EX-99.2 6 a51564302ex99_2.htm EXHIBIT 99.2
Exhibit 99.2
Welcome 2017 Investor DayMay 24, 2017

Safe Harbor Certain statements contained in this presentation concerning the future performance of Adtalem Global Education Inc. (“Adtalem”), including those statements concerning Adtalem’s expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, enrollment, expansion plans, growth trends, capital allocation, financial performance, prospects or future events and involve known and unknown risks that are diﬃcult to predict. As a result, actual results may vary materially from those projected or implied by these forward-looking statements. In some cases you may identify forward-looking statements by the use of the words such as “may,” “could,” “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, “Risk Factors,” in Adtalem’s most recent Annual Report on Form 10-K for the year ending June 30, 2016 filed with the Securities and Exchange Commission (SEC) on August 25, 2016 and its most recent Quarterly Report on Form 10-Q for the quarter ending March 31, 2017 filed with the SEC on May 4, 2017. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reﬂect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Non-GAAP Financial MeasuresThis presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Adtalem’s ﬁnancial performance prepared in accordance with GAAP. For how we deﬁne the non-GAAP ﬁnancial measures and a reconciliation of each non-GAAP ﬁnancial measure to the most directly comparable GAAP measure, please refer to the reconciliation at the end of this presentation. 2

Welcome 2017 Investor DayMay 24, 2017

Enterprise Strategy Lisa WardellPresident and CEO

Over the Past Year We Have Made Solid Progress on Our Four Key Priorities 1 Heighten the culture of student-centric focus and academic excellence as positioning for all Adtalem institutions Transform the organization to stabilize revenue and grow operating income and EPS Leverage Adtalem synergies among our institutions to increase operating focus and broaden and imbed cost reduction Proactively conduct government relations outreach and drive thought leadership in higher education Launched Student Commitments including 85/15 federal funding limitIntroduced new programs aligned with needs of employers (e.g., healthcare, technology, computer programming, etc.) through more flexible meansLaunched DeVry University Tech Path and Boot CampsContinue to focus on improving student outcomes including retention initiatives and increased student support Expect to grow FY17 earnings in the mid-teens percentage rangeInitiated leadership and reporting structure changes across organizationIntroduced portfolio management framework to elevate accountability • Hired CMO; establishing Marketing Centers of Excellence (e.g., Digital)• Centralized Innovation function to drive product development across the organization; aligned with strategy across key segments• Realigned to four key reporting segments Settled ED Limitation Matter (Oct 2016)Settled FTC Matter (Dec 2016)Settled New York AG Matter (Jan 2017)Ongoing proactive government and regulatory outreach to address the issues of access, affordability, quality and innovation Key Priorities Progress to Date 2 3 4 5

Rebrand Project Fernando LauChief Marketing Officer

Rebrand Project Objective Create a new name for the organization to represent all institutions in the group, and to: Establish a unique and differentiated position in higher education marketReinforce purpose-driven values Create an image that is solid, scalable and stableEngage with our investors, partners and the community at largeInspire our colleagues through our shared values Demonstrate flexibility for future growthDemonstrate a diverse, global organization Represent our value proposition and symbolize values of all brandsSimple and easy to pronounce Criteria 7

Rebrand Project NYSE ticker: ATGEWebsite domain: www.adtalem.com 8

Rebrand Project Adtalem means “To Empower” in Latin and is pronounced “ad TAL em.”The new name is aligned with our mission of empowering our students to achieve their goals, find success, and contribute to the global communityThe graphic identity provides the prestige and stability of a parent corporation. The mark or “peak” that serves as the visual center of the Adtalem logo seeks to empower and inspire students to pursue something greater and symbolizes their journey of personal and professional developmentThe color blue represents strength and stability; while green represents focus on growth, innovation, and student success. The typography is elevated to align with the tradition of academia and is modern and innovative, reflecting our growth vision and competitive differentiation 9

Project time4 months Colleagues participation2,196 $5,000Prize Verified+350names +200 logosCreated Internal contest2 weeks Project team43colleagues 2 finalNames USD$700KTotal budget estimate Names suggested5,579 Rebrand Project 10

Growth Will Come from Three Primary Verticals Medical andHealthcare ProfessionalEducation Technology andBusiness 11

Growth Will Come From Three Primary Verticals Student demand for medical education continues to outstrip supply; between 2011 and 2016, US MD seats grew by 9.4%, while MD applications grew by 20.8% With more than 500,000 RNs anticipated to retire by 2022, the US Bureau of Labor Statistics projects 1.1M RNs will be required to support expansion and replacement needs. We project a resulting nursing shortage of approximately110,000 RNsCurrently there are 0.7 applicants for every 1 job opening for a doctor of veterinary medicineBy 2024, there will be nearly 21.9M total jobs in healthcare fields, with healthcare-related occupations accounting for nearly one-fourth of new jobs Global healthcare supply/demand imbalances remain (e.g., for nurses, physicians andveterinarians); we provide an excellent healthcare education to a diverse student population. Medicaland Healthcare 12

Growth Will Come from Three Primary Verticals According to the AICPA, 1 out of 3 accounting graduates becomes a CPA; opportunity exists to grow the CPA credential with international studentsThe potential US market for continuing professional education for CPAs is approximately $700MThe potential global market for Anti-money Laundering education is ~$2.2B and is expected to grow at ~5%The number of first-time Step 1 USMLE test takers in 2016 surpassed 38K candidates, a 12% increase since 2010~230K RN candidates took the NCLEX exam in 2016, an 18% increase since 2010Cybersecurity education market is expected to grow with 2016 global cyber workforce of 3.8M (~25% US) expected to reach 6.6M in 2020 to meet full market demand Professional education provides payer funding diversification to Adtalem andleverages the strength of our existing Becker and ACAMS brands and capabilities. ProfessionalEducation 13

Growth Will Come from Three Primary Verticals Only 11% of business leaders believe college graduates are prepared for the workforceAccording to a recent Eduventures study, nearly 31% of prospective adult students expressed a preference for non-degree options, an increase of 10 percentage points since 2013; additionally, nearly half of prospective adult students indicated that a certificate could be just as prestigious as a traditional degreeThere is record demand for employees familiar with coding and data analyticsGlobal skills gap is 40 million job vacancies requiring tertiary education by 2020Boot camps are expected to produce approximately 18,000 total graduatesin 2016 Sizable skills gap in both technology and business can be addressedthrough modular/short-term offerings in addition to traditional degree programs. Technologyand Business 14

Fireside Chat Lisa WardellDennis KellerRonald TaylorModerated by: Lisa Sodeika

DeVRY students earn diplomas as electronics technicians, or associate or baccalaureate degrees in electronics, engineering technology or computer science for business. One measure of DeVRY’s success is the positions for which DeVRY graduates are hired.

Medical and Healthcare Segment

Susan Groenwald, PhD, RN, ANEF, FAANPresident

Chamberlain University Overview At Chamberlain, we believe if we take extraordinary care of our students, we will graduate extraordinary health professionals who will transform healthcare worldwideChamberlain offers undergraduate degrees (BSN, RN to BSN) and graduate degrees (MSN, MPH, DNP)Chamberlain serves a diverse student population; its pre-licensure BSN program enrolls twice as many minority students as the average US nursing school Pre-licensure programs are campus-based, while post-licensure programs are delivered primarily onlineStrong partnerships with healthcare systems and nursing organizations; more than 1,500 clinical partners 30,000 Students 6 Undergraduate and graduate programs and program options Years ofhistory 125+ 40,000 Alumni Acquired in 2005 BSN = Bachelor’s of Science in Nursing FNP = Family Nurse Practitioner MPH = Master of Public Health MSN = Master of Science in Nursing DNP = Doctor of Nursing Practice 23

Chamberlain Campus Footprint Today Chamberlain Has 20 Campus Locations in 14 States 24

Market Assessment: Market Demand Projections are that nursing degrees will continue to be in high demand due to a nursing shortage and growth in the overall healthcare market Bureau of Labor Statistics (BLS) projects demand for 3.2M nurses by 2022, a 13.5% increase from 2015 census; more than 1M nurses will reach retirement age in the next 10 to 15 years Nursing retirement and replacement estimates range from 525K (BLS) by 2022 to 880K (Georgetown University) by 2020According to the American Association of Colleges of Nursing, nearly 69K qualified applicants to professional nursing programs were turned away in 2014-2015High attrition levels of new nurses fuels continued growth in nursing education; Georgetown University Center of Education and the Workforce estimates the first-year attrition rate of new nurses is 30%, while the American Association for International Healthcare Recruitment (AAIHR) estimates a 33% attrition rate in the first three years for new nurses 25

Market Assessment: Program-level Detail Pre-licensure BSN continues to have varying levels of competitiveness based on local market dynamicsTotal market demand expected to continue in the near term due to increased demand for nurses at the BSN degree levelCompetitor programs in existing markets are typically well-established and barriers to entry are highIn certain markets, such as in California, long wait lists exist, with few options for students not at the top of academic achievementPost-licensure BSN (RN-BSN) market remains highly competitive due to low barriers to entry Market demand expected to continue as 54% of new RNs have an associates (ADN) degree and hospitals continue to emphasize BSN degreeOver 700+ programs nationwide (~80 new programs since 2011)Chamberlain has cultivated a large and growing (1,500+ member) network of institutional partners that drives enrollment growth and allows Chamberlain to be competitive on price to superior brand and program differentiationMasters in Nursing clinical (Family Nurse Practitioner) degree market continues to growChamberlain clinical programs had a 5-year enrollment CAGR of 9.1%, while non-clinical grew 2.5% 26

Investment Thesis Key Growth Drivers Our Positioning Continued supply/demand imbalance Nursing projected to be the second-largest growth occupation through 2024 (BLS)Chamberlain is well positioned across each nursing degree level and across key markets Focus on quality, outcomes and student satisfaction40,000 alumni nationwidePartnerships with major national nursing organizationsNetwork of institutional partners drives enrollment growth Chamberlain University and the new College of Health Professions enables expansion beyond nursing degreesMasters in Public Health degree launched in May 2017 Opportunities for new programs under Chamberlain University 20 campuses in 14 states, plus one currently under constructionRigorous approach to evaluating new markets ensures continued growth and profitability Campus and market expansion Strong brand recognition; large alumni and partnership network Key Growth Drivers Our Positioning Chamberlain University is well positioned to serve the market’s continued supply/demand imbalance in nursing, as well as achieve growth through new program offerings and market expansion. 27

Dr. Heidi Chumley, MD, MBAExecutive Dean, Chief Academic Officer

American University of the Caribbean School of Medicine Overview An international medical school preparing aspiring physicians to enter residency programs and practice medicine, predominantly in the United States Located in St. Maarten, American University of the Caribbean School of Medicine is a technologically-advanced campus featuring a fully equipped anatomy lab, simulation center, applied research library, and more Granted six-year accreditation extension by Accreditation Commissionon Colleges of Medicine in 2015American University of the Caribbean School of Medicine’s first-attempt residency rate of 86.4% in 2016 is well above the rates of US citizen international medical graduates (53.9%), non-US citizen international medical graduates (50.5%), and osteopathic medical school graduates (80%) Key Facts 86.4% First-attempt residency attainment rate in 2016 ~90% of students are US citizens AUC founded in 1978 94% Acquired in 2011 90% First-time pass rate for both USMLE Step 2 Clinical Knowledge (CK) and Clinical Sciences (CS) in 2015 First-time pass rate on Step 1 of the USMLE (2012-2016 avg.) 30

Historical Market Assessment: 1970s to Mid-2000s American University of the Caribbean School of Medicine (along with Ross University School of Medicine) enjoyed a favorable competitive environment as one of only three Caribbean medical schools whose students could access Title IV fundingThe US needed more physicians than the US medical schools could provideThe thousands of US citizens that wanted to be physicians who did not gain admittance to a US MD school went to one of the “Big Three” in the Caribbean Relatively few US osteopathic medical schools (DO); the DO degree carried a negative stigma within the medical profession 31

Current Market Assessment: Mid-2000s to Present Caribbean market evolves with increasing competitionPhysician shortage became front page news and US MD schools were called to expand by 30%DO schools began to proliferate and the American Osteopathic Association launched public relations campaign to destigmatize the DO degree Three additional Caribbean medical schools gained the ability for their students to access Title IV fundingOther factors influenced prospect behavior:Rumored residency cliff: prospects feared that by 2017, US medical school enrollment growth, coupled with slow residency growth, would leave international medical graduates without positions Introduction of the new MCAT in 2015 caused prospects to forego the Caribbean route in hope that US schools would evaluate MCAT performance differently Hostile media coverage of for-profit education tainted for-profit medical school reputationsThe result: students who were considering medicine gave up on their dream, even though:The US still has a physician shortage; there are enough residency positions for all US MD, US DO, and international medical graduates from accredited, high-quality international schools such as the American University of the Caribbean School of Medicine 32

Investment Thesis Key Growth Drivers Our Positioning Demand for US medical school still outpaces supply53,209 applicants for 21,025 US allopathic seats in 2016Over 10 years, US seats have grown 18.3%, while applicants for those seats have grown 25.7% Rising international demand from Europe, Middle East, and South Asia Strong demand for US medical education and residency positions from international students American University of the Caribbean School of Medicine is positioned to take market share from DO schoolsAlready outperforming DO graduates in the NRMP match Established reputation as a top US style internationalmedical school with state-of-the-art facilities and over 20 global electivesSchool of choice: 57% of students accepted in FY17 chose AUC, vs. 50% in FY13 Better option than DO schools for students entering medical school now and planning to enter residency in four years Building American University of the Caribbean School of Medicine awareness through extensive field recruitment, improved marketing and advertising, and mainstream and trade media Primary care contributor, plus opportunity for graduates to enter fellowship programs and sub-specialize Key Growth Drivers Our Positioning As an international medical school with an established brand and strong student outcomes, American University of the Caribbean School of Medicine is well positioned to benefit from the continued supply/demand imbalance in medical education. 33

Dr. William Owen, MD, FACPDean and Chancellor

Ross University School of Medicine Key Facts An international medical school preparing graduates to enter residency programs and practice medicine, predominantly in the United States International school accredited by Dominica Medical Board; US curriculumFirst 16-20 months of basic sciences taught in Dominica, Lesser AntillesState-of-the-art education facilities in Dominica, e.g., student learning center 17 tracked sites at 21 hospitals for 3rd year clinical training13,000+ alumni 88% First-attempt residency attainment rate in 2016 ~90% of students are US citizens RUSM Founded in 1978 95% First-time pass rate on Step 1 of the USMLE (2012-2016 avg.) Acquired by DVG in 2003 90% First-time pass rate for both USMLE Step 2 Clinical Knowledge (CK) and Clinical Sciences (CS) in 2015 36

RUSM Team Views Medical Education as a Form of Social Justice We are dispelling the myth that at RUSM…We have low admission standardsTuition costs are higher than in not-for-profit US medical schoolsOur students receive an academically inferior educationTheir attainment of postgraduate training is compromised Rather, our students better meet the societalexpectations for US medical school achievement. 37

First Time Pass Rates for Step 1 Are Similar to US Medical Schools 38

Residency Attainments Are High 39

RUSM Excels in Meeting Societal Expectations How to measure:MD workforce providing care in under-resourced communitiesDelivering primary care > specialty careTraining a demographically representative workforce of doctors What are the societal expectations of US medical schools? 40

RUSM Graduates Are Diverse Like America Only 4% of America’s doctors are African-AmericanSmaller number than >35 years ago58.5% of RUSM graduates practice primary care89.2% of RUSM graduates serve in low income areas 41

Investment Thesis Key Growth Drivers Our Positioning Demand for US medical school still outpaces supply53,209 applicants for 21,025 US allopathic seats in 2016Over 10 years, US seats have grown 18.3%, while applicants for those seats have grown 25.7% Increasing brand awareness in US from strong RUSM clinical partnerships and growing alumni baseA single US hospital partner selected 16 residents from our 2017 graduating RUSM class Considered a primary school choice for diverse students in the US who wish to obtain an MD degreeFaculty focused on learning outcomes for our students Established reputation as a top US style international medical school with state-of-the-art facilities Developing stronger alumni outreach and base to impact current and potential studentsContinuing media campaign to raise brand awareness and “tell the story” of positive student outcomes, in particular for diverse student populationRaising awareness with key stakeholders of RUSM as primary care contributor, particularly in rural and urban areas that are less served by US-based medical schools Key Growth Drivers Our Positioning As an international medical school with an established brand and strong student outcomes, Ross University School of Medicine is benefiting from the continued supply/demand imbalance in medical education and its growing clinical relationships in the US. 42

Dr. Sean Callanan, MVB, MRCVS, CertVR,PhD, DipECVP, FRCPathDean

Ross University School of Veterinary Medicine Overview International veterinary school providing a doctoral program in veterinary medicine (DVM), as well as several other postgraduate programs.Accredited by American Veterinary Medical Association (AVMA)Attracts predominantly US and Canadian students withgrowing international student bodyOffers a 10 semester accelerated and flexible program, students complete 7 semesters on the island of St. Kitts and 3 semesters at a global affiliate school, including the US, Canada, UK, Ireland, Australia, and New Zealand Large, active alumni network Key Facts 33 Affiliate schools, on three continents 78% of students are female Ross School of Veterinary Medicine founded in 1982 86% First-time pass rate on NAVLE Acquired by ATGE in 2003 ~4,700 Alumni 45

Market Assessment: Demand for Veterinarians Global Animal Health market is expected to grow at a CAGR of 5.4% from 2014-2025Driven by a significant rise in zoonotic and food-borne diseasesAdditionally, the global population is expected to expand to 9.7B by 2050; with ~795M projected to be undernourished, the global food supply will need to be expandedVeterinarians are pivotal in the control of emerging diseases and in developing novel therapies through pharma The Bureau of Labor Statistics projects occupation growth of 9% over the next 10 years, which is faster than the average of all occupations Demand for Veterinarians Income of Veterinarians The 2015 AVMA report states that while the national unemployment rate was 7.4% in 2013, the overall unemployment rate for the veterinary profession was just 3.2%The starting salaries of graduating veterinarians and veterinary medical salaries in general have been increasing at a rate greater than inflation 46

Market Assessment: Demand for Veterinary Education While the number of Veterinary Medical College Application Service applications has increased 12% over the last five years, the number of available seats has only increased 0.09% over the same period, generating a supply/demand imbalanceThe ratio of applicants to seats has increased from 1.5 to 1.7Over the past 10 years (2008-2017), total DVM student enrollment and first-time DVM enrollment at US colleges has increased ~24% to 12,800 and 22% to 3,400 students respectively The Association of American Veterinary Medical Colleges (AAVMC) is projecting the total number of US citizens graduating from AAVMC member institutions to increase 8.5% from 2016-2019 to ~3,800 graduates 47

Investment Thesis Ross University School of Veterinary Medicine is well positioned to serve the market’s continued supply/demand imbalance, as well as achieve growth through its differentiated offering and international recruiting efforts. Key Growth Drivers Our Positioning Continued supply/demand imbalance for Veterinary Education According to the AAVMC, RUSVM has the largest number of first-year seats among all Canadian and International Colleges of Veterinary Medicine Strong advocate base with the RUSVM alumni network expanding to ~5% of all US/Canadian veterinarians in the next few years Key Growth Drivers Our Positioning Strong, established brand with AVMA accreditation; 1 of only 39 AVMA accredited programs worldwide Accelerated and flexible program, with a superior clinical networkInternational, research-active, and disciplined-accredited faculty Differentiated offering Focused recruiting efforts on highest priority markets; international location and opportunity to work with exotic animals a plus for prospective studentsDepth of international clinical network a plus; opportunities exist to further expand the networkRUSVM first-year tuition level ~6.5% below the median for all non-resident Canadian and International Colleges of Veterinary Medicine International recruiting 48

Innovation: Initiatives Are Underway Across the Vertical to Improve How We Teach and How Our Students Learn Use of gamification within pharmacology improves content retention and learning outcomesPredictive analytics track student performance through the curriculum and assign a “propensity score,” which predicts a student’s likelihood of NCLEX success and provides direction to faculty and staff on additional support and remediation AUC RUSM RUSVM Chamberlain Updated curriculum maps to the AAMC’s Entrustable Professional Activities, ensuring students reach an expected level of competency prior to entering a residency programUK-based clinical rotations and global health electives in Asia, Africa, and Latin America offer students exposure to multiple health care systems and populations Virtual anatomy table provides students with a hands-on way to learn; mobile version supports portabilityCentralized simulation curricula design and delivery drives consistency, both internally and externally (via clinical affiliate hospitals) Mobile application/game prepares students for client interactions by helping them practice diagnosis skillsStrategic partnership with Johns Hopkins Bloomberg School of Public Health will develop public health pathways for veterinarians 50

US Traditional Postsecondary Segment

Donna Loraine, PhDPresident

Carrington College Overview Carrington College is a premier provider of career-focused postsecondary education, graduating exemplary professionals in the medical, dental, veterinary, and nursing fieldsCelebrating its 50th anniversary as the startingpoint for healthcare careersInstitutionally accredited by leading regional, programmatic, and state accreditors Offers associate degrees, certificates, and degree completion programsFlexible programs offered on campus, online, or in blended modalities 6,000+ Students1 21 Areas of study 2008 Acquired by Adtalem Founded in 1967 65,000+ Alumni 1 Enrollment data as of March 31, 2017 54

Campus Footprint Carrington’s regional footprint is supported by online capabilitiesCarrington has 18 campuses and 3 learning centers located in 8 states Mesquite, TX Albuquerque, NM Tucson, AZ Phoenix, AZ Pomona, CA Las Vegas,NV Reno, NV Boise, ID Portland, OR Spokane, WA Campuses Learning Center Location Northern CA Campuses Citrus HeightsPleasant HillSacramentoSan JoseSan LeandroStocktonOakland (LC)North San Jose (LC) 55

Market Assessment: Program Offerings Allied health programs are in high demandAccording to The Association of Schools of Allied Health Professionals (ASAHP), allied health professionals account for nearly 60 percent of the entire healthcare workforce By 2024, the total number of jobs in all healthcare fields is projected to be more than 21.8M; according to Rush University, more than half of the US healthcare workforce will be in an allied health fieldBureau of Labor Statistics (BLS) projects demand for 3.2M nurses by 2022, a 13.5% increase from 2015 censusAdditionally, the BLS projects eight of the 12 fastest growing occupations between 2014-2024 will be in allied health, professions such as Occupational Therapy Assistants, Home Health Aides, and Physician Assistants 56

Market Assessment: Market Dynamics Population growth and shifting competitive landscape favor Carrington College Populations in the key western markets we serve are growing; according to the US Census Bureau, of the 10 fastest growing states in terms of population in 2016, six of those states are in Carrington markets (i.e., Nevada, Idaho, Washington, Oregon, Arizona, and Texas)Opportunity to grow share in markets impacted by school closures due to accreditation, poor operating performance, lack of product differentiation, poor outcomes and program qualityIncreased student interest in short, stackable certificatesOpportunity to develop curriculum for large healthcare organizations looking for continuing education support and workforce solutions partnerships 57

Investment Thesis Carrington College serves an important and growing allied health market, offering in-demand programswith strong student outcomes in locations with favorable market dynamics and opportunities for growth. Key Growth Drivers Our Positioning Good standing with regional and program accreditation, solid test scores and graduate employment Key Growth Drivers Our Positioning Have responded to requests in nursing and are well positioned to continue this support in current locations Campuses located in growing markets, with underserved populations; additional opportunities to capture market share as a result of competitor closures Newly focused marketing organization, high referral rates based on quality perception High demand new programs in planning and implementation stages; expansion of blended and online in FY18 Expansion of healthcare partnerships in FY18; key contributor to successful new programs Quality of programs and student outcomes States/accreditors seeking Carrington support to expand in needed program areas Broad regional footprint in diverse, attractive markets Brand recognition aligned with quality and growth New programs and deliveries Expanded workforce partners 58

Robert PaulPresident

DeVry University Overview Throughout its 86-year history, DeVry University has fostered student learning through quality, career-oriented educationLeading brands: Regionally accredited by the Higher Learning CommissionOffers Certificate, Associate, Bachelor’s and Masters programsTwo fully launched program stacks; in Health Information and Media Arts & TechnologyLaunching: Network, CIS, Business/Technical Management and AccountingNational network of campuses and leading in-house online capabilities 30,000+ Students ~75% Undergraduatestudents ~25% Graduatestudents Founded in 1931 300,000+ Degrees conferred 400+ Employer partnerships 6 Colleges 61

Campus Footprint DeVry University’s campus footprint is supported by online capabilitiesDeVry University has 59 campuses and learning centers across 18 statesDeVry University’s enrollments are diversified across six colleges OnlineWhereverYou Are 62

Market Assessment Tech jobs are driving growth and tech skills are required in majority of jobs320K new tech jobs forecasted by 2020 (10-12% growth), mostly Bachelor’s degree or higher 50%+ of all jobs today require technology skills Job Market Increasing employer need to acquire, develop and retain talent with necessary skillsThe average tenure for a salary worker is now only 4.6 years; 60% of US employers are having difficulties finding qualified workers to fill their vacanciesTech employers are starting to shift away from requiring a degree; today, there are seven computer-related job categories where at least 25% of workers do not have a four-year degree Employers 63

Market Assessment Competition Getting tougher and diversifyingPublic sector continues to aggressively pursue new sources of revenue (adult learners, online); 25%+ now offer “extensive” online programs and only 8% offer no online programsModel disruptors are meeting changing needs with non-traditional offerings such as boot camps and micro-credentialsAll competitors, including disruptors, are forming alliances/partnerships to meet shifting employer needs Students More diverse with changing views of traditional educationUS addressable market for degree programs continues to be stagnant; student interest in postsecondary education is declining as prospects question the return on investment Millennials estimated to change jobs 13 times in lifetime, requiring continuous skill acquisition and lifelong learningHispanic students represent the fastest growing segment in the “degree” market: 35% growth in Hispanic undergrads versus a 3% decline in total undergrads 64

Investment Thesis DeVry University is well positioned to capitalize on the emerging prominence of technology in business, and to deliverworkforce solutions to employers and relevant instruction to students in order to supply high-demand job-ready skills. Our Positioning Our Positioning DeVry University is taking a leadership role to address the growing tech skills gap by investing significantly in academic quality via our DeVry Tech value propositionTech-enabled teaching platforms such as proprietary connected classrooms, collaboration tools, and a state-of-the-art online learning management system Over the next 10 years, discrete pockets of the labor market are slated for significant growth, many aligned with specific DeVry University program offerings, such as: Medical Billing and Coding, Health Administration, Cybersecurity, and Accounting New programs launched over past 24 months represent approximately 30% of new student enrollments Large addressable market with attractive supply and demand imbalances Key Growth Drivers Compelling, differentiated technology-focused value proposition Quality academic programs in high growth fields Growing portfolio of strategic employer partnerships Cost structure optimized for future growth Small, more intimate campuses in key markets; reduced square footage by >50% since 2011Generated over $500M in cost savings since 2013 Adult learners and online students remain highly attractive growth areas in the education market 400+ existing employer partnerships; DeVry University launched DeVryWORKS to assist employers in meeting their talent development, skills gap training, and talent acquisition needs 65

Innovation: Initiatives Are Underway to ImproveHow We Teach and How Our Students Learn Pre-loaded iPads ensure all students are “connected” and can access e-books easilyStudent service innovation features an online application combined with a new 360◦ virtual campus tour, which allows prospective students to experience the campus and its labs at their convenienceContinued enhancement and expansion of the connected classroom“Herman” big data initiative builds a stronger base of cross-functional information for student supportPlanned gamification courseware in introductory courses will better engage students as they begin their courses of study DeVryUniversity CarringtonCollege 67

Student Care: Big Data EffortsDeVry University Is Evolving from Historical Data Analysis to Prescriptive Analytics REPORTINGWhat happened? ANALYSISWhy it happened MONITORINGWhat’s happening now PREDICTIONWhat might happen? COMPLEXITY PREDICTIVE ANALYTICS BUSINESS INTELLIGENCE PRESCRIPTIVE ANALYTICS PRESCRIPTIVEPrevent BUSINESS VALUE Increased Care 68

Student Care: Big Data EffortsA Network of Tools to Design Differentiated Services and Focus Resources on Biggest Impact Refined digital marketing targetsSegmented communication strategyInformed nurturing strategies Marketing Inquiry segmentation for efficiency and effectivenessDesign of stitch-in and orientationFocus scarce resources Student segmentation for specific servicesProactive vs. reactive advisementShortest path to graduation Inform program and course designLearning effectiveness monitoring and instruction designFaculty to course optimization Student-employer matchingSegmented career readiness planningReputation building with corporate partners Workforce Solutions Enrollment Management Service Academics Civitas Suite of ToolsFirst Year Success ModelerPredicative Inquiry ModelerScheduling Algorithm 69

Technology and Business Segment

Carlos FilgueirasGroup President, Technology and Business

Adtalem Educacional do Brasil Overview The Adtalem Educacional do Brasil (ATB) organization operates three national brands within the Brazilian private higher education market National brands: ATB institutions offer undergraduate, graduate, test prep, and professional education programs across a wide spectrum of fields, including business, engineering, and law ATB institutions have high academic standards and attractive national rankings, highlighting the quality of education provided to students 110,000+ Students 380+ Programs 5,400+ Colleagues Ibmec and Damásio founded in 1970 3 National brands 17 Institutions 23 Campus locations 211 Centers DVB InstitutionsDamásio Distance Learning CentersIbmec Institutions ATB operations are focused primarily in the North, Northeast, and Southeast regions of Brazil Key Facts Footprint 73

Brands and Campus Footprint ATB Enrollment Breakdown High QualityUS$ 2K to US$ 7K per yearClass B- or C Mass MarketUS$ 500 to 2K per yearClass C- or D PremiumUS$ 7K to US$ 15K per yearClass A or B+ Tuition Cost 0.5 1.0 4.5 Millions of Students in Brazilian Private Higher Education Brazilian Private Higher Education Segments ATB operates in the upper middle and premium segments of the market, with a differentiated value proposition. UG Programs by Area 19% 23% 19% 32% 6% 74

Market Assessment: Brazilian Economy and Funding The ongoing Brazilian economic downturn has put pressure on enrollments: for the first time since 2009, new student enrollments declined (-6.1%) vs. PY. Among private institutions, new student enrollments declined -8.8% vs. PY (-10.0% onsite and -5.7% online)Even in a deceleration scenario, as a country, Brazil still has a significant education gap to close vs. countries like Colombia, Turkey, Portugal and RussiaIn Brazil, private institutions are responsible for ~76% of higher education enrollments and play a vital role to close this gapCurrent economic conditions compromise the Government’s capability to support student financing programs; as a result, the Government and private providers are working in partnership to develop sustainable sources of student financing to support growth and achieve the National Education Plan goal of having a 50% gross enrollment rate by 2024 The Government and private providers are creating a sustainable financing program (FIES 2.0) to support student enrollment, but implementation timing is still uncertainMcKinsey & Co. worked with the Government (e.g., Ministry of Education, Ministry of Economy) and private institutions to develop FIES 2.0Funding will initially be publically provided, but the Government will assess including private funding into the system as well PNE goal (2024) Funding for Education Brazilian Economy Gross Enrollment Rate by Country (2012) 75

Market Assessment: Institution Detail Founded in 1970, Ibmec is one of most traditional and respected higher education providers in BrazilMost well-known for its business school, and responsible for the first finance MBA in the country, Ibmec offers programs with the highest academics standardsIbmec offers both undergraduate and graduate programs in areas such as: engineering, law, and international relationsOffers executive and professional education programsWith operations in Rio de Janeiro, Belo Horizonte, and Brasília, Ibmec recently opened its newest campus, in São Paulo, in April 2017 Founded in 1970, Damásio is a leading institution for law and diplomatic careersDamásio has a presence in all Brazilian states via its own campuses (in four locations) and a network of 211 distance learning centers (franchisees)Undergraduate, graduate, and test prep programs are delivered via satellite, online, and onsiteToday Damásio’s franchisees are becoming a distribution network for other Adtalem Brasil programs, such as Ibmec online MBAsIn the future, Adtalem Brasil will also deploy undergrad online programs through Damásio’s network DVB is a well-respected higher education provider which joined Adtalem Global Education in 2009DVB is comprised of 12 institutions distributed almost entirely in the North and Northeast region of Brazil (only Metrocamp is located in the Southeast)All DVB institutions are ranked among the top 3 in their citiesDVB offers a diverse selection of both undergraduate and graduate programs offerings Adtalem Educacional do Brasil has a diversified student base spread in different market segments, regions and modalities. 11K Students 48K Students 54K Students 76

Investment Thesis Adtalem Brasil institutions provide academically strong, in-demand programs acrossBrazil; innovation and a history of successful integration present continued opportunities for growth. Key Growth Drivers Our Positioning Strong need for higher education Well positioned to take advantage of attractive demographics and supply/demand imbalances in the mid- to long-term Key Growth Drivers Our Positioning Superior academics Offers standardized curricula across Brazil (G5), which allows us to invest in quality, while guaranteeing efficiency in operations Consistently raised academic quality, with the current goal of achieving IGC¹ 4 or higher for all institutions Product innovation Adtalem Brasil’s Integrees Learning Management System enables faculty collaboration on curricula development and increased social interaction between students and facultyDamásio is ahead of the competition in terms of technology used, and today offers distance learning, online, synchronous, and asynchronous modalities Integration capabilities Adtalem Brasil brand ties the different institutional brands and value propositions together Adtalem Brasil operates with a fully integrated model including brand management, admissions, student services, academics, regulatory, campus management, HR, IT and legal. Integration is generally completed within 3-12 months 1IGC = The average of all programmatic CPCs (academic quality metric by MEC) in the last 3 years, weighted by the number of students in each program Strong brand equity Strong brands; operate in the top two tiers of the higher education marketOur brands differentiate themselves from the competition by preparing students to become professionals with a global perspective 77

Innovation: Initiatives Are Underway in Brazil to Improve How We Teach and How Our Students Learn G5 curriculum design improves/optimizes scheduling, while also:Reducing course selection complexity for the studentLimiting operational burden for the institution Simplifying assessments by the Ministry of EducationCustom-built Integrees Learning Management System:Leverages a collaborative repository of course content, supported and maintained by faculty; students can “like” and “dislike” itemsIncorporates “quick tests” to track how well students learn material, providing a feedback mechanism for facultyIs supported by analytics, which help us better understand how students are leveraging materials and which materials drive the most learning and retentionUse of asynchronous online will expand the reach/breadth of the current Damasio offering 79

Collaborative repository Lecture Quiz Realtime feedback Big data repository Our Proprietary Integrees LMS Has Significantly Improved Faculty Collaboration in Brazil and Provided a New Avenue for Real-time Feedback from Students 1 2 3 80

Professional Education

John RoselliPresident, Becker Professional Education Tim McClintonManaging Director, ACAMS

Professional Education’s mission is to empower people around the world to advance their careers through a lifelong partnership of superior professional education Serving accountants, medical students, and financial service professionalsStrong brand and relationships within accounting and anti-money launderingBest-in-class student outcomesAcquired ACAMS in 2016; ACAMS is the largest international membership organization dedicated to financial crime and prevention professionals Professional Education Overview ~1M Candidates have prepared for the CPA Exam with Becker 50+ Int’l ACAMS chapters 100% Non-Title IV Becker founded in 1959 ~250 Global teaching locations +90% Since 2005, over 90% of the Watt Sells Award winners have used Becker to prepare for the CPA exam ACAMS founded in 2001 +46K ACAMS members 84

Current Professional Education Verticals CPA Certified Public Accountant exam prepOnline and live Market leader CPE Continuing accounting educationWebcasts, online, and live Fragmented market ACCA Chartered accountancy exam prepUK-based global accounting certificationConcentrated market USMLE US medical licensing exam prepOnline, live, and live/onlineConcentrated market ACAMS Anti-money laundering, financial crime preventionMembership, conferences, certifications, publicationsMarket leader Becker currently provides educational offerings to accounting, healthcare, and financial services professionals through a global distribution network, supported by best-in-class course development and education technology capabilities. 85

Market Assessment: CPA and CPE Two-thirds of CPA firm partners are over the age of 56 with significant numbers retiring by 2022Accounting Bachelor’s and Masters programs continue to be two of the fastest growing degree programsInternational CPA candidates continue to growCompetitive pricing sensitivity remains highNear term industry headwinds from recent exam format change$700M US market opportunityMarket continues to be highly fragmentedSignificant transition to digital delivery and marketing provides opportunity for continued market share capture CPA CPE 86

Market Assessment: ACCA, Healthcare and ACAMS Growth opportunities in UK through partnerships with tuition providersPredominantly live instruction marketSignificant growth exists with international USMLE candidatesAbility to develop longer term relationships with medical schools~$2B global market opportunityUnderpenetrated and growing AML market Increasing convergence of cybersecurity, fraud, and AML regulation within financial services industry ACCA Healthcare ACAMS 87

Investment Thesis: ACAMS Our Positioning Continue growing our core business A leading standard for AML certificationSignificant headroom for growth (~5% market penetration in US) Core growth generates flow-through revenue from conferences, news and training Accelerate international expansion ~70% of addressable market is outside the US Tremendous growth potential in EMEA and APAC, each with roughly 1% market penetration Leverage existing capabilities and brand to develop training and certifications to serve professionals for whom CAMS certificationis not appropriateExtend into other areas of financial crimes (e.g., anti-bribery/corruption) Serve new segments close to the core Cybersecurity and fraud As a leader in the Anti-money Laundering market, ACAMS is well positioned to benefit from continued domestic and international market growth, while opportunities exist to extend into new, adjacent markets. Extend into adjacent markets Key Growth Drivers Our Positioning 88

Investment Thesis: Becker Accounting and Healthcare Our Positioning Extend global leadership position in CPA review Market leadership position with strong brandTop 100 accounting firms currently use Becker Best-in-class student outcomes; 90% of top CPA Exam scorers use Becker Key Growth Drivers Our Positioning Increased market penetration of Continuing Professional Education (CPE) for CPAs Leverage Becker brand and alumni networkBuild on firm partnerships to accelerate CPE growth USMLE expansion opportunity through new product offerings and continued international growth In-country programs and product expansion opportunities Expansion into new lifelong learning markets and products Opportunity to leverage Becker capabilities into new products Attractive new markets exist in financial services, healthcare, and cybersecurity Becker Professional Education is the leader in CPA review and the anti-money laundering market; attractive opportunities exist to add new products and enter new lifelong learning markets. 89

Innovation Initiatives Are Underway Across the Vertical to Improve How We Teach and How Our Students Learn ACAMS Updated Certified Anti-Money Laundering Specialist (CAMS) exam to reflect the requirements of today’s financial crime practitionersTailored LMS to improve member experience, both domestically and internationally CPE USMLE Fully-mobile application and question bankQuestions are provided 40 at a time, which mimics the pace and length of the actual exam Live/online programs enabling synchronous and interactive delivery in a virtual classroomenvironmentStudents can “pre-test” content areas before beginning a module, helping them to focus their time and energy where they need the most help CPA Customized Learning Management System (LMS) tailored to the unique needs of continuing education students, including the necessary reporting required for employers and state licensing authoritiesCustom-built e-Reader that can be leveraged across the Adtalem portfolio 90

Finance/Capital Allocation

Financial Update Patrick UnzickerChief Financial Officer

Financial UpdateImproving the Financial Performance of the Organization Cost structure optimizationHome office expenses reduced 6.8% since this time last yearCost reductions and efficiency improvements across the portfolioRestarting organic revenue growthImproved processes and leadership changes expected to drive new student enrollment growth in FY18New locations identified; new program launches in process across all verticalsIntroduced Portfolio Management FrameworkMeasures institutions against peers Increased accountability; heightened focus on Operating Margin and Return on Invested Capital (ROIC)Net result:Segment revenue growing for three of four segmentsOperating Margins improved YTD1 from 10.8% to 12.1%Cost of Instruction and Operating Expenses both lower than prior year as a share of revenueEPS up 13.6% YTD1CapEx moderatingIncreased return of capital to shareholders reflecting confidence in outlook 1 Fiscal Year-To-Date as of March 31,2017, excluding special items. 94

Financial UpdateInvestment Thesis Large addressable markets with attractive supply/demand imbalancesMost diversified programmatic offerings in the sector offered through institutions with strong brand awareness and robust accreditations Experienced management teamStrong cash flow generation and solid financial position provides support of future growth initiatives and shareholder return Cost structure optimized for increased operating leverage Medical and Healthcare and Professional Education verticals contribute the significant majority of earnings and cash flow generation with future upside from Technology and Business 95

Financial UpdateSegment Analysis: Medical and Healthcare Highlights:Continued supply/demand imbalances expected to drive ongoing segment revenue growth, with lowercapital requirementsWe expect organic growth in the medical and nursing schools driven by existing and new programs (e.g., Masters of Public Health); exploring cooperative partnerships with traditional education providersStrong relationships with quality clinical partnersRobust B2B relationships within Chamberlain; we believe we can leverage this across the verticalActively working to resolve Gainful Employment matter, which affects veterinary operations; impact planned for FY18Over the strategic planning horizon segment operating margins will increase driven by the expansion of online programs at Chamberlain and a return to enrollment growth in the medical Schools FY12 FY16 ’12-’16CAGR ’17-’21ECAGR Revenue $457M $784M 14.4% 4-6% Operating Margin 24.9% 22.9% - Increasing EBITDA $136M $213M 12.0% 5-6% CapEx $26M $26M - Decreasing 96

Financial UpdateSegment Analysis: Professional Education Highlights:ACAMS growth will be driven by accelerated international expansion and new product launchesBecker CPA remains market leaderStrong growth expected in CPE and HealthcareCPA growth slowing but will be driven by an increase in online and webinar offeringsHealthcare opportunities with I-20 partnerships for international students and entry into the NCLEX self-study marketSegment operating margins are expanding, given continued mix shift toward online delivery and operating leverageSuccessful entry into cybersecurity professional education would provide upside potential FY12 FY16 ’12-’16CAGR ’17-’21ECAGR Revenue $94M $103M 2.2% 14-16% Operating Margin 31.0% 28.4% - Increasing EBITDA $32M $31M -0.8% 25-30% CapEx $2M $1M - Stable 97

Financial UpdateSegment Analysis: Technology and Business Highlights:Segment is currently comprised of Adtalem Educacional do Brasil (ATB) operationsNew student growth is expected across the ATB institutionsInvestments to date have focused on both organic growth and acquisitionsSegment cash flow generation continues to increase as ATB operations achieve scaleFor strategic planning purposes we have excluded acquisitions, and instead focus on harvesting and driving organic growth:Ibmec expansion and programs offered across the ATB portfolioPursuing university-status within Brazil, which will drive enrollment growthBeginning to develop online offerings and capabilities, similar to those offered in the US FY12 FY16 ’12-’16CAGR ’17-’21ECAGR Revenue $62M $196M 33.4% 6-8% Operating Margin 7.1% 6.9% - Increasing EBITDA $10M $24M 26.2% 12-15% CapEx $6M $14M - Stable 98

Financial UpdateSegment Analysis: US Postsecondary Highlights:Segment is currently comprised of Adtalem’s Traditional US Postsecondary institutions: DVU and CarringtonNear-term focus remains offsetting revenue declines with cost-cutting measures, while redesigning program and service offeringsSegment operations currently breakevenSignificant operating leverage when revenue growth returns FY12 FY16 ’12-’16CAGR ’17-’21ECAGR Revenue $1,458M $764M -14.9% 2-4% Operating Margin 11.9% 0.2% - Increasing EBITDA $227M $39M -35.6% 25-30% CapEx $62M $18M - Stable 99

Financial UpdateFY21E Financial Targets Key Metrics FY17-21E Strategic Plan Revenue 4% - 6% CAGR EBITDA 10% - 13% CAGR Tax Rates 20% - 28% CapEx/Revenue Target < 5% ROIC 12-14% 100

Financial UpdateRevenue and EBITDA Bridge $1.8B $2.2-2.4B $200-250M $150-200M $150-200M $10-20M Adtalem Revenue Bridge Adtalem EBITDA1 Bridge $288M $55-65M $65-75M $50-60M $40-50M $450-550M 1Excludes special charges 101

Financial UpdateCapital Allocation Programmatic expansion and new product development across the portfolioChamberlain campus growthExpansion of Ibmec within Adtalem Educacional do Brasil Strategic plan CapEx projected at 4-5% of revenues Invest in Our Institutions Make Strategic Acquisitions Return Capital to Shareholders Maintain Financial Strength & Flexibility Medical and Healthcare: address skills gaps, expand into new areas of healthcare beyond nursing and medicineProfessional Education: leverage the Becker and Damasio platformsTechnology and Business: address global skills gaps Management regularly assesses share repurchase activity relative to Adtalem’s projected intrinsic valueWhen shares are over-sold, share repurchases can be the highest return on investmentCommunicates confidence that stock is a strong investment; signals positive outlook Strong balance sheet Free cash flow1 generation in excess of $1B (FY17-FY21E)Opportunistically increase leverage to maximize shareholder returns * Free cash flow defined as total cash generated, less strategic plan CapEx, and share repurchases. 102

Thank you for coming!

Appendix

Use of Non-GAAP Financial Information and Reconciliation Schedule The following table reconciles Adtalem Global Education’s (“Adtalem”) operating income as reported under U.S. Generally Accepted Accounting Principles (“GAAP”) to the non-GAAP measure of Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) excluding special items. This non-GAAP financial measure should be viewed in addition to, and not as a substitute for, Adtalem’s reported results prepared in accordance with GAAP. Medical and Healthcare Professional Education Technology and Business U.S. Traditional Postsecondary 2012 2016 2012 2016 2012 2016 2012 2016 GAAP Operating Income (Loss) $114M $178M $29M $28M $4M $14M $91M $(211)M Special Items Expense (Gain) * - $1M - $1M - - $82M $212M Depreciation and Amortization $22M $34M $3M $2M $6M $10M $54M $38M EBITDA excluding Special Items $136M $213M $32M $31M $10M $24M $227M $39M *Includes restructuring expense (U.S. Traditional Postsecondary in fiscal year 2012, and Medical and Healthcare, Professional Education and U.S. Traditional Postsecondary in fiscal year 2016) and asset impairment charge (U.S. Traditional Postsecondary in fiscal years 2012 and 2016). 105