4655.61 Gross profit477.02455.08351.304.8235.79 S,G&A expenses143.53131.8483.858.8771.17 Operating profit333.49323.24267.453.1724.69 Depreciation49.4846.2441.337.0119.72 Operating profit after depreciation284.01277.00226.122.5325.60 Other income 29.8017.5314.9269.9999.73 Provision for investment-23.76--- PBT313.81270.77241.0415.9030.19 Provision for tax57.5045.0035.0027.7864.29 PAT from ordinary activities256.31225.77206.0413.5324.40 * Non-consolidated

7. © Infosys Technologies Limited 2002-2003Slide 7 Highlights (Indian GAAP*-YTD) (Rs. crore) FY 2003%FY 2002%GrowthYTD Income2,602.83100.01,923.46100.035.3 S/w development expenses1,283.5049.3902.0146.942.3 Gross profit1,319.3350.71,021.4553.129.2 S,G&A expenses387.6714.9254.5613.252.3 Operating profit931.6635.8766.8939.921.5 Depreciation136.195.2115.836.017.6 Operating profit after depreciation795.4730.6651.0633.922.2 Other income 72.222.843.072.267.7 Provision for investments23.760.9--- PBT843.9332.4694.1336.121.6 Provision for tax145.005.696.505.050.3 PAT from ordinary activities698.9326.9597.6331.117.0 * Non-consolidated

8. © Infosys Technologies Limited 2002-2003Slide 8 Balance Sheet Summary* (Rs. crore) Dec 31, 2002% Dec 31, 2001% LIABILITIES Shareholders’ funds2,707.101001,949.92100 Total liabilities 2,707.10 1001,949.92100 ASSETS Fixed assets754.9128725.2937 Investments 33.20144.443 Deferred tax assets35.03122.331 Current assets Cash & equivalents 1,432.2153866.3544 Accounts receivables 487.3218310.5316 Other current assets646.1324377.7819 Less: Current liabilities(681.70)(25)(396.80)(20) Net current assets1,883.96701,157.8659 Total assets2,707.101001,949.92100 * Non-consolidated

9. © Infosys Technologies Limited 2002-2003Slide 9 Region wise Revenue (%) FY2003FY2003FY2002FY 2003FY 2002 Q3Q2Q3YTDYTD North America74.273.870.973.571.4 Europe16.416.519.417.319.4 India1.22.51.91.82.1 Rest of the world8.27.27.87.47.1 Total100.0100.0100.0100.0100.0

10. © Infosys Technologies Limited 2002-2003 Operational Performance

11. © Infosys Technologies Limited 2002-2003Slide 11 Utilization Rates

12. © Infosys Technologies Limited 2002-2003Slide 12 Revenues by Project type (%) FY2003FY2003FY2002FY 2003FY 2002 Q3Q2Q3YTDYTD Fixed Price37.636.135.136.530.7 Time & Materials62.463.964.963.569.3 Total100.0100.0100.0100.0100.0

13. © Infosys Technologies Limited 2002-2003Slide 13 Onsite-Offshore Revenue split (%) FY2003FY2003FY2002FY 2003FY 2002 Q3Q2Q3YTDYTD Onsite55.554.649.954.450.3 Offshore44.545.450.145.649.7 Total100.0100.0100.0100.0100.0

14. © Infosys Technologies Limited 2002-2003Slide 14 Customer Concentration FY2003FY2003FY2002 Q3Q2Q3 Top client contribution to revenues6.3%5.9%5.5% Top 5 client contribution to revenues 23.8%24.0%24.1% Top 10 client contribution to revenues 37.9%37.9%38.3% Million dollar clients* 999290 Five million dollar clients*302824 Ten million dollar clients*141513 Twenty million dollar clients754 Thirty million dollar clients321 * LTM

15. © Infosys Technologies Limited 2002-2003Slide 15 Other Highlights Software revenues in US dollar terms grew by 9.6% for the quarter as compared to the quarter ended September 30, 2002. Revenue growth comprised a volume growth of 10.5% and a price decline of 0.9%, as compared to the quarter ended September 30, 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  Expanded presence in the financial services industry  Helping Compass Bank to design a new system to optimize and automate technology projects  Developing and rolling out a new global customer reference system for the investment banking business of a leading international financial institution  Assisting a leading global investment banking and securities firm in the management of its equity front office systems  Partnered with Swiss Re to implement PeopleSoft ERP package for its Division Asia operations, spanning Asia Pacific and Middle East In the mortgage sector, Infosys was selected by a leading provider of mortgage risk management technology to identify, assess and define its technical architecture in order to underpin its core processing systems

18. © Infosys Technologies Limited 2002-2003Slide 18 Client Acquisition & Expansion of Services Strengthened presence in the area of mobile and wireless  Signed a three-year strategic sourcing contract with AT&T Wireless  Partnering with TTPCom for co-developing new software for its 2.5 generation mobile phones Established relationships with many prestigious clients in the healthcare industry  Access Dental, a leading provider of dental care services and insurance, selected Infosys to develop its IT strategy and help create a scalable portfolio of applications and processes  New clients in this sector include Bristol-Myers Squibb, a global pharmaceutical and healthcare products company In the hi-tech space, Infosys is working with a world leader in the delivery of innovative electronics manufacturing services helping them in leveraging SAP applications

19. © Infosys Technologies Limited 2002-2003Slide 19 Client Acquisition & Expansion of Services Continued to partner companies in the retail industry for technology initiatives  Assessing the effectiveness of labelling processes and systems for Foster Farms, a leading U.S. based poultry company  Working with PerformanceRetail, a leading provider of web-architected software applications for the convenience industry  Helping Island Pacific to enhance the latest version of its multi-channel technology solution package for one of its key clients, who is a major retailer for toys Transportation sector  Began a legacy application re-engineering project with the banking arm of a large European logistics company that is in the business of moving packages, money and people through its extensive network of offices, fleet of vehicles and banking operations  Strengthened its relationship with a leading company in the worldwide express courier and logistics industry by becoming the preferred partner for its global IT strategy

20. © Infosys Technologies Limited 2002-2003Slide 20 Banking Products  Implemented Finalce TM Core Banking in all six Lagos offices of Broad Bank Nigeria. The bank has implemented both the retail banking and the trade finance modules.  Three offices of Kakawa Discount House, Nigeria also started using FINACLE TM Core Banking during this quarter

21. © Infosys Technologies Limited 2002-2003 Human Resources

22. © Infosys Technologies Limited 2002-2003Slide 22 Human Resources  Total employee strength at 14,058 as on December 31, 2002, up from 13,110 as on September 30, 2002  Net addition of 948 employees during the quarter as compared to 1,806 during the quarter ended September 30, 2002  Gross addition of employees during the quarter was 1,133, out of which 272 were laterals  12,801 software professionals as on December 31, 2002, up from 11,892 as on September 30, 2002  Of these software professionals, 538 belong to the Banking Business Unit

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

24. © Infosys Technologies Limited 2002-2003Slide 24 Capex and Infrastructure  Capital expenditure of Rs. 50.86 cr was incurred during the quarter  As on December 31, 2002, the company had 31,20,150 sq. ft of space capable of accommodating 15,175 professionals and 7,18,600 sq. ft under completion

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

26. © Infosys Technologies Limited 2002-2003Slide 26 Indian GAAP Guidance increased for revenue and EPS Quarter ending March 31, 2003  Income from software development services and products is projected to be between Rs. 975 cr to Rs. 989 cr  Earnings per share is expected to be between Rs. 39.10 and Rs. 39.40 Fiscal year ending March 31, 2003  Income from software development services and products is projected to be between Rs. 3,578 cr to Rs. 3,592 cr  Earnings per share is expected to be between Rs. 144.70 to Rs. 145.00

27. © Infosys Technologies Limited 2002-2003 Summary

28. © Infosys Technologies Limited 2002-2003Slide 28 Summary  Increased revenue and EPS guidance for Fiscal 2003  Disciplined execution  Demonstrated scalability without compromising on quality  Infosys continues to enjoy confidence of large marqué clients  Strong free cash flows and comfortable liquidity  Increased interest in offshore outsourcing

29. © Infosys Technologies Limited 2002-2003 Thank You