Kaplan Acquires Schweser Study Program,
Leading Provider of CFA Prep
Plans Expansion To The Internet

New York, January 4, 2000 - Kaplan, one of the nation's premier education and career services companies, has announced the acquisition of Schweser Study Program and its affiliate Temte's Financial Education, LLC, the nation's leading providers of preparatory products and programs for the Chartered Financial Analyst (CFA) examination. Kaplan will consolidate the businesses under the name Schweser Study Program, introduce live CFA programs in a number of new markets, and add CFA preparation to its growing array of Internet offerings.

"This acquisition reflects our strategy of buying companies with outstanding content that we can adapt for delivery on the Internet," said Jonathan Grayer, Kaplan president and CEO. "We will continue to grow the Kaplan brand by using our distance learning technology, infrastructure and expertise to deliver a broad range of educational services via the Web. Consumers are hungry for educational opportunities that meet their individual learning needs, and offer convenience and flexibility."

Kaplan has already established itself as the leading name in education on the Internet. Its offerings include Concord University School of Law, the nation's first online law school; eSCORE.com, which helps parents to support their children's educational needs; kaptest.com, which offers online test prep and admissions; and BrassRing, Inc., a company formed by The Washington Post and Tribune Companies to provide recruiting, career development and hiring management services to employers and employees, (Kaplan is the lead shareholder).

Schweser Study Program, located in Iowa City and LaCrosse, sells study notes, seminars and other products throughout the world for the three levels of the CFA exam. In June 1999, Kaplan acquired the American Institute of Advanced Finance (AIAF), which provides semester-long and one-week CFA preparation programs in the Boston area.

Dr. Carl Schweser, CFA will remain as Chairman of Kaplan/Schweser, and Dr. Andy Temte, CFA will be president and CEO.

"The CFA charter has become a powerful catalyst for career advancement within the financial services industry in the United States and abroad," Dr. Schweser said. "We're looking forward to making CFA preparation available to individuals around the world using Kaplan's distance learning technology and platform."

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. The number of CFA candidates has multiplied over the past six years, with nearly 60,000 candidates worldwide in 1999. The Association for Investment Management and Research (AIMR) estimates 70,000 candidates in the year 2000.

About Kaplan
Kaplan (www.kaplan.com) is a premier provider of educational and career services for individuals, schools and businesses. Its operating divisions include:

Test Preparation and Admissions, (www.kaptest.com), which has served more than 3 million students in its courses over the past 60 years; it also offers books, software and customized programs for schools. SCORE! Learning Corporation, offering after-school programs for kids through neighborhood SCORE! centers and educational resources for parents and kids through eSCORE.com; Kaplan Professional (www.kaplanprofessional.com), a provider of educational programs for companies and individuals seeking to advance their careers; and KaplanCollege.com, a distance learning division which includes Concord University School of Law, the nation's first online law school, as well as degree and certificate programs in criminal justice and paralegal studies.

In addition, Kaplan is the majority shareholder in BrassRing Inc., the first network that combines recruiting, career development and hiring management services for employers and employees. Kaplan is a subsidiary of The Washington Post Company (NYSE: WPO).

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

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