AEC Education plc joins AIM

AEC Education plc
10 December 2004

Press Release                                                   10 December 2004


                                AEC Education PLC
                            ('AEC' or 'the Company')


                  First day of dealings for AEC Education PLC,
   taking the number of companies on the Alternative Investment Market to 1000


AEC, the provider of educational courses up to postgraduate level in Singapore
and Malaysia, today announces the commencement of dealings of its Ordinary
Shares on the Alternative Investment Market (AIM) of the London Stock Exchange.
AEC will bring the total number of companies on the AIM market to 1000 for the
first time.  Nabarro Wells & Co is acting as Nominated Adviser and Hichens,
Harrison & Co as Broker to the Company.  The stock market EPIC will be AEC.L.


Placing Statistics

Placing Price per Ordinary Share                                             41p
Number of Placing Shares                                               1,829,628
Number of Ordinary Shares in issue following the Placing              14,916,042
Percentage of the enlarged share capital subject to the Placing           12.27%
Market capitalisation following Admission at the Placing Price        £6,115,577
Estimated net proceeds of the Placing                                   £500,000


Reasons for Admission to AIM and use of proceeds of the Placing

The gross proceeds of the Placing of the New Ordinary Shares, expected to amount
to £0.75 million will be used primarily to fund the growth of the Company and
contribute towards partnerships with international education establishments.

Liam Swords, Chairman of AEC Education PLC, said: 'We are delighted that the
flotation of the Company has been completed successfully.  The listing will
enable us to develop the existing profile of AEC and further enhance its
reputation with customers and suppliers on a global scale.'


For further information:

AEC Education PLC
Ravi Manchanda, Finance Director                       Tel: [phone]
[e-mail]                                      www.aec.edu.sg

Nabarro Wells & Co
Keith R Smith                                          Tel: [phone]
[e-mail]                           www.nabarro-wells.co.uk

Hichens, Harrison & Co. plc
Christian Dennis/Daniel Briggs                         Tel: [phone]
[e-mail]                                     www.hichens.com

Media enquiries:
Abchurch
Julian Bosdet / Alex Tweed                             Tel: [phone]
[e-mail]                             www.abchurch-group.com



INTRODUCTION

AEC is the UK holding company for a number of companies whose business is the
provision of educational programmes and solutions in Singapore and Malaysia. The
Group offers both class based instruction and distance learning up to
postgraduate degree level and its programmes attract students from countries or
regions such as Vietnam, China, Indonesia, Thailand, Korea, Hong Kong, Mongolia
and Taiwan as well as Singapore and Malaysia. By positioning its main facilities
in Singapore and Malaysia the Group contributes to, and benefits from, the
growth of those centres as educational hubs for the region. The Group also has
an interest in a business promoting recognised UK qualifications in various
Asian countries.

As well as an increase in business from local students, the Group has benefited
from the Asia-Pacific region being a fast growing source market for
international students. Singapore and Malaysia are well positioned to benefit
from this growth and capture a bigger share of the approximately US$2.2 trillion
worldwide educational services market.


THE EDUCATION MARKET

General

There is continuing demand for education at all levels throughout the
Asia-Pacific region. Harrow, one of England's best known public schools, plans
to open a sixth form college and language school in Beijing in 2005. Dulwich
College, another well-known public school, opened the Dulwich College
International School in Shanghai and intends to open various campuses around
China in the next few years. Dulwich College intends to open 'branded' schools
in Thailand having entered into 'franchise' arrangements with local businessmen
or companies. Bromsgrove School has opened a school in Bangkok and Shrewsbury is
also entering the market.

Singapore

The education sector is an expanding sector in Singapore. Based on a survey
conducted by the Singapore Department of Statistics in 2003 the total operating
receipts generated by the education services sector in 2002 were S$2.0 billion,
an increase of 9.7 per cent over 2001.

Singapore's educational infrastructure is generally regarded as being among the
best in the Asia-Pacific region. As one prong of its strategy to make Singapore
an education hub, the Economic Development Board of Singapore has set a target
to attract world-class institutions to Singapore and it aims to draw 150,000
foreign students a year to Singapore by 2012. Since 1999 several well known
universities have established campuses in Singapore, including the University of
Chicago Graduate School of Business and INSEAD.

According to statistics published in Singapore, the education profile of
Singapore's resident population has improved significantly in the past 10 years.
The proportion of the adult resident population aged 25 and over with secondary
or higher qualifications increased from 37 per cent in 1990 to 55 per cent in
2003. The graduate population increased significantly from 77,000 in 1990 to
249,900 in 2000. The marked increase in the size of the graduate population
mirrored the expansion of educational facilities and indicated a trend of
educational upgrading over the last 10 years.  The annual output of external
degree programmes, such as those offered by the Group, has risen more rapidly
than that of the local universities.

AEC believes that an increasing number of Singapore adults regard distance
learning through external degree programmes as a convenient means to obtain a
university qualification. Many have also proceeded to obtain postgraduate
qualifications through distance learning. Accordingly, the Group considers that
there will be a growing demand for external degrees as more Singaporean adults
recognise the importance of educational upgrading to maintain and increase their
market value.

At least 30 per cent of the Group's students in Singapore are non-nationals from
Asian countries such as China, Indonesia and Vietnam who study at all levels.

Malaysia

Education and training is essential to Malaysia in achieving its 'Vision 2020'
(by which it aims to become a fully developed country by 2020) and is given
priority status by the government. Since 1996 the Malaysian government has
initiated a series of major educational reforms in an attempt to develop
Malaysia in to a regional educational hub.  The Malaysian government's plan is
to increase the number of students pursuing tertiary studies from 17 per cent to
some 40 per cent of its general population.

During the last decade the Ministry of Education has introduced legislation
designed to provide a legislative framework for the education services industry
in order to stimulate a more market-centred education system.

Malaysia's growth, development and progress are dependent on achieving higher
levels of quality in education.  Under the Eighth Malaysian Plan 2001 - 2005,
educational programmes are designed to increase the accessibility, delivery and
quality of education. The Eighth Malaysian Plan envisages more distance learning
and the continuation of the private sector as a major provider of education and
training especially at the tertiary, higher education, level.

Malaysia has also seen the influx of foreign students. Currently there are
nearly 40,000 international students enrolled at one of the 37 universities in
Malaysia, including 20 private institutions.

Such is the desire for education in Malaysia that many schoolchildren, having
completed their normal day's schooling, attend additional lessons in order to '
cram' for their 'O', 'A' and 'N' Level examinations. AEC, through its
subsidiaries and associated companies, operates two schools in Malaysia as well
as facilitating distance learning programmes.

The Group considers that the education industry in Malaysia is positioned to
become an export-orientated industry and a major revenue earner for Malaysia. It
further considers that distance learning programmes will be intensified to
benefit more students. AEC believes that private education, such as that offered
by the Group, will benefit from the expansion of the education industry in
Malaysia.


HISTORY OF THE GROUP

All operations of the Group are carried out through Edu Group Ltd and its
subsidiaries and associates. Edu Group Ltd is the Singapore holding company
(incorporated in 1999) for a number of subsidiaries and proprietary operating
entities providing educational services, primarily in Singapore and Malaysia. In
2003 the Singapore government decided to award the Singapore Quality Class Award
('SQC') to private schools that reached the required standard of teaching. Of
the approximately 700 private schools in Singapore only a few have been eligible
to be assessed and of these only 20 private schools groups were awarded an SQC,
with the Group being awarded a total of four SQCs to date.

The business dates its origins to the mid 1980's, when MTC Computer School 
('MTC') (now Open Learning Resources (Asia) Pte Ltd) was established in 
Singapore to provide correspondence courses in computer training. In 1988 
Mr Ramasamy Jayapal, the Group's current Chief Executive, became General Manager 
of MTC. Mr Jayapal reorganized MTC into a broad based educational company and 
began to establish partnership programmes with internationally recognised 
universities and institutions. In 1995 MTC merged with the educational 
operations of Tunku Iskandar, a member of the Royal Family of Negeri Sembilan in 
Malaysia, giving the company a strong presence in the rapidly expanding market 
of Malaysia.

Edu Group Ltd was incorporated in August 1999 with the name McClure Pte Ltd to
be the holding company of various companies in the group and in July 2000
changed its name to AEC Edu Group Pte Ltd.

In 2004 Edu Group Ltd acquired a 34.96 per cent interest in Educational
Resources Pte Ltd from Savant Infocomm Pte Ltd, a Singaporean education
provider. Mr Jayapal and Mr Pillai are directors of Savant Infocomm Pte Ltd.  A
summary of the agreement is set out in paragraph 10.2 of the AIM admission
document. The majority shareholder in Educational Resources Pte Ltd is Education
Development International Plc, an AIM traded United Kingdom educational
business. These transactions as well as its own operations provide Edu Group Ltd
and its associates with a geographical spread stretching from India to China
with its particular strength lying in the stable and mature markets of Singapore
and Malaysia.


THE OPERATING BUSINESS

The structure of the trading elements of the Group are summarised in the AIM
admission document.

Edu Group Ltd also trades through a number of sole proprietary businesses for
which separate accounts are prepared and audited, but which have no separate
legal identity under Singapore law and are to all intents and purposes divisions
of Edu Group Ltd. Notable amongst these are: Brighton Commercial Training Centre
('Brighton School'), Midland School 2002, Centre for Travel and Tourism Studies,
AEC Travel and Tourism Management ('AEC Travel'), AEC Health Science Consultancy
Services ('AEC Health'), I - Learn.com and AEC Business School.

The Group's business is categorized into the following core areas:

• the provision of academic courses and programmes and educational solutions;
• the provision of corporate training and consultancy services; and
• administering and marketing of London Chamber of Commerce and Industry
  Examinations Board examinations in the South East Asia Region and China (by 
  the new associated undertaking, Educational Resources Pte Ltd).

The provision of academic courses and programmes as well as educational
solutions is the prime business segment contributing approximately 97.9% and
99.5% of the Group's revenue for the years ended 31 December 2002 and 31
December 2003 respectively.

The Group provides a range of educational courses and training programmes, both
as tutored courses leading to qualifications and by way of distance learning
under various arrangements with universities. The programmes range from
relatively basic 'O', 'A' and 'N' Level certificates through to degree and
doctorate levels, and are delivered at the Group's centres primarily in
Singapore and Malaysia. The educational courses which the Group provide 
include:-

• certificate, diploma, pre-university, degree and postgraduate programmes in
  Singapore;
• preparatory courses for professional examinations in Malaysia; and
• tuition services for secondary students in Malaysia.

The Group's schools and tuition centres offer programmes that are geared
principally towards preparing its students to meet the demands of business and
management. These fields are traditionally associated with strong entry-level
employment requirements and career advancement potential. The Group strives to
meet the changing needs of its students and the market by regularly refining and
adapting its programmes and selectively duplicating its successful offerings.

The Group currently has more than 16,000 students enrolled on courses provided
through subsidiaries and associate companies. As at 31 August 2004, the
Singapore companies had 762 students enrolled. The numbers of students enrolled
at the Malaysian associates fluctuates between 1,300 and 16,000 in any one month
depending on the timing of examinations. At least 30 per cent of the Group's
students in Singapore are from outside Singapore and Malaysia and come from the
wider Asia-Pacific region. The Group has some 25 staff at subsidiary level and
some 110 at associate company level.

Some of the Courses Offered in Singapore

Brighton School, English Language course

In Singapore teaching is conducted in English and consequently a large number of
students (particularly non-Singaporeans) commence their education by taking
English lessons with a view to joining further education programmes once their
linguistic skills are sufficiently developed.

The English language course is offered through the English Language Training
Department of Brighton School.

Brighton School also offers various courses, including academic subjects, and '
O', 'A' and 'N' level qualifications for students pursuing higher learning.
Brighton School was one of the first of the few private schools in Singapore to
receive a Singapore Quality Class Award ('SQC Award') in August 2003. The school
obtains several advantages as a result of this Award such as being able to use
the quality logo in its publicity material. In addition the students' visa
processing is 'fast tracked'.

Brighton School is accredited by the Chinese government for the recruitment of
foreign students in China. As at July 2004 it had 327 students, mainly teenage
high school leavers, from China (including Hong Kong), Vietnam, Indonesia,
Thailand, Taiwan, Korea, Japan and Mongolia each paying S$3,000 for a foundation
course.

AEC Resource, Master of Business Administration through University of
Birmingham's Business School ('BBS')

BBS is research-led and enjoys an international reputation. It is currently a
leading provider of MBA programmes in the UK. BBS' MBA programme is accredited
by the Association of MBAs and its research standing has been recognised by the
HEFCE Research Association Exercise.

The MBA programme is run through AEC Resource. Students complete 8 modules over
a period of 21 to 24 months.  There are new intakes every January, April, July,
September and November. There were 54 students enrolled on the programme for
2001 and 72 new students for 2002. The number of new students dropped to 49 for
2003 and the AEC believes this was due to the SARs epidemic. As at 31st July
2004, there were 124 students. The programme costs S$24,500. AEC Resource holds
an SQC Award.

AEC Health, Bachelor in Nursing and a Master in Nursing through University of
Southern Queensland ('USQ')

USQ was the Good Universities Guide's joint winner of Australian University of
the year 2000-2001, for developing the e-university. USQ was also voted the
world's best dual mode university and was awarded the top two prizes for
excellence by the International Council for Open and Distant Education Inaugural
Prize in 1999.

The Bachelor in Nursing and a Master in Nursing from USQ is run through AEC
Health. The Bachelor in Nursing degree course takes 12 months to three years to
complete at a cost of S$9,200.

The Master in Nursing course takes two to five years, comprises 8 modules and
costs S$15,000.

These programmes are being run down by the Group.

Flexi, Doctorate of Business Administration and Master in Business
Administration through Maastricht School of Management ('MSM')

The Doctorate, run through Flexi, comprises four modules and one dissertation
over four to seven years at a cost of S$40,000 for the first four years. Flexi
also runs an MSM MBA which takes 18 months to five years and consists of
coursework, field research and a thesis at a cost of S$25,400. This programme is
being run down.

Flexi, Master of Education in Early Childhood through Queensland University of
Technology ('QUT')

QUT's Faculty of Education is one of Australia's largest educational faculties
and has been an established research and teaching institution for almost 100
years.  It provides programmes on early childhood care and education through
teaching, research and community service.

The Master of Education in Early Childhood is run through Flexi. That programme
comprises eight modules over 18 months at a cost of S$19,800. This programme,
which began in 2002 with 12 students, had increased to 49 students as at 31 July
2004.

Flexi, Diploma in Education through Edith Cowan University ('ECU')

ECU, which traces its origins to 1902, is the second largest university in
Western Australia. It offers an extended selection of courses across a wide
range of disciplines to approximately 23,000 students and is a leading player in
the provision of professional focused degree programmes in Western Australia.

The Diploma in Education, comprises 16 modules over 18 months at a cost of
S$17,600 and is run through Flexi. It had 24 enrolees for its first intake in
July 2003.


Flexi, Teacher Training for Majlis Ugama Islam Singapura, through ECU

Majlis Ugama Islam Singapura (also known as the Islamic Religious Council of
Singapore) is keen to increase the number of Muslim teachers within the
community and the AEC anticipates higher numbers on the Diploma in Education.

Edu Group Ltd has a contract to train Muslim teachers over a five-year period
with Majlis Ugama Islam Singapura.  This programme is conducted through Flexi.
This contract provides Flexi with a guaranteed revenue of $S440,000 per annum
rising to a total of S$2,200,000 over five years which is fully funded by Majlis
Ugama Islam Singapura.

Flexi, Doctorate of Education through ECU

Flexi runs the programme for the Doctorate of Education comprising six modules
over 3 to 4 years (one module at a time) at a cost of S$18,000. The first intake
was in July 2003 and currently there are 10 students in this programme.

AEC Travel, Bachelor of Hospitality Management and the Bachelor of Tourism
Management through ECU

The Bachelor of Hospitality Management and the Bachelor of Tourism Management
courses from ECU are conducted through AEC Travel. Each course takes 12 months
to three years and consists of 24 modules and costs each student a total of
S$24,000. The first intake for these courses in July 2002 was 17 students
followed by an additional 19 students in November 2002. There were 36 new
students for 2003.

A&B School, Bachelor of Business Studies from Monash University through Open
Learning Australia

A Bachelor of Business Studies degree course is offered through A&B School in
affiliation with Monash University, Australia, and through Opening Learning
Australia. Students have to complete 24 subjects and there are new intakes every
February, May, August and November.

A&B School, Bachelor in Business Studies through University of Sunderland

A&B School offers a Bachelor in Business Studies course through the University
of Sunderland. Students have to complete 18 subjects between two to four years
and new intakes are in February, June and September. The first intake was in
February 2003. As a relatively new programme there are currently 7 students
enrolled on this course.

Business in Malaysia

A significant proportion of the Group's business and profits is derived from
Malaysia. The academic and corporate training businesses in Malaysia operate
through associated companies, PTSB and KMSB (in each of which Edu Group Ltd has
a 30 per cent shareholding) and their subsidiary undertakings. Between them PTSB
and KMSB operate five educational tuition centres, providing tuition classes on
the Malaysian Form 1 to Form 5 syllabus.

AEC Edutech is a 'Multimedia Super Corridor' (MSC) status company operating in
Malaysia and offers education related IT solutions, knowledge management systems
and support systems to both Group companies and third parties in Malaysia. MSC
status is the recognition awarded by the government of Malaysia for companies
that participate and undertake its information and communications technology
activities in the MSC. MSC status entitles AEC Edutech to enjoy a set of
incentives and benefits from the government of Malaysia which is backed by a
bill of guarantees, such as tax and import duty exemptions and the availability
of research and developments grants.

In return for providing IT support AEC Edutech has a contract with PTSB and KMSB
whereby AEC Edutech receives 18 per cent of the total gross revenues earned by
each such company. This contract is due to expire in 2008. AEC Edutech has
similar arrangements with several other Malaysian teaching establishments.

AEC Edutech's product is The Digital Learning Solution. This provides a Campus
Management System/Learning Management System which is a fully comprehensive
package for the administration of courses and students and includes
comprehensive functions or capabilities including marketing, student
administration, library management, e-learning portals, hosting, maintenance and
infrastructure support and training.

In addition, AEC Edutech provides an extensive and comprehensive e-learning web
based package which is made available to students to assist them in their
self-learning programmes. AEC see the wider marketing of the Campus Management
System/Learning Management System as a potential future step.

Educational Resources Pte Ltd

Having identified that the education industry in the Asia Pacific Region is a
growing industry, Edu Group Ltd acquired a 34.96 per cent equity interest in
Educational Resources Pte Ltd. The majority of shares are held by Education
Development International Plc ('EDI'), a leading provider of vocational
qualifications and online assessment solutions and an awarding body accredited
by the UK regulatory authorities. Educational Resources Pte Ltd's principal
activities are to market and administer the London Chamber of Commerce and
Industry Examinations Board ('LCCIEB') examination in Asia and to promote and
organise examinations for students of commerce and industry and English language
examinations (collectively, the 'LCCIEB' Examinations). It holds an exclusive
license from the London Chamber of Commerce and Industry Commercial Education
Trust until October 2010. As Educational Resources Pte Ltd is a subsidiary of
EDI, which itself owns LCCIEB, the Company expects this license to be extended
long term. Mr Swords, Mr Pillai and an employee of the Group are directors of
the five man board of Educational Resources Pte Ltd.  Mr Swords is also a
director of EDI.

LCCIEB and Educational Resources Pte Ltd have a network of more than 6,000
training and education centres in more than 86 countries worldwide. LCCIEB has a
large annual student registration in the Asia Pacific region for qualifications
at clerical and supervisory level. The relationship with Educational Resources
Pte Ltd and the Group provides opportunities for progression to those LCCIEB
students and a potential regular body of interest for the Group. AEC believes
that this should enable the Group to accelerate its growth in these locations.
LCCIEB affiliations with a wide range of professional bodies and universities
enable the Group to get quicker information on existing providers.

LCCIEB qualifications are recognised and valued by multi-national companies and
government ministries around the world. These qualifications meet the needs of
business and assist candidates in obtaining employment. There are over 30
professional bodies in the UK that recognise LCCIEB qualifications, including
The Association of Chartered Certified Accountants, Chartered Institute of
Management Accountants and Chartered Institute of Marketing.

Some international universities also recognise LCCIEB qualifications. The LCCIEB
qualifications can be used to pursue higher education in countries including
Canada, Australia, New Zealand, the UK and the United States of America. LCCIEB
offer a wide range of courses at reasonable fees. Candidates can choose from
over 80 qualifications. Some of the courses offered are English language,
information technology, finance, marketing and secretarial subjects.

Competition

AEC believes that there is no educational group in the Asia-Pacific region that
directly competes with the Group in terms of the breadth and scope of the
management and training courses and programmes offered by the Group. The Group
has numerous competitors who compete in various individual segments.

The Group is considered to be well placed to compete in the market place by
virtue of its experienced management team, the Group's track record and well
established network of schools and tuition centres in strategic locations in
Singapore and Malaysia, its links with universities and institutions of higher
learning, the broad diversity of courses and programmes the Group can offer and
the access to and use of the Learning Management and e-Learning systems.

In Singapore the main competitors are considered by AEC to include: Auston
International Group Ltd which offers an undergraduate management programme to
foreign students from China and other countries, Hartford Holdings Limited which
offers masters level programmes from the UK, Informatics Holdings Ltd which
offers information technology programmes, TMC Int'l Holdings Ltd which runs the
Monash programme and the Singapore Institute of Management which caters for the
local market in the management programme. In Malaysia the main competitors are
considered by AEC to include INTI College which caters for local and foreign
students on its undergraduate programme, Systematic Business Training Centre Sdn
Bhd whose market is in professional courses, and Taylor's College and Stamford
College each of which offer undergraduate programmes for locals.

Financial Information

The following is a summary of the profit and loss account of Edu Group Ltd for
the period ending 31 December 2003 and the seven months to 31 July 2004
extracted from the Accountants Report in the AIM admission document.


Consolidated Profit and Loss Accounts

                                Year ended         Year ended         Year ended       Half year ended
                               31 Dec 2001        31 Dec 2002        31 Dec 2003          31 July 2004
                                   Company              Group              Group                 Group
                                    S$'000             S$'000             S$'000                S$'000
Continuing operations:
Total revenues                          18              4,414              3,886                 2,698
(Loss)/profit before                  (10)              1,215              1,110                   941
taxation
Net assets                                              4,671              6,146                 3,936


Dividend Policy

Edu Group Ltd declared and paid an interim dividend of S$4,000,000 in April 2004
as a special dividend relating to the restructuring of the Group.

AEC considers that it is in the best interests of the Company to retain a
substantial portion of the Company's profits for future investment and
expansion. They believe that a prudent balance should be maintained between
retentions and distributions. In the light of the audited results for the period
ended 31 July 2004 and in the absence of unforeseen circumstances, AEC intends
to recommend a final dividend of 1.6p per Ordinary Share for the period ending
31 December 2004, payable in July 2005.

Current Trading and Future Prospects

The results for the seven months ended 31 July 2004 are included in the
Accountants Report in Part III of the AIM admission document. Since that date
trading has been in line with the Company's expectations.

Students commence their education at different times of the year, mainly in
March, April, July, September and November. AEC anticipates that there will be
an increase in numbers following the November intake.

AEC intends to increase the number of courses on offer (such as providing
courses for a Diploma In Early Childhood, a Diploma in Multi Media and a
Certificate in Nursing Aid) and to negotiate agreements with other universities.
AEC believes that there will be opportunities for consolidation within the
industry and intend that the Group should be at the forefront of such
consolidation.

AEC believes that the education industry will evolve to meet the challenges
occasioned by globalisation. As global trends transform local markets,
sustaining growth among regional communities will depend on a successful shift
away from commodities-based economies toward the development of knowledge-based
economies.

With a presence in Singapore and Malaysia, AEC believes that the Group is well
placed to meet increasing demand for educational services. The Group intends to
build more centres in these growing markets to serve an increasing customer base
and to meet the increasing demand for educational services in those countries.
In Malaysia there are plans to expand operations beyond Kuala Lumpur to Penang,
Johor Bahru and Malacca.

As well as developing its business in Singapore and Malaysia, and in line with
its vision to be an international leader in quality education, the Group will
continue to expand its operations internationally.

AEC considers that there are considerable opportunities to expand the business
into other Asian countries, such as India, Cambodia, China, Thailand and Sri
Lanka either by means of a physical presence or by distance learning.
Additionally, the Company intends to investigate the opportunities to develop a
similar business in countries in Eastern Europe where there appears to be
considerable demand for continuing education.

To assist its expansion the Group acquired a 34.96 per cent interest in
Educational Resources Pte Ltd. This should enable the Group to penetrate the
market in the territories in which Educational Resources Pte Ltd promotes its
education businesses. The territories are Myanmar, Taiwan, Japan, Korea, North
Korea, Vietnam, Laos, Nepal, Thailand, Indonesia, Cambodia, India, Pakistan,
Bangladesh, Sri Lanka, the Maldives, the Philippines, Brunei, Bhutan and China,
as well as Singapore and Malaysia where the Group is already established.

Directors

The Board is currently comprised as follows:

William Joseph Swords, 62, (Non-executive Chairman)

Mr Swords spent most of his early working life in the Letts Group. After a
period as accountant he progressed through finance director to managing director
of its manufacturing subsidiaries, and then to group managing director. During
the period as group managing director he worked in a number of markets including
the USA, Germany, France and Australia and first came into contact with the
educational field by being responsible for the development of the successful
Letts Study Aid range for 'A' Levels, GCSE and later, the Key Stages.

His career at Letts was followed by a period as a consultant working mainly on
international marketing and company doctor briefs. It was in this capacity that
he first came to the LCCIEB in late 1991 and after successfully reversing its
fortunes, joined as chief executive in 1993. The LCCIEB exports vocational
business qualifications to 86 countries around the world. It has a very high
penetration in South East Asia where each day its qualifications are mentioned
in the job vacancies in national newspapers.

Currently Mr Swords is executive chairman of LCCIEB and on the board of
directors of Education Development International plc the holding company for the
LCCIEB and GOAL brands.

Tunku Dato Seri Iskandar Bin Tunku Abdullah, 57, Non-executive Deputy Chairman

Tunku Dato Seri Iskandar holds a Master of Science Degree in International
Marketing of the University of Strathclyde, UK. In the UK he is a Fellow of the
Chartered Institute of Marketing, the Institute of Business Administration and
the Institute of Administrative Management and in Malaysia, a Fellow of the
Institute of Marketing Malaysia. In 1984, he received the 'Triple-A' Achievement
Award from the Asian Institute of Management of the Philippines.  He is a
Director of MAA Holdings Bhd, Malaysian Assurance Alliance Bhd, MBf Holdings
Bhd, MBf Corporation Bhd, Melewar Industrial Group Bhd and Mycron Steel Bhd. He
is also the group managing director of Melewar Group Bhd, which has investments
in various sectors including financial services, tourism, education, logistics,
real estate development and construction. Tunku Dato Seri Iskandar is also the
chairman of Neucor Holdings Pte Ltd and Neucor Alliance (M) Sdn Bhd, which are
in distribution and direct selling in Singapore, Malaysia and Indonesia. In
2001, he was appointed to the National Economic Consultative Council of
Malaysia, which was formed to advise the Malaysian government on the country's
strategic planning. He was formerly president of the Rotary Club of Ampang and
the SKAL Club of Kuala Lumpur. Tunku Dato Seri Iskandar was awarded the Darjah
Setia Negeri Sembilan in 1987 and was also awarded the Darjah Seri Paduka Tuanku
Ja'afar Yang Terpuji in 1989 by His Royal Highness Yang DiPertuan Besar of
Negeri Sembilan, Malaysia.

Ramasamy Jayapal, 47, Chief Executive Officer

Mr Jayapal is the Group's Executive Deputy Chairman. Mr Jayapal is primarily
responsible for the overall management, strategic planning and business
development of the Group. Prior to joining the Group, he was a consultant with
Open Learning Resources. Mr Jayapal joined the Group as General Manager in 1988
where he was in charge of operations.  Mr Jayapal currently serves on two
sub-committees of the Institute of Certified Public Accountants of Singapore. He
was also an International Assembly member of the Association of Certified and
Chartered Accountants ('ACCA') between 1999 and 2000. He has been a council
member of ACCA for the past 10 years in various capacities and is currently its
Vice President. Mr Jayapal has been an active member of the British Alumni
Singapore being on the committee since 1986, and has been an associate
consultant for the National Productivity Board of Singapore between 1988 and
1995. Mr Jayapal is a Fellow Member of ACCA, Fellow of the Institute of
Management Consultants, a Member of the Certified Management Accountants and has
more than 15 years of management experience in the education industry. Mr
Jayapal has written four books on Singapore and Malaysian taxation.

Ravi Manchanda, CA, 46, Finance Director

Mr Manchanda has international management and Asian industry experience covering
the areas of insurance, trade finance, capital raising and asset securitisation.
Having qualified with KPMG as a chartered accountant in 1985, he was principally
involved in launching KPMG's small business services sector. Following KPMG, he
held the position of chief executive officer of a clothing business and built a
successful operation with offices in Hong Kong, the UK, Holland and New York.
From July 1996 to March 2001, Mr Manchanda was a director of RBG Resources plc,
a metals trading house in London. Mr Manchanda is the chairman and chief
executive officer of The 1 Group Plc, a company specialising in risk mitigation
and asset lending. He is also a director of Diamond Lifestyle Holdings Limited
and Diamond Lifestyle Limited which operate in the financial services right to
buy sector. He also serves on the board of a UK property company and is board
advisor to Cinemashares.com, a film finance company in the USA.  He is also a
trustee and director to two educational Human Values Trusts in the UK and
Zambia, and board governor of two voluntary aided schools in the UK. He also
serves as the Singapore representative and committee member on the ASEAN UK
Business Forum.

Gopinath Pillai, 67, Non-executive Director

Mr Pillai is the chairman of Windmill International Pte Ltd and Gateway
Distriparks Ltd. He is currently the executive chairman of Savant Infocomm Pte
Ltd and a director of several private companies in Singapore and India. Having
gained a degree in Economics and History from the erstwhile University of
Malaya, he has been involved in teaching, banking, project approvals and
finance, and held senior positions running various companies. Mr Pillai has
received awards including The Friend of Labour Award, Meritorious Award, Friend
of MCD Award, The Public Service Award (BBM) and Friend of IT Award. Since 1990
Mr Pillai has been a Singapore non-resident ambassador to Iran.


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