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New Oriental Announces Completion Of US$50 Million Share Repurchase Program

In the news release "New Oriental Announces Completion of US$50 Million Share Repurchase Program" issued on June 18, 2013, by New Oriental Education and Technology Group Inc. over PR Newswire, the company advises that the second paragraph, first sentence, should read "Under the program, the Company repurchased 2,445,500 shares, representing approximately 1.6% of its outstanding shares as at June 18, 2013, at an average price of US$20.40 per share during the period from April 29 to June 14, 2013." rather than "Under the program, the Company repurchased 2,436,300 shares, representing approximately 1.5% of its outstanding shares as at June 18, 2013, at an average price of US$20.47 per share during the period from April 29 to June 17, 2013." as originally issued inadvertently. Complete, corrected release follows:

New Oriental Announces Completion of US$50 Million Share Repurchase Program

BEIJING, June 18, 2013 /PRNewswire/ -- New Oriental Education and Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU), the largest provider of private educational services in China, today announced the completion of the US$50 million share repurchase program authorized by its board of directors in April 2013.

Under the program, the Company repurchased 2,445,500 shares, representing approximately 1.6% of its outstanding shares as at June 18, 2013, at an average price of US$20.40 per share during the period from April 29 to June 14, 2013.

Michael Yu, New Oriental's Chairman and Chief Executive Officer, commented,  "The successful execution of this share repurchase program demonstrates both our continued commitment to returning value to our shareholders and our confidence in the long-term potential of the company. Given our strong cash position, we believe that the program represented a good investment at this time. We continue to execute our 'Harvest the Market' strategy, which is focused on improving operational efficiency and increasing profitability, and we are confident that this approach will deliver sustained margin improvement and drive long-term growth."

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