| 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. | ||||||