KIND ATTN:SHAREHOLDERS
 
 June 25, 2003
 
 Dear Shareholders, This is with reference to the odd lot shares of TCFC
 Finance Limited held by you.
 
 Due to lack of liquidity you may be unable to sell your shares in the
 open market as reported to us by some of the shareholders.
 
 If you desire to sell the same, we are willing to assist you in selling
 them.
 
 We request you to revert to us at the earliest, expressing your
 decision to sell.
 
 For any further queries kindly contact Mr. Vinayak Shiralkar on
 telephone No.22844701/22840736.
                                                           Thanking you,
                                                       Yours faithfully,
                                                For TCFC FINANCE LIMITED
                                                         NITHISH BANGERA
                                                       COMPANY SECRETARY