1. © Infosys Technologies Limited 2002-2003 Performance of Infosys for the Second Quarter ended September 30, 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 Quarter Report on Form 6-K for the quarter ended June 30, 2002. This filing is 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 Q2 FY 03 Q1 FY 03 H1 FY 03 Indian GAAP* Y-O-Y Growth Income35.3%24.8%30.2% PAT from ord. Activities12.0%14.1%13.0% US GAAP** Y-O-Y Growth Revenues32.2%19.7%26.1% Net income13.1%9.2%11.2% New clients182341 Repeat business94.9%98.5%96.2% Headcount Gross addition2,0657722,837 Net addition1,8065662,372 Period end headcount13,11011,30413,110 * Non-consolidated ** Consolidated

6. © Infosys Technologies Limited 2002-2003Slide 6 Highlights (Indian GAAP*-Quarterly) (Rs. crore) FY2003FY2003FY 2002 % growth over Q2Q1Q2Q1 03Q2 02 Income879.57764.62650.1315.0335.29 S/w development expenses424.49377.39306.9512.4838.29 Gross profit455.08387.23343.1817.5232.61 S,G&A expenses131.84112.3084.2717.4056.45 Operating profit323.24274.93258.9117.5824.85 Depreciation46.2440.4839.0114.2318.53 Operating profit after depreciation277.00234.45219.9018.1525.97 Other income 17.5324.9014.66(29.60)19.58 Provision for investment23.76---- PBT270.77259.35234.564.4015.44 Provision for tax45.0042.5033.005.8836.36 PAT from ordinary activities225.77216.85201.564.1112.01 * Non-consolidated

7. © Infosys Technologies Limited 2002-2003Slide 7 Highlights (Indian GAAP*-Half-yearly) (Rs. crore) FY2003%FY 2002%GrowthH1 Income1,644.19100.01,262.65100.030.2 S/w development expenses801.8848.8592.5146.935.3 Gross profit842.3151.2670.1453.125.7 S,G&A expenses244.1414.8170.7113.543.0 Operating profit598.1736.4499.4339.619.8 Depreciation86.715.374.495.916.4 Operating profit after depreciation511.4631.1424.9433.720.4 Other income 42.422.628.152.250.7 Provision for investments23.761.5--- PBT530.1232.2453.0935.917.0 Provision for tax87.505.361.504.942.3 PAT from ordinary activities442.6226.9391.5931.013.0 * Non-consolidated

8. © Infosys Technologies Limited 2002-2003Slide 8 Balance Sheet Summary* (Rs. crore) Sep 30, 2002% Sep 30, 2001% LIABILITIES Shareholders’ funds2,443.321001,742.48100 Total liabilities2,443.321001,742.48100 ASSETS Fixed assets753.5331713.6541 Investments 33.20144.443 Deferred tax assets33.58118.641 Current assets Cash & equivalents 1,289.3453714.8441 Accounts receivables 458.2519343.6020 Other current assets567.6723336.1119 Less: Current liabilities(692.25)(28)(428.80)(25) Net current assets1,623.0167965.7555 Total assets2,443.321001,742.48100 * Non-consolidated

9. © Infosys Technologies Limited 2002-2003Slide 9 Region wise Revenue (%) FY2003FY2003FY2002FY 2003FY 2002 Q2Q1Q2H1H1 North America73.872.371.173.171.6 Europe16.519.318.917.819.4 India2.51.81.82.22.2 Rest of the world7.26.68.16.96.8 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 Q2Q1Q2H1H1 Fixed Price36.135.529.935.828.5 Time & Materials63.964.570.164.271.5 Total100.0100.0100.0100.0100.0

13. © Infosys Technologies Limited 2002-2003Slide 13 Onsite-Offshore Revenue split (%) FY2003FY2003FY2002FY 2003FY 2002 Q2Q1Q2H1H1 Onsite54.652.750.353.750.4 Offshore45.447.349.746.349.6 Total100.0100.0100.0100.0100.0

14. © Infosys Technologies Limited 2002-2003Slide 14 Customer Concentration FY2003FY2003FY2002 Q2Q1Q2 Top client contribution to revenues5.9%5.8%6.4% Top 5 client contribution to revenues 24.0%23.6%25.3% Top 10 client contribution to revenues 37.9%39.1%39.7% Million dollar clients* 928384 Five million dollar clients*282822 Ten million dollar clients*151414 Twenty million dollar clients565 Thirty million dollar clients222 *LTM

15. © Infosys Technologies Limited 2002-2003Slide 15 AGE PROFILE Accounts Receivable Sep 30, 2002Sep 30, 2001 Days Sales Outstanding (LTM)5652

16. © Infosys Technologies Limited 2002-2003Slide 16 Other Highlights Software revenues in US dollar terms grew by 16.1% for the quarter as compared to the quarter ended June 30, 2002. Revenue growth comprised a volume growth of 11.7% and a price growth of 4.4%, as compared to the quarter ended June 30, 2002

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

18. © Infosys Technologies Limited 2002-2003Slide 18 Client Acquisition & Expansion of Services  Client acquisitions during the quarter were 18  Assisted companies in financial services sector to re-engineer systems and processes using cutting-edge technology  Re-engineering the cash management application for a large financial services enabler in the US  Helping one of the five largest asset management institutions in Switzerland to re-engineer systems and framework for cost rationalisation and other business benefits  New client wins include The Security Benefit Group of Companies, one of the leading providers of retirement products and services in the US

19. © Infosys Technologies Limited 2002-2003Slide 19 Client Acquisition & Expansion of Services Hi-tech companies are increasingly discovering the benefits of IT management to improve supply chain efficiencies  Assisting one of the world’s leading hi-tech companies, to streamline global order fulfilment and production though an improved supply chain management system  Aided a worldwide leader in software, services and internet technologies to benchmark its product performance and recommended areas for improvement for the next generation of content management products  New clients include Arrow Electronics, one of the world’s largest distributors of electronic components and computer products and Cerebrus Solutions, provider of fraud management solutions for wireless operators

20. © Infosys Technologies Limited 2002-2003Slide 20 Client Acquisition & Expansion of Services Strengthened presence in the manufacturing sector  Helping Porsche AG, the world leader in designing and manufacturing of sports cars, to streamline and optimise its engineering business processes  Chosen by Commonwealth Industries, an aluminium manufacturer in the US, to help streamline business and IT processes as well as design and rollout its ERP system Wins in retail sector  Partnered with a global leader in the personal expressions industry to enhance productivity and supply chain efficiency by leveraging wireless technologies  Developed and deployed a purchase order management system for a leader in the retain industry in the US in shifting from store-based purchasing to centralised purchasing  Chosen by Vcommerce, a leading supply chain execution solutions provider, to develop a new platform product supporting many-to-many relationships between buyers and suppliers

21. © Infosys Technologies Limited 2002-2003Slide 21 Client Acquisition & Expansion of Services Health and Medical care sector  Continued to deepen its relationship with a leading biomedical organisation in the US by implementing earlier recommendations of developing mission-critical business applications and defining the enterprise technology architecture.  Helping one of the largest Health Maintenance Organisations in the US to conceptualize and develop an e-enabled online application

22. © Infosys Technologies Limited 2002-2003Slide 22 Client Acquisition & Expansion of Services Consultancy Services  Defined next steps to improve operations and support expansion plans of the corporate finance division of one of the top three banks in Australia  Created a divisional Balanced Scorecard for the human resources and customer facing units of the fifth largest ocean transportation company in the world to help them achieve a strategic objective roadmap  Designed and planned the implementation of a new IT organisational model for a Fortune 100 financial services company

23. © Infosys Technologies Limited 2002-2003Slide 23 Banking Products  Strengthened its leading position in Nigeria through an alliance with Kakawa Discount, who will leverage Infosys’ Finacle TM Core Banking and BankAway TM Retail and Corporate to derive business advantage  UTI Bank became the first client to sign up for the Infosys Loan Origination System built on Finacle CRM infrastructure  First Bank of Nigeria, the largest commercial bank in West Africa, signed up for Infosys’ banking units with a mandate to take Finacle to over 50% of its 300 branches.

24. © Infosys Technologies Limited 2002-2003 Human Resources

25. © Infosys Technologies Limited 2002-2003Slide 25 Human Resources  Total employee strength at 13,110 as on September 30, 2002, up from 11,304 as on June 30, 2002  Net addition of 1,806 employees during the quarter as compared to 566 during the quarter ended June 30, 2002  Gross addition of employees during the quarter was 2,065, out of which 328 were laterals  11,892 software professionals as on September 30, 2002, up from 9,944 as on June 30, 2002  Of these software professionals, 514 belong to the Banking Business Unit

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

27. © Infosys Technologies Limited 2002-2003Slide 27 Capex and Infrastructure  Capital expenditure of Rs. 44.02 cr was incurred during the quarter  As of September 30, 2002, the company had 30,02,350 sq. ft of space capable of accommodating 14,600 professionals and 5,91,400 sq. ft under completion

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

29. © Infosys Technologies Limited 2002-2003Slide 29 Indian GAAP Guidance increased for revenue and EPS Quarter ending Dec 31, 2002  Income from software development services and products is projected to be between Rs. 890 cr to Rs. 904 cr  Earnings per share is expected to be between Rs. 37 and Rs. 38 Fiscal year ending March 31, 2003  Income from software development services and products is projected to be between Rs. 3,433 cr to Rs. 3,467 cr  Earnings per share is expected to be between Rs. 142 to Rs. 145

30. © Infosys Technologies Limited 2002-2003 Summary

31. © Infosys Technologies Limited 2002-2003Slide 31 Summary  Increased guidance for Fiscal 2003  Robust growth in an uncertain environment  Declared an interim dividend of 250%  Improved utilization rates during the quarter  Margins maintained despite higher onsite revenues  Continued investment in marketing  Adequate provisions made on investments due to challenging market conditions and the state of the industry in which the investee companies operate  Economic environment continues to be challenging

32. © Infosys Technologies Limited 2002-2003 Thank You