ITC’s wholly owned subsidiary, ITC Infotech India Ltd., today announced that it had successfully entered into a large global outsourcing agreement with PTC (NASDAQ:PMTC), the international software product development company.

ITC Infotech has been chosen to execute the prized assignment for its proven abilities to meet the requirements of companies for product development and product lifecycle management (PLM) solutions and services.

PTC is the largest product development software company in the world. It earned a revenue of US $ 740 million in 2002, of which US $ 499 million came from its global software services. The agreement with PTC covers the entire range of the service requirements of its full suite of products. It further underscores ITC Infotech’s position as a preferred top quality software services partner for global players.

ITC Infotech will effectively become an integral part of the PTC Global Services delivery system, under the terms of this long-term agreement. The services that the ITC subsidiary will provide PTC and its global customers, include on-the-ground implementation of PTC’s software products, services and solutions, technology support and training. ITC Infotech is now establishing a dedicated Offshore Development Centre (ODC) in its campus in Bangalore to provide this gamut of services and support. This will enable PTC to strengthen its customer service and support capabilities through the outsourcing model.

"In today’s fast changing industrial markets, global companies seek competitive advantage through rapid and robust product design and delivery systems. PTC is a global leader in addressing the product lifecycle management (PLM) requirements of such companies," said Sanjay Verma, Managing Director of ITC Infotech. "ITC Infotech is delighted to have been selected by PTC as its preferred strategic services partner to support its requirements of critical services in the Design and PLM domain. Together

we will leverage our synergies to assure the success of our customers, increase market share and improve operating margins.’’

"This is a significant development for ITC Infotech," observed Mr. Anup Singh, Chairman, ITC Infotech India Limited, and Director, ITC Limited. "The choice of ITC Infotech as the preferred global software services partner further reinforces the Company’s superior quality of delivery, top-class facilities, focus on creating business-friendly solutions for clients worldwide, the total commitment of its management team and the ability to invest and scale up operations," he added.

"PTC and ITC Infotech are dedicated to making ITC Infotech an extension of PTC in order to deliver the professional and innovative solutions our customers need to drive value in their product development environment," said C. Richard Harrison, PTC president and chief executive officer. "When PTC’s Windchill® and Pro/ENGINEER® solutions and services are combined with ITC Infotech’s global delivery model, the outcome is a truly competitive solution of unmatched quality for our customers."

About ITC Infotech India Ltd

ITC’s wholly owned IT subsidiary ITC Infotech India Ltd., is one of the very few IT services companies in the world to have SEI CMM Level 5 accreditation. Through alliances with Microsoft, Sun, IBM, Interwoven and PTC, it offers software solutions in e-Business, Knowledge Management, Web Content Management, Customer Relationship Management (CRM) and Collaborative Product Commerce. It has created a Microsoft Centre of Excellence in E-commerce. It has also set up a unique Sun iPlanet Proof-of-Concept centre to showcase pilot solutions to global clients in Manufacturing, FMCG, Banking & Finance, Retail, Agri-business and Hospitality. ITC Infotech’s clients include Abbey National, BAT, Pharmacia and Sony, among others. For further information about the company, visit www.itcinfotech.com.

About PTC

PTC is the world’s largest software company with a total commitment to product development. The company services more than 35,000 customers worldwide. It earned a revenue of US$ 499.0 million from providing global services in the fiscal year ending 2002. PTC develops, markets, and supports software solutions that help manufacturers win with superior products. Further information on PTC is available at http://www.ptc.com or call 1-888-782-3776, ext. 901.

Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These include: the success of our initiatives to facilitate our customer's understanding of the benefits of

our PLM solutions, including return on investment and value creation; our successful development and integration of the technology necessary to offer an integrated Product

Development System PTC's and ITC Infotech's ability to anticipate and adequately respond to evolving customer requirements and effectively coordinate and manage joint

activities (including sales, marketing, implementation and support) in order to deliver products and services that meet those requirements; the success of our partnering, distribution and customer satisfaction initiatives; the success of our cost reduction initiatives; and the effects of a weakening economy which may impact the overall demand for software and related services; as well as other risks and uncertainties detailed from time to time in reports filed by PTC with the Securities and Exchange Commission, including the Company’s most recent reports on Form 10-K and 10-Q.

PTC and its logo, Product First, The Product Development Company, Create Collaborate Control, Simple Powerful Connected, Pro/ENGINEER, Wildfire, Windchill, and all PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries.