News Release

Mumbai, July 3, 2001

Express Service on ICICI Safety Bonds

ICICI Capital Services Limited, a fully owned financial services distribution arm of ICICI Limited today announced the introduction of Express Service on ICICI Safety Bonds, through which existing ICICI Safety Bonds will now be available for investors round the year. Currently, ICICI Safety Bonds are made available to the investors 7 to 8 times in a year through Public issues. Each issue is open for subscription for a period of 15 to 20 days. Hence, there are some periods when the bonds are not available to the investors. The Express Service by ICICI Capital Services would bridge this gap.

To begin with, Express Service will be launched on July 12th, 2001 in Ludhiana in Punjab, Lucknow in Uttar Pradesh and Durgapur in West Bengal. The service will soon be extended to other centres in a phased manner.

Under the Express Service, all an investor has to do is contact his agent or walk in to the nearest ICICI Centre and complete the investment formalities instantly. Two types of Bonds are being made available under Express Service - Regular Income Bond and Money Multiplier Bond. While the Regular income plan is designed to take care of regular saving needs of the investors, the Money Multiplier Bond is in the nature of a Deep Discount Bond which would provide the investors a lumpsum amount at the end of a fixed tenure. The yields on these bonds would be attractive compared to the normal Bank Fixed Deposits and the Post Office schemes. The Bonds will be sold in Demat form to the investors. The investors will also have the convenience of Pass Book system to keep a track of their investments through this service.

ICICI Capital is a comprehensive distribution house, which sells a wide variety of financial investment products and select services to retail and semi-retail customers. The company distributes the financial products offered by ICICI Group companies, such as bonds, fixed deposits etc., as well as third party products including mutual funds, initial public offerings by companies etc. ICICI Capital also operates the network of 95 ICICI Centres across the country, set up to distribution of financial products and services and for servicing the customers.

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 our ability to successfully implement our Express Service facility through ICICI Capital, our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, 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 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 Madhvendra Das at 653 6124 or email: das@icici.com.