ICRA - MOU between IMaCS, a wholly owned subsidiary of ICRA & Dun & Bradstreet, Philippines

ICRA Ltd has informed that ICRA Management Consulting Services Ltd (IMaCS), a wholly—owned subsidiary of the Company and Dun & Bradstreet Philippines, Inc. (DBP) have signed a Memorandum of Understanding (MoU) under which IMaCS and DBP will jointly offer advisory / consulting services in the Philippines.

In this regard the Company has issued the following Press Release:

"ICRA Management Consulting Services Ltd (IMaCS) and Dun & Bradstreet Philippines, Inc., (DBP) have signed a Memorandum of Understanding (MoU) under which IMaCS and DBP will jointly offer advisory / consulting services in the Philippines.

DBP is a partnership between Dun and Bradstreet, Inc., a New York Stock Exchange (NYSE)-listed Company, and Filipino Stock Holders. DBP is currently engaged in providing information and insights on businesses and individuals, including Financial Analysis and Due Diligence Reports. DBP has developed technical and managerial know-how and expertise for providing research and information services in the Philippines.

IMaCS, a wholly-owned subsidiary of ICRA, is a multi-line management consulting Company with experience of having worked in over 30 countries around the globe. IMaCS offers Strategy consulting, Risk analytics, Process consulting, Development consulting, and Transaction advisory services in several verticals such as Banking & Finance, Energy, Transportation, Government, Manufacturing and Services.

The MoU between IMaCS and DBP enables both Parties to pool their expertise and jointly offer advisory / consulting services in the Philippines to banks, corporates, government organisations, investors, and multi-lateral agencies. DBP and IMaCS bring complementary strengths to the relationship, with DBP having in-depth knowledge of the Philippines, and IMaCS considerable knowledge of multiple domains and practice areas.

"We are excited at the prospect of associating with IMaCS and extending sophisticated consulting services to clients in the Philippines. Given the country's robust economic growth and the increasing global investor attention that it is eliciting, we expect strong interest for consulting services in the Philippines", said Mr. Jaime Y Ladao, President of Dun & Bradstreet, Philippines.

"IMaCS is pleased to partner with Dun & Bradstreet, Philippines, to offer management consulting services in the rapidly growing economy. Going forward, I foresee good demand for consulting services in the areas of strategy, risk analytics, and development consulting coming from the banking, infrastructure, and technology sectors in the Philippines", said Mr. Raghuttama Rao, Managing Director of IMaCS."