PROVIDENCE EQUITY PARTNERS ACQUIRES STUDY GROUP FROM CHAMP PRIVATE EQUITY AND PETERSEN INVESTMENTS FOR A$660 MILLION/US$570 MILLION

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1 PROVIDENCE EQUITY PARTNERS ACQUIRES STUDY GROUP FROM CHAMP PRIVATE EQUITY AND PETERSEN INVESTMENTS FOR A$660 MILLION/US$570 MILLION PROVIDENCE, R.I. (USA) and SYDNEY, AUSTRALIA, July 1, 2010: Leading global private education provider Study Group has been sold to private equity firm Providence Equity Partners for A$660 million (US$570 million). Providence, which already has a substantial portfolio of education investments, will purchase shares in Study Group owned by CHAMP Private Equity and Petersen Investments. Current Study Group Executive Chairman and founding shareholder Arvid Petersen has assumed the position of Non-Executive Chairman and will continue as a shareholder in the company. In the past 10 years, Study Group has become a global leader in private education by providing a complete range of university access, language and career education courses for international students. Study Group has more than 55,000 students at 38 campuses in the United States, the United Kingdom, Australia and New Zealand, and a market-leading network of alliances with internationally focused universities in these markets, with 70 university and college partnerships in the US, 12 in the UK and seven in Australia and New Zealand. Its stand-alone schools include Bellerbys College in the UK, Taylors College in Australia and New Zealand, the Australian College of Physical Education, the Australian Institute of Applied Science, and Martin College in Australia. In addition, Study Group owns and operates 19 year-round Embassy CES language schools.

2 Mr Petersen said: This is the next step in the evolution of the business, given our success in the past four years. Providence will continue to invest in the business and build on the excellent work done by management. Study Group Global Chief Executive Officer Heith Mackay-Cruise said: This sale to one of the world s biggest education investors recognises our past 10 years, which has seen us grow student numbers to more than 55,000 worldwide today. We are a global leader in the private higher education, language and the career education segments in which we operate, in the United States, UK, Australia and New Zealand. Management has had a clear strategy for the business and the successful sale recognises the success of that vision. We are very excited to partner with Providence, especially given their breadth of experience partnering with education service providers. We look forward to working with the Providence team to continue growing the company and meeting the needs of our expanding student base. Providence Managing Director Peter O. Wilde said Study Group was a natural fit alongside Providence s other education investments, including Assessment Technologies Institute, Archipelago Learning, Edline, and Education Management Corporation. Students around the world are increasingly seeking education opportunities outside their country of origin and demanding high quality teaching and personal support, particularly in university, vocational and English language programs, he said.

3 With its award winning education programs and facilities and an unparalleled network of partnerships with specialist education counselors and universities around the world, Study Group is exceptionally well positioned to meet this important and rapidly growing demand among international students. Patrick Corso, Managing Director and head of Providence s Hong Kong office, said: Heith and his team are pioneers in serving international students and have established high standards for the education they provide and the support they offer their students. We share their commitment to operational excellence and look forward to supporting the company s growth and adding value over the long-term. CHAMP Private Equity Managing Director Ben Sebel said: Over the last four years we ve added significant value to the business, working alongside Arvid Petersen and a strong management team led by Heith Mackay-Cruise. Study Group has grown substantially through new product development and acquisitions to become a world-class education business. We re pleased that Providence will continue to back management to grow the business even further. CHAMP Private Equity Director Darren Smorgon added: Investment returns were driven by outstanding EBITDA growth, with significant investments in capital to upgrade existing facilities, expand campuses globally and develop new higher education products.

4 Goldman Sachs served as financial advisor to Providence. Credit Suisse and Deutsche Bank were joint financial advisors for Study Group. About Providence Equity Partners Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information services companies around the world. The principals of Providence manage funds with over $22 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm s inception in Significant existing and prior investments include Altegrity, Archipelago Learning, AutoTrader.com, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Edline, Education Management Corporation, eircom, Hulu, Idea Cellular, Kabel Deutschland, NexTag, Ono, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit for more information. About Study Group Study Group is a global leader in private higher education, language and career education, in the United States, UK, Australia and New Zealand. Beginning in 1994 with 7,000 students per year, Study Group now provides the highest quality educational opportunities for 55,000 students from more than 140 countries. Through Study Group's partnerships with top universities, it is able to provide on and offcampus preparation courses for international students that ensure academic success and entry into some of the most prestigious educational institutions in the world. For further details see: About CHAMP Private Equity CHAMP Private Equity was formed in 2000 by Australian Mezzanine Investments Ltd. (AMIL) of Sydney, and Castle Harlan Inc. of New York. CHAMP and AMIL constitute Australia s longest established private equity investor, and funds advised by them have made some sixty investments since 1987 in companies operating in Australia and New Zealand. CHAMP (along with AMIL) are well known pioneers in the private equity sector and for their track record in building strong companies by partnering closely with management to implement successful growth strategies. CHAMP Funds have acquired and successfully exited from investments across a variety of sectors, in companies such as Austar Communications, Bradken Limited and Penrice Limited. Current CHAMP Private Equity investments include: International Energy Services, Health Care

5 Australia, Manassen Foods, Study Group International, Bluestar Print Group, Golding Contractors, LCR Lindores, Alleasing and Centric Wealth. MEDIA CONTACTS Providence Equity Partners Study Group Sard Verbinnen & Co Matthew Horan Andrew Cole/Lucy Neugart Cato Counsel / (0) CHAMP Private Equity Rob Dempsey +61 (0)