Date: December 1, 2003

To:
Dear Customer,

Ref: Client Agreement with respect to Brokerage account, the Bank account and the Demat account held with ICICI Group

As part of the account opening process with us, you have signed the 3-in-1 e-invest Client Agreement with ICICI Securities Limited, ICICI Bank Limited in the capacity of a Bank and ICICI Bank Limited in the capacity of a Depository Participant. The agreement incorporates the terms and conditions in respect of all three accounts, namely, the brokerage account, the bank account and the demat account held in your name.

National Securities Depository Limited (NSDL) is however desirous that the aforesaid Agreement insofar as the depository account is concerned, would not be as per the bye-laws prescribed by NSDL. NSDL has instructed the undersigned that a separate Depository Participant agreement should be entered into between the Depository Participant and the Client and the same should be strictly in accordance with NSDL bye-laws.

In view of the above and in pursuance of the right of amendment to the terms and conditions retained under the original Client Agreement by the undersigned, you are hereby notified that the enclosed Agreement Between The Depository Participant And The Person Seeking To Open An Account With The Depository Participant,Client Agreement ,Supplemental Trading Member-Client Agreement (ITORS Trading) and Letter of Confirmation shall substitute the 3-in-1 e-invest Client Agreement previously executed by you with ICICI Securities Limited, ICICI Bank Limited as a bank and with ICICI Bank Limited (previously ICICI Limited) as a Depository Participant.

We would request you to note that such contractual provisions in the two agreements are, insofar as the contractual rights and obligations concerned, in line with the 3-in-1 e-invest Client Agreement previously executed by you with ICICI Securities Limited, ICICI Bank Limited as a bank and with ICICI Bank Limited (previously ICICI Limited) as a Depository Participant

In case of any queries you can write to helpdesk@icicidirect.com quoting your brokerage account number.

Thanking you,

Yours faithfully
For ICICI Securities Limited

Authorized Signatory

For ICICI Bank Limited (ICICI Bank & Depository Participant)

Authorized Signatory

Encl:
1. Agreement Between The Depository Participant And The Person Seeking To Open An Account With The Depository Participant.
2. Client Agreement.
3. Supplemental Trading Member-Client Agreement (ITORS Trading).
4. Letter of Confirmation