APPOINTMENT OF NEW DIRECTOR

Mr. Lakshmi N. Mittal, Chairman of The LNM Group, including Ispat International N.V., was appointed a Director of ICICI Limited, effective April 1, 1999.

Mr. Lakshmi N. Mittal is the founder, chairman and CEO of The LNM Group, one of the world's leading manufacturing groups with annualized net sales of US$ 6 billion. The ICICI Board expects to benefit greatly from his international experience, global vision and outlook.

Mumbai
April 08, 1999