__________________________________________________________________

Anand, Mysore, Manesar and Coimbatore are the new cities added

__________________________________________________________________

Mumbai, July 5, 2008: ICICIdirect, today announced the inauguration of its four new Neighbourhood Financial Superstores in Anand, Mysore, Coimbatore and Manesar in Gurgaon. Recently the firm had also inaugurated a store in Rajkot.

Mr Anup Bagchi, Executive Director ? ICICI Securities Ltd said, ??More than 80% Indians save, but do not save wisely. Given the rising costs on one hand and rising aspiration it is critical to allocate some portion of savings towards products which give equity type returns to generate wealth. It is specific to life stage and risk taking ability of the customer."

Further elaborating Mr Bagchi said, ?The ICICIdirect store attempts to understand the need of each customer, emphasize the need of a disciplined process of saving and generating wealth and through its proprietary tools helps customers plan and reach their life goals,? adding, ?Our service philosophy lies in being interactive and not merely transactional.?

The ICICIdirect superstore will offer personalised service through trained Relationship Managers and will employ proprietary tools and technologies to generate customised financial planning and guidance based on the requirement of customers. ICICIdirect will also organise customised programmes for Senior Citizens and Housewives to help them prepare an optimised investment plan.

ICICIdirect has 1,270 320 owned Neighbourhood Financial Superstores and 950 franchisees, covering over 530 cities and an employee strength of ~1,500 people.

Disclaimer: The Company is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a public issue of its equity shares and to file a Draft Red Herring Prospectus with SEBI.