Schedule I

(See Section 2) Transactions of property entered into by State of Andhra Pradesh annulled hereby:- 1. Memorandum of Understanding entered into on August 9, 2003 between Government of Andhra Pradesh represented by Miss Chandana Khan, Principal Secretary to Government of Andhra Pradesh for Sports, Youth Affairs, Tourism and Cultural Affairs. And IMG Academies Bharatha Private Limited, a company incorporated under the provisions of the Companies Act, 1956 claiming to be 100% subsidiary of IMG Academies East Limited and a part of IMG World Wide with headquarter located in Florida, USA represented by Mr. Andrew J. Krieger, Chairman, IMGB. 2. Deed of Sale executed on February 10, 2004 and registered on the same day between the Government of Andhra Pradesh represented by Vice- Chairman and Managing Director, Sports Authority of Andhra Pradesh and M/s. IMG Academies Bharatha Pvt. Ltd, in respect of 400 acres of land in Survey No. 25 situate at Kancha Gachibowli village, Serilingampally Mandal, Rangareddy District more specifically described in Schedule of Property forming part of the sale deed. 3. Agreement to sell in respect of 450 acres of land situate in Survey No. 99/1 of Mamidipally village, Rangareddy District near new International Airport. 4. Agreement to sell one to five acres of land in the area on the main road from Banjara Bills, Hyderabad to Shilparamam, Madhapur, Rangareddy District. 5. Agreement to lease with right to purchase the land and buildings and equipments comprised in stadia and agreement to manage and utilize SAAP facilities and share revenues.