About The COMPANY Dear Fellow SHAREHOLDERS 2001 Annual Report

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about the COMPANYdear fellow SHAREHOLDERS2001 Annual ReportThe CompanyAdvisory committees, comprised of representatives ofITT Educational Services, Inc., (NYSE:ESI) is a leadinglocal businesses and employers, help each ITT Technicalprovider of technology-oriented postsecondary degreeInstitute periodically assess and update curricula, equip-record performances in total student enrollmentprograms. At the end of 2001, ESI operated 70 ITTment and laboratory design.growth and financial results in 2001. We are lookingITT Educational Services, Inc. (“ESI”) experiencedTechnical Institutes in 28 states. The institutes predomi-forward to continued strong total student enrollmentnantly offer career-focused degree programs of studyStudent Schedulesto approximately 31,000 students, including programsStudents attend classes year-round with convenientin Information Technology, Computer and Electronicsbreaks provided throughout the year. Most class sched-Engineering Technology and Computer Drafting andules are three days per week, approximately five hours perDesign. Headquartered in Indianapolis, Indiana, ESI hasday. This convenient class schedule allows many studentsDuring 2001, the U.S. economy entered a recession,been actively involved in the higher education communityto both work and pursue an education. Most programswhich was exacerbated by the terrorists’ attacks onin the United States since 1969. Shares of ESI commonare generally available in the morning, afternoon andstock are traded on the New York Stock Exchange underevening, depending on student enrollment.the symbol "ESI." ESI has graduated approximately150,000 students since 1969, including approximatelyMarket Share80,000 in the last 10 years. Each ITT Technical InstituteAccording to U.S. Department of Education data, the ITTis authorized by the state in which it is located and isTechnical Institutes in total granted the largest percentagenationally accredited by an accrediting commission(15.2 percent) of associate's through bachelor's degreesrecognized by the U.S. Department of Education.awarded in the U.S. in electronics and electronics-relatedgrowth and financial performance in 2002.September 11th. Consumer confidence plummetedThe mission of ITT Educational Services, Inc. is to provide a quality postsecondaryin the face of business layoffs and the recessioneducation and the services that can help a diverse student body to prepare fordeepened. Despite an economic environment incareer opportunities in various fields involving technology.which most businesses struggled to meet profitforecasts, ESI exceeded consensus analysts’ estimatesRene R. Champagne, Chairman and CEOprograms in the 1999-2000 school year, the latest year forWe will strive to establish an environment for students and employees whichfor earnings per share (“EPS”) in each quarter of 2001.The Curriculawhich statistics are available. The ITT Technical Institutespromotes professional growth, encourages each person to achieve his or herESI’s EPS for 2001 was 1.40, a 22.8 percent increase compared to 1.14, before the cumulativeCurriculum offerings, leading primarily to associate's andin total also awarded the largest share (24.2 percent) ofbachelor's degrees, are designed to help students begin toassociate's through bachelor's degrees awarded in thehighest potential and fosters ethical responsibility and individual creativityeffect of a change in accounting principle, in 2000. Our internal goal for 2002 is to increaseprepare for career opportunities in various fields involvingU.S. in drafting programs during the same school year.within a framework of equal opportunity.EPS to a range of 1.67 to 1.71 with the focus on the high end of the range.technology. The Information Technology area of studyincludes four disciplines, each leading to an associate'sGrowthdegree: Computer Network Systems, Multimedia, SoftwareThe ITT Technical Institutes are positioned to benefit fromESI is a leading provider of technology-oriented postsecondaryApplications and Programming and Web Development.projected business, economic and social trends, including:The company also offers an online bachelor degree pro- the increased demand for technically-skilled workersdegree programs, and the key driver to increasing our revenue andgram in Information Technology called Technical ProjectManagement for Electronic Commerce. Other program the increased number of adults returning to schoolofferings include Computer and Electronics Engineeringto develop the knowledge and skills that can enhanceTechnology, Computer Drafting and Design, Industrialtheir employment opportunities or allow them toDesign, Automated Manufacturing Technology, ComputerVisualization Technology and Telecommunicationsprofit is the growth of our total student enrollment. Total studentin Information Technology,enrollment is composed of previously enrolled students whocontinued to be enrolled during the quarter (“continuing students”)and new students who enrolled during the quarter.pursue new careers, and the increased number of high school graduates.Engineering Technology. Most programs of study at theITT Technical Institutes blend traditional academic contentThis annual report to Shareholders includes a completeOur volume of continuing students increased by an average ofwith applied learning concepts.copy of ESI’s Annual Report on Form 10-K, excluding11.4 percent in each quarter of 2001, compared to an average ofexhibits. Financial information about ESI is contained in4.2 percent during each quarter of 2000. New student enrollmentsthe Annual Report on Form 10-K.for all of 2001 increased 7.2 percent compared to 2.9 percent inOmer E. Waddles, President and COOwas 10.4 percent in 2001 compared to 3.9 percent in 2000.Annual MeetingThe 2002 Annual Meeting of Shareholders of ITT Educational Services, Inc. will be held at 10 a.m. on Friday, May 10,2002, at The Jefferson Hotel, 1200 16th Street, NW, Washington, D.C. 20036.The attractive rate of growth that we experienced in total student enrollment in 2001 wasTransfer Agent and Registrar for Common StockThe Bank of New York, 63 Madison Avenue, 8th Floor, New York, NY 10016Email address: Shareowner-svcs@Email.bankofny.comInternet address: http://stock.bankofny.comprimarily the result of: increased total student enrollment in our four information technologyprograms that were offered across the ITT Technical Institute system throughout 2001; thetransition to a three-day per week class schedule for our curricula; the expanded offering ofSend certificates for transfer and address changes to:The Bank of New York, Receive and Deliver Department, P.O. Box 11002, Church Street Station, New York, NY 10286Shareholder questions can be answered by contacting ESI’s transfer agent: The Bank of New York, by calling toll-free1-800-524-4458 or by mail addressed to: The Bank of New York, Shareholder Relations Department, P.O. Box 11258,Church Street Station, New York, NY 102862000. The average quarterly increase in total student enrollmentprivate student loans to supplement the federal student financial aid received by our studentswww.ittesi.comwww.itt-tech.edu5975 Castle Creek Parkway, North DriveIndianapolis, Indiana 46250

about the COMPANYdear fellow SHAREHOLDERS2001 Annual ReportThe CompanyAdvisory committees, comprised of representatives ofITT Educational Services, Inc., (NYSE:ESI) is a leadinglocal businesses and employers, help each ITT Technicalprovider of technology-oriented postsecondary degreeInstitute periodically assess and update curricula, equip-record performances in total student enrollmentprograms. At the end of 2001, ESI operated 70 ITTment and laboratory design.growth and financial results in 2001. We are lookingITT Educational Services, Inc. (“ESI”) experiencedTechnical Institutes in 28 states. The institutes predomi-forward to continued strong total student enrollmentnantly offer career-focused degree programs of studyStudent Schedulesto approximately 31,000 students, including programsStudents attend classes year-round with convenientin Information Technology, Computer and Electronicsbreaks provided throughout the year. Most class sched-Engineering Technology and Computer Drafting andules are three days per week, approximately five hours perDesign. Headquartered in Indianapolis, Indiana, ESI hasday. This convenient class schedule allows many studentsDuring 2001, the U.S. economy entered a recession,been actively involved in the higher education communityto both work and pursue an education. Most programswhich was exacerbated by the terrorists’ attacks onin the United States since 1969. Shares of ESI commonare generally available in the morning, afternoon andstock are traded on the New York Stock Exchange underevening, depending on student enrollment.the symbol "ESI." ESI has graduated approximately150,000 students since 1969, including approximatelyMarket Share80,000 in the last 10 years. Each ITT Technical InstituteAccording to U.S. Department of Education data, the ITTis authorized by the state in which it is located and isTechnical Institutes in total granted the largest percentagenationally accredited by an accrediting commission(15.2 percent) of associate's through bachelor's degreesrecognized by the U.S. Department of Education.awarded in the U.S. in electronics and electronics-relatedgrowth and financial performance in 2002.September 11th. Consumer confidence plummetedThe mission of ITT Educational Services, Inc. is to provide a quality postsecondaryin the face of business layoffs and the recessioneducation and the services that can help a diverse student body to prepare fordeepened. Despite an economic environment incareer opportunities in various fields involving technology.which most businesses struggled to meet profitforecasts, ESI exceeded consensus analysts’ estimatesRene R. Champagne, Chairman and CEOprograms in the 1999-2000 school year, the latest year forWe will strive to establish an environment for students and employees whichfor earnings per share (“EPS”) in each quarter of 2001.The Curriculawhich statistics are available. The ITT Technical Institutespromotes professional growth, encourages each person to achieve his or herESI’s EPS for 2001 was 1.40, a 22.8 percent increase compared to 1.14, before the cumulativeCurriculum offerings, leading primarily to associate's andin total also awarded the largest share (24.2 percent) ofbachelor's degrees, are designed to help students begin toassociate's through bachelor's degrees awarded in thehighest potential and fosters ethical responsibility and individual creativityeffect of a change in accounting principle, in 2000. Our internal goal for 2002 is to increaseprepare for career opportunities in various fields involvingU.S. in drafting programs during the same school year.within a framework of equal opportunity.EPS to a range of 1.67 to 1.71 with the focus on the high end of the range.technology. The Information Technology area of studyincludes four disciplines, each leading to an associate'sGrowthdegree: Computer Network Systems, Multimedia, SoftwareThe ITT Technical Institutes are positioned to benefit fromESI is a leading provider of technology-oriented postsecondaryApplications and Programming and Web Development.projected business, economic and social trends, including:The company also offers an online bachelor degree pro- the increased demand for technically-skilled workersdegree programs, and the key driver to increasing our revenue andgram in Information Technology called Technical ProjectManagement for Electronic Commerce. Other program the increased number of adults returning to schoolofferings include Computer and Electronics Engineeringto develop the knowledge and skills that can enhanceTechnology, Computer Drafting and Design, Industrialtheir employment opportunities or allow them toDesign, Automated Manufacturing Technology, ComputerVisualization Technology and Telecommunicationsprofit is the growth of our total student enrollment. Total studentin Information Technology,enrollment is composed of previously enrolled students whocontinued to be enrolled during the quarter (“continuing students”)and new students who enrolled during the quarter.pursue new careers, and the increased number of high school graduates.Engineering Technology. Most programs of study at theITT Technical Institutes blend traditional academic contentThis annual report to Shareholders includes a completeOur volume of continuing students increased by an average ofwith applied learning concepts.copy of ESI’s Annual Report on Form 10-K, excluding11.4 percent in each quarter of 2001, compared to an average ofexhibits. Financial information about ESI is contained in4.2 percent during each quarter of 2000. New student enrollmentsthe Annual Report on Form 10-K.for all of 2001 increased 7.2 percent compared to 2.9 percent inOmer E. Waddles, President and COOwas 10.4 percent in 2001 compared to 3.9 percent in 2000.Annual MeetingThe 2002 Annual Meeting of Shareholders of ITT Educational Services, Inc. will be held at 10 a.m. on Friday, May 10,2002, at The Jefferson Hotel, 1200 16th Street, NW, Washington, D.C. 20036.The attractive rate of growth that we experienced in total student enrollment in 2001 wasTransfer Agent and Registrar for Common StockThe Bank of New York, 63 Madison Avenue, 8th Floor, New York, NY 10016Email address: Shareowner-svcs@Email.bankofny.comInternet address: http://stock.bankofny.comprimarily the result of: increased total student enrollment in our four information technologyprograms that were offered across the ITT Technical Institute system throughout 2001; thetransition to a three-day per week class schedule for our curricula; the expanded offering ofSend certificates for transfer and address changes to:The Bank of New York, Receive and Deliver Department, P.O. Box 11002, Church Street Station, New York, NY 10286Shareholder questions can be answered by contacting ESI’s transfer agent: The Bank of New York, by calling toll-free1-800-524-4458 or by mail addressed to: The Bank of New York, Shareholder Relations Department, P.O. Box 11258,Church Street Station, New York, NY 102862000. The average quarterly increase in total student enrollmentprivate student loans to supplement the federal student financial aid received by our studentswww.ittesi.comwww.itt-tech.edu5975 Castle Creek Parkway, North DriveIndianapolis, Indiana 46250

about the COMPANYdear fellow SHAREHOLDERS2001 Annual ReportThe CompanyAdvisory committees, comprised of representatives ofITT Educational Services, Inc., (NYSE:ESI) is a leadinglocal businesses and employers, help each ITT Technicalprovider of technology-oriented postsecondary degreeInstitute periodically assess and update curricula, equip-record performances in total student enrollmentprograms. At the end of 2001, ESI operated 70 ITTment and laboratory design.growth and financial results in 2001. We are lookingITT Educational Services, Inc. (“ESI”) experiencedTechnical Institutes in 28 states. The institutes predomi-forward to continued strong total student enrollmentnantly offer career-focused degree programs of studyStudent Schedulesto approximately 31,000 students, including programsStudents attend classes year-round with convenientin Information Technology, Computer and Electronicsbreaks provided throughout the year. Most class sched-Engineering Technology and Computer Drafting andules are three days per week, approximately five hours perDesign. Headquartered in Indianapolis, Indiana, ESI hasday. This convenient class schedule allows many studentsDuring 2001, the U.S. economy entered a recession,been actively involved in the higher education communityto both work and pursue an education. Most programswhich was exacerbated by the terrorists’ attacks onin the United States since 1969. Shares of ESI commonare generally available in the morning, afternoon andstock are traded on the New York Stock Exchange underevening, depending on student enrollment.the symbol "ESI." ESI has graduated approximately150,000 students since 1969, including approximatelyMarket Share80,000 in the last 10 years. Each ITT Technical InstituteAccording to U.S. Department of Education data, the ITTis authorized by the state in which it is located and isTechnical Institutes in total granted the largest percentagenationally accredited by an accrediting commission(15.2 percent) of associate's through bachelor's degreesrecognized by the U.S. Department of Education.awarded in the U.S. in electronics and electronics-relatedgrowth and financial performance in 2002.September 11th. Consumer confidence plummetedThe mission of ITT Educational Services, Inc. is to provide a quality postsecondaryin the face of business layoffs and the recessioneducation and the services that can help a diverse student body to prepare fordeepened. Despite an economic environment incareer opportunities in various fields involving technology.which most businesses struggled to meet profitforecasts, ESI exceeded consensus analysts’ estimatesRene R. Champagne, Chairman and CEOprograms in the 1999-2000 school year, the latest year forWe will strive to establish an environment for students and employees whichfor earnings per share (“EPS”) in each quarter of 2001.The Curriculawhich statistics are available. The ITT Technical Institutespromotes professional growth, encourages each person to achieve his or herESI’s EPS for 2001 was 1.40, a 22.8 percent increase compared to 1.14, before the cumulativeCurriculum offerings, leading primarily to associate's andin total also awarded the largest share (24.2 percent) ofbachelor's degrees, are designed to help students begin toassociate's through bachelor's degrees awarded in thehighest potential and fosters ethical responsibility and individual creativityeffect of a change in accounting principle, in 2000. Our internal goal for 2002 is to increaseprepare for career opportunities in various fields involvingU.S. in drafting programs during the same school year.within a framework of equal opportunity.EPS to a range of 1.67 to 1.71 with the focus on the high end of the range.technology. The Information Technology area of studyincludes four disciplines, each leading to an associate'sGrowthdegree: Computer Network Systems, Multimedia, SoftwareThe ITT Technical Institutes are positioned to benefit fromESI is a leading provider of technology-oriented postsecondaryApplications and Programming and Web Development.projected business, economic and social trends, including:The company also offers an online bachelor degree pro- the increased demand for technically-skilled workersdegree programs, and the key driver to increasing our revenue andgram in Information Technology called Technical ProjectManagement for Electronic Commerce. Other program the increased number of adults returning to schoolofferings include Computer and Electronics Engineeringto develop the knowledge and skills that can enhanceTechnology, Computer Drafting and Design, Industrialtheir employment opportunities or allow them toDesign, Automated Manufacturing Technology, ComputerVisualization Technology and Telecommunicationsprofit is the growth of our total student enrollment. Total studentin Information Technology,enrollment is composed of previously enrolled students whocontinued to be enrolled during the quarter (“continuing students”)and new students who enrolled during the quarter.pursue new careers, and the increased number of high school graduates.Engineering Technology. Most programs of study at theITT Technical Institutes blend traditional academic contentThis annual report to Shareholders includes a completeOur volume of continuing students increased by an average ofwith applied learning concepts.copy of ESI’s Annual Report on Form 10-K, excluding11.4 percent in each quarter of 2001, compared to an average ofexhibits. Financial information about ESI is contained in4.2 percent during each quarter of 2000. New student enrollmentsthe Annual Report on Form 10-K.for all of 2001 increased 7.2 percent compared to 2.9 percent inOmer E. Waddles, President and COOwas 10.4 percent in 2001 compared to 3.9 percent in 2000.Annual MeetingThe 2002 Annual Meeting of Shareholders of ITT Educational Services, Inc. will be held at 10 a.m. on Friday, May 10,2002, at The Jefferson Hotel, 1200 16th Street, NW, Washington, D.C. 20036.The attractive rate of growth that we experienced in total student enrollment in 2001 wasTransfer Agent and Registrar for Common StockThe Bank of New York, 63 Madison Avenue, 8th Floor, New York, NY 10016Email address: Shareowner-svcs@Email.bankofny.comInternet address: http://stock.bankofny.comprimarily the result of: increased total student enrollment in our four information technologyprograms that were offered across the ITT Technical Institute system throughout 2001; thetransition to a three-day per week class schedule for our curricula; the expanded offering ofSend certificates for transfer and address changes to:The Bank of New York, Receive and Deliver Department, P.O. Box 11002, Church Street Station, New York, NY 10286Shareholder questions can be answered by contacting ESI’s transfer agent: The Bank of New York, by calling toll-free1-800-524-4458 or by mail addressed to: The Bank of New York, Shareholder Relations Department, P.O. Box 11258,Church Street Station, New York, NY 102862000. The average quarterly increase in total student enrollmentprivate student loans to supplement the federal student financial aid received by our studentswww.ittesi.comwww.itt-tech.edu5975 Castle Creek Parkway, North DriveIndianapolis, Indiana 46250

about the COMPANYdear fellow SHAREHOLDERS2001 Annual ReportThe CompanyAdvisory committees, comprised of representatives ofITT Educational Services, Inc., (NYSE:ESI) is a leadinglocal businesses and employers, help each ITT Technicalprovider of technology-oriented postsecondary degreeInstitute periodically assess and update curricula, equip-record performances in total student enrollmentprograms. At the end of 2001, ESI operated 70 ITTment and laboratory design.growth and financial results in 2001. We are lookingITT Educational Services, Inc. (“ESI”) experiencedTechnical Institutes in 28 states. The institutes predomi-forward to continued strong total student enrollmentnantly offer career-focused degree programs of studyStudent Schedulesto approximately 31,000 students, including programsStudents attend classes year-round with convenientin Information Technology, Computer and Electronicsbreaks provided throughout the year. Most class sched-Engineering Technology and Computer Drafting andules are three days per week, approximately five hours perDesign. Headquartered in Indianapolis, Indiana, ESI hasday. This convenient class schedule allows many studentsDuring 2001, the U.S. economy entered a recession,been actively involved in the higher education communityto both work and pursue an education. Most programswhich was exacerbated by the terrorists’ attacks onin the United States since 1969. Shares of ESI commonare generally available in the morning, afternoon andstock are traded on the New York Stock Exchange underevening, depending on student enrollment.the symbol "ESI." ESI has graduated approximately150,000 students since 1969, including approximatelyMarket Share80,000 in the last 10 years. Each ITT Technical InstituteAccording to U.S. Department of Education data, the ITTis authorized by the state in which it is located and isTechnical Institutes in total granted the largest percentagenationally accredited by an accrediting commission(15.2 percent) of associate's through bachelor's degreesrecognized by the U.S. Department of Education.awarded in the U.S. in electronics and electronics-relatedgrowth and financial performance in 2002.September 11th. Consumer confidence plummetedThe mission of ITT Educational Services, Inc. is to provide a quality postsecondaryin the face of business layoffs and the recessioneducation and the services that can help a diverse student body to prepare fordeepened. Despite an economic environment incareer opportunities in various fields involving technology.which most businesses struggled to meet profitforecasts, ESI exceeded consensus analysts’ estimatesRene R. Champagne, Chairman and CEOprograms in the 1999-2000 school year, the latest year forWe will strive to establish an environment for students and employees whichfor earnings per share (“EPS”) in each quarter of 2001.The Curriculawhich statistics are available. The ITT Technical Institutespromotes professional growth, encourages each person to achieve his or herESI’s EPS for 2001 was 1.40, a 22.8 percent increase compared to 1.14, before the cumulativeCurriculum offerings, leading primarily to associate's andin total also awarded the largest share (24.2 percent) ofbachelor's degrees, are designed to help students begin toassociate's through bachelor's degrees awarded in thehighest potential and fosters ethical responsibility and individual creativityeffect of a change in accounting principle, in 2000. Our internal goal for 2002 is to increaseprepare for career opportunities in various fields involvingU.S. in drafting programs during the same school year.within a framework of equal opportunity.EPS to a range of 1.67 to 1.71 with the focus on the high end of the range.technology. The Information Technology area of studyincludes four disciplines, each leading to an associate'sGrowthdegree: Computer Network Systems, Multimedia, SoftwareThe ITT Technical Institutes are positioned to benefit fromESI is a leading provider of technology-oriented postsecondaryApplications and Programming and Web Development.projected business, economic and social trends, including:The company also offers an online bachelor degree pro- the increased demand for technically-skilled workersdegree programs, and the key driver to increasing our revenue andgram in Information Technology called Technical ProjectManagement for Electronic Commerce. Other program the increased number of adults returning to schoolofferings include Computer and Electronics Engineeringto develop the knowledge and skills that can enhanceTechnology, Computer Drafting and Design, Industrialtheir employment opportunities or allow them toDesign, Automated Manufacturing Technology, ComputerVisualization Technology and Telecommunicationsprofit is the growth of our total student enrollment. Total studentin Information Technology,enrollment is composed of previously enrolled students whocontinued to be enrolled during the quarter (“continuing students”)and new students who enrolled during the quarter.pursue new careers, and the increased number of high school graduates.Engineering Technology. Most programs of study at theITT Technical Institutes blend traditional academic contentThis annual report to Shareholders includes a completeOur volume of continuing students increased by an average ofwith applied learning concepts.copy of ESI’s Annual Report on Form 10-K, excluding11.4 percent in each quarter of 2001, compared to an average ofexhibits. Financial information about ESI is contained in4.2 percent during each quarter of 2000. New student enrollmentsthe Annual Report on Form 10-K.for all of 2001 increased 7.2 percent compared to 2.9 percent inOmer E. Waddles, President and COOwas 10.4 percent in 2001 compared to 3.9 percent in 2000.Annual MeetingThe 2002 Annual Meeting of Shareholders of ITT Educational Services, Inc. will be held at 10 a.m. on Friday, May 10,2002, at The Jefferson Hotel, 1200 16th Street, NW, Washington, D.C. 20036.The attractive rate of growth that we experienced in total student enrollment in 2001 wasTransfer Agent and Registrar for Common StockThe Bank of New York, 63 Madison Avenue, 8th Floor, New York, NY 10016Email address: Shareowner-svcs@Email.bankofny.comInternet address: http://stock.bankofny.comprimarily the result of: increased total student enrollment in our four information technologyprograms that were offered across the ITT Technical Institute system throughout 2001; thetransition to a three-day per week class schedule for our curricula; the expanded offering ofSend certificates for transfer and address changes to:The Bank of New York, Receive and Deliver Department, P.O. Box 11002, Church Street Station, New York, NY 10286Shareholder questions can be answered by contacting ESI’s transfer agent: The Bank of New York, by calling toll-free1-800-524-4458 or by mail addressed to: The Bank of New York, Shareholder Relations Department, P.O. Box 11258,Church Street Station, New York, NY 102862000. The average quarterly increase in total student enrollmentprivate student loans to supplement the federal student financial aid received by our studentswww.ittesi.comwww.itt-tech.edu5975 Castle Creek Parkway, North DriveIndianapolis, Indiana 46250

Revenues 1997-2001 ( in millions) 410.6 261.7 291.4 316.4 347.5and help pay all of their costs of education; the redesign of ourper share. The average number of fully diluted shares outstandingelectronics and drafting curricula; the higher admission standardsduring the fourth quarter of 2001 was 23.9 million. We haveused for our IT programs; and improved student retention.approximately 1.2 million shares of ESI common stock remaining1998 33.7to be repurchased under our current stock repurchase program.As of December 31, 2001, our total student enrollment increased1997Net Income 1997-2001 ( in millions)199920002001 24.9* 27.5* 19.111.4 percent to 30,778, compared to 27,640 as of December 31,Growth Opportunities2000. Due to various issues currently affecting the nation’sWe believe that we can increase total student enrollment in theeconomy and consumer behavior, we believe that 2002current degree programs of study offered at existing ITT Technicalquarterly increases in total student enrollment are more likelyInstitutes. Marketing and ad

www.itt-tech.edu 5975 Castle Creek Parkway, North Drive Indianapolis, Indiana 46250 Annual Meeting The 2002 Annual Meeting of Shareholders of ITT Educational Services, Inc. will be held at 10 a.m. on Friday, May 10, 2002, at The Jefferson Hotel, 1200 16th Street, NW,Washington, D.C. 20036. Transfer Agent and Registrar for Common Stock

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