The Board of Directors of ICICI Securities Limited (ICICI Securities), a wholly-owned subsidiary of ICICI Bank Limited (NYSE: IBN), at its meeting held at Mumbai today approved an initial public offering of equity shares, as well a private placement of equity shares to one or more institutional investors.

The Board of Directors of ICICI Bank has also today approved the proposed capital raising. The maximum dilution of ICICI Bank?s holding in ICICI Securities through the proposed public offering and private placement would be up to 15.0% of the post-issue capital base of ICICI Securities.

ICICI Securities? operations primarily encompass retail broking, institutional broking, distribution of retail financial products, wealth management and equity capital markets, including advisory services. The above equity offering would be subject to necessary regulatory, statutory and other approvals and procedures.

This release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered under applicable law or exempt from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from ICICI Securities Limited and will contain detailed information about ICICI Securities Limited and its management, as well as financial statements. No money, securities or other consideration is being solicited, and, if sent in response to

the information contained herein, will not be accepted. ICICI Securities Limited does not intend to make an offering of registered securities in the United States.

Except for the historical information contained herein, statements in this Release which contain words or phrases such as 'will', expected to?, etc., 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, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to the future demand for the products and services of ICICI Securities, which may be impacted by, among other factors, economic conditions in India and globally and the returns and volatility in Indian stock markets, its ability to successfully implement its strategy, including its use of the Internet and other technology, its ability to integrate recent or future mergers or acquisitions into its operations, its growth and expansion in domestic and overseas markets, the adequacy of its allowance for losses, technological changes, investment income, its ability to market new products, cash flow projections, the outcome of any legal or regulatory proceedings it is or becomes a party to, the future impact of new accounting standards, its dividend policy and its ability to implement this policy, the impact of Indian banking & securities regulations on it, and its exposure to market risks as well as other risks that will be described in the offering document for the proposed equity offering by ICICI Securities.

The information provided herein is not an offer or solicitation for any application or subscription to any products or services and is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person's nationality, residence or otherwise) be contrary to law or regulation or would subject ICICI Bank, ICICI Securities or its / our affiliates to any licensing or registration requirements. The information contained in this document is not intended to nor should it be construed to represent that ICICI Bank, ICICI Securities or its / our affiliates provides any product or service in jurisdictions where it is not licensed or registered to do so. Any products offered by ICICI Bank or ICICI Securities or its or our affiliates are subject to the terms and conditions of that product. Any person interested in any of those products should get himself/herself acquainted with the terms and conditions of such product.

ICICI Bank, ICICI Securities or its or our affiliates are subject to a wide variety of banking and financial services laws and regulations and a large number of regulatory and enforcement authorities in each of the jurisdictions in which ICICI Bank, ICICI Securities or its / our affiliates operate. The laws and regulations governing the banking and financial services industry are complex governing a wide variety of issues with sometimes overlapping jurisdictional or enforcement authorities. Failure to comply with applicable regulations in various jurisdictions, including unauthorized actions by employees, representatives, agents and third parties, suspected or perceived failures and media reports, and ensuing inquiries or investigations by regulatory and enforcement authorities, may result in regulatory action including financial penalties and restrictions on or suspension of the related business operations. ICICI Bank or ICICI Securities undertakes no obligation to update forwardlooking statements to reflect events or circumstances after the date thereof.

For investor queries please call ICICI Bank?s investor relations team: Rakesh Jha at 91-22-2653 6157 or Rupesh Kumar at 91-22-2653 7126 or email at ir@icicibank.com.