Kaplan Acquires American Institute of Advanced Finance,
Expanding Professional Test Preparation Services

New York, June 29, 1999 -- Kaplan Educational Centers, one of the nation's premier education and career services companies, has announced the acquisition of American Institute of Advanced Finance (AIAF), a Boston-based provider of preparatory courses for the Chartered Financial Analyst (CFA) examination. AIAF joins Kaplan's Professional division, which offers an array of education and recruiting services for corporations and individuals seeking to advance their careers.

The CFA charter, first awarded in 1963, has increased in popularity in recent years as an internationally recognized credential. Many employers require applicants for senior-level positions to hold the CFA charter, and many investors include the CFA among the criteria used to select the firms and individuals who will manage their financial assets. In 1993, a little over 17,000 candidates registered for the exam. Since then, that number has more than tripled, with nearly 60,000 candidates worldwide in 1999. The Association for Investment Management and Research (AIMR), which administers the exams, expects continued strong growth in the test-taking population, projecting 72,000 candidates in the year 2001.

AIAF, a recognized market leader, offers semester-long and one-week preparation programs for the three levels of the CFA exam. In addition, AIAF provides in-house programs for clients including State Street Corporation. AIAF plans to expand into several new markets for the June, 2000 exam.

"The CFA charter has become a powerful catalyst for career advancement within the financial services industry. Kaplan Professional, already a leading provider of educational and compliance services for the securities industry, is well positioned to add CFA preparation to its offerings," said Jonathan Grayer, Kaplan's president and CEO. "Like Kaplan, AIAF offers high quality programs with outstanding curriculum and faculty."

"The popularity of the CFA exam has grown enormously as it has become a globally accepted designation for financial analysts," said Deborah LaPuma, AIAF's president and co-founder. "Kaplan's resources and reputation for excellence will enable us to expand quickly in the U.S. and abroad, while continuing to deliver a consistently exceptional product."

AIAF's headquarters will remain in Boston. Deborah LaPuma and co-founder Shahriar Khaksari, Ph.D., CFA, will continue to oversee the company's programs.

Hassan Tehranian, Ph.D., AIAF's third original shareholder, plans to continue to work with AIAF.

About Kaplan, Inc.
Kaplan, Inc. (kaplan.com) is a premier provider of educational and career services for individuals, schools and businesses. Its divisions include Test Preparation and Admissions (www.kaptest.com); SCORE! Learning Corporation, offering after-school programs for kids and resources for parents and kids through eSCORE.com (www.escore.com); Kaplan Professional (www.kaplanprofessional.com) educational programs for adults; and KaplanCollege.com, a distance learning division which includes Concord University School of Law. Kaplan is the majority shareholder in BrassRing Inc. (BrassRing.com), which combines recruiting, career development and hiring management services for employers and employees. Kaplan is a subsidiary of The Washington Post Company.

Press Contact: pubrel@kaplan.com, (212) 492-5965