News Release

December 12, 2000

ICICI-PRUDENTIAL Life Insurance issues it's first policies to 7 underprivileged children

ICICI-Prudential Life Insurance Company Limited (ICICI Prudential), the joint venture (JV) between ICICI Limited (NYSE: IC), and Prudential plc of UK, today achieved the landmark of issuing it's first set of life insurance policies. This is amongst the first insurance policies issued in India by a new private sector insurance company, after the insurance sector was recently opened for private participation. Fittingly, the first set of 7 endowment policies, sponsored by IndiaInfoline.com, were handed over to economically underprivileged children.

At a ceremony at ICICI's headquarters in Mumbai, children chosen from municipal schools received endowment policies worth Rs. 20,000 each from Ms. Shikha Sharma, Managing Director, ICICI Prudential. Along with the policies, the children were also presented book coupons worth Rs. 1,000/- and a box of chocolates.

"Distribution of first set of policies to underprivileged children marks our commitment to function as a responsible corporate citizen and offer world class life insurance products to Indian customers", said Ms Shikha Sharma.

The seven recipients of the policies, including four girls, are in the age group of 7-8 years and will receive the money when they attain the age of eighteen years. Pratham, a Non Government Organisation (NGO) is currently supporting the children's education.

India Infoline.com, India's leading finance portal and proposed marketing partner for ICICI Prudential, sponsored these policies for the children. Speaking at the occasion, Mr Nirmal Jain, Managing Director, IndiaInfoline.com said, " We are happy to be associated with ICICI Prudential as their marketing partner. We are confident that our extensive reach in the virtual and physical world will serve as an ideal platform for reaching potential customers and building up the ICICI Prudential brand."

"ICICI Prudential will kick-start its commercial business operations in Mumbai and Delhi shortly," Ms Sharma said. "We will enter the market with simple products along with innovative riders. The company will extend operations across the country in a phased manner over the next 12 months," she added.

About ICICI
ICICI Limited, one of India's largest financial services provider was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution. Over the last four decades, ICICI has stretched the borders of its business to evolve from a traditional project finance institution to a diversified financial services group providing a broad spectrum of financial solutions to corporate and retail customers. ICICI today operates as a virtual universal bank with a network of 27 subsidiaries. At year-end fiscal 2000, ICICI had assets of about Rs. 650 billion (Rs. 781 billion as per US GAAP) and stockholders equity of Rs. 93.3 billion (Rs. 70.8 billion as per US GAAP). The net profit for fiscal 2000 was Rs. 12.06 billion (Rs. 9.33 billion as per US GAAP). For more details visit www.icici.com.

About Prudential
Founded in London in 1848, Prudential plc is one of the largest life insurance and retail mutual funds company in the United Kingdom with over US$ 270 billion in funds under management worldwide. With a network of over 26,000 agents and staff, Prudential has life insurance and mutual fund operations/offices in 11 markets in Asia (not including India).

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "would", "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 Group's ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further press queries please contact Saugata Gupta at 653 7952 or email to saugatag@icici.com