Axena(TM) Enters Marketing Alliance With 3i Infotech(TM) For Axena SOAx(TM); Alliance to facilitate implementation of Axena's SOAx at second largest bank in India.

ORLANDO, Fla. & EDISON, N.J. -- Axena Inc., an Orlando, Fla. based technology company that focuses on one of the fastest growing business technology sectors, has formed a partnership with 3i Infotech, a global provider of IT solutions and services. As per this alliance 3i Infotech will market and implement Axena's Risk Management and Sarbanes-Oxley solutions in Europe, Africa, Middle East and Asia Pacific regions. The first joint assignment is to implement Axena's SOAx at ICICI Bank (NYSE:IBN), India's second-largest full-service banking corporation.

Axena's SOAx is a web-based application that allows corporations to address the particular requirements of the Sarbanes-Oxley Act, which creates new responsibilities for corporate management in reporting on internal controls.

Frank Hailstones, Chief Executive Officer of Axena, which got its start at the University of Central Florida Technology Incubator, said the 3i Infotech alliance will package a key Axena software product, Axena SOAx, for use in ICICI Bank's operations.

"Axena SOAx ranks as one of the world's most sophisticated business governance software products," said Hailstones. "Axena SOAx is particularly helpful to companies that wish to comply with the Sarbanes-Oxley Act, which requires corporate CEO's to certify principal accounting statements and procedures," he further added.

Commenting on the Axena SOAx implementation, Mr. V. Srinivasan, MD & CEO, 3i Infotech, said, "Being listed on NYSE, compliance to Sarbanes-Oxley was of utmost importance to ICICI Bank. It is a great sense of achievement for us to partner on this initiative with the most technology-savvy and one of the most respected financial institutions in India. We firmly believe that the experience that we build through the implementation of Axena's SOAx solution at India's largest private sector bank will prove to be invaluable as we market the application to other leading companies around the world."

Commenting on the Axena alliance, he opined, "Our alliance with Axena Inc. has strengthened our product portfolio as we can today offer our clients a combination of our domain expertise and Axena's robust offerings."

Ms. Madhabi Puri Buch, Senior General Manager, ICICI Bank said, "Axena SOAx is a very comprehensive package and 3i Infotech was pro-active in customizing the product to meet our additional specific requirements. Implementation of Axena SOAx will facilitate the Bank to monitor documented processes and controls, and help capture test data on line, across locations."

About 3i Infotech Inc. (Formerly ICICI Infotech Inc)

3i Infotech Inc. (www.3i-infotech.com) provides information technology solutions through its range of solutions for banking, finance, insurance, e-Governance, manufacturing, retail, and distribution. Its software business is SEI CMM Level 5-compliant, while the company is ISO 9001 certified for its Infrastructure Services.

Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech serves customers in 30 countries and has a presence across 4 continents.

About ICICI Bank

ICICI Bank (NYSE:IBN) is India's second largest bank with an asset base of Rs.1676 billion as on March 31, 2005. ICICI Bank provides a broad spectrum of financial services in India to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing customer base of more than 13 million customers through a multi-channel access network which includes over 570 branches and extension counters, 2000 ATMs, call centres and Internet banking (www.icicibank.com).

About Axena Inc

Founded in 2001, Axena's portfolio of Web-based software includes Axena SOAx, a Sarbanes-Oxley 302 and 404 compliance application; and Axenaware, a collaborative decision support application for Enterprise Risk Management. Axena's consulting services are delivered by the senior management team, each with more than 20 years experience of audit, compliance and governance in global organizations.

Disclaimer: Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Bank's ability to successfully implement its strategy, its growth and expansion, the adequacy of its allowance for credit losses, technological changes, investment income, cash flow projections, its exposure to market risks as well as other risks detailed in the reports filed by ICICI Bank Limited with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Disclaimer: Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. 3i Infotech undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.