Press Release: June 26, 2000

WR Hambrecht + Co Initiates Coverage of Sylvan Learning Systems (SLVN) with a Strong Buy Rating and a Target of $20

Company’s portfolio poised for significant upside in eLearning sectorUnique service positions Company for long-term profit

San Francisco, CA, June 26, 2000—WR Hambrecht + Co today initiated research coverage on Sylvan Learning Systems (SLVN) with a strong buy rating and a price target of $20. WR Hambrecht + Co’s eLearning analyst Trace Urdan cited Sylvan’s strong portfolio, sector growth, and under valuation of eLearning venture fund as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"Given the expected growth in the eLearning market and Sylvan’s strong track record at incubating profitable niches in the education services arena, we believe the $500 million incubator fund managed by Sylvan offers exceptional upside potential," Urdan said.

Urdan projects Sylvan’s total revenues will reach $359 million in 2000 and $402 million in 2001, up from $323 million in 1999.

Sylvan operates a portfolio of high-growth, high-margin niche businesses in the educational services market.