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| Message from Managing Director      & CEO |
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| The      success of the ICICI Group so far is as a result of several factors. One      of our core strengths is the quality of our human capital and the talent      and entrepreneurial energy of our entire team. Closely linked with this      are our ethical values. Since the inception      of the ICICI Group in 1955, we have placed a strong emphasis on ethics and      integrity as core values which we as an organisation constantly work to      reinforce and communicate to our stakeholders, and manifest through our      internal culture. Ethics      cannot      be merely mandated but must be inseparably woven into the character of the      organisation —      through      tradition, value systems and a commitment to uphold the spirit as well as      the letter of the rules that govern us. This is what the ICICI Group      strives to      achieve in all its activities. Maintaining      this commitment and our traditions of integrity and ethics requires each      of us to uphold certain standards of conduct and behaviour      . The      Group Code of Business Conduct and Ethics (the Code) seeks to      institutionalise      this culture by setting out the standards we must follow in our everyday      work. It outlines the requirement of ICICI Group policies and practices      that require all of us to imbibe and demonstrate the organisational DNA      anchors, address conflicts of interest      and report any violations or unethical behaviour to appropriate internal      authorities. Thus the Code sets out the minimum ethical standards that are      required to be maintained across the Group. All      employees and other persons acting on behalf of the Group are expected to      treat compliance with this Code as an important element of their      relationship with the Group. This      hand book serves two purposes - to guide you through the tough choices you      may be      faced with in the daily execution of your role and to underscore to our      stakeholders that we will act with integrity and be known as an ethical      organisation. |  |
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|                                                    | Table of      Contents |   |
|---------------------------------------------------------|------------------------|--------|
|                                                    |                   |
| Preamble                                                | 01                     |
|                                                    |                   |
| Conflicts of Interest and Outside      Activities       | 02                     |
|                                                    |                   |
| Privacy /      Confidentiality                          | 04                     |
|                                                    |                   |
| Gifts and      Entertainment                            | 05                     |
|                                                    |                   |
| Personal      Investments                               | 06                     |
|                                                    |                   |
| Know Your Customer / Anti Money      Laundering         | 07                     |
|                                                    |                   |
| Accuracy of Company Records and      Reporting          | 08                     |
|                                                    |                   |
| Protecting ICICI Group's      Assets                    | 09                     |
|                                                    |                   |
| Workplace      Responsibilities                         | 10                     |
|                                                    |                   |
| Raising Ethical      Issues                             | 12                     |
|                                                    |                   |
| Special Responsibilities of      Superiors and Managers | 13                     |
|                                                    |                   |
| Compliance with Laws, Rules and      Regulations        | 14                     |
|                                                    |                   |
| Key      Irregularities                                 | 15                     |
|                                                    |                   |
| Disciplinary      Procedures                            | 17                     |
|                                                    |                   |
| Compliance with the      Code                           | 19                     |
|                                                    |                   |
| Employee      Declaration                               | 21                     |

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|   |   |   |

| Preamble |
|----------|

|   | • | ICICI Group expects all its      employees, officers and Directors to act in accordance with high      professional and ethical standards. You must be, and be seen to be,      committed to integrity in all aspects of your activities and comply with      all applicable laws, regulations and internal      polices. |
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|   | • | In accepting a position with ICICI      Group or any of its subsidiaries, each of you become accountable for      compliance with the law, with the ICICI Group Code of Business Conduct and      Ethics (‘the Code’), and with policies of your      respective business units. |
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|   | • | The standards of the Code are not      necessarily prescribed by the regulators - they are something, which a      well respected institution must have in place and adhere to on an ongoing      basis. We therefore      expect a high level of ethicalconduct. |
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|   | • | You must conduct your duties      according to the language and spirit of this Code and seek to avoid even      the appearance of improper behaviour. You should be aware that even well      intentioned actions that violate the law or this Code may result      in negative consequences for ICICI Group and for the individuals      involved. |
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|   | • | While covering a wide range of      business practices and procedures, these standards cannot and do not cover      every issue that may arise, or every situation where ethical decisions      must be made, but rather set forth key guiding principles that represent      ICICI Group’s  policy. |
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|  2 |   |
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|   Conflicts      of Interest and Outside      Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | outside      enterprise, which does or seeks to do business with or is a      competitor; o       Acting as a broker, finder, go-between or otherwise for the      benefit of a third party in       transactions involving or potentially involving the Group or its      interests; o          Working, in any capacity, for a competitor, customer, supplier or other      third party while  employed by ICICI      Group; o          Competing with ICICI Group for the purchase or sale of property, products,      services or other interests; o           Having an interest in a transaction involving the Bank, a      competitor, customer or supplier (other than as an employee, officer or      director of the Bank      and not including routine investments in publicly traded      companies); o     Receiving      a loan or guarantee of an obligation as a result of your position with the      Bank; o     Directing      business to a supplier owned or managed by, or which employs, a      relative      or friend. Conflicts  of  interest  arising  out  of  personalInvestments While      undertaking personal investments, it should be borne in mind that such      investments should not: •        Affect      or appear to affect your ability to make unbiased business decisions for      ICICI Group; •        Be      contrary to ICICI Group's interests (e.g. using proprietary knowledge      obtained through the course of employment to make investments that are not      in the best      interest of the ICICI Group); |
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|  Conflicts      Of Interest – general      principles •       Conflicts      of interest can occur if our business practices sacrifice interests of one      set of customers in favour of another or place business interests ahead of      customers. •       If      you are aware of any circumstances which you think may give rise to a      conflict      of any kind, or if you become aware of information which places you in      difficulty in carrying out your function (for example, if you obtain      confidential information about a company), you must handle the same as per      the conflict of interest policy applicable      to your Company. •  You      would be expected to be sensitive to any activities, interests or      relationships that might interfere with or even appear to interfere with,      your ability to act in the best interests of ICICI Group and its      customers. •  You      must disclose to the HR of your company, annually, a statement that you      have no material interest or any other conflicting interests, in any      person who is a party to a material contract or proposed contract with      ICICI Group. In case of any doubt in regard      to the extent of disclosure applicable, kindly contact the HR      department. •  Examples      of situations that could involve conflicts of interest      include: o          Selling a product that is profitable for the Group but not appropriate for      the customer; o          Ownership, by employees or their family members, of a significant interest      in any |   |

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|   |  3 |
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| •        Be in the businesses of ICICI Group’s      customers, suppliers, or competitors that could cause divided loyalty, or      even the appearance of divided loyalty. Please refer to      the section on personal investments for further guidelines in relation to      adherence to the Code of Conduct for Prevention of Insider      Trading. Conflicts of interest through      outside business activities  •       Due to      potential conflicts with ICICI Group,      you must obtain approval from Committee of Directors (or an appropriate      internal committee in case of other entities in ICICI Group) before you      accept a position as a director of an unaffiliated for-profit company or      organization or when you work with a      professional organisation/ association outside ICICI      Group. •       Working with      professional organisations/ associations does not typically create a      conflict of interest where: o     The      work is related to the legitimate professional interest and development of      the employee and does not interfere with the employee’s      regular duties; o      Does not use official      resources inappropriately (either physical resources or      time); o      Does not compete      with the work of ICICI Group and is not otherwise contrary to the best      interests of the Group; o      Does not violate      national, international or local      law; •        It      may however be mentioned that, while undertaking outside activities, you      should not use      ICICI      Group name, facilities, or relationships for personal benefit. Further      any |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | employee accepting an      appointment, as director of an unaffiliated for-profit company/ organisation must      ensure proper treatment of confidential information received from such      entity in connection with being a director.  |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   Conflicts      of Interest –      Do's and Don’ts  Do •       Act in the      best      interestsof ICICI Group and its customers and handle      activities, interests or relationships in a sensible      manner •  Handle      Conflicts of interest as per applicable Conflicts of Interest      Policy •       Submit an      annual statement of Conflicts of Interest to the HR of your      Company  Don’t •       Undertake      personal investments or outside activities that create conflicts of      interest  |
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|  4 |   |
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|  Privacy      / Confidentiality  |   | financial or      pricing information must also be protected. |
|--------------------------------------------|--------|---------------------------------------------------------------|

| Proprietary and Confidential      Information •      You must always protect the      confidentiality of proprietary and confidential information you obtain or      create in connection with your activities for ICICI Group, in accordance      with the applicable law. Your obligation to protect ICICI      Group’s proprietary and confidential      information continues even after you leave the Group, and you must return      all proprietary information in your possession upon leaving ICICI      Group. •      Proprietary and confidential      information include      any system, information or process that gives ICICI Group an opportunity      to obtain an advantage over competitors; non public information about      ICICI Group businesses, its customers and its employees, any other non      public information received. •     Proprietary and confidential      information about ICICI Group, a customer, supplier or distributor, should      not be disclosed to anyone (including other employees) not authorized to      receive it or has no need to know the information, unless such disclosure      is authorized by the customer or is      required by law, appropriate legal process or appropriate internal      authorities. •     Intellectual property of ICICI      Group such as trade secrets, patents, trademarks and copyrights, as well      as business, research and new product plans, objectives and      strategies, records, databases, salary and benefits data, employee medical      information, customer, employee and suppliers lists and any      unpublished |                                                                                                                                                                                                                                                                                                                                                                                                                        | •  Unauthorized use or distribution of proprietary      information violates the internal policies and could be illegal. Such use      or distribution could result in negative consequences for both ICICI Group      and the individuals involved, including potential legal and disciplinary      actions.•  Acts of ignorance that could lead      to such proprietary information, especially through electronic means      – like CDs, floppy etc., may lead      to investigation and probe against theemployees.•  We, at ICICI Group, respect the      proprietary rights of      other companies and their proprietary information and require you also to      observe such rights.Privacy of Employee      InformationAt ICICI Group, we recognise and      protect the privacy and confidentiality of employee medical and personal      records. Such records      would be shared strictly on need to know basis or as required by any law,      rule and regulation or when authorized by the employee or as per subpoena      or court order and requires approval by internal      counsel.  |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   Privacy /      Confidentiality–      Do's and      Don’ts  Do •  Properly      control access to your work areas and      computers• Ensure      appropriate destruction of business related documents when not required      for work anymore •       Obtain      any relevant information directly from the person      concerned  |

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|   |  5 |
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|  •  Protect the physical security of      official information •   Access      to information or data by outsourced will also be subjected to the      relevant employee’s      accountability, in case such data is misused •       Keep      customer information secured at all times and uphold ICICI Group Privacy      Promise for customers •  Limit      access to information strictly to those with a legitimate business reason      for seeking that information • Comply      with local data protection and      privacy laws that affect the collection, use and transfer of personal      customer information  •       While      accessing Intranet and Internet, ensure compliance with internal policies      and procedures •  Ensure      that worldwide electronic information exchange and dialogue,      electronic business dealings are all as per internal policies and      procedures  Don’t  •       Discuss      sensitive matters or confidential information in public      places •  Violate      the IT Security Policy applicable to your      Company •  Transfer      official information into personal databases or carry hard copies of      official information (otherwise than for official purposes) outside the      office, without prior permission from your superior •       Pass      information, in any manner, directly or indirectly      to any recruitment/search agencies or to competitor or any other      organisations  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   Gifts      and Entertainment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Accepting Gifts and Entertainment-      General Principles•   In general, all staff should not accept gifts -      anything of value (including entertainment) from current or prospective      customers or suppliers, unless it is in accordance with the      Code.•  The detailed policy guidelines in      this regard would be approved by the Product & Process Approval Committee from time to      time.Giving Gifts and Entertainment -      Bribery and Corruption•  Bribery/Corruption is defined as      receiving or offering of an undue reward from/to any third      party.•  You must note that ICICI Group      follows zero tolerance approach towards Bribery and      Corruption. |

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|  6 |   |
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| •  You must not make any payment to      or for anyone for the purpose of obtaining or retaining business or for      obtaining any favourable action. If you are found to be involved in making      such payments, you would be subject to disciplinary action as well as      potential civil or criminal liability      for violation of the Code. •  You should not offer or give any      funds or property as donation to any government agency or its      representatives, in order to obtain any favourable performance of official      duties. •  While you are expected to put in best of      your efforts in every transaction, you will not be penalised by ICICI      Group for delayed performance of a transaction solely on the grounds of      refusal to pay bribes. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   Personal      Investments |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  •  To protect the integrity of ICICI      Group and its subsidiaries and affiliates, it is essential that you      conduct your personal trading as per Code of Conduct for Prevention of      Insider Trading (Insider Trading Code) under SEBI guidelines, in an      appropriate manner that withstands public      scrutiny and does not create even the appearance of      impropriety.•  ICICI Group policy and the laws of      many countries prohibit trading in securities of any company while in      possession of material, non-public information (also known as inside information) of any      company. Employees of certain ICICI Group businesses are subject to      additional personal trading policy restrictions.•  You should note that using      non-public information to trade in securities, or providing a family      member, friend or any other person with a “tip”, is illegal. All non- public      information should be considered inside information and should never be      used for personal      gain.•  You are required to familiarise      yourself and comply with the Bank's Code of Conduct for Prevention of      Insider Trading (or such other Code applicable to your Company), copies of      which are available on the Intranet or from the Company Secretary. You should contact the      Company Secretary with any questions about your ability to buy or sell      securities.•  Investments in securities should      be made as per the Insider Trading Code, of the respective      company. |
|  Gifts and      Entertainment – Do’s      and Don’ts Do•  Accept gifts only if it is in line      with the Code and related internal guidelines Don’t•  Make any payment to or for anyone      that could tantamount to bribe/corruption                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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|   |  7 |
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|   Personal      Investments – Do’s      and Don’ts Do•  Ensure adherence to the Code of      Prevention of Insider Trading applicable to your      Company Don’t•  Handle personal investments while      in possession of “Insider      information”                                                                                                                                                                                                                                                                 |   | compromising our commitment to combating money      laundering.•  ICICI Group has adopted the Group      Anti Money Laundering Policy accompanied by detailed procedures with the      principal objectives as under:o          Preventing ICICI Group from being used by money launderers to further      their illicit business.o     Enabling      ICICI Group to assist law enforcement agencies in identifying and tracking      down money launderers; o          Ensuring that ICICI Group remains compliant with all relevant anti-money      laundering legislation and regulations.•  You must exercise requisite care      in selecting those      with whom we conduct business. While conducting business, you must adhere      to processes which are in place for checking the credit and character of      customers and counter parties. These processes ensure adequate customer      due diligence and ongoing monitoring of their transactions. This is      done to detect suspicious transactions during the entire period of      relationship.  |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |  Know      Your Customer (KYC) and Anti Money Laundering (AML) – Do’s      and Don’ts Do•  Undergo relevant training to      update yourself on applicable internal KYC/AML      guidelines•  Exercise requisite due diligence      while accepting a customer and undertaking a transaction and make      reasonable enquiries in case of  doubt.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Know      Your Customer / Anti      Money Laundering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|  •  Money Laundering legislations      criminalise money      laundering in respect of all crimes including drug trafficking, terrorism,      theft, tax evasion, fraud, handling of stolen goods, counterfeiting and      blackmail. It is also an offence to undertake and/or facilitate      transactions with individuals and entities involved in criminal      activities.•  ICICI Group does not do business      with drug traffickers, money launderers and other criminals. We are fully      aware that no customer relationship is worth |   |

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|  8 |   |
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| •   Escalate all suspicious      activities/ transactions in respect of money laundering regardless of the      amount involved or the nature of the offence as per the applicable      internal procedures.      Failure to report suspicious transactions despite having knowledge is an      offence.Don’t•   Provide assistance to any person      to launder proceeds of any criminal conduct.•   Prejudice an investigation by      informing (i.e. tipping off) the person who is the subject of a suspicious      transaction.  |   | accordance with generally accepted      accounting principles and that they fairly present the financial      conditions and results of the company.•  You must observe standards of good      taste regarding content and language when creating business records and      other documents (such      as email) that may be retained by ICICI Group or a third      party.•  Non-maintenance of these records      that comes into your notice and any misappropriation or tampering of      records needs to be reported to a relevant      authorityReporting to Government/external      agencies•  ICICI Group has a responsibility      to communicate effectively with shareholders so that they are provided      with full and accurate information, in all material respects, about the      ICICI Group’s financial results and condition      of operations. Our reports and documents are required to be filed with or      submitted to regulatory authorities. Hence, such reports and any other      public communications should be full, fair, accurate, timely and      understandable.•  You must, therefore, never make      inaccurate or misleading reports, certificates, claims or statements to      government / regulatory authorities. |
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| Accuracy of      Company Records and Reporting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|  •   You must ensure that records, data      and information owned, collected, used and managed by you for ICICI Group      are accurate and complete. Records must be maintained as per the      applicable record retention policy of your Company in sufficient detail so      as to reflect accurately the company's      transactions.•   You must assist in maintenance of      appropriate records so as to ensure that financial transactions are      prepared in                                                                                    |   |

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|   | 9 |
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| Accuracy of Company      Records and Reporting – Do’s      and Don’ts                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |  Protecting      ICICI Group’s      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|  Do•   Maintain accurate data in      sufficient detail to reflect accuracy of company      transactions•   Assist in preparation of true and      fair financial statements of the company•   Crosscheck the reports being      submitted to regulatory authorities; in case there are any errors found,      report to the relevant authority;Don’t•   Make inaccurate reports to the      applicable Government / regulatory authorities  |   |  Protecting ICICI Group’s      assets against loss, theft or other misuse is the responsibility of every      employee, officer and Director. Loss, theft and misuse of ICICI      Group’s      assets directly impact our profitability. Any suspected loss, misuse or      theft      should be reported to your supervisor or the Chief Financial      Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  Protecting      ICICI Group Assets – Do’s      and Don’tsDo•  Use ICICI Group assets (physical      and intellectual) only for official purposes•  Report any misuse by any employee      or outsourced agents of ICICI Group that comes to your      notice.Don’t•  Copy, sell, use or distribute      information, software and other forms of intellectual property in      violation of licenses•  Misappropriate ICICI Group assets      as it is a breach of your duty and may constitute an act of fraud against      ICICI Group•  Use official resources in another      business in which you, a friend or family member is      involved•  Use official stationery,      supplies, and      equipment for personal or political matters.  |

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|  10 |   |
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| Workplace Responsibilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Discrimination and Harassment and      Intimidation•  ICICI Group is committed to      prohibition of harassment and intimidation of employees in the workplace.      ICICI Group discourages conduct that implies granting or withholding      favours or opportunities as a basis for decisions affecting an individual,      in return for that individual’s compliance. Such action is an      easier form of harassment to identify because it takes the form of either      a threat or a promise, whether explicit or      implied.•  ICICI Group has a Gender Neutral      Policy that prohibits unwelcome advances, requests for sexual favours, or      other verbal or physical conduct where such conduct has the purpose or      effect of unreasonably interfering with an individual’s work performance or      creating an intimidating, hostile or      offensive working environment.Safety in the      Workplace•  ICICI Group considers safety of      employees as the primary concern. ICICI Group is committed to safety of      employees and expects its businesses and employees to comply fully with appropriate laws      and internal regulations.•  ICICI Group encourages responsible      behaviour of its employees and colleagues that result in the best possible      accident prevention measures. This applies both to the technical planning      of workplaces,      equipment, and processes and to safety management and personal behaviour      in everyday workplace. |
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|   Fair Employment Practices and      Diversity•  ICICI Group is committed to      adoption of fair employment practices. It ensures diversity of workplace      through efforts to recruit, develop and retain the most talented people      from a diverse candidate pool. It upholds the principle that advancement      is based on talent and performance and there      is a commitment to equal opportunity.•  As a fair employment practice, we      expect that you shall not (during the course of your service or upon      cessation of your service for a period of six months from the date of      cessation) directly      or indirectly on your own accord or on behalf or in conjunction with any      other person, convey or solicit or attempt to induce any employee or      business associate to leave their current employment with ICICI Group and      join the service of the new employer or any      competitor.Fair      Competition•  Although it is common to gather      information about the general marketplace, including competitors' products      and services, the Company wants to compete      fairly.Drug Free      Workplace•  You should ensure that your      workplace is healthy and productive and free from      drugs |   |

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|   |  11 |
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| •   Your work environment, therefore,      must conform to the requirements of health oriented safety design and you      must constantly be attentive to safety      principles.Fair Treatment of      counter-parties•   The quality of our relationships      with our suppliers and other external counter- parties      often has a direct bearing on the quality of our products, services and      ultimately our customer relationships. We therefore expect our suppliers      to operate to the same standards as we expect of      ourselves.•   All such relationships with external      counter-parties should be conducted in professional and impartial manner.      Vendor selection and hiring decisions must be made objectively and in best      interest of ICICI Group, based on evaluation of integrity, suitability,      price, delivery of goods/ service, quality and      other pertinent factors. You should commit to fair contract and payment      terms with them in return of good service at a good price supplied in a      responsible manner.•   Your personal relationship with      contractors, suppliers and vendors should be disclosed      to your superior at the time of entering into the transaction and should      not influence decisions made on behalf of ICICI Group. Negotiations with      customers and potential customers should be conducted in a professional      manner.•   Vendors or suppliers should not be      used for any personal purposes, so as to have any conflict of interest      while dealing with them. |                                                                                                                                                                                                                                                                                                                                                                                                                 | Corporate      Opportunities•   Employees, officers and Directors      are prohibited from taking for themselves business      opportunities that arise through the use of corporate property,      information or position. No employee, officer or Director may use      corporate property, information or position for personal gain, and no      employee, officer or Director may compete with ICICI      Group.•   Competing with ICICI Group may      involve engaging in the same line of business as the Group, or any      situation where the employee, officer or Director takes away from the      Group opportunities for sales or purchases of property, products, services or      interests.Contact with      Media•   In order to pro-actively manage      our reputation with the media and to ensure consistency of messages,      interaction with media must only occur with the prior approval of      Corporate Brand and communications Group.  |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  Workplace      Responsibilities – Do’s      and Don’tsDo•   Respect personal dignity, privacy,      and personal rights of every individual•   Work together with women and men      of various nationalities, cultures, religions, and races in a professional      manner•   Be open and honest and stand by      your responsibility |

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|  12 |   |
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| •   Treat our customers,      suppliers, competitors and employees fairly•   Maintain the safe and healthy      working environment provided by the company•   Be committed to prevent wasteful      use of natural resourcesDon’t•   Discriminate, harass or offend      anybody by whatever means, be it sexual or      otherwise•   Use ICICI Group systems to      transmit or receive electronic images or text of a sexual nature or      containing ethical      slurs, racial epithets or other harassing, offensive or lewd      materials•   Obtain competitive information by      unethical or illegal means, such as corporate espionage or improper access      to confidential information•   Engage in contacts with      competitors that could create even an appearance of improper agreements,      whether the contact is in person, in writing, by telephone or through      e-mail•   Take unfair advantage of anyone      through manipulation, concealment, abuse of privileged information,      misrepresentation of material facts or any other unfair dealing      practice•   Do not issue directives to violate      the terms of vendor’s      contracts |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  Raising Ethical      Issues |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  •   ICICI Group encourages employees      to report to their      supervisor/ HR/ compliance, concerns and suspected violations of the Code,      internal policies, external legal and regulatory requirements etc. You may      choose to remain anonymous if you wish. All significant breaches should be      escalated immediately.•   ICICI Group will conduct prompt      and thorough investigations of alleged violation and take appropriate      corrective action.•   Retaliatory action against an      employee for making a good faith report is      prohibited.•   HR takes appropriate actions      against individuals      who have broken laws, rules and regulations.•   An employee who knowingly violates      the internal policies and guidelines shall be subject to disciplinary      action, including demotion or dismissal.•   In case of any doubts in      undertaking any new      role, assignment or responsibilities, please ensure all dos and      don’ts are well understood, so as to      avoid pleading ignorance by overstepping on some      protocols.InvestigationsYou are required to cooperate      fully with authorised internal and external investigations. Making false      (or misleading) statements to regulators/ auditors/ ICICI Group      representatives during investigations can be a criminal act that can      result in heavy penalties. |
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|   |  13 |
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|  Raising ethical issues      – Do’s      and Don’ts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Special      Responsibilities of Superiors and Managers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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| Do•   Report to your      supervisor/HR/compliance, concerns and suspected violations of the Code,      internal policies, external legal and regulatory requirements      etc.Don’t•   Knowingly withhold information      that raises ethical questions and bring such issues to the attention of      senior management or ensure reporting as per the applicable Whistle Blower      Policy •   Destroy records that are      potentially relevant to a violation of law or any litigation or any      pending, threatened or foreseeable government investigation or      proceeding  |   |  In addition to responsibilities as      employees, supervisors and managers must abide by the:•   Duty      of selection -      Carefully select the employees for a job in light of      their personal and professional qualifications. The duty of care increases      with the importance of the obligation to be entrusted to the      employee•   Duty      of instruction -      Formulate obligations in a precise, complete,      and binding manner, especially with a view to ensure compliance with      provisions of instructions.•   Duty      of monitoring -      Ensure that compliance with provisions of      applicable laws / regulations is monitored on a constant basis.•   Duty      of communication -      Communicate to the employees that any      violation of the applicable laws / regulations are disapproved of and      would have disciplinary implications.  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |  Special      Responsibilities – Dos      and Don’tsDo•   Strive to create and      sustain an environment that promotes ethical      behaviour•   Assist your staff to understand      and apply the internal policies and  procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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| 14 |   |
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|  •   Encourage and practice whistle      blowing, so as to      avoid any doubts later that an offence was being committed with your      knowledge, which could be construed as connivance by the      employeeDon’t•   Issue directives to violate the      terms of internal policies/procedures                                                                                                                                                                                                                                                 |   | employee found guilty will be      additionally liable to disciplinary actions, initiated by the company for      violating the Code.•  Particular care should be taken to      act legally in those areas where the law is evolving rapidly or is being      extended to cover activities that have not been covered by legal      requirements in the past. When in doubt, the Compliance Group should be      consulted.                                                                                                                                                                                              |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Compliance      – Do’s      and Don’tsDo•   Comply with all applicable laws,      rules and regulations•   Contact with regulators through      designated officials as per internal guidelines•   Notify Compliance Group      immediately of any significant contacts made directly by a      regulatorDon’t•   Commit an illegal or unethical      act, or instruct others to do so, for any reason•   Commit such acts simply because      you see someone else doing it, or your supervisor not warning      you  |
|  Compliance with Laws, Rules      andRegulations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|  •   ICICI Group's Policy is to      maintain an open and co-operative relationship with our regulators and to      comply with all applicable laws, rules and regulations. The Group also      disseminates information regarding compliance with laws, rules and      regulations that affect business.•   Violation of the law must be      avoided under any circumstances, especially violations that attract      punishment of imprisonment, monetary penalties, or fines. Notwithstanding      the legal consequences of such violation,      any |   |

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|   |  15 |
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| Key Irregularities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | •  Showing an intransigent or      unreasonably negative attitude to management and/or fellow      employee’s•   Minor breach of health and safety      requirements•   Smoking in a non designated      area•  Careless use of the      Company’s equipment or      furniture•  Refusing to attend nominated      training programs unless agreed upon with      superior•   Use of foul or abusive language      (whether verbal or in writing)•  Refusing a reasonable request to      moderate changes in responsibilities if such a change is a business      necessity•   Being under the influence of      alcohol and/or drugs not medically prescribed when at work (whether on ICICI      Group premises or otherwise)•  Consumption or being under the      influence of drugs not medically prescribed and/or excessive alcohol at a      management sponsored event•   Indulging in habitual errors,      negligence while performing dutiesB.  Gross/serious      violationsAny act which is in breach of the      Code, internal policies/procedures and which may cause financial loss or      reputation risk to the Company falls under this category. Illustrative behaviour      under this category includes:•  Failing to comply with ICICI Group      policies, procedures, rules and working    practices |
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|  •  While the Group believes that the      employees would realise and appreciate the need to follow this Code in letter and spirit, in      an unfortunate incident or act of breach, a corrective and/or deterrent      action becomes unavoidable. Therefore any breach of the stipulations      mentioned in the Code should be treated as misconduct for which      appropriate penalty would be      imposed. •  Based on the intent, seriousness      and mitigating/extenuating circumstances of such non-compliance the      breaches can be broadly classified into four categories as detailed      hereunder.A.  Habitual      Irregularities Repeated negligence in performing      duties, depending on the gravity and consequences to the Company may fall      under this category. Illustrative behaviour includes: •  Unpunctual or irregular      attendance, leaving workplace without permission, habitual or      prolonged absence      without leave •   Negligence or failure to take due      care while obtaining and preserving documents/records •   Negligence or failure to ensure      accuracy and timely completion of work •  Indecent/discourteous behaviour      with customers, employees, superiors etc •  Not following the prescribed dress      code |   |

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| 16 |   |
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| •  Obstructing the      customers from dealing with ICICI Group or obstructing other employees      from discharging their responsibilities •  Engaging in any other      trade/ business/ employment while in the employment of the Company without      confirming with your supervisor•  Participation in any demonstration      against the Company or its officials•  Accepting gifts and favours from      clients and vendors in violation of relevant      guidelines•  Disrupting/slowing down of continuous      customer service or work, in the branch or office –either solely or by way of      participation in strike, bandh etc•  Violation of any of the provisions      of the security policy including IT security policy of the      company•  Taking a decision, which has      financial implications favouring you, any of your teams or      relatives•  Involvement in harassment      including sexual harassment or racial harassment•  Failure to take all possible steps      to protect the interest of ICICI Group and to perform duties with      utmost integrity, honesty, devotion &      diligence•  Indulging in any act which is      likely to cause damage/loss to the property and which are prejudicial to      the reputation and interest of ICICI Group•   Failure to act in the best judgment while performing      duties as well as while exercising delegated power entrusted by ICICI      Group |   | •  Failure to avoid indebtedness in      any manner while in service•  Engaging in and/or facilitating      any financial dealing/s including money lending whatsoever with      colleagues•  Any act which brings or have the      potential to bring dis-repute to the image of ICICI Group at all      times•  Failure to comply with existing      regulatory rules and      regulations such as Reserve Bank of India Act, 1934 and Banking      Regulations Act, 1949, etc•  Any other act which is against the      ethos/culture of the companyC.  Fraudulent      IrregularitiesAny act with a fraudulent or      malafide intention irrespective of whether there was any financial loss or      loss of reputation to ICICI Group falls in this category. Some      illustrative behaviour under this category would      include:•   Suppressing or      misrepresentation of      facts•  Any act of creation/acceptance of      fake/ incorrect/ fraudulent records or manipulation of records with      fraudulent intention i.e. fudging of records, MIS records,      etc•  Failure of due diligence in any      deal/transaction to avoid any possibilities of a fraud or money      laundering•  Theft or pilferage or any      dishonest act•  Involvement in any act in the area      of corruption, misuse of office, criminal offences, suspected or actual      fraud etc |
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|   |  17 |
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| •   Helping customers in      ways which could lead to a loss to ICICI Group. D.  Irregularities in High Risk      Areas Any act which may not be      apparently with fraudulent intention but are considered as High Risk area      irrespective of any financial loss or loss      to the reputation to ICICI Group falls in this category. This      includes: •        Failure to act in spite of having      knowledge of wrong things being practiced, •   Failure to take corrective steps      to stop such wrong practices, •   Failure to escalate such matters      to higher authorities The areas considered, as High      Risk will be assessed by the Senior Management of the Group. The Senior      Management will also have the power and authority to notify the list of      High Risk areas from time      to time. It must be noted that irregularities cited in the above      categories are indicative in nature and are not      exhaustive. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Disciplinary      Procedures |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  •   The primary objective of the      disciplinary procedure is to make employees aware of the instance/s of      apparent and reported breach of the Code on their part and to afford such      employees with an opportunity of making submission against such reported      instance/s including improving their      attendance, work performance or amending/ rectifying their conduct as the      case may be, should they fall below the standards expected by ICICI      Group.•   When deciding upon the appropriate      way to deal with any potential issues an employee has in meeting ICICI      Group standards, the reasons behind this difficulty will be considered.      There may be occasions when problems are due to an employee’s incapability to do his/her job,      personal circumstances or health rather than there being any measure of personal blame. In      such cases, the employee will be informed by the immediate manager that      he/she is not meeting the required standards.•   The immediate manager will discuss      his or her concerns with the employee and where appropriate,      will agree objectives      with the employee to be achieved over a reasonable period of time. The      immediate manager will also discuss any assistance the employee may      require, including where practicable - training. If after a reasonable      time, an employee is still unable to reach the required      standards, the matter may be dealt with within the context of the      disciplinary procedure. |
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| 18 |   |
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| •  If the problem relates to the      employee’s health, the immediate manager      may arrange for the      employee to see ICICI Group nominated Medical Advisor.•   If the problem stems from the      employee’s failure to demonstrate      satisfactory conduct, or there are problems with the employee’s performance e.g. due to the      employee’s inattention or lack of      motivation, the      disciplinary procedure will be implemented.•   Usually disciplinary procedure      would start after detailed fact finding exercise/ internal investigation      including one-to- one      discussion with the concerned employee, where-ever possible-by the      respective business group, is carried out and a detailed report to that      effect is submitted to HRMG. In deserving cases such investigation may be      carried out independent of the respective business      group.The following paragraphs deal with      the disciplinary procedures, which could be used as indicative guidance      for the ICICI Group constituents while formulating their respective      disciplinary procedures.Disciplinary      actionDepending upon the nature and      seriousness of non-compliant behaviour, the Company may take corrective      action against the erring employees. The Company may prefer civil or      criminal action against errant employees. Such actions may include      penalties as deemed      appropriate considering the nature of violation and its implications on      the Company. The extenuating / mitigating circumstances, if any, may also      be considered while taking action. |   | These actions could be      – Cautionary Action, Deterrent      Action and Capital      ActionCautionary      actionThe cautionary or exemplary      action(s) may be in the form of: •   Condoning, advising, warning,      censuring etc •   Imposition of      fine•   Suspension from employment for a      certain period of time •   Adversely impacting annual      performance rating •   Withholding of      increment•   Withholding of performance linked      bonus / incentive (partly)Deterrent      actionThe deterrent action(s) may be in      the form of: •   Recovery of full / partial      monetary loss caused or likely to be caused to the      Company •   Suspension from employment for a      certain period of time •   Withholding of      increments•   Withholding of Performance linked      bonus / incentive •   Withholding of promotion•   Demoting to the lower grade or      level•   Reduction in basic      salaryCapital actionThe capital action may be in the      form of:•   Termination of      services•   Dismissal from      servicesProcess for taking disciplinary      action•   It must be clearly understood that      the Company will be the sole judge to decide on the categorization of      breaches as also the form of corrective    actions. |
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|   |  19 |
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| •   All disciplinary action would      start on the basis of the report received by the HRMG from the respective      business group after following the process as described in the      foregoing.•   Depending upon the nature of such      report employee/s would be informed in writing of the gist of the      instance/s of breach of the Code reported against them and would be      afforded with an opportunity to make their submission/s in writing within      specific time frame to the designated official in HRMG. On receipt of such      communication from HRMG employees would be      required to make their submission/s in writing which would be taken into      consideration while arriving at a decision. However, in case employee/s      choose not to avail of such an opportunity within the specific time frame      or within extended time frame, if      allowed by HRMG in deserving cases, it would be construed that the      employee concerned has no submission to make and accordingly the matter      would be decided upon ex-parte and any decision taken in that      circumstances would be binding on the concerned      employee.•   The range of possible actions      outlined above should not be regarded as necessarily either sequential or      cumulative. ICICI Group reserves the right to omit any or all of the      levels of action where it considers it appropriate. It is for the relevant      manager to decide which of the possible responses is appropriate in any      given case. For example, if a single breach of discipline is serious      (albeit it may be the employee’s first breach of discipline) the      employee may be given a final warning notwithstanding      the fact that no previous warnings have been      given. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | •  ICICI Group reserves the right to      suspend an employee on payment of Subsistence Allowance as per rules      pending the outcome of disciplinary  action. |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Compliance      with the Code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  •  ICICI Group recognises the need      for this Code to be applied equally to everyone it covers. All employees,      Directors and officers are expected to comply with all of the provisions      of this Code. The Code will be strictly enforced and violations will be dealt      with immediately, including subjecting persons to corrective and/or      disciplinary action such as dismissal or removal from      office.•  The Head, Corporate Legal Group      will have primary authority and responsibility for the enforcement of this      Code, subject to the supervision of the Board Governance &      Remuneration Committee or, in the case of accounting, internal accounting      controls or auditing matters, the Audit Committee      of the Board of Directors. ICICI Group will devote the necessary resources      to enable the Head, Corporate Legal Group to establish such procedures      as |

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|  20 |   |
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| may be reasonably      necessary to create a      culture of accountability and facilitate compliance with this Code.      Questions concerning this Code should be directed to the Head, Corporate      Legal Group.•   Employees, officers and Directors      should promptly report any concerns about violations of ethics, laws,      rules, regulations or this Code, including by any senior executive officer      or director, to their supervisors/managers or Head, Corporate Legal Group      or, in the case of accounting,      internal accounting controls or auditing matters, the Audit Committee of      the Board of Directors. Any such concerns involving the Head, Corporate      Legal Group should be reported to the Board Governance & Remuneration      Committee.•   The Head, Corporate Legal Group      shall notify the Board Governance & Remuneration Committee of any      concerns about violations of ethics, laws, rules, regulations of this Code      by any senior executive officer or Director reported to      him.•  You should report actions that may      involve a conflicts of interest to the Head Corporate Legal Group. In      order to avoid conflicts of interest, executive officers and Directors      must disclose to the Head, Corporate Legal Group any material transaction      or relationship that reasonably could be      expected to give rise to such a conflict, and the Head, Corporate Legal      Group shall notify the Board Governance & Remuneration Committee of      any such disclosure. Conflicts of interest involving the Head, Corporate      Legal Group shall be disclosed to the      Board Governance & RemunerationCommittee. |   | •  ICICI Group encourages all      employees, officers and Directors to report any suspected violations      promptly and intends to thoroughly investigate any good faith reports of      violations. ICICI      Group will not tolerate any kind of retaliation for reports or complaints      regarding misconduct that were made in good faith. Open communication of      issues and concerns by all employees, officers and Directors without fear      of retribution or retaliation is vital to the successful      implementation of this Code. You are required to cooperate in internal      investigations of misconduct and unethical      behaviour.•  Interested parties may also      communicate directly with the Company’s non-management Directors      through contact      information mentioned in the Company’s Annual Report or on the      website.Waivers and      AmendmentsAny waivers (including any implicit waivers) of      the provisions in this Code for executive officers or Directors may only      be granted by the Board of Directors and will be promptly disclosed to the      shareholders. Any such waivers will also be disclosed in the      Group’s Annual Report under Indian law and its      Annual Report on Form 20-F. Any waivers of this Code for other employees      may only be granted by the Head, Corporate Legal Group. Amendments to this      Code must be approved by the Board of Directors and will also be      disclosed in the Company’s Annual      Reports. |
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EmployeeDeclaration

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