Infosys’ Finacle momentum accelerates in Europe with a strategic breakthrough in CEE

To power the transformation of HPB (Post Bank of Croatia)

Zagreb / London / Bangalore, 14 September, 2006 Infosys Technologies (NASDAQ:INFY) today announced that the only large domestic bank in Croatia, Hrvatska Poštanska Banka (HPB), has selected Finacle Universal Banking Solution from Infosys to drive its technology-led transformation initiative. Finacle core banking solution will replace the bank’s legacy system and help strengthen the bank’s competitive position by enabling innovation, greater process efficiencies as well as by meeting the new regulatory requirements, including Basel II. HPB will also deploy the Finacle e-banking and treasury solutions.

Earlier the bank was using decentralized in-house legacy system which lacked a unified view and seamless real time integration capabilities. The system did not facilitate easy and quick launching of new products and services which is one of the crucial points of success in today’s competitive banking environment.

According to Mr Sasa Stankovic, Senior Executive Director – Project Management Office in HPB, “We have embarked on a technology-led transformation exercise to ensure that we fast pace the introduction of new and innovative products to delight our customers. We are further planning to scale up our operations leveraging the postal network and emerge as a front runner in the retail banking market. We realized the benefits of choosing Finacle Universal Banking Solution as our core technology platform, as it offers great flexibility, seamless real time integration and powerful Straight Through Processing (STP) capabilities leading to greater differentiation in the marketplace and efficiency in our operations. We are delighted to partner with Infosys, an organization with a proven delivery track record and chose Finacle, a solution which is seeing great demand and acceptance from the market place.”

Commenting on the win, Merwin Fernandes, VP & Business Head-

Finacle, Infosys Technologies said, “This win is a significant breakthrough for Finacle into Croatian and CEE market and further consolidates our position in the fast growing Central and Eastern European region. We are delighted to partner with a bank like HPB which is aiming to take on bigger competition in the Croatian market. We are confident that with Finacle at the core of the business transformation, HPB would be able to achieve its objectives of greater operational efficiency, innovation and competitive superiority.”

Finacle is a global player in the packaged banking solutions space, with a customer base across 53 countries. The solution has a strong presence in Europe, Asia-Pacific, Middle East and Africa. Finacle differentiates itself through its new generation technology architecture and its strong implementation record.

About HPB

Hrvatska poštanska banka d.d., Zagreb (HPB) is founded and registered as a company limited by shares in 1991. The head office of the Bank is situated in Zagreb, Jurišiceva 4. Bank is operating on national level with 15 branches and outlets located in major regional centers as well as 137 ATMs. Through strategic partnership with Croatian Post, HPB is the market leader in payment transaction using network of 1,100 Post offices and 1,299 EFT POS terminals installed.

HPB operates as a universal bank, serving corporate and individual clients with various financial products and services, including short-term and long-term financing, deposits and savings product in local and foreign currencies, domestic and foreign clearing payment operations, investment banking including asset management, brokerage services, custody and other banking services.

About Finacle Universal Banking Solution

Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging agile new generation technologies. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of retail, corporate and universal 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 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

Safe Harbor:

Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, 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 the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting 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, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, 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 and regional conflicts, 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, 2006. 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 statements that may be made from time to time by or on behalf of the company.