News Release

Mumbai, June 13, 2001

ICICI Safety Bonds to be marketed by Post Offices in Mumbai, Delhi and Chandigarh

ICICI Limited (NYSE: IC), one of the country's leading financial intermediaries, today announced that it has entered into an agreement with Government of India Post Offices, under which it will offer ICICI Safety Bonds to investors through the Post Office network in Mumbai, Delhi and Chandigarh. As per the agreement, the Post Office will act as marketing associates for ICICI Safety Bonds issue and will stock, collect, and transmit application forms along with cheques/ demand draft and pay orders favouring ICICI Safety Bonds.

With this, investors in the ongoing ICICI Safety Bonds issue (open from June 11-June 29, 2001) will have access to an additional 64 centres in the three cities of Mumbai, Delhi and Chandigarh. ICICI believes that a powerful combination of the vast reach of Post Offices and a strong Brand like ICICI Safety Bonds will bring the products and services to the doorstep of many more new and existing investors.

The Post Office with its unparalleled network of more than 1.4 lac branches across the country has ventured into a variety of financial services, from instantaneous international money transfer to distribution of mutual funds and Bonds from selected offices.

ICICI Limited offers ICICI Safety Bonds as an investment option for retail investors. Under the Umbrella Prospectus approved by the Securities and Exchange Board of India (SEBI) for a total amount of Rs.5000 crore with a right to retain oversubscription of 100% during the financial year 2001-2002, ICICI is making the first public offering of Unsecured Redeemable Bonds in the nature of Debentures aggregating Rs. 400 crore with a right to retain oversubscription of up to Rs. 400 crore. The issue opened for subscription on June 11, 2001 and will close on June 29, 2001. Two premier credit rating agencies have assigned AAA ratings for the bonds:- LAAA" by ICRA and "CARE AAA" by CARE. The ratings signify highest safety with regard to timely payment of principal and interest. The Issue offers various options under five types of bonds - Encash Bond, Regular Income Bond, Money Multiplier Bond, Children Growth Bond and Pension Bond.

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 of sale of ICICI Safety Bonds through the Post Offices, 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 information please contact Madhvendra Das at 653-6124 or email: das@icici.com.