NYSE Partners with Wipro on Corporate Governance Web Site; Wipro Chair

    Business Editors/Technology Writers

    BANGALORE, India & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Feb. 25, 2005--Wipro Technologies, the global IT services division of Wipro Limited (NYSE: WIT) today visited the New York Stock Exchange to showcase the successful launch of eGovDirect.com(sm), an electronic filing platform to assist NYSE listed companies with the submission and management of their corporate compliance information.
    The site, eGovdirect.Com, was designed and developed in partnership with the NYSE by Wipro Technologies, the global IT services division of Wipro Limited (NYSE:WIT).
    The password protected website acts as a secure platform between the listed companies and the NYSE, enabling them to submit the required governance documentation with the Exchange electronically, while allowing the NYSE to proactively notify its issuers when requirements are due. One of its many added-value features is the ability for listed companies to compare their own corporate governance structure against similar NYSE companies using a benchmarking tool.
    "The New York Stock Exchange has always been at the forefront of promoting good governance practices," said Janice O'Neill, NYSE vice president, Corporate Compliance. "This new site provides value-added service to our listed companies and improves the efficiency and effectiveness of our listed company compliance program. We are very pleased to have Wipro Technologies, a provider of world-class technology solutions, as our technology partner for eGovDirect.com," Mrs O'Neill said.
    "We are delighted with our continuing relationship with the New York Stock Exchange and look forward to continue working with them as a strategic partner," said Girish Paranjpe, President, Finance Solutions, Wipro Technologies. "We are successfully leveraging our domain and technical expertise to help financial institutions address the governance and compliance needs brought about by recent regulatory changes."
    A customized version of eGovDirect.com will be available for non-U.S. NYSE-listed companies early in 2006.

    About The New York Stock Exchange

    The NYSE is the world's leading and most technologically advanced equities market. A broad spectrum of market participants, including listed companies, individual investors, institutional investors and member firms, create the NYSE market. Buyers and sellers meet directly in a fair, open and orderly market to access the best possible price through the interplay of supply and demand. On an average day, 1.46 billion shares, valued at $46.1 billion, trade on the NYSE. In 2004, the NYSE was again the most competitive venue for trading its listed stocks, providing investors with the lowest costs, deepest liquidity and best prices.

    About Wipro Limited

    Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai and the National Stock Exchange, among others. More information is available at www.wipro.com.

    Forward-looking and cautionary statements

    Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, 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 our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, 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, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, , liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, 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 filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro 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. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. For further information, please visit our websites at www.wipro.com, www.wiprocorporate.com and www.wipro.co.in.

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CONTACT: Wipro Supratim Sarkar, +91-80-25056902 supratim.sarkar@wipro.com

KEYWORD: CALIFORNIA INDIA INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: HARDWARE SOFTWARE NETWORKING INTERNET E-COMMERCE PRODUCT SOURCE: Wipro

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