Timothy E. Foster
Chairman and
Chief Executive Officer

Dear Associate:
Last November Ross University announced that we would be seeking new ownership; ownership with a long-term commitment to post-secondary education, the capital needed to support and enhance our growth, complimentary core competencies, and, most importantly, values that are consistent with our own. We stated that we would identify prospective owners that did not currently participate in academic medicine, but possessed the requisite relationships to further our transition into the mainstream of U.S. medical education.

Today, DeVry Inc., one of the world’s largest publicly held higher education companies, announced its commitment to acquire Ross University. We are delighted with this outcome. Known best for their baccalaureate programs in business and technology, DeVry University serves 44,000 undergraduate students. DeVry’s Keller Graduate School of Management provides practitioner-oriented graduate education nationwide to over 8,500 students enrolled in seven different master’s degree programs.

At DeVry’s Becker Conviser Professional Review students who have taken its exam preparation courses pass the Certified Public Accountants exam at twice the rate of non-Becker Conviser students and each year comprise over 40% of all new CPAs worldwide. DeVry brings excellent core competencies in marketing and on-line learning to supplement our growth prospects. Their balance sheet is among the best in proprietary education, and their leadership has overwhelmingly demonstrated that they can deliver strong linkages to U.S. academic medicine. Finally, their Values which include Continuous Improvement, Individual Worth,
Superior Customer Service, and High Standards of Performance, closely parallel our own.

In summary, DeVry meets every expectation we defined last fall.
So, what changes will take place as a result of DeVry’s ownership? In fact, there will be very few. Ross will be established as a separate division within DeVry, alongside the DeVry University and Becker Conviser Professional Review divisions. Ross will have the same Mission, leadership and academic programs as we have today. Our faculty, curriculum, campuses, clinical locations and administrative organizations will not be altered with the change of ownership. However, Our Values and the Values of DeVry both demand continuous pursuit of excellence. As in the
past, that pursuit will ensure that change remains a constant at Ross.

Dennis Keller, Chairman and Co-Chief Executive Officer of DeVry, Inc.; Neil *****, President and General Counsel of Ross University and I will be visiting Dominica, St Kitts and Edison, New Jersey during the week of
March 31st to explain why we are so excited about this combination. We will be happy to respond to any questions you have at that time.

Before DeVry’s acquisition of Ross can be finalized, we must complete the necessary regulatory processes. We expect final closing to take place later this spring.

On a personal note, I would like to thank everyone who has supported this effort to-date. This is truly another epic event in the history of the University, one that should give us all a great deal of pride.

Tim Foster

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MitchDC/MD
RUSM 2006 Graduate