The Board of Directors of Education Management Corporation (NasdaqGS:EDMC) authorized a share repurchase program on June 11, 2010. Under the program, Education Management will repurchase up to $50 million worth of its shares. The repurchases will be made in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The repurchases will be funded from available cash on hand. The repurchases will be made from time to time, in amounts, at prices and at such times as the company deems appropriate. The share repurchase program will be conducted in compliance with applicable legal requirements and will be subject to market conditions and other factors. The share repurchase program does not obligate the company to repurchase any particular amount of shares and the program may be modified or suspended at any time at the company's discretion. The program is valid till June 30, 2011.

On September 14, 2010, Education Management adopted a Rule 10b5-1 plan. A broker selected by Education Management will have the authority under the terms and limitations specified in the plan to repurchase shares on Education Management's behalf in accordance with the terms of the plan.

On December 8, 2010, the Board of Directors increased the share repurchase program from $50 million to $150 million and extended the program to December 31, 2011.

On March 11, 2011, the Board increased the authorization from $150 million to $250 million.

On August 5, 2011, the Board increased the authorization in the amount of $75 million thereby increasing the authorization to $325 million. The program will terminate on December 31, 2011.

On October 28, 2011, the Board extended the program till June 30, 2012.

On December 15, 2011, the Board increased the authorization from $325 million to $375 million. The program will terminate on December 31, 2012.

Education Management Corporation's share repurchase program expired on December 31, 2012. Under the plan, the company has repurchased 18,902,340 shares for $328.61 million.