ICFAI Universities strongly refute Thomson Financial Mergers and Acquisitions’ Report

Hyderabad, India, 11 August 2010 – Attention of Icfai Universities is drawn to the content of Thomson Financial Mergers and Acquisitions dated 6/8/2010 and also a Detailed Transaction Report (Priced):

We, on behalf of all the ICFAI Universities have to state as under:

Both the Web Pages and Detailed Transaction Report are full of in accuracies because of the following:

1: None of the ICFAI Universities are located at Hyderabad.

2: ICFAI Universities do not run schools at Elementary and Secondary Levels. (DTR Ref)

3: ICFAI Universities conduct only UG, PG and Doctoral programs under faculties of Management, Science & Technology, Law, Education and Humanities.

4: None of the ICFAI Universities have any deal with Everonn and did not even talk/ meet them.

5: ICFAI Universities do not run any separate Junior Colleges/ Technical Institutions.

Therefore, the contents in above two documents are factually incorrect, mischievous, and even possibly published with malafide intentions.

Our Stakeholders and Public in General are hereby informed that each one of the ICFAI University is set up by a designated Act of State Legislature and the respective State Government representatives are in the Board of Management in these Universities.

As per the provisions of each act, all important decisions need to be taken by The Board of Management with involvement of State Government representatives.

In view of the above clarifications, ICFAI Universities hereby refutes the Malafide Contents published in the Websites of Thomson Mergers and Acquisitions.

Authorized Signatory

Dr TRK Rao

Director – Corporate Communications Department

The Icfaian Foundation

#45, Nagarjuna Hills, Punjagutta Hyderabad -82

Ph: 23423142, 23430430, Fax: 23430461