EDU New Oriental Education and Technology Group Inc

BEIJING, Feb. 9 /PRNewswire-FirstCall/ -- New Oriental Education and Technology Group Inc. (NYSE:EDU), the largest provider of private educational services in China, today announced the pricing of its follow-on offering of 7,000,000 American Depositary Shares ("ADS"), 598,399 ADS are primary and 6,401,601 are secondary, at US$41.50 per ADS. Each ADS represents four common shares of New Oriental. New Oriental intends to use the proceeds from selling its shares to further improve the company's financial strength and flexibility, fund working capital and for general corporate purposes which may include strategic acquisitions. New Oriental will not receive any of the proceeds from the sale of ADSs by the selling shareholders. Credit Suisse, Goldman Sachs (Asia) L.L.C., and Merrill Lynch & Co. have agreed to act as underwriters for this offering. The underwriters have a 30 day option to purchase an additional 1,050,000 ADSs in the event of over- allotment. This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction. The offering of the securities is made only by means of a prospectus, copies of which, when available, may be obtained from: Credit Suisse Securities (USA) LLC, New York Prospectus Department, One Madison Avenue, New York 10010 NY, United States, Tel: +1-212-325-2580. About New Oriental New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. New Oriental's ADSs, each of which represents four common shares, currently trade on the New York Stock Exchange under the symbol "EDU." For more information about New Oriental, please visit http://english.neworiental.org/ . Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Information regarding these risks and uncertainties is included in our registration statement on Form F-1 and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of February 9, 2007, and New Oriental undertakes no duty to update such information, except as required under applicable law. DATASOURCE: New Oriental Education and Technology Group Inc. CONTACT: In China, Ms. Sisi Zhao, New Oriental Education and Technology Group Inc., +86-10-6260-5566, ext. 8203, ; Mr. Rory Macpherson, Ogilvy Public Relations Worldwide, +86-10-8520-6553, ; In the United States, Mr. Thomas Smith, Ogilvy Public Relations Worldwide, +1-212-880-5269, Web site: http://english.neworiental.org/

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