March 17, 2000

ICICI announces payment of interim dividend

TheBoard of Directors of ICICI Limited (NYSE: IC and IC.d) at its Meeting held today in Mumbai has decided to pay interim dividend @ 45% i.e. Rs.4.50 per share (excluding dividend tax) in respect of financial year ending March 31, 2000.

The equity shares issued during the year will be entitled for pro-rata dividend. The Board has fixed April 25, 2000 as the Record Date for the purpose of payment of aforesaid dividend.

Assuming a Rupee : US $ exchange rate of Rs. 43.75 the interim dividend payable for the American Depositary Shares (ADS) listed under the symbol IC on NYSE would be about US $ 0.51 per ADS.

The ICICI ADS listed under the symbol IC.d on NYSE is eligible for pro-rata dividend from September 27, 1999 and at the assumed exchange rate the interim dividend payable would be about US $ 0.26 per ADS.

The actual dividend paid will be dependent on the exchange rate prevailing on the day of payment.

For further investor queries:

Contact: A.P Singh at 91-22-653 6262 or email at singhap@icici.com