Dear [Client]:
Happy New Year! We would like to update you on our progress for integrating Embark into the Admissions Services Division of The Princeton Review. We hope this communication will address most of the questions you have about our products and branding strategy for the 2002 - 2003 season. We have also posted an FAQ document to the PRM product home page with more extensive details.

The Embark brand will continue to be used in association with the Embark product line and the support for this line. The Princeton Review brand will not be visible to prospects and applicants who access the stand-alone products and tools you link to from your web site: online applications, inquiry forms, and event and interview schedulers. The FAQ document posted in the PRM product goes into more detail about what this means for your online application and other forms, but here are several examples:

• When an applicant sends an e-mail to technical support, they will continue to send it to 'apphelp@embark.com' and their response will be from the same address.
  
• When a student calls technical support, we will answer the phone "Technical Support, how can I help you?"
  
• The current link to your online application, inquiry form, or scheduler product will not change, i.e. it will still have 'embark' as the domain name, i.e. http://apply.embark.com/your school info/.
  
• Any links to copyright information or privacy policy will prompt a small java pop-up box, which will not link to Embark.com or Review.com.
  

Embark is our product and technology solution for the post-secondary market. Our team supports Embark products and technology, and we work for the Admissions Services Division of The Princeton Review. Your contracts and invoices will be from the corporate entity, The Princeton Review. Note that contrary to our branding strategy in the post-secondary market, our consumer web site (www.review.com) and guidance product for secondary schools (ECOS) will carry The Princeton Review brand.

For next season, we will be expanding the Embark PRM product line with several new offerings, as well as enhancements and capacity for existing products.

A highlight of new offerings for institutions include:

• Application Data Entry: Manage online and paper applications from a single tool.
  
• AutoDownload: Automated, secure data transfer from Embark to your servers.
  
• Email communication for prospect lists: Use Prospect Manager to communicate with individuals from lists purchased from such providers as College Board, ACT & GMAC.
  

Other exciting changes include key enhancements to our Scheduler tools, and a new subscription-only pricing scheme for Outreach with a reduced per message fee. More information about these products, including pricing, will be made available to you through your Account Executive.

Outside of the post-secondary market, the Embark consumer website will be integrated into the Review.com web site. Embark products accessible through review.com, such as the Apply Online system and search tools, will be promoted as 'powered by Embark' technology to consumers. The ECOS product line developed by Embark will continue to be offered to high school guidance offices and community outreach programs, and as of next season will be marketed under The Princeton Review brand name.

We are pleased to report that our network service center handled another 2X growth in application transactions through the peak admissions season, for a total of 4X growth over the past two years. Many of our schools have had a fantastic season by encouraging students to apply online through their web site, print materials, phone messages, and through e-mail communications to applicants who have started their applications.

Several clients have already asked for their renewal information to get ready for the 2002 - 2003 season! Because a large number of clients are still in the throes of application review, we will be sending out a renewal communication in early March that will include an overview of the process we introduced last year and a schedule. If you would like to start your renewal process now, please contact your Account Manager.

We hope this answers some of your questions about what's coming in 2002 for the Embark product line and associated services. For more details, please log into your account at http://prm.embark.com and click on January 2002 FAQ.

Best wishes for your application review process.

Sincerely,