Mumbai, May 5, 2005: Mr. S. K. Mitter has been appointed as Chief Executive of LIC Housing Finance Ltd. Mr. Mitter brings with him over 27 years of rich experience at senior positions in Life Insurance Corporation of India like Senior Divisional Manager, Kolkata Metro - I and Kolkata Suburban Divisional Office, two of the top 10 divisions in volume of business and size. Immediately prior to this appointment, he was Regional Manager (Marketing.), Zonal Office at LIC in Kolkata.

Mr. Mitter started his career in 1978 as a Direct Recruit of the 10th Batch officer in Life Insurance Corporation of India. A widely experienced person, he has worked at various centers like Kolkata, Patna, Raipur, Bhagalpur, Kozhikode, Thanjavur and Darjeeling. During his long tenure in LIC, Mr. Mitter has attended senior level training sessions in India and abroad including a World Bank Conference on Contractual Savings at Academy of Educational Development in Washington.

At LIC Housing Finance Ltd, one of Mr. S. K. Mitter's immediate objective and thrust will be to lead the company to newer heights with improved performance in the areas of operation and corporate governance.

About the Company:

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest marketing network of 133 operating offices across the country. It was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. The company completed its maiden offering of Global Depository Shares in August 2004. As on December, 2004, its outstanding mortgage portfolio was Rs 11,539 crores. The company enjoys 'AAA' rating from CRISIL and CARE indicating highest safety with regard to the ability to service interest and repay capital.

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