PRIVATE AND CONFIDENTIAL: 1

New Oriental Education & Technology Group Inc.(New York Stock Exchange: EDU)The Leading Provider of Private Educational Services in China

Investor PresentationNovember 2013

Forward-Looking Statements

This presentation contains forward-looking statements. These statements are made underthe “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as “will,” “expects,”“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. NewOriental may also make written or oral forward-looking statements in its periodic reports tothe U.S. Securities and Exchange Commission, in its annual report to shareholders, inpress releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts, includingstatements about New Oriental’s beliefs and expectations, are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties. Further informationregarding these risks and uncertainties is included in our registration statement on Form F-1and other documents filed with the Securities and Exchange Commission. New Orientaldoes not undertake any obligation to update any forward-looking statement, except asrequired under applicable law.

2

3

Our Platform

Established in 1993 in Beijing by Michael Minhong Yu IPO on September 7, 2006 on NYSE (EDU) China’s leading private education service provider with the best brand(1)

with approximately 2,560,800 total student enrollments and US$1,013 million revenues in last 12 months Dominant leader in Overseas Test Prep and Consulting business market in enrollments

with approximately 331,700 and revenues with US$383 million in last 12 months Market leader in K-12 after school tutoring market in enrollments with approximately

1,497,000 and revenues with US$441 million in last 12 months Market leader in English language training market in enrollments with approximately

566,900 and revenues with US$112 million in last 12 months(2)

Fast growing business of VIP and online VIP (one-teacher-to-maximum-five-students) program in enrollments with approximately

125,400 and cash revenues with US$299 million in last 12 months Market leader in online K - College with over 8.6 million cumulative registered users and

159,100 paid users in last 12 months

GeographicFootprint /

Scale

Nationwide network – 713 learning centers including 57 schools in 50 cities across China; 32 bookstores and over 5,000 third-party bookstores; extensive online platform

“One-Stop” shop for K – College Most extensive program and service offerings for students age 5-25 Over 16,200 highly qualified teachers located across China

(1) Based on number of program offerings, total student enrollments and geographic presence (2) Excluding K-12 afterschool English language enrollments

Our Business /Our Brand

Large classes Small classes 1-to-1 classes Online classes

The Trusted, Lifelong “One-Stop” Education Ecosystem for Chinese Families

Age 4-12

Age 18+

Overseas Tests : GRE, GMAT, TOEFL, IELTS, BEC,TOEIC Domestic Tests : Kaoyan (post-graduate entrance exam), CET-4, CET-6, PETS Adult English : New Concept English, Listening and Oral English Other Language : Japanese, Spanish, French, German, Italian Vocational Training ：Corporate Training, Marketing, Accounting, HR, IT, PRC Bar etc.

POP Kids English MaxEn English POP Chinese POP Math POP Music POP Art Yangzhou Bilingual Private Boarding School

After School Tutoring: English, Chinese, Math, Physics, Chemistry, Biology, Politics, Geography, History Entrance Exam Prep: SAT, ACT, AP, SSAT, Gaokao (college entrance exam), Zhongkao (high school entrance exam) Private international middle & high school

Inspiring Chinese students of all ages to improve their lives and expand their horizons through a lifelong commitment to education and learning…

• Extensive Nationwide Network • Best Teachers • Best Proprietary Content • Proprietary Computerized Assessment Testing • Best Customer Service and Study Consulting

Profitable Business Model: • Recurring revenues: multi-year, multi-decade, multi-generational • Strong customer brand loyalty, lower student acquisition costs • Enormous cross-selling and up-selling opportunities

4

Age 12-18

5

4%

4%

3%

2%

4%

6%

9%

6%

3%

59%

1Smart(Jingrui)

TAL(Xueersi)

Juren

Longwen

Ambow

Bonde

Xueda

Jinghan(by Ambow)

Others

Best Brand in Chinese Private EducationHighest Brand Awareness and Preference

Brand Preference by Tier City in K-12 After School Tutoring Market

Brand Preference in K-12 After School Tutoring Market (Single Choice)

Source: Deutsche Bank, Decision Fuel, Horizon Research (2013)

New Oriental

66%54% 51%

63% 64%

10%

14%5%

6% 9%

7%

5%

13% 5%

10%

9%

9%

7%

28% 30%19% 14%

3%2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Beijing Shanghai Chengdu Guangzhou Others

New Oriental 1Smart(Jingrui) TAL(Xueersi)Juren Others

Source: Deutsche Bank, Decision Fuel (2013)

6

42%

41%

28%

43%

55%

48%

4%

70%

Wall Street English

Only Education(Angli)

EF(English First)

EIC(Qide)

Global IELTS

New Channel(Xin Hang Dao)

Not aware of any

Best Brand in Chinese Private EducationHighest Brand Awareness and Preference

Which of the training schools (for overseas test prep & study) are you aware of? (Multiple Answers)

Source: Deutsche Bank, Decision Fuel (2013)

New Oriental

7

Best Brand in Chinese Private EducationHighest Brand Awareness and Preference (Continued)

1st “Influential Brand” awarded to Education Company in China by the Government1st “Influential Brand” awarded to Education Company in China by the Government

2009 Top 10 Most Influential Chinese Education Company by Some Top Media in China2009 Top 10 Most Influential Chinese Education Company by Some Top Media in China

2008 Top 10 Education Brand During China 30 Years of Reform and Opening-up by Chinese Education Media2008 Top 10 Education Brand During China 30 Years of Reform and Opening-up by Chinese Education Media

2009 Outstanding Contribution of China Education by Some Top Internet Media in China2009 Outstanding Contribution of China Education by Some Top Internet Media in China

8

China’s Leading Private Education ProviderTop Academic Performance

New Oriental students achieved the No.1 Gaokao Test Score in 6 provinces in 2011, 2012 and 2013

Gaokao High

Score

Province CityNo.1 No.2 No.3 No.1 No.2 No.3

2011TianjinShaanxiGuangxiGuangdong

Shaanxi Gansu Shenzhen Harbin

2012GansuShaanxiGuangdongHeilongjiang

Shaanxi JilinHarbinLuoyang

Wuhan

2013Shaanxi Hunan (2) Shenzhen

LuoyangTangshan (2)Zhenjiang

9

Large and Rapidly Growing Market Opportunity

Source: China Education Year Book, Deutsche Bank Research

English Language Training Market in China

2009 – 2014E CAGR: 25%(US$ in billions)

4.5

5.6

7.0

8.7

10.9

13.6

2009E 2010E 2011E 2012E 2013E 2014E

No. of Chinese Students Studying Abroad

134 144

200229

285

340

400

2006 2007 2008 2009 2010 2011 2012

2006 – 2012 CAGR: 20%(in thousand)

Overseas Test Prep and English Language Training Market in China

Large and Rapidly Growing Market Opportunity

After School Tutoring Market in China

Total Spending on After School Tutoring

No. of Students Enrolled in After School Tutoring

Source: IDC Report

2009 – 2014E CAGR: 3%(in millions)

2009 – 2014E CAGR: 13%(US$ in billions)

115.5

117.9

121.5

124.4

127.9

131.8

2009 2010 2011E 2012E 2013E 2014E

19.4

21.5

23.9

26.3

29.2

32.5

2009 2010 2011E 2012E 2013E 2014E

10

11

Xuzhou *(7)

Dalian *(10)

Shijiazhuang * (10)

Market Leader with Unparalleled National ScaleLargest Private Education Network in China

As of August 31, 2013, we had 57 schools and 713 learning centers （including the 57 schools) in 50 cities

Harbin* (15)

Changchun* (36)

Shenyang* (27)

Beijing* (67)

Tianjin* (34)

Taiyuan* (23)Zhengzhou* (30)

Xiangyang (8)

Xi’an* (20)

Chengdu* (17)

Chongqing* (12)

Changsha* (19)

Zhuzhou (3)Guangzhou* (30)

Shenzhen (16)

Jinan * (20)

Zhenjiang (2)

Nanjing* (16)Shanghai* (51)Suzhou* (12)

Hangzhou* (25)

Wuhan* (46)

＊ Bookstore Available(#) Number of Learning Centers

Foshan (4)

Anshan (3)

Kunming * (26)

Wuxi (7)

Hefei* (12)

Fuzhou * (11)

Nanchang *(18)

Yichang(1)

Jingzhou(3) Ningbo* (5)

Lanzhou* (9)

Huangshi (3)

Qingdao *(7)

Xiamen * (11)Nanning (6)

Yangzhou (1)

Xiangtan(1)

Luoyang *(4)

Nantong (1)

Jilin (3)

Guiyang (4)

Hohhot* (5)

Tangshan (4)

Urumchi* (5)

Shiyan (3)

12

New Oriental’s primary geographic expansion include about 140 Chinese cities with total population of >200 million people

Source: China Demographics Yearbook 2006

Cities with Population >1,000,000

140 Cities with Population >1,000,000

ZiboHuaianChangzhouPuningZhaozhuangPutianLinyiNanchongFuyangLuanYantaiGuigangNanyangTianmenGuipingQuanzhouYichunTongzhouQidongShantouQianjiangHuazhouBazhougRuian

DongguanPizhouHuainanGaozhouLufengShuizhouTaianShangqiuTengzhouXinghuaSuqianDengzhouLiangjiangYanchengHechuanLeizhouTaizhouXiantaoNananHaikouZigongJiangjinSuiningWeifang

BaotouHaozhouZhanjiangQiqihaerJianyangRugaoLuzhouXuanweiHandanZhongshanFushunYongchengHezheWenzhouNeijiangChangdeXinyangXintaiPingduLiuyangJiangmenTaheBijieFengcheng

YushuXinYiLaiwuDaqingGuanganLeiyangTianshuiQinzhouFuqingMaomingYuzhouBeiliuRizhaoJiangyinYueqingMachengDongtaiWenlingDingzhouMianyangHuizhouLeshanChifengXingning

ZouchengLinhaiLuodingLianyuanZaoyangJimoHanchuanHuzhouShouguangYangchunYongchuanLiupanshuiJiningZiyangJiangduZhuchengYixingZhujiYingdeGongzhulingChangshuYongzhouAnqiuEzhou

JinjiangAnyangWafangdianLiaochengWuchuanZhongxiangCixiHaimenLinzhouLaibinBaodingXianyangLangfangXiangchengYiyangHanchengDatong

Market Leader with Unparalleled National ScalePotential Expansion Opportunities

13

Sustainable Competitive Advantage

Best Brand

Nationwide Economies

of Scale Advantages

Sustainable Competitive Advantage

One-Stop Education

Ecosystem with Best Customer

Service

Best Content and Teachers

14

Our Senior Management>70 years of

combined industry experience

Well-respected in China’s private

education sector

Passion towards New Oriental and

education

Sharp business acumen and

financial prowess

Deep knowledge of China’s private

education sector

Minhong (Michael) Yu Founder, Chairman & CEO

29 years of experience in school management and English language training

Chenggang ZhouExecutive Vice PresidentBoard Director

14 years with New Oriental Former BBC correspondent

for Asia Pacific and program host

Louis T. HsiehPresidentCFOBoard Director

UBS (MD & Asia TMT Head), Investment Banking: Credit Suisse, JP Morgan

Stanford (BS), Harvard (MBA), Berkeley (JD), California Bar

Xiangdong ChenExecutive President, Domestic Business

15 years with New Oriental Expert on TOEFL, GRE and

LSAT training

Experienced Management Team with a Proven Successful Track Record

15

Denny LeeBoard Director

Robin Yanhong LiBoard Director

Our Board of Directors

Minhong (Michael) Yu Board Chairman Founder, Chairman & CEO

Louis T. HsiehBoard Director

John Zhuang YangBoard DirectorInternational Dean, Beijing BiMBAAdjunct Professor of Management, CCER at Peking University

Chairman, Nominations Committee

Experienced Management Team with a Passion for EducationWorld-Class Board

Chenggang ZhouBoard Director

Executive Vice PresidentPresidentCFO

Co-founder, Chairman & CEO Baidu.com

Chairman, Compensation Committee

Former CFO, Netease.com

Chairman, Audit Committee

91.6 129.1 197.3 284.9 375.4 539.9

753.2 959.9

335.8 388.7

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

16

872 1,068

1,808

1,2721,519

2,090 2,402 2,540

899 919

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

6.1 28.6

49.0 61.0 77.8

101.8 132.7 136.3

95.9 126.5

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q113.2 33.3 54.0 70.6 88.4 111.4 146.5 161.4 109.8 146.5

14.4%25.8% 27.4% 24.8% 23.5%

20.6%

19.4% 16.8%

32.7%

37.7%

0%

20%

40%

60%

0306090

120150180

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

(US$

mm

)

% of net revenue

GAAP Net Income (1)(2)

Net Revenues (1)(2)

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107: 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133, Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value(3) Non-GAAP Net income=Net Income + SBC + Disposal loss – Income from Discont’d Op. (4) GAAP EBITDA =Operating Income + D&A (5) Non-GAAP EBITDA =Operating Income + D&A + SBC + Disposal loss

(US$ in millions)

(US$ in millions)

Successful Track RecordRapid Top and Bottom Line Growth

SBC 8.0 4.6 8.7 16.8 16.2 15.0 24.1 27.2 6.7 5.4Discont’d Inc. 1.2 - - - - - - -Disposal loss - - - - - 1.5 - - - -Non-GAAP Net income(3) 12.8 33.2 57.8 77.8 94.0 118.4 156.8 163.5 102.6 131.9

Student Base (‘000)

GAAP EBITDA (1)(2)(4)

Operating income 8.1 26.4 46.1 60.3 76.1 94.2 120.2 122.6 101.6 135.5D&A 5.1 6.9 7.9 10.3 12.2 17.2 26.3 38.8 8.3 11.0SBC 8.0 4.6 8.7 16.8 16.2 15.0 24.1 27.2 6.7 5.4Disposal loss - - - - - 1.5 - - - -Non-GAAP EBITDA(5) 21.2 37.9 62.8 87.3 104.5 128.0 170.6 188.6 116.6 151.9

207.4 261.4 314.6 419.0 613.6 800.1 972.2 1118.4

0

500

1000

1500

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013FY14Q1

(US

$ m

m)

17

30.0 51.4 71.3 84.3 77.9 98.9 127.4 95.3 143.3

23.3% 26.1% 25.0% 22.4% 14.4%13.1%

13.3%28.4%

36.9%

0%10%20%30%40%50%

0

50

100

150

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

(% o

f Net R

evenu

e)

(US

$ m

m)

Operating income 26.4 46.1 60.3 76.1 94.2 120.2 122.6 101.6 135.5D&A 6.9 7.9 10.3 12.2 17.2 26.3 38.8 8.3 11.0SBC 4.6 8.7 16.8 16.2 15.0 24.1 27.2 6.7 5.4Cash capex 7.9 11.3 16.0 20.3 48.6 71.7 61.3 21.3 8.6

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107 : 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133, Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value(3) Operating Income + D&A + SBC – Cash Capital Expenditures (4) Includes both cash and non-cash capital expenditure(5) Capital expenditures in FY11 include US$11.1 million for purchasing

two buildings in Kunming and Wuhan.

Successful Track RecordCapital Efficient and Scalable Business Model

SchoolLearning Centre

35 41 48 48 54 55 57 5795 166 222 319

433609 669 656

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY14Q1

Nationwide Network

SchoolLearning Centre

207270

5.3 11.4 14.8 20.049.4

71.2 61.8

22.7 6.4

4.1%5.8%

5.2% 5.3%

9.2% 9.5%6.4% 6.8%

1.6%

0%2%4%6%8%10%12%

0102030405060708090

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

(% o

f Net R

evenu

e)

(US$

mm

)

Capital Expenditures (1)(4)(5)

Cash and Cash Equivalents + Term Deposits (1)

+ Short Term Investment

*1 Increase of cash balance by FY07 was due to the net proceeds from our initial public offering in September of 2006*2 Approximately US$63 million cash was used for share buy back program in CY08 *3 Approximately US$30 million cash was used for share buy back program in FY10*4 Approximately US$46.9 million cash was used for special cash dividend in FY13Q2*5 Approximately US$50 million cash was used for share buy back program in FY13Q4(US$28.5 million) and FY14Q1(US$21.5 million)

Free Cash Flow (1)(2)(3)

367487

511.9

289.4 377.3 *3

*2*2

*2

*1

*3*2

706.6

664 (6)

*3*2

893.1

(6) This figure does not include the 1 school and 20 learning centers we acquired from Newave Education in September 2010, because we submitted an arbitration petition alleging breach of contract by the seller of Newave Education, to the China International Economic and Trade Arbitration Commission seeking full refund of the acquisition consideration we had paid. The case was closed in December 2011, and we got the full refund by end of FY2012.

726 (6)

1,140.6

*3*2

*4

713 (6)

1,308.3

*3*2

*4*5

*5

130

18

60.4% 62.3% 61.9% 62.1% 60.4% 61.1% 60.0% 64.8% 65.9%

64.7% 65.9% 64.5% 64.1% 62.0% 61.9%59.5%

65.7% 65.8%

21.5%25.0%

34.4%

43.9%53.5%

54.0%59.5% 56.7%

65.2%

32.7%

44.0%

56.8%48.9% 50.5% 49.8%

62.9%57.8%66.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

Gross MarginCost of Revenues Breakdown (1)(2)

Language Training and Test Preparation Primary and Secondary Others

Successful Track RecordProfitable Business Model

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107 : 7.9891, Q207: 7.8998,Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133 , Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value

Gross Margin (%)

39.958.0

87.1116.1

176.8

243.0

329.2

102.5 116.73.9

4.8

5.6

5.5

6.4

8.2

8.4

2.22.2

7.311.5

15.6

20.7

30.5

41.9

46.5

13.513.7

0

100

200

300

400

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1FY14Q1

(US

$ m

m)

384.2

51.174.3

108.4142.3

213.8

293.1

132.6118.2

19

16.2 25.1 38.1 57.7 82.0 113.6 142.1

39.5 42.731.0 43.7 61.7

83.7

134.3

202.5

283.8

69.9 72.5

0

50

100

150

200

250

300

350

400

450

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

(US

$ m

m)

S&M + G&A Expenses – SBCAs % of Net Revenues (1)(2)(3)S&M + G&A Expenses – SBC (1)(2)

12.5% 12.7% 13.4%15.4% 15.2% 15.1% 14.8%

11.8% 11.0%

24.0%22.1% 21.6% 22.3%

24.9%26.9%

29.6%

20.8%18.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY13Q1 FY14Q1

Selling and Marketing Expenses General and Administrative Expenses

Successful Track RecordProfitable Business Model

S&M expenses 16.3 25.4 38.3 57.8 82.0 113.6 142.1 39.5 42.7SBC (S&M) (0.1) (0.2) (0.2) (0.1) - - - - -G&A expenses 35.3 51.5 77.9 99.2 148.4 226.4 311.0 76.6 77.9SBC (G&A) (4.3) (7.8) (16.2) (15.4) (14.1) (23.9) (27.2) (6.7) (5.4)

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107 : 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133, Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298(2) All growth rates figures calculated based on USD value(3) Increase in selling and marking expenses in 07 was due to a refinement of the accounting process which New Oriental implemented in 2006 to allocate some of the personnel and other expenses which were included in the general and administrative expenses to selling and marketing expenses.

Total S&M + G&A Expenses as % of Net Revenue

68.847.2

36.6% 34.9% 35.0% 37.7% 40.1% 42.0% 44.4% 32.6% 29.6%

99.8141.4

216.2

316.1

425.9

109.3115.2

10.2% 5.8%

30.2%

10.8% 10.2%

34.9%

-20%

-10%

0%

10%

20%

30%

40%2012 2013

20

GAAP & Non-GAAP EBIT Margin by Quarter

Q4

Successful Track RecordMargin Expansion from Q3 of FY2013 due to “Harvest the Market” Strategy

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107 : 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133, Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value(3) Non-GAAP EBIT =Operating Income + SBC + Disposal loss

13.5% 9.7%

32.2%

13.8% 13.1%

36.2%

-20%-10%

0%10%20%30%40%

GAAP EBIT Margin

Q3

Non-GAAP EBIT Margin

Q1

Q4Q3 Q1

2014

79.2

116.6

47.963.8

146.6

59.083.1

128.0 130.9 127.2

169.9189.2

165.9

218.5239.6

388.7

266.9

335.8

86.7

39.231.447.5 56.6

188.8

92.1

0

50

100

150

200

250

300

350

400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

(US$

mm

)

FY2011

21

FY2010

Net Revenues (1)(2)

FY2008YoY growth 50.3% 55.6% 47.3% 59.6% 47.3% 52.5% 34.2% 44.3% 25.7% 23.1% 36.0% 46.9% 28.8% 56.1% 47.6% 57.6% 41.3% 38.1% 32.7% 44.5% 25.8% 30.4% 28.6% 26.6% 15.7%

Successful Track RecordQuarterly Performance–Net Revenues

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107: 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133 , Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value

FY2009 FY2012 FY2013 FY2014

1.113.8

5.8 1.8

23.314.3

3.3

22.4 16.328.0 28.2

126.5

(15.8)

95.990.7

62.457.1

10.4

44.933.7

2.611.6

1.9 1.8 3.1

-20

20

60

100

140

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

(US$

mm

)

FY2012FY2009 FY2011

22

(1) Effective December 1, 2007, New Oriental changed its reporting currency to the U.S. Dollar (US$). Exchange Rate as follows: FY06: 8.1490, Q107: 7.9891, Q207: 7.8998, Q307: 7.7876, Q407: 7.7117, Q108: 7.5949, Q208: 7.4822, Q308: 7.2613, Q408: 7.0157, Q109: 6.8594, Q209: 6.8313, Q309: 6.8417, Q409: 6.8298, Q110: 6.8325, Q210: 6.8271, Q310: 6.8276, Q410: 6.8263, Q111: 6.7934, Q211: 6.6876, Q311: 6.6079, Q411: 6.5288, Q112: 6.4446, Q212: 6.3718, Q312: 6.3214, Q412: 6.3133, Q113: 6.3650, Q213: 6.2729, Q313: 6.2285, Q413: 6.1806, Q114: 6.1298

(2) All growth rates figures calculated based on USD value(3) Non-GAAP Net Income=Net Income + SBC + Disposal loss – Income from Discontinued Operations

GAAP Net Income (1)(2)

FY2008

Successful Track RecordQuarterly Performance—Net Income

SBC 1.7 2.0 2.3 2.7 3.9 4.3 4.1 4.5 3.7 4.4 4.9 3.3 4.9 3.3 3.4 3.4 6.8 4.2 5.6 7.5 6.7 6.8 6.7 7.0 5.4Disposal loss

- - - - - - - - - - - - - - - 1.5 - - - - - - - - -Non-GAAP Net income(3) 35.4 4.0 13.9 4.5 48.8 7.4 14.5 7.1 60.8 5.5 18.7 9.0 67.3 5.2 26.6 19.2 97.5 7.5 28.0 23.7 102.6 (9.0) 34.7 35.2 131.9

YoY growth 63.0% 83.8% 38.1% NA 33.2% 57.5% -10.3% 49.8% 27.1% -63.9% 33.0% 118.7% 9.3% 65.9% 68.1% 147.8% 45.5% 80.5% -3.7% 13.6% 5.7% -575.8% 25.0% 73.4% 31.9%

FY2010 FY2013 FY2014