Depository System

TCFC Finance Ltd. has entered into agreements with National Securities
Depository Limited  (NSDL) and Central Depository Securities Limited
(CDSL) to  facilitate holding and trading of the Company's equity shares
in  the  electronic  form. TCFC Finance Ltd.'s shares are included  in  the
Securities  &   Exchange  Board of  India's  (SEBI)  specified  scrips for
settlement only  in the  dematerialised  form  for  all  investors  effective
31st May, 1999. Shareholders  should  open  a  depository account in
their  names  with  a  Depository  Participant (DP) to dematerialise their
holdings.

Benefits of Depository System are :

• Immediate effect to trading in securities.
• No possibility of fake certificates or loss of certificate in transit.
• No delay in transfers.
• No stamp duty on Securities sent for transfer.

Should you require any further information, please contact.
Mr. Vinayak Shiralkar, Manager,
TCFC Finance Ltd., 501, Raheja Chambers,
Nariman Point, Mumbai - 400021.
Tel.No. (91-22) 22844701, 22840736 Fax : (91-22) 22819237.
E-mail:vshiralkar@tcfcfinance.com