TO ALL STOCK EXCHANGES

BSE LIMITED
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
NEW YORK STOCK EXCHANGE

May 5, 2022

Dear Sir/ Madam,

Sub: Press Release

Please find enclosed the press release titled ‘Infosys Modernization Radar 2022:
Half of Enterprise Legacy Applications to be Modernized in the Next Two Years'.

This information will also be hosted on the Company’s website, at www.infosys.com.

Thanking you,

Yours sincerely,
For Infosys Limited

A.G.S. Manikantha
Company Secretary
 PRESS RELEASE

Infosys Modernization Radar 2022: Half of Enterprise Legacy Applications to be

Modernized in the Next Two Years

Bengaluru, India – May 5, 2022: The race to modernize continues, and companies already see the finish
line, according to new research from the Infosys Knowledge Institute, the thought leadership and research
arm of Infosys (NSE, BSE, NYSE: INFY). The study reveals that 50 percent of the global legacy application
landscape is expected to modernize in the next two years, with 70-90 percent modernizing in the next five
years.

Infosys Modernization Radar 2022 found that application modernization leads to increased benefits from
cloud, enterprise data, and exponential technologies like analytics, APIs, AI and microservices.
Modernization also improves scalability and creates a digital backbone. The research underscores that
modernization reduces operational expenditures, increases revenues, and provides a better customer
experience.

The research identified four swift and effective modernization approaches:

1. The right modernization strategy: Holistic, automated, and aligned

Our research found that 88 percent of systems are legacy; of those, 45 percent are legacy mainframe.
More than half (52 percent) are core to the business, and the rest are supporting applications – all need to
avoid the risk of disruption. Many of the legacy systems lack adequate support, making them vulnerable
and presenting security risks. Companies should adopt a holistic view of the enterprise estate, increase
automation, and align business and IT on modernization decisions.

2. Multiple talent pools reduce risk

Fifty-one percent of respondents cited the lack of skills and talent as a bigger pain point than the risk of
disruption (27 percent) and modernization costs (24 percent). Companies need to upskill their employee
base and acquire niche skills such as reengineering, database modernization, and rules externalization.
The research recommends companies invest in their workforce, build communities of practice for
modernization, and tap the gig economy to harness talent as a modernization tool.

3. Modernization investment should be more strategic than discretionary

Although companies on average invest a full 65 percent of discretionary budget on modernization projects,
large companies tend to budget more strategically for modernization. These firms develop a clear
modernization roadmap and are more likely to go all-in on big modernization projects. Modernization is now
on the executive agenda, and it should become a crucial component of enterprise technology planning.

4. Phased approach and coexistent methodologies are less disruptive than a big-bang approach
A systematic phased and coexistent approaches to modernization cause the fewest disruptions. When
legacy and modernized applications coexist with two-way data syncing, this coexistence limits end-user
disruptions. According to the research, 51 percent of respondents who extensively use a big-bang approach
experience more frequent and severe disruption. However, severe disruption levels and frequency for a
phased and coexistent methods were far lower.

Ravi Kumar S, President, Infosys, said, “Enterprises must accelerate their modernization journey and it
is imperative that they act now. As the Infosys Modernization Radar 2022 shows, a wait-and-see
approach is just not tenable. Modernization plays a pivotal role in equipping businesses to deliver
strategically and seamlessly in a customer-centric era. Our Infosys Modernization Suite, part of Infosys
Cobalt, helps enterprises modernize their legacy systems and become future-ready.”

To learn more about Infosys Modernization Radar 2022, please visit:

https://www.infosys.com/services/application-modernization/insights/modernization-radar-2022.html

Methodology
Infosys used a blind format to conduct an online survey of 1,500 senior technology leaders and executives
across thirteen industries across the U.S., Europe, Australia, and New Zealand. To gain additional
qualitative insights, phone interviews were also conducted with practitioners and subject matter experts.

About Infosys
Infosys is a global leader in next-generation digital services and consulting. We enable clients in more than
50 countries to navigate their digital transformation. With over four decades of experience in managing the
systems and workings of global enterprises, we expertly steer our clients through their digital journey. We
do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We
also empower the business with agile digital at scale to deliver unprecedented levels of performance and
customer delight. Our always-on learning agenda drives their continuous improvement through building and
transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your
next.

Safe Harbor
Certain statements in this release concerning our future growth prospects, financial expectations and plans
for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking
statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of
1995, 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 COVID-19 and the effects of government
and other measures seeking to contain its spread, risks related to an economic downturn or recession in
India, the United States and other countries around the world, changes in political, business, and economic
conditions, fluctuations in earnings, fluctuations in foreign exchange rates, 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, 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 or expiration of governmental
fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring
companies outside India, unauthorized use of our intellectual property and general economic conditions
affecting our industry and the outcome of pending litigation and government investigation. 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, 2021. 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 unless it is required by law.

For more information, contact: PR_Global@Infosys.com