February 24, 2000

Launch of account opening, live content & live game on icicidirect.com

icicidirect.com the Internet investing site launched by the ICICI Web Trade Limited, a subsidiary of ICICI Limited (NYSE: IC and IC.d), announces the commencement of account opening for its e-invest account. The e-invest account is the only account in the country which integrates the bank account, brokerage account and the demat account in one to give the user a seamless, hassle free and paperless way to trade on the Indian stock markets. The account opening charges have been kept very nominal at Rs 750/- (to be adjusted against brokerage till end September 2000). The account opening process has been simplified by having a single integrated form for all these accounts.

Live Stock Market Game (i-gain): The site also features a live stock market game, which simulates the integrated features of the e-invest account. The game starts with each registered member getting a virtual allocation of Rs. 10 lac as his e-invest virtual bank account balance. Then the member can "trade" on the exchange using live real-time quotes from the NSE. The game runs for a month and the winner is decided on the basis of final net worth of the player. There are six prizes for the winners including trips for two to the US, Mauritus and SriLanka.

Extensive online guide for the investors: The site has a learning center for the benefit of the first time investors to give them an overview of the Indian stock markets. It also has an extensive section of frequently asked questions covering areas like settlement cycles, online investing, margin trading, access to the website etc.

Access to live quality information:

The site brings to everyone a central point of access to market information, research and analytics hitherto available only to the professional traders. The site features:

Online Quotes, News and Charts: free online real-time quotes from NSE for all stocks, latest news affecting markets, charts for stocks and indices and intraday and historical charts. Also as an introductory offer, free access to Reuters news would be available to all registered members and account holders.

Portfolio and Watchlists: Customers can create their own portfolio, enter details of their transactions, keep track of total market value of their portfolio, booked and unrealised profits and losses. In addition customers can create upto five watch lists of 20 stocks each to keep track of favourite stocks. These watch lists help one get real time quotes and fundamental data like P/E, P/Book value, EPS etc.

Smart research tools: Access to i-SEC equity research, i-SEC debt research, Analyst Meets, BARRA Earnings Estimates, Corporate Score Board, Company reports for 500 companies, Financial Statements and Quarterly Earnings Results for over 3000 companies.

IPO Centre: Know all about the latest IPO (Initial Public Offerings) which are about to hit the market and our analysis on these. IPO Calendars, recent IPO listings, Prospectus/ Offer Documents, and IPO analysis.

Market Analysis: Latest stock trends, Market commentary, Most active stocks, Top Gainers / Losers, Story Stocks, Trading Ideas, Interviews and Technical analysis / commentary.

Fee Structure

Except for the historical information contained in this release, 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", "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 obtain statutory and regulatory approvals in respect of this on-line brokering initiative and to successfully implement the integration of various systems in respect of this initiative. In addition there would be certain uncertainties arising from the ability to successfully implement ICICI Group's overall strategy, the actual growth in demand for on-line brokering products, growth and expansion in business, technological implementation and changes, cash flow projections, 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.