Press Release: March 31, 2000

WR Hambrecht + Co Initiates Coverage on Infosys Technologies

San Francisco, CA, March 31, 2000—WR Hambrecht + Co initiated coverage today on Infosys Technologies with a market neutral. WR Hambrecht + Co’s eServices analyst Greg Gore cited Infosys’ intense focus on quality, high profitability levels and earnings predictability as investment highlights. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"Infosys is among the most profitable IT services companies in the world due to the Company’s skillful execution of a business model designed on a very simple idea: buy low and sell high. Nevertheless, we are concerned about the stock’s lofty valuation and the uncertainty surrounding future acquisitions," Gore said.

Gore projects Infosys’ total revenues should reach $251 million in 2000 and $349 million in 2001, up from the 1999 total of $176 million.

Infosys Technologies is based in India and is a provider of third-party software development and management.