Beverley – Zimbabwe’s leading building society signs up for Finacle

Partnership with Infosys key to transformation

Harare-Zimbabwe, February 24, 2005 Infosys Technologies Limited (NASDAQ: INFY) announced today that Beverley Building Society, a key player in the Zimbabwean financial sector and the country’s leading building society, has signed up for its Finacle universal banking solution. Beverley will deploy Finacle core banking, treasury and CRM solutions across its 52 branches.

Announcing this, Mr. Mike Moyo, Managing Director, Beverley Building Society said, “We are delighted to partner with Infosys in this critical transformation initiative to maintain and enhance our position among the top financial institutions in Zimbabwe. Beverley has ambitious expansion plans and we are confident that Finacle will enable us to grow and successfully meet the emerging needs of our discerning customers, providing us a world class technology platform to innovate and differentiate our offerings.”

Mr. Merwin Fernandes, Vice President and Global Head- Sales & Marketing, Finacle, Infosys Technologies Limited said, “Beverley Building Society is a very important win for Finacle in the Southern African region. Finacle stands out for its consistent track record of rapid and highly successful implementations. We are happy to be chosen as Beverley’s technology partner and are confident that the implementation of Finacle will enable them to achieve their business objectives.”

With this win, Finacle has further consolidated its competitive leadership in Africa, with a foot print extending across 21 banks in 8 countries. Finacle is represented in Zimbabwe by its business alliance partner, FinSys Zimbabwe, which will also be involved in the implementation.

About Beverley Building Society

Beverley Building Society is a Building Society operating in the Republic of Zimbabwe. Among the few profitable and growing institutions in the Zimbabwean financial sector, Beverley offers mortgage lending, retail banking and money market products in Zimbabwe. The Society has adopted a five year plan of growth and expansion locally, regionally and internationally through physical presence, mergers, acquisitions or agencies with a view to establish itself as a leading player in the financial services sector in all its points of presence. The Society plans to harness the benefits offered by advances in technology to enhance customer service and achieve synergy in shared costs, distribution channels and skills (the one stop finance concept). The society has a presence of 52 outlets in Zimbabwe.

About Finacle Universal Banking Solution

Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. For more information, visit www.edgeverve.com/finacle.

About Infosys Technologies Ltd. (NASDAQ: INFY):

Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com.

HP, Infosys in Partnership to Provide Next Generation Banking Solution to Southeast Asian Banks

Finacle provides banks with low total-cost-of-ownership and proven alternative to legacy system

Jakarta, February 01, 2005 HP today announced a partnership with Infosys to provide Finacle, a new generation universal banking solution, to banks in Southeast Asia. Finacle offers a low-risk, all-in-one solution for banks that are upgrading their legacy platforms. The HP-Infosys collaboration provides banks with the ability to meet the challenges of the ever-changing business cycle, and a competitive edge through a comprehensive suite of software, hardware, networking, system integration, consulting and outsourcing options.

This HP-Infosys collaboration targets Southeast Asia’s flourishing banking sector, which will grow from approximately US$3.98 billion this year to an estimated US$4.95 billion by 2008, according to IDC*.

Southeast-Asian banks are now being confronted with increasingly complex internal and external environments that require greater business agility, a reduced cost structure and minimum risk. Banks need to attract and retain savvy customers by expanding their product offerings and ensuring faster go-to-market for new products and service offerings. In addition, banks now face macro-level issues such as new compliance regulations, changing political leadership and an influx of foreign investments driving growth and demand for new products.

“Banks in Southeast Asia are beginning to recognize the need to use IT as a key tool to gain a competitive edge,” said Mike Stephens, General Manager, Financial Services Industry – Asia Pacific, HP. “Finacle will replace costly legacy platforms with secure, scalable systems with enhanced functionality based on open systems. Our solutions help banks to provide better customer service, increase productivity and enhance the ability to respond to changing market landscape.”

The Finacle core banking solution provides comprehensive functionality across back and front office, high scalability and 24×7 availability. The solution includes a security framework that is compliant with CoBIT, an industry standard issued by the IT Governance Institute for good IT security and control practices. In a recent scalability and benchmark test reviewed by Ernst & Young, Finacle achieved the highest scalability and transactions throughput per second of 11,180 transactions per second (TPS) in online mode and 19,568 TPS for batch mode, improving its own previous record of 7357 TPS for online transactions and out-performing the industry standards by a wide margin.

“The HP and Infosys solution, powered by Finacle, provides banks with a new generation, high performance technology alternative to legacy core banking systems,” said Mr. Girish Vaidya, SVP & Business Head- Finacle, Infosys Technologies. He added, “Finacle is currently supporting some of the largest live sites on open systems globally. This partnership enables our customers realize the next phase of growth and deliver a differentiated customer experience.’

One such customer is the Bank of India (BoI). In April 2004, the BoI selected HP as its preferred partner in a10-year, US$125million contract. HP will implement and manage the Finacle Core Banking Solution across BoI’s 750 branches in India.

“We have plans to transform ourselves into the most customer-focused bank in the country. We are confident that the Finacle core banking solution will help us to align our IT strategy with business strategies in order to deliver unparalleled customer service,” said D. Krishnamurthy, Chief Information Officer, Bank of India.”Deploying Finacle has improved access to business information and will result in a dynamic technology infrastructure that respond quickly to market fluctuations.”

ABOUT FINACLE UNIVERSAL BANKING SOLUTION

Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. www.edgeverve.com/finacle

ABOUT HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the four fiscal quarters ended July 31, 2004, HP revenue totaled US$78.4 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at www.hp.com

ABOUT INFOSYS TECHNOLOGIES LIMITED

Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com.

*Source: IDC Black Book Verticals, August 2004