NARAYANA MURTHY - WORLD ENTREPRENEUR OF THE YEAR
(7 June 2003)

Indian billionaire, Narayana Murthy, who started his software company 22 years ago with US$250 and who still lives in a modest apartment was named Ernst & Young's 2003 World Entrepreneur Of The Year (WEOY) at an award ceremony in Monte Carlo, Monaco on 7th June 2003. Judges of the award praised Narayana Murthy's "intellectually, philosophically, ethically and spiritually-driven entrepreneurship".

The judges also praised his company's "outstanding financial performance and global impact in a dynamic and volatile industry."

Infosys Technologies Ltd provides end-to-end technology and consulting solutions to small and large corporations, and employs more than 10,000 people worldwide. It is a zero-debt company which regularly posts growth of 30 per cent per annum, and is listed on the Nasdaq with a market capitalization in the billions. Currently, 98 per cent of Infosys's revenues are generated outside India. It's latest annual report (2002-2003) shows very healthy 39% growth in revenue despite the overall economic slowdown in the countries in which it operates. With typical aplomb, the report entitled 'Clockwork', starts with Charles Dickens' quote "It was the best of times; it was the worst of times".

The company's corporate governance system is based on five concepts dating back to its inception: "the softest pillow is a clear conscience; when in doubt, disclose; don't use corporate resources for personal use; put long-term interests ahead of short-term ones; and share wealth with employees."

Mr Murthy believes strongly in corporate social responsibility, and has said that, beyond a certain point, personal wealth should be used to make a difference to society. He contributes a majority of his wealth to public causes. The Infosys Foundation received an aggregated Rs. 5.53 crore (£55 million) in grants from the company last year. The foundation's current projects include the building of a super-specialty hospital in Pune, a special hospital for children in Orissa, a CT-Scanner for another hospital in Orissa and computeristation of a Mumbai hospital in addition to a number of intiatives for the rural poor and underprivileged in India.

Mr Murthy, who is based in Bangalore, was selected as the World Entrepreneur Of The Year from a field of 26 entrants - each of whom has been named Entrepreneur Of The Year (EOY) in national or regional programs run by Ernst & Young. Collectively, the 26 finalists in this year's WEOY awards program employ more than 76,000 people and represent approximately 6.5 billion euros in revenue.

Chairman of Ernst & Young, James S. Turley, said: "Mr Murthy's story is a truly inspirational one. He has demonstrated quality leadership, and embodies both entrepreneurial spirit and business excellence. We are delighted he has been selected to receive this year's award."

A panel of 11 judges - each of whom is a past participant in the Entrepreneur Of The Year program in his or her country - chose Mr Murthy as the recipient of the award, based on written applications and meetings held throughout the course of the four-day event.

ABOUT THE WORLD ENTREPRENEUR OF THE YEAR

Ernst & Young created the annual Entrepreneur Of The Year® Award program in the United States in 1986 to recognize the most successful and innovative entrepreneurs. During the past 17 years, the Entrepreneur Of The Year Award program has expanded globally. In the year 2002, entrepreneurs from 26 countries were honored with their country's national Entrepreneur Of The Year Award. Ernst & Young is conducting programs in 35 countries in the year 2003. Each Entrepreneur Of The Year program honors successful entrepreneurs every year, and in so doing, brings to the public's attention role models for the aspiring entrepreneurs of tomorrow. The program provides a unique way of encouraging entrepreneurial activity and recognizing the achievement of outstanding men and women. For more information, see www.ey.com/weoy.