Table: A Syllabus of the Field

PRICE-TO- EARNINGS COMPANY TICKER PRICE RATIO*

CORPORATE TRAINING LEARNING TREE LTRE $23.98 N/A NEW HORIZONS WORLDWIDE NEWH 13.03 10.6 PROVANT POVT 1.43 N/A

CURRICULUM CONTENT PROVIDERS JOHN WILEY & SONS JWA 20.25 N/A MCGRAW-HILL MHP 54.88 ** PEARSON PSO 13.01 19.2 SCHOLASTIC SCHL 38.08 13.2 THOMSON TOC.T O 31.29 35.2

EDUCATIONAL SERVICES, K-12 EDISON SCHOOLS EDSN 15.38 (26.9) NOBEL LEARNING COMMUNITIES NLCI 9.00 N/A

EDUCATIONAL SERVICES, POST-SECONDARY APOLLO GROUP APOL 36.13 34.1 CAREER EDUCATION CECO 52.08 29.9 CORINTHIAN COLLEGES COCO 27.12 21.2 DEVRY DV 31.37 30.9 EDUCATION MANAGEMENT EDMC 30.00 29.9 ITT EDUCATIONAL SERVICES ESI 29.25 20.1 SYLVAN SLVN 23.16 23.16 STRAYER EDUCATION STRA 44.00 26.5

EDUCATIONAL SOFTWARE LIGHTSPAN LSPN 1.10 (1.4) PLATO LEARNING TUTR $24.00 N/A RENAISSANCE LEARNING RLRN 32.77 31.6 RIVERDEEP RVDP 20.99 N/A SCIENTIFIC LEARNING SCIL 1.86 37.8

E-LEARNING CLICK2LEARN CLKS 3.80 (55.0) DIGITALTHINK DTHK 10.20 92.7 DOCENT DCNT 3.08 106.6 E.COLLEGE.COM ECLG 4.02 85.3 PROSOFTTRAINING.COM POSO 0.90 N/A SABA SABA 6.21 72.1 SKILLSOFT SKIL 20.54 44.8 SMARTFORCE SMTF 24.03 41.5 UNIVERSITY OF PHOENIX ONLINE UOPX 28.09 61.5

* Based on estimated 2002 earnings N/A means the company is unprofitable or First Call offers no consensus estimate because no one follows it. ** Because BusinessWeek is owned by The McGraw-Hill Companies, we do not publish a p-e based on earnings forecasts.

Data: Deutsche Banc Alex. Brown

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