On October 22, 2018, New Oriental Education & Technology Group Inc.'s (NYSE: EDU) board of directors authorized the repurchase of up to US$200 million of the Company's common shares during the period from October 29, 2018 through May 31, 2019.

This share repurchase program authorizes the Company to purchase its ADSs or common shares from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block trades, pursuant to a 10b5-1 plan or other legally permissible ways in accordance with applicable rules and regulations. The timing and extent of any purchases will depend upon market conditions, the trading price of ADSs and other factors. New Oriental\'s board of directors will review the share repurchase program periodically and may authorize adjustment to its terms and size accordingly. New Oriental plans to fund any share repurchases made under this program from the Company's available cash balance.