STUDENT TRANSPORTATION INC 5.25 PCT DEBS T.STB.DB.A

RE:RE:payout ratio 370 percent

[bychoice]

From the horse's mouth

I wrote to investor relations at STB and this is the response...........I guess you have to decied for yourself. I would like to feel that the corporation would not be sending out false clarification.

I’ve never seen payout ratio referenced as POR. 370% is absurd. I wouldn’t pay too much attention to what you read online. As we’ve previously noted, it’s approximately 70% and trending downward. Our business is very strong fundamentally and financially. We are as strong as we’ve ever been.

(I took the name out)

Director of Communications & Investor Relations

Student Transportation, Inc.