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BEIJING, July 9, 2020 /PRNewswire/ --Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a leading national provider of educational and career enhancement services in China, today announced its unaudited financial and operating results for the three-month period ended March 31, 2020. "Against the backdrop of the unprecedented COVID-19 pandemic, our goal of empoweringlearning and teaching through technologyhas never been more relevant," said Dr. Jin Huang, Ambow's President and Chief Executive Officer. "With our strategic efforts to invest in technological advancements and educational service innovation, we remain committed to providing our learners with high-quality educational resources, ensuring a superior online education experience across our platform. For instance, we launched live streaming classes that are embedded with various interactive tools that dramatically enhance the engagement between students and teachers on our learning platform. We also introduced online practice training and career planning programs to help undergraduates and employees better prepare themselves in an increasingly challenging job market. By leveraging our leading position and strong network in the career enhancement services market, in collaboration with 6,000 enterprises, we organized online job fairs that enabled remote interviews, extending extra exposure for undergraduates seeking jobs." Dr. Huang continued, "The outbreak of COVID-19 since the beginning of this year has adversely impacted the entire education industry. Our first quarter 2020 revenue performance was negatively impacted as a result of the suspension of our K-12 schools and offline tutoring services dueto quarantine measures. With daily life in China gradually returning to normal since April, our schools reopened in April with the health and safety of our students and faculty a paramount priority. We are confident in our ability to navigate through the dynamic markets and capitalize on the elevated opportunities presented by the accelerated adoption of online education around the world." "I am also pleased that we made another significant addition to our portfolio of international assets in the first quarter as we completed the acquisition of NewSchool of Architecture and Design, LLC ("NewSchool"), a San Diego-based higher learning institution. This acquisition underlines Ambow's vision to roll out a cross-border educational service platform, bringing unique learning and career advancement opportunities to students,"concludedDr. Huang. First Quarter 2020 Financial Highlights Net revenues for the first quarter of 2020 decreased by 28.2% to US$12.7 million from US$17.7 million in the same period of 2019. The decrease was primarily due to fewer services provided at the Company's K-12 schools and tutoring centers as operations during the quarter were temporarily suspended due to the outbreak of COVID-19, partially offset by revenue from NewSchool, acquired in the period. Gross profit for the first quarter of 2020 decreased by 72.4% to US$1.6 million from US$5.8 million in the same period of 2019. Gross profit margin was 12.6%, compared with 32.8% for the first quarter of 2019. The decrease in gross profit and margin was mainly attributable to the decrease of net revenues. Operating expenses for the first quarter of 2020 decreased by 19.1% to US$7.2 million from US$8.9 million for the same period of 2019. The decrease was primarily attributable to less expenditures due to the temporary suspension of operations at schools and tutoring centers in the period as part of the national pandemic containment effort, and stringent expense controls to improve operating efficiency. Net income attributable to ordinary shareholders in the first quarter of 2020 was US$0.8 million, or US$0.02 per basic and diluted share, compared with a net loss of US$3.5 million, or US$0.08 per basic and diluted share, for the first quarter of 2019. As of March 31, 2020, Ambow maintained strong cash resources of US$30.4 million, comprised of cash and cash equivalents of US$14.2 million and short-term investments of US$16.2 million. As of March 31, 2020, the Company's deferred revenue balance was US$23.9 million, representing a slight increase compared with US$23.7 million as of December 31, 2019. Due to the temporary suspension of school operations to contain COVID-19, the Company postponed tuition and fee collection in its K-12 schools during the first quarter which led to the lower-than-usual increase in deferred revenue. The Company's first-quarter 2020 financial and operating results can also be found on its Form 6-K filed with the U.S. Securities and Exchange Commission atwww.sec.gov. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all amounts translated from RMB to U.S. dollars for the first quarter of 2020 are based on the effective exchange rate of 7.0808as of March 31, 2020; all amounts translated from RMB to U.S. dollars for the first quarter of 2019 are based on the effective exchange rate of 6.7112as of March 29, 2019; all amounts translated from RMB to U.S. dollars as of December 31, 2019 are based on the effective exchange rate of 6.9618as of December 31, 2019. The exchange rates were according to the middle rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. About Ambow Education Holding Ltd. Ambow Education Holding Ltd. is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China. Follow us on Twitter: @Ambow_Education Safe Harbor Statement This announcement 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. Among other things, the outlook and quotations from management in this announcement, as well as Ambow's strategic and operational plans, contain forward-looking statements. Ambow may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: the Company's goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company's expectations regarding keeping and strengthening its relationships with its customers, and the general economic and business conditions in the regions where the Company provides its solutions and services. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission.All information provided in this press release is as of the date of this press release, and Ambow undertakes no duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: Ambow Education Holding Ltd.Tel: +86-10-6206-8000 The Piacente Group | Investor RelationsTel: +1-212-481-2050 or +86-10-6508-0677E-mail: [emailprotected] AMBOW EDUCATION HOLDING LTD. UNAUDITED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data) As of March 31, As of December 31, 2020 2019 US$ RMB RMB ASSETS Current assets: Cash and cash equivalents 14,210 100,619 157,600 Restricted cash 2,001 14,170 - Short term investments, available for sale 14,785 104,692 57,487 Short term investments, held to maturity 1,412 10,000 31,000 Accounts receivable, net 3,174 22,472 17,939 Amounts due from related parties 317 2,246 2,318 Prepaid and other current assets, net 22,542 159,618 133,296 Total current assets 58,441 413,817 399,640 Non-current assets: Property and equipment, net 21,976 155,606 157,463 Land use rights, net 247 1,748 1,759 Intangible assets, net 8,695 61,567 56,607 Goodwill 8,659 61,313 60,353 Deferred tax assets, net 538 3,811 10,195 Operating lease right-of-use asset 42,809 303,120 257,361 Finance lease right-of-use asset 890 6,300 6,450 Other non-current assets, net 11,900 84,261 70,971 Total non-current assets 95,714 677,726 621,159 Total assets 154,155 1,091,543 1,020,799 LIABILITIES Current liabilities: Deferred revenue * 23,858 168,933 165,111 Accounts payable * 1,781 12,615 14,718 Accrued and other liabilities * 28,059 198,681 192,957 Income taxes payable, current * 26,507 187,691 180,715 Amounts due to related parties * 278 1,971 1,971 Operating lease liability, current * 8,018 56,774 53,512 Total current liabilities 88,501 626,665 608,984 Non-current liabilities: Income taxes payable, non-current * 4,564 32,315 32,152 Operating lease liability, non-current * 37,158 263,109 216,067 Total non-current liabilities 41,722 295,424 248,219 Total liabilities 130,223 922,089 857,203 EQUITY Preferred shares (US$0.003 par value;1,666,667 shares authorized, nil issued and outstanding as ofDecember31, 2019 and March 31, 2020) - - - Class A Ordinary shares (US$0.003 par value; 66,666,667 and66,666,667 shares authorized, 38,858,199 and 38,870,699 shares issued and outstanding as of December31, 2019and March 31, 2020, respectively) 103 730 730 Class C Ordinary shares (US$0.003 par value; 8,333,333 and 8,333,333 shares authorized, 4,708,415 and 4,708,415 shares issued and outstanding as of December31, 2019and March 31, 2020, respectively) 13 90 90 Additional paid-in capital 495,563 3,508,983 3,508,745 Statutory reserve 2,851 20,185 20,185 Accumulated deficit (475,422) (3,366,370) (3,371,815) Accumulated other comprehensive income 978 6,928 6,341 Total Ambow Education Holding Ltd.'s equity 24,086 170,546 164,276 Non-controlling interests (154) (1,092) (680) Total equity 23,932 169,454 163,596 Total liabilities and equity 154,155 1,091,543 1,020,799 * All of the VIE's assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets. AMBOW EDUCATION HOLDING LTD. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except for share and per share data) For the three months ended March 31, 2020 2020 2019 US$ RMB RMB NET REVENUES Educational program and services 12,748 90,267 118,185 Intelligent program and services 2 12 461 Total net revenues 12,750 90,279 118,646 COST OF REVENUES Educational program and services (10,936) (77,433) (78,197) Intelligent program and services (183) (1,298) (1,858) Total cost of revenues (11,119) (78,731) (80,055) GROSS PROFIT 1,631 11,548 38,591 Operating expenses: Selling and marketing (1,490) (10,549) (14,088) General and administrative (5,536) (39,201) (45,618) Research and development (160) (1,131) (168) Total operating expenses (7,186) (50,881) (59,874) OPERATING LOSS (5,555) (39,333) (21,283) OTHER INCOME (EXPENSES) Interest income 281 1,990 388 Foreign exchange gain (loss), net 4 26 (31) Other income, net 199 1,406 660 Gain from deregistration of subsidiaries - - 1,279 Gain on the bargain purchase 5,688 40,273 - Gain on sale of investment available for sale 74 526 279 Total other income 6,246 44,221 2,575 INCOME (LOSS) BEFORE INCOME TAX ANDNON-CONTROLLING INTEREST 691 4,888 (18,708) Income tax benefit (expense) 104 739 (5,141) NET INCOME (LOSS) 795 5,627 (23,849) Less: Net loss attributable to non-controlling interest (58) (412) (93) NET INCOME (LOSS) ATTRIBUTABLE TOORDINARY SHAREHOLDERS 853 6,039 (23,756) NET INCOME (LOSS) 795 5,627 (23,849) OTHER COMPREHENSIVE INCOME, NET OF TAX Foreign currency translation adjustments 61 433 (2,428) Unrealized gainson short term investments Unrealized holding gains arising during period 62 441 280 Less: reclassification adjustment for gainsincluded in net income 41 287 205 Other comprehensive income/(loss) 83 587 (2,353) TOTAL COMPREHENSIVE INCOME LOSS) 878 6,214 (26,202) Net income (loss) per share - basic and diluted 0.02 0.14 (0.55) Weighted average shares used in calculating basic and dilutednet income (loss) per share 43,570,918 43,570,918 43,474,571 AMBOW EDUCATION HOLDING LTD. UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (All amounts in thousands, except for share and per share data) Attributable to Ambow Education Holding Ltd.'s Equity Retained Accumulated Class A Ordinary Class C Ordinary Additional Earnings other Non- shares shares paid-in Statutory (Accumulated comprehensive controlling Total Shares Amount Shares Amount capital reserves deficit) income Interest Equity RMB RMB RMB RMB RMB RMB RMB RMB Balance as of January 1, 2020 38,858,199 730 4,708,415 90 3,508,745 20,185 (3,372,409) 6,341 (680) 163,002 Share-based compensation - - - - 238 - - - - 238 Issuance of ordinary shares for restricted stock award 12,500 0 - - (0) - - - - - Foreign currency translation adjustment - - - - - - - 433 - 433 Unrealized gain on investment, net of income taxes - - - - - - - 154 - 154 Net income/(loss) - - - - - - 6,039 - (412) 5,627 Balance as of March31, 2020 38,870,699 730 4,708,415 90 3,508,983 20,185 (3,366,370) 6,928 (1,092) 169,454 Balance as of January 1, 2019 38,756,289 728 4,708,415 90 3,507,123 20,149 (3,271,838) 8,305 (1,786) 262,771 Share-based compensation - - - - 872 - - - - 872 Issuance of ordinary shares for restricted stock award 28,646 1 - - (1) - - - - - Foreign currency translation adjustment - - - - - - - (2,428) - (2,428) Unrealized gain oninvestment, net of income taxes - - - - - - - 75 - 75 Net loss - - - - - - (23,756) - (93) (23,849) Balance as of March31, 2019 38,784,935 729 4,708,415 90 3,507,994 20,149 (3,295,594) 5,952 (1,879) 237,441 Discussion of Segment Operations (All amounts in thousands) For the three months ended March 31, 2020 2020 2019 US$ RMB RMB (All amounts in thousands) NET REVENUES K-12 Schools 5,849 41,411 63,793 CP&CE Programs 6,901 48,868 54,853 Total net revenues 12,750 90,279 118,646 COST OF REVENUES K-12 Schools (4,721) (33,429) (42,296) CP&CE Programs (6,398) (45,302) (37,759) Total cost of revenues (11,119) (78,731) (80,055) GROSS PROFIT K-12 Schools 1,128 7,982 21,497 CP&CE Programs 503 3,566 17,094 Total gross profit 1,631 11,548 38,591 SOURCE Ambow Education Holding Ltd. Related Links www.ambow.com

Answer: Ambow Education Announces First Quarter 2020 Financial Results