Mumbai, June 27, 2000

ICICI Launches www.traveljini.com - India's most comprehensive Travel Portal

Mumbai, June 20, 2000: ICICI Limited (NYSE: IC) today announced the launch of www.traveljini.com, an integrated on-line travel information and services portal. The portal which offers seamless, one-stop travel planning solutions with the widest range of options and deals, has been incubated by ICICI. The portal plan was initiated by Tenet Software - a Bangalore based portal development firm. Subsequently, a cross-functional team comprising of content writers, technologists and marketing specialists was put in place by ICICI to develop the portal. The portal gives authentic information on about 100 destinations along with unique service options.

The launch of traveljini.com is synergistic with ICICI's retail focus and its attempt to use the opportunities offered by the Internet to enhance and enrich customer relationships and meet a wider range of financial needs of the customers. Hyperlinks will be available to customers to access traveljini.com from other ICICI Internet properties such as cafemumbai.com.

Traveljini.com aims to meet the entire travel related needs of tourists and travelers under one canvas, thus driving a transformation in the way holidays/ trips are planned.

Services on the portal include on-line booking of air tickets & car rentals, the widest range of package tours, Honeymoon ideas, Spiritual journeys, Sporting Breaks, Weekend getaways and bookings for over 350 hotels around the country (soon to be expanded to 1000 hotels). Unique services include Customjini, where travel agents get back to a customer query with customised deals, and Destinationjini, where a local face from the chosen destination connects with the customer to offer authentic, first hand information about the place.

A powerful search function lets customers scan the best travel deals, no matter what the budget or destination. Traveljini.com has already tied up with more than 350 domestic hotels for discounts ranging from 10 to 50 per cent on rooms. It also has tie-ups in place to allow booking of air tickets and car rentals at the click of a mouse.

Information: Extremely rich in content, the portal offers all the information that a traveler may need for getting the best out of a destination. Apart from traveling and accommodation details, the portal also provides downloadable maps of the city, its history, and weather details including five-day forecasts for 1,303 Indian locations and 1,000 locations around the world. The portal also offers Magajini - the only online Indian travel e-zine - containing travel updates, getaways, great deals, destination profiles, and of course, travel tips. The portal also offers useful information about a destination such as Business hours, Emergency numbers, Tourist offices, Moneychangers, Travel agencies, Postal services, Cybercafes etc.

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 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.