News Release

Mumbai, November 17, 2000

ICICI signs on Amitabh Bachchan as its Brand Ambassador

ICICI Limited (NYSE: IC), one of India's leading financial services providers has signed an agreement with Mr. Amitabh Bachchan, India's popular film star and TV show host, appointing him as ICICI's Brand Ambassador.

Under the agreement, Mr. Bachchan will endorse and promote the products and services offered by ICICI and its Group companies for a period of two years.

Mrs. Lalita Gupte, Joint Managing Director and COO, ICICI said, "Our aim is to be a significant player in the area of retail financial services. Mr. Bachchan's presence is expected to provide further impetus to the remarkable strides we have taken in this sector in such a short time."

Speaking at the signing of the agreement, Mr. Bachchan said, "I look forward to the challenging task of communicating a financial brand message to ICICI Group's very diverse customer base of more than five million people."

During his term as the brand ambassador, Mr. Bachchan will play a key role in all major brand and product communication by ICICI. He will endorse the ICICI brand through corporate and product campaigns on television, print and outdoor medium. Mr. Bachchan will also participate in select events such as new product launches, customer reward programmes etc.

Mrs. Chanda Kochhar, Senior General Manager and head of ICICI Personal Financial Services said, "Mr. Bachchan's universal appeal will help us to effectively communicate our brand message - that customers will find it safer, simpler and smarter to transact with ICICI - to a very diverse customer base encompassing people from all sections and life-stages."

Mr Bachchan will endorse the main products offered by ICICI Group distributed to customers through its technology enabled network of more than 100 branches, about 343 ATMs, round-the-clock call centres and on-line banking offered by ICICI Bank, close to 100 ICICI Centres spread throughout the country and various offices of the group companies. The products endorsed by him would include ICICI Bank credit cards, which were launched in January 2000 and already have more than 90,000 customers; home loans and car loans, both of which have shown remarkable growth recently; ICICI Safety Bonds; ICICIDirect.com - the country's largest online broking site, etc. Mr. Bachchan will also endorse proposed product launches such as Insurance during his term.

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 brand strategy, 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:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com