Selected Education IPOs: 1991 to Present

Offer Date	Company	Sector	Offering Amount (in millions)	Offer Price	Stock Price 11/11/99	% Change Offer to Present
4/21/91	Tesseract Group	K-12 education management	$6.00	$4.00	$2.13	-46.9
6/21/91	DeVry	Postsecondary education	$21.20	$1.25*	$23.00	1,740.00
2/24/92	Scholastic	Educational publishing	$108.00	$22.50	$51.69	129.7
12/15/92	Res-Care	At-risk youth	$15.00	$4.44*	$12.25	175.6
12/9/93	Sylvan Learning Systems	Education services	$22.00	$4.89*	$12.19	149.3
12/5/94	Apollo Group	Postsecondary education	$35.20	$1.63*	$23.94	1,368.60
12/20/94	ITT Educational Services	Postsecondary education	$20.00	$2.96*	$20.50	591.9
11/13/95	New Horizon Kids Quest	Child care	$5.00	$5.00	$0.97	-80.6
2/1/96	Childtime Learning Centers	Child care	$18.70	$11.00	$12.81	15.5
7/25/96	Strayer Education	Postsecondary education	$30.00	$6.67*	$15.00	125
10/31/96	Education Management Corp.	Postsecondary education	$68.00	$7.50*	$9.09	21.3
8/12/97	Bright Horizons Family Solutions	Child care	$23.50	$10.00	$16.44	64.4
9/24/97	Advantage Learning Systems	Education services	$44.80	$8.00*	$23.26	190.6
1/28/98	Career Education Corp.	Postsecondary education	$45.60	$15.00	$35.50	121.9
5/4/98	Caliber Learning Network	Education services	$79.80	$14.00	$1.69	-67.9
6/10/98	School Speciality	Education products	$32.90	$15.00	$14.75	-4.8
3/8/99	Argosy Education Group	Postsecondary education	$28.00	$14.00	$4.50	-67.9
7/21/99	Scientific Learning Company	Education software	$36.80	$16.00	$20.69	29.3
10/19/99	ZapMe!	Education services	$99.00	$11.00	$12.94	17.6
11/10/99	Edison Schools	K-12 education management	$122.40	$18.00	$18.06	0.3
*These companies' offer prices have been adjusted to reflect stock splits. SOURCE: Banc of America Securities Inc.