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Agreement with Raffles Education Corporation Limited to Become Part of its Global Network Announced

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Santa Fe University of Art and Design

Rachael Lighty

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Rachael.Lighty@santafeuniversity.edu

SFUAD Announces Agreement with Raffles EducationCorporation Limited to Become Part of its Global Network

SFUAD will join Raffles’ international network of art & design institutions, becoming Raffles’ first U.S. institution

Santa Fe, N.M.—May 18, 2016—Santa Fe University of Art and Design (SFUAD) today announced that Raffles Education Corporation Limited (Raffles or Raffles EducationCorp), a private higher education provider headquartered in Singapore, has agreed to acquire the institution under a new U.S. subsidiary, subject to usual and customary approvals.

SFUAD is the oldest private institution of higher education in the State of New Mexico. Formerly named the College of Santa Fe, the institution had declared its intent to close. In a unique partnership with the State of New Mexico and the City of Santa Fe, LEI Holdings –US I, Inc. (LEI Holdings) purchased the university in 2009. Since joining the Laureate International Universities network, SFUAD has been restored to an institution of 900 students and has emerged as a leading art and design university, as demonstrated by several recent industry rankings, including “Best in the West” by Princeton Review and a Top 5 Performing Arts Program (outside of L.A.) by Backstage Magazine. SFUAD is accredited by The Higher Learning Commission.

Dr. Maria Puzziferro, interim president of the institution, stated, “The Santa Fe University of Art and Design is proud of its rich history and deep roots with the City of Santa Fe. Reinvigorated as a leading art and design institution while a member of the Laureate International Universities network, we are now excited for this new chapter in the institution’s long history. Raffles EducationCorp’s extensive resources, breadth of experience and global focus on art and design education should provide our students continuity and new academic advantages.”

Raffles is a noted private education provider with a network of 30 colleges and universities in 29 cities across 13 countries. Raffles opened its first institution in 1990 and has more than 25 years of global experience in providing higher education across a broad set of educational programs, with a primary focus on art and design education.

“Raffles is excited to enter the U.S. education market by adding Santa Fe University of Art andDesign, this historic institution, to our global network and to be a part of the future of the art and design industry in Santa Fe,” Mr. CHEW Hua Seng, Chairman, CEO and founder of Raffles, stated. “We will continue SFUAD’s current strong curriculum by adding new, expansive program offerings, strengthening student services, and investing in the physical infrastructure of the university. In addition, this institution provides new opportunities to better prepare both U.S. and Asian students to design their future and success for the global community. We look forward to working closely and collaboratively with SFUAD’s management team throughout the transition period to ensure continuity for the current and future students of SFUAD.”

Culture has always been at the heart of the Santa Fe community, as demonstrated by the city’s appointment to the UNESCO Creative Cities Network, part of its initiative to create a global community of artists.

“We are steadfast in our commitment to having a thriving art and design university in the heart of Santa Fe,” said Mayor Javier M. Gonzales. “Since 2009, our partnership with Santa Fe University of Art and Design has strengthened our rich, cultural history. We are excited about this potential new partnership and the opportunities ahead for our community, as the university joins an international network that specializes in art and design education.”

This agreement is subject to Raffles shareholder approval and U.S.accreditation and regulatory approvals and,pending all approvals, should become final by the end of this year.

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