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This is a class action filed beginning on December 6, 1999 against EVCI and certain individuals, on behalf of a class which is defined in the class notice. The litigation alleges that the Defendants issued false statements and omitted material facts regarding EVCI's financial condition during the class period (August 14, 2003 through December 6, 2005, inclusive) — which had the effect of artificially inflating EVCI’s stock price. For additional details about the litigation, including details about the settlement, please refer to the class notice.

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The Class includes: (a) all persons who purchased EVCI common stock between August 14, 2003 through and including December 6, 2005 and who were damaged thereby, including, but not limited to, shares purchased on the NASDAQ under the ticker symbol "EVCI".

You are not a Class Member if you are one of the Defendants, EVCI, Arol I. Buntzman, John J. McGrath, and Richard Goldenberg; are a member of the immediate family of one of the Defendants; are an entity in which any Defendant has a controlling interest or are a parent or subsidiary of, or are controlled by, EVCI; or are all the officer, director, affiliate, legal representative, heir, predecessor, successor or assign of any of the Defendants.

Also excluded from the Class are any prospective Class Members who exclude themselves by filing a request for exclusion in accordance with the requirements set forth in the Notice.

If one of your mutual funds purchased or owns EVCI common stock, that alone does not make you a Class Member. You are a Class Member only if you directly purchased or otherwise acquired shares of EVCI common stock during the Class Period. Contact your broker to see if you purchased EVCI common stock during that period.

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Examples of acceptable supporting documentation are:

1. A broker trade confirmation slip that lists the security name, name of the beneficial owner, type of transaction, the date of the transaction, the # of shares, the price per share, and the total amount of the transaction.

2. Monthly stockbroker statements reflecting your opening and closing balances for the months specified on the claim form and all transaction activity within the class period.

3. A signed statement from your broker on broker letterhead giving all detailed information found on a broker confirmation slip.
   

Do not send any stock certificates.

If any such documents are not in your possession, please obtain a copy or equivalent documents from your broker or tax advisor because those documents are necessary to prove and process your claim.

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The defendants have agreed to pay a total of $7,725,000 (which is earning interest), to the class. All class members who file timely and valid claims are eligible to share in the allocation of the settlement fund in accordance with the plan of allocation. The amount that any class member will receive will depend on several factors, including, for example when the class member purchased the securities and when they were sold, the size of the class members’ claim, the number of claims filed, and the total of the losses of all claims filed. Proof of claim forms must be postmarked on or before August 29, 2007, to be considered timely.

You may calculate your Recognized Claim in accordance with the formula shown in the Plan of Allocation beginning on page 6 of the Notice. It is unlikely that you will get a payment for your entire Recognized Claim. After all Class Members have sent in their Proof of Claim forms, the payment you get will be a part of the Net Settlement Fund equal to your Recognized Claim divided by the total of everyone’s Recognized Claims.

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No, you do not.

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You can call the Claims Administrator toll free at 1-(888)-822-9522, or write to:

EVCI Career Colleges Holding Corp. Securities Litigation
c/o Analytics Incorporated
Claims Administrator
P.O. Box 2003
Chanhassen, MN 55317-2003