On February 23, 2009, officers of ITT Educational Services, Inc. (the “Company”) provided a presentation to securities analysts and investors at the Credit Suisse 11th Annual Global Services Conference. Due to an error in the Internet link provided by the conference coordinator, the webcast of the presentation was not immediately accessible through the Company’s website.

During the conference, the Company discussed the anticipated effect on the Company of a new private education loan program for the Company’s students. As a result, the Company believes that the amount of internal student financing that it may need to provide to its students in 2009 will be in the range of $50 million to $70 million. The Company also believes that days sales outstanding in 2009 will range from 10 to 15 days and bad debt expense as a percentage of revenue in 2009 will be in the range of 3% to 5%. Further, as a result of the new program, the Company has decided to revise its internal goal for 2009 earnings per share from the previously announced range of $6.25 to $6.45, to the revised internal goal for 2009 earnings per share in the range of $6.50 to $6.75.

Except for any historical information contained herein, the matters discussed in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are made based upon the current expectations and beliefs of the company's management concerning future developments and their potential effect on the company. The company cannot assure you that future developments affecting the company will be those anticipated by its management. These forward-looking statements involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: business conditions and growth in the postsecondary education industry and in the general economy; changes in federal and state governmental regulations with respect to education and accreditation standards, or the interpretation or enforcement thereof, including, but not limited to, the level of government funding for, and the company's eligibility to participate in, student financial aid programs utilized by the company's students; the company’s failure to comply with the extensive education laws and regulations and accreditation standards that it is subject to; effects of any change in ownership of the company resulting in a change in control of the company, including, but not limited to, the consequences of such changes on the accreditation and federal and state regulation of its institutes; the company's ability to implement its growth strategies; the company’s failure to maintain or renew required regulatory authorizations or accreditation of its institutes; receptivity of students and employers to the company's existing program offerings and new curricula; loss of access by the company's students to lenders for student loans; the company’s ability to collect internal student financing from its students; the company’s ability to successfully defend litigation and other claims brought against it; and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future developments or otherwise.

The information furnished in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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