Kaplan to Acquire Former Arthur D. Little School of Management, Leading Provider of International Business Education

New York, NY-October 9, 2002 - Kaplan, Inc. announced today that its higher education division has signed an agreement to acquire the former Arthur D. Little School of Management (ADL SOM), now the Concord School of Management, an international business school that provides management training to experienced international professionals. The school will be part of Kaplan's Higher Education division. The acquisition is contingent upon regulatory and other approvals.

On September 17, 2002 the Massachusetts Board of Higher Education approved ADL SOM's request to re-name the School the Concord School of Management. The Board also approved the School's request to change the title of its degree from Master of Science in Management (MSM) to One-Year Master of Business Administration (MBA).

When established in 1964, ADL SOM was the first corporate university to offer an accredited graduate business degree. Since its inception, more than 3,500 professionals from over 100 countries have participated in the School's degree and certificate programs. Concord SOM provides experienced professionals with an internationally focused management education. Its programs are designed for experienced international managers and emphasize both business theory and practice.

In the 2001 MBA Career Guide, one thousand MBA recruiters identified ADL SOM as one of the 30 best international programs in the U.S. Historically, more than 90% of the School's students come from outside the U.S., making it the most international business school in the United States. Up to one-third of its students are sponsored by businesses or international organizations. Each year, the School enrolls participants from approximately 25 countries with an average age of 32. Concord School of Management has a strategic alliance with Boston College's Carroll School of Management (CSOM), and its campus-based classes are held at CSOM. As part of the alliance, Concord and Boston College students may enroll in electives at both schools.

"Concord SOM is a high-quality boutique-style business school with a truly international mix of students," said Jonathan Grayer, Chairman and Chief Executive Officer, Kaplan, Inc. "The quality of the programs makes it an excellent fit for Kaplan as we expand our higher education offerings."

President William Harper, who will continue to be responsible for all the School's programs and operations, added, "Kaplan's experience in the higher education arena and its strong international presence will enable the School to enhance its position as a leading global education institute."

The business school will join Concord Law School as the second graduate school within Kaplan Higher Education. Founded in 1998, Concord Law School is the nation's only fully online law school. With a current enrollment of 1,000 students, Concord is the second largest part-time law school in the U.S., based on the size of the first-year entering class.

Today, Kaplan has 44 campus-based post-secondary schools in the U.S. offering career-focused education to 18,000 students annually. In addition, Kaplan's Higher Education division offers online bachelor, associate, and certificate programs in business and IT management, as an online certificate in financial planning through its regionally accredited Kaplan College online.

ADL SOM was accredited by the New England Association of Schools and Colleges (NEASC). When the sale is completed NEASC will be requested to review the change of ownership and change of name, and approve transfer of the School's accreditation to the new owners. The School is also a member of the American Assembly of Collegiate Schools of Business, the International Association of Management Education.

Kaplan has established a global presence through its test preparation business. Kaplan serves over 16,000 students abroad each year through its network of 33 centers in 17 countries spanning Asia, Europe, Latin America and the Middle East.

Kaplan Higher Education
Kaplan, Inc.'s Higher Education Division includes campus-based schools in 12 states, as well as online programs toward numerous degrees. Kaplan has been providing educational and career services to students, schools, professionals, and businesses worldwide for more than 60 years. Kaplan is a wholly-owned subsidiary of The Washington Post Company (NYSE: WPO). For more information about Kaplan, please visit www.kaplan.com.

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Melissa Mack
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Carina Wong
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