New Oriental Education (EDU) Extends $209M Share Buyback

New Oriental Education & Technology Group Inc. (NYSE: EDU) today announced that its board of directors has authorized the Company to extend its share repurchase program launched in July 2022 (the "Share Repurchase Program"), over the next twelve months through May 31, 2024. As of May 31, 2023, the Company had repurchased approximately US$191 million worth of its ADSs under the Share Repurchase Program, and a balance of approximately US$209 million authorized under the Share Repurchase Program had not been utilized. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately US$209 million of its shares in the form of ADSs and/or common shares through May 31, 2024.

The repurchases may be effected from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the Share Repurchase Program periodically, and may further authorize adjustment of its terms and size.

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