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Education Management Corporation Commences Initial Public Offering of Common Stock

PITTSBURGH, Pennsylvania, September 21, 2009 – Education Management Corporation (the “Company”) today announced that it has commenced an initial public offering of 20,000,000 shares of its common stock. All shares included in the initial public offering are being offered by the Company. The estimated range for the initial public offering price is $18.00 to $20.00 per share. The shares are expected to be approved for listing on The NASDAQ Global Market under the ticker symbol “EDMC”. The underwriters have the option to purchase from the Company up to an additional 3,000,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any.

The Company intends to use the net proceeds from the offering to repay a portion of indebtedness of its subsidiary, Education Management LLC, to pay a termination fee under a Management Agreement with certain of its shareholders and, if any proceeds remain, for general corporate purposes.

Goldman, Sachs & Co. and J.P. Morgan, along with BofA Merrill Lynch, Barclays Capital, Credit Suisse and Morgan Stanley will act as the joint bookrunning managers for this offering.  Robert W. Baird & Co., William Blair & Company, BMO Capital Markets, Piper Jaffray, Signal Hill, Stifel Nicolaus and Barrington Research will act as co-managers.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, New York 10004 (facsimile: 212-902-9316; email: prospectus-ny@ny.email.gs.com) and J.P. Morgan Securities Inc. at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, NY, 11245 (Phone: 718-242-8002).

About the Company
Education Management, with approximately 110,800 enrolled students as of October 2008, is among the largest providers of post-secondary education in North America, with a total of 92 primary locations in 28 U.S. states and Canada.  We offer academic programs to our students through campus-based and online instruction, or through a combination of both.

This press release may include information that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements.  Factors that could cause or contribute to such differences include those matters disclosed in the Company’s Securities and Exchange Commission filings. Past results of Education Management are not necessarily indicative of its future results.  Education Management does not undertake any obligation to update any forward-looking statements.


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