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ChinaCast Education Corporation

The Rise of the For Profit Education Industry in China

Ron Chan, Chairman & CEOICR Asia Xchange Conference

December 5, 2007

NASDAQ: CASTwww.chinacasteducation.com

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This presentation contains forward-looking statements. These statements are made under the “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. ChinaCast may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press 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, including statements about ChinaCast’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these risks and uncertainties is included in our registration statement and other documents filed with the Securities and Exchange Commission. ChinaCast does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Safe Harbor Statement

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• Leader in e-learning and training services in the rapidly growing China education sector

- Established in 1999 and headquartered in Beijing with over 300 employees

• Common stock (CAST), warrants (CASTW) and units (CASTU) currently quoted on NASDAQ Global Market

• Market Capitalization: $212M (As of 12/05/07)• Cash Balance: $98M (as of 9/30/07; no debt)• Shares Outstanding: 27.3M• Warrants: 9M warrants exercisable at $5.00

- Callable by company once stock closes at $8.50 or higher for any 20 consecutive trading days

• Key Shareholders: Management (24%), Hughes Network Systems (13%), Intel Capital (9%)

ChinaCast Education Corporate Overview

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To achieve this goal, we are transitioning from a B2B e-learning provider to a full service for-profit B2C education brand

operating both e-learning and traditional school education services

1. E-Learning• Leader in B2B e-learning and training services for post-secondary, K-12 and

vocational/career education sectors

2. Traditional Schools• Acquisition strategy targeting well known, accredited universities and

vocational/career training schools with a focus on the 18-35 year old education market segment

• Recently established eight Daily English Language Training Centers in Beijing; will expand to over 20 centers in 2008

• Announced acquisition of Wuhan Media & Communications College of Huazhong Normal University (IT/Media/Computer Animation)

51% acquisition for US$30m-$32m; deal targeted to close early Q1 2008• Announced acquisition of Foreign Trade & Business College of Chongqing

Normal University (Business/Finance/Economics/Tourism) 70% - 80% acquisition for US$56m-$64m; deal targeted to close early Q1 2008

Our Goal is to be a Leader in the PRC For-Profit Education Sector

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Our Corporate Strategy

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40

60

80

100

2006 2007e 2008e 2009e

E-Learning Schools

% Revenue

Our Strategy Is To:

Continue to grow our existing B2B e-learning business

Acquire bricks and mortar schools to transition from a B2B e-learning provider to a B2C nationwide education brand focusing on post-secondary and vocational/career

Benefit from the synergies created between our bricks and mortar schools and our e-learning business by using the content owned by the schools and distributing it through our nationwide e-learning network

Estimated Revenue Mix

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Our M&A Strategy

Disciplined M&A strategy based on:

- Risk adjusted returns in excess of our cost of capital

- Synergies / cost savings opportunities- Management expertise- Accretive to earnings within reasonable

time period

Post Secondary Schools• Over 300 private universities in

China Plan to acquire a minimum of 3-4

institutions within next 18 mos. to enhance program offering & geographic reach

Become nationwide B2C education name

Vocational/Career Schools Expand Daily English nationwide

and expand course offerings New vocational/career school

acquisition targets (IT, Health, Management, Finance, etc.)

Deploy cash (US$140M+ post warrants) to acquire

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Growth in Education Services in China is Very Strong

750m Workers to Up-Grade

Job Skills

600m Pop inPrime Education

Age (5-29)

10% of HH Income Spent on Education;

One Child Policy

Govt. spend is 3.8% of GDP, up $26Bn

from ’04-’05

10% GDP Growth$60B FDI

CAGR of 13.5% for Consumer Spending

2003A-2010E

Underlying Macroeconomic Fundamentals

are Solid

Source: US DOE, PRC Min. of Education, Economic Intelligence Unit

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For Profit Education is the Next Wave of Education in China

(Fall 2005) USA PRC

Students 82m 235m

Teachers 4.5m 10m

K-12 Schools

125k 550k

Post-Sec Post-Sec SchoolsSchools

4,1824,182 1,7921,792

Compelling market dynamics for high quality education services providers:

• Formal education system largest in the world with over 235m students, 550k schools and 10m teachers

• Strong enrollment growth creates revenue and earnings visibility

• Highly scalable business model with barriers to entry

• Demand outweighs supply• In 2005, the PRC had over 100m university qualified

applicants but only 15m physical seats

• PRC for-profit education industry is still in its infancy• In 1991, Devry was the only publicly listed for profit

education company in the US• By 1996, there were over 40 US publicly listed for profit

education companies with combined market cap of > US$20B

Source: US DOE, PRC Min. of Education

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Segment Overview

I. E-Learning Segment

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Demand for Online Education Services is Taking Off

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2004 2005 2006 2007

Internet StatisticsEstimated Online Education Market Size

(CAGR: USA 33%, PRC 27%)US $B

Source: iResearch PRC Distance Learning Report, Eduventures, InternetWorldStats.com

(July 2007) USA PRC

Internet Users 233m 162m

Penetration (% Pop)

70% 12%

Growth (2000-2007)

115% 620%

As in the USA, internet penetration will be a key driver for PRC online

education growth

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We Have a Nationwide E-Learning Network…

Network Operations Center in Beijing broadcasting via AsiaSat 3s Ku-band Satellite

Nationwide broadband VSAT, ISP and ICP license from MII

Proprietary interactive e-learning software platform

Over 7,000 remote e-learning centers

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With Multiple Streams of Recurring Service Income

2006 Revenue $22.3M

K-1241%

Post-Secondary38%

Vocational/Career21%

Teacher training content broadcast to

over 6,500 K-12 schools

(subscription based revenue model)

Distance learning services to

15 universities - over 116,000 students

(tuition based revenue model)

Training services for government ministries and

corporate enterprises(subscription based revenue

model)

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Segment Overview

II. Traditional Schools

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Demand for English Training Services is Taking Off

% Increase in Salary Due to English Training Level

0.00.5

1.0

1.5

2.0

2.5

3.03.5

4.0

2004 2006e 2008e 2010e

PRC English Language Training Market

US $B

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50

75

100

Mid-Level Advanced English

24%

73%CAGR 12%

Source: China Education & Training Industry Report, ChinaHR.com

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Daily English Language Training Schools

• First bricks and mortar school acquisition and entry into the US$2B PRC language training market

• Commenced operations of initial 8 Daily English schools in Beijing in July 2007

• Will expand to 20 nationwide training centers by end of 2008

- Potential expansion into Kid’s English, Comprehensive English, Test Prep

• Major corporate customers including: Nokia, Microsoft, Toyota, Motorola, Lucent, Min. of Public Security

• Plans to leverage ChinaCast’s nationwide network of e-learning school partnerships

16Sources: US Dept. of Education, PRC Ministry of Education, ChinaHR

Demand for Post-Secondary Education Services is Taking Off

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2002 2003 2004 2005 2006e 2007e

USA PRC

Post Secondary Enrollment(CAGR: USA 1%, PRC 23%)

Students(m)

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100

150

200

250

Below Assoc Deg. Assoc. Deg. Bachelor Deg.

Impact of Education on Median Annual Salaries in the PRC

1.0x

1.7x

2.3x

•In 2005, the PRC had almost the same number of post-secondary students as the US (~16M) but less than half the number of colleges

(US-4,182; PRC-1,792)

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Wuhan Media & Communications College (WMCC) of Huazhong Normal University

• ChinaCast has signed MOU to acquire 51% of WMCC for approximately US$30-$32m. Deal targeted to close and be accretive in early Q1 FY08.

- Acquisition to include real estate, buildings, management team and faculty.

• WMCC is an independent college affiliated with Huazhong Normal University in Wuhan, one of the top 5 education cities in China. It has a campus of over 52 acres and over 350 full-time teaching staff.

• For the academic year started in September 2007, WMCC had over 6,500 on-campus students enrolled. Annual tuition fees range from US$987 to US$2,500.

• WMCC has estimated its revenue to be US$10.9m and net profit to be US$3.9m for it Academic Year 2007 (beginning Sept. 2007).

• WMCC offers job-oriented 4 year bachelor degrees and 2 year diploma degrees in IT, digital media, computer animation, news production, e-commerce, business management, music, performing arts and English.

• Degree and diploma programs are fully accredited by the Ministry of Education.

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Foreign Trade and Business College (FTBC) of Chongqing Normal University

• ChinaCast has signed a MOU to acquire 70%-80% of FTBC for approximately US$56-$64m respectively. Deal targeted to close and be accretive in early Q1 FY08.

- Acquisition to include real estate, buildings, management team and faculty.

• FTBC is an independent college affiliated with Chongqing Normal University in Chongqing, China’s largest municipality in terms of area and population. It has a campus of over 132 acres and over 900 full-time teaching staff.

• For the academic year started in September 2007, FTBC had over 10,000 on-campus students enrolled. Annual tuition fees range from US$1,067 to US$1,467.

• FTBC has estimated its revenue to be US$15.1m and net profit to be US$6.3m for its Academic Year 2007 (beginning Sept. 2007).

• FTBC offers job-oriented 4 year bachelor degrees and 2 year diploma degrees in finance, economics, trade, tourism management, advertising, language, IT and music.

• Degree and diploma programs are fully accredited by the Ministry of Education.

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Our Management Team is Seasoned & Experienced

Extensive Experience Working With Public Shareholders in China, Hong Kong, Singapore and US Stock Exchanges.

Name Title BackgroundRon Chan Chairman and CEO Unisys, TVH FounderYin Jian Ping Vice Chairman Tibet Finance Ministry

Antonio Sena Chief Finance Officer Fujitsu PC Asia-Pacific

Li Wei Chief Operating Officer Orient Satellite

Michael Santos Chief Marketing Officer Hughes Network Systems

Jim Ma Chief Accounting Officer Lippo Securities

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Our Board of Directors Have Strong Leadership Experience

Name Title BackgroundRon Chan Chairman and

CEOUnisys China, TVH Founder

Yin Jian Ping Vice Chairman Tibet Finance Ministry

Justin Tang Non-Executive Director

General Partner of Blue Ridge China; Co-founder of E-Long and Asia.com

Daniel Tseung Non-Executive Director

MD of Sun Hung Kai Properties Direct Investment Ltd; Independent Director of RCN, Owens Corning

Richard Xue Non-Executive Director

Ex-CFO Target Media, E-Long

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FY2004 – FY2007 US GAAP Financials

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40

60

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100

120

140

160

180

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FY04 FY05 FY06 9M FY070%

10%

20%

30%

40%

50%

60%

RevenueNet IncomeGross %Net %

Notes: The net income figures have been adjusted for non-recurring items shown below:1. 2004 includes RMB 23m in share option expenses. The figure for 2005 and 2006 were RMB 2m and

RMB1m respectively.2. 2006 includes RMB 17m in non-recurring costs due to investment impairment loss and professional

fees associated with GWAQ reverse merger

RMB (m) Margin %

US$17.1m

US$5.9m

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Why ChinaCast Education?

• Attractive Financial Model in Exciting Consumer Growth Sector in China

- High margin, cash generative, recurring service income- Education market is one of the largest and fastest growing in

China driven by growing consumption power and increasing investment by the government and private sector

• Sound Growth Strategy- Focus on expanding post-secondary traditional bricks and mortar

school business through acquisition to become major player in emerging PRC for-profit education market

• Unique Positioning in Education Sector- Long term trusted relationships with post-secondary institutions

and Ministry of Education

• Seasoned Multinational Management Team- Proven track record in creating shareholder value and corporate

governance

• Strong Balance Sheet ($140M+ cash post warrants; no debt)

- Acquisitive growth opportunities in private education sector

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Ron Chan, Chairman and CEOEmail: ronchan@chinacasteducation.com

IR: www.chinacasteducation.com

Thank You