U.S. Subsidiary of I-Sec Gets NASD Membership.

Business Editors

MUMBAI, India--(BUSINESS WIRE)--Nov. 14, 2000

ICICI Securities and Finance Company Limited (I-Sec), the investment banking company of ICICI Limited (NYSE:IC), today announced that its U.S. subsidiary -- ICICI Securities Inc. -- has been granted membership of the National Association of Securities Dealers, Inc. (NASD). With this registration, ICICI Securities Inc. (I-Sec Inc.) can engage in permitted activities in the U.S. securities markets. These activities include dealing in securities markets transactions in the United States and providing research and investment advice to U.S. investors. I-Sec Inc. has opened its office in New York.

Mr. Devdatt Shah, MD and CEO, I-Sec said, "ICICI Securities will provide investment banking services to its clients. We would be able to assist Indian companies raise equity capital in the U.S. market and to service U.S. investors for investments in Indian equities. This is another step by the ICICI group in implementing its global vision following the listing of ICICI Limited (NYSE:IC) and ICICI Bank (NYSE:IBN) on the NYSE."

I-Sec has a net worth of Rs. 2.5 billion and assets of Rs. 21.5 billion at year-end March 2000. It reported a consolidated profit after tax of Rs. 720 million and a return on average net worth of 31%. I-Sec's services cover the entire range of investment banking operations in Fixed Income, Equities and Corporate Finance. I-Sec is one of the most significant players in the primary and secondary equity and debt markets in India. According to Prime database, I-Sec is ranked first in the league tables for private placement of debt as of September 30, 2000. In the equities business, I-Sec is ranked as the second largest book runner of public issues as of March 31, 2000.

Except for the historical information contained herein, 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," "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 ICICI Group's ability to successfully implement its strategy in the U.S. markets, our growth and expansion, 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 (promoters of ICICI Securities and Finance Company 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 inquiries please contact I-Sec at (91-22) 288 2451.