Safe Harbor StatementThis presentation contains certain forward-looking statements concerning the Company’s Fiscal Year 2020 Outlook, Fiscal Year 2022 Target, operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) achievement of targeted run rate savings through restructuring actions; (xi) and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances Non-GAAP MeasuresIn this presentation, management provides the following non-GAAP performance measures:Adjusted Earnings Per Share (“Adjusted EPS”);Free Cash Flow less Product Development Spending;Adjusted Revenue;Adjusted Operating Income and margin;Adjusted Contribution to Profit (“Adjusted CTP”) and margin;Adjusted EBITDA;Organic growth; andResults on a constant currency (“CC”) basis.Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and other items, provide supplementary information to support analyzing operating results and earnings and are commonly used by shareholders to measure our performance. Free Cash Flow less Product Development Spending helps assess our ability over the long term to create value for our shareholders. Results on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance before the impact of foreign currency (or at “constant currency” “CC”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period. We have not provided our 2020 outlook, or 2022 Target for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP.

Investor Day October 4, 2019

Advancing knowledge and learning through 214 yearsand seven generations 4

Advancing knowledge and learning through 214 yearsand seven generations 5

75%Digital 55%Recurring $1.8BRevenue $388MAdjusted EBITDA $149MFree Cash Flow 1.0xNet Debt / Adjusted EBITDA 6

The Wiley Story Favorable long-term market fundamentalsMust-have content, brands, platforms, and servicesStrong balance sheet and cash flow characteristicsStrategic investments and optimization gaining traction Revenue, Adjusted EBITDA, and Cash Flow growth in FY21 and FY22Consistent record of returning cash to shareholders

Company Overview Brian Napack Research Publishing & Platforms Judy Verses EducationAcademic & Professional LearningEducation Services Brian NapackTodd Zipper Financial Performance John Kritzmacher Q&A Session Agenda 8

We empower researchers, learners, universities and corporations to achievetheir goals in an ever changing world researchers learners universities corporations 9

Wiley is Research and Education $2 trillion global spend, 6% CAGR since 20002.5M articles published, 4% CAGR since 2000 Source: Congressional Research Service, Global Research and Development Expenditures: Fact Sheet, Sep 2019STM Report, 2018, NCES 2017 expenditures of all degree-granting post-secondary institutions WILEY RESEARCHDriving the discovery, usage and impact of scholarly research WILEY EDUCATIONEnabling powerful learning for personal and professional growth R&D Spend (T PPP$) Articles (m) 2000 2005 2010 2015 R&D (left axis) Articles (right axis) $600B US spend on degree-granting post secondary ed Driving the world forward with Research and Education 2012 2000 2008 2004 2016 $B +5%

Content, platforms and services that have impact WILEY RESEARCHDriving the discovery, usage and impact of scholarly research Research Publishing & Platforms Research publishingResearcher tools and servicesContent delivery platformsCorporate media servicesDigital content and data products WILEY EDUCATIONEnabling powerful learning for personal and professional growth Academic & Professional Learning Content & coursewareTest preparation coursesProf. development booksProf. development programsCorporate e-learning services EducationServices University program servicesCertifications & short coursesEmployer education solutions Driving the world forward with Research and Education Researchers Learners Institutions Corporations

Unmatched global network 10,000+Research institutions 600+Scientificsocieties 60+Service partner universities 1,000+Corporate partners 4M+Societymembers 16M+Researcheraudience MillionsStudents 12M+Professionals WILEY RESEARCH WILEY EDUCATION

Portfolio of leading brands and partners Brands Universities Societies Corporations

Business Optimization Must-have brands andhigh-impact content Powerful technology driving critical outcomes Compelling price-value propositions High-demanddisciplines, skillsand careers Why Wiley Wins

FY20 Investment Areas FY20 Expected Gains and Beyond Investing to drive profitable growth Research Publishing & Platforms Mixed-model publishingResearcher solutions Steady growth with diversifiedrevenue streams Academic & Professional Learning High-impact coursewareDistribution model enhancement Return to overall growth with acceleration of growth businesses Education Services Partner & program growthNew education offerings Continued rapid growthwith increasing profitability Business Optimization Content development efficiencyOrganizational effectiveness $100M gross savings by FY22

Pursuing strategic M&A Research content platform leadership Partner and program scaleFull education delivery capability Researcher workflow toolsCollaboration network Proven adaptive learning platform Low-cost, high-impact content Aug 2016 Nov 2017 May 2018 May 2019 July 2019 Augment strategyGain capabilitiesLeverage scale Note: Manuscript acquisition closed September 2017

Targeting $2B revenue by FY22 Adjusted EBITDA $388M ~$440M Free Cash Flow $149M ~$250M Research Publishing & Platforms Academic & Professional Learning Education Services $1.8B 52% 35% 39% 9% 15% 50% FY19 FY22 ~$2.0B +4% CAGR

Strong foundation for long-term performance The Wiley Culture Strong CoreMarkets Leading Brands and Products BroadGlobal Reach Portfolio Synergy Optimization Opportunity Governanceand Stewardship Strong Balance Sheet

Research Driving the discovery, usageand impact of scholarly research 19

20 We empower researchers, learners, universities and corporations to achievetheir goals in an ever changing world

21 Researchers need to publish inhigh-quality journals with impactand global visibility

22 Universities need to provide their researchers access to world-class content

23 Corporations need world-class content to fuel innovation and need to reach global research communities

Wiley is at the center of the global research ecosystem #1 research publishing platform50%+ of world’s research hosted100% of world’s researchers3.5B sessions a year200+ publishing customers Top 3 research publisher1650 scholarly journals665K article submissions / year609 societies with 4M members25K universities, corporations Research Platforms Research Publishing

Essential research and publishing brands built over decades

The core research market is strong; growth in R&D spend and article output creates opportunity 6% CAGR>$2T in 2016 7% CAGR>2M in 2018 1% CAGR~$10B STM journal market Library Content Spending: Data source: Outsell Library Market Size, Spending, Forecast, and Trends: 2018, Market Size, Share, Forecast & Trend Report (September 24, 2018); R&D Spending: Gross domestic expenditure on R&D (GERD) expressed in purchasing power parity (PPP$); Data source: UNESCO Institute for Statistics (UIS); 2017 and 2019 values estimated (E) based on the 2016 value and 2000-2016 CAGR; Article Output: Data source: Clarivate Analytics Web of Science Core Collection – Document Type: Article & Review; Years Published 2013-2018 (Data pulled: September 26, 2019) $ Strong global R&D spend… is driving article output… with low growth library funding

The needs of researchers, libraries and funders are evolving Publishing in high-quality journalsFast publishing to biggest impactAccess to content anytime, anywhereCompliance with funder OA policies Constrained library budgetsFlexibility in business modelsProgress on Open Access, Open ResearchFilling the gap for scale players Shift from “pay to read” to “pay to publish and read” Researchers Libraries and Funders

Why Wiley Wins in Research Diversified revenue streams Increasing publishing volume and share Enhanced value for researchers and authors High-quality publishing program and portfolio Optimized publishing operations Business Optimization Must-have brands andhigh-impact content Powerful technology driving critical outcome Compelling price-value propositions High-demanddisciplines, skillsand careers

2016-2018 Article CAGR Market Leadership Benefits Article output underpins our business, supporting stronger growth Open Access revenue (Price x Quantity)Subscription value propositionDemand for platform and author servicesIncreased author and corporate revenue 2.4% 5.3% 3.1% 8.3% Wiley Rest of market CompetitorB CompetitorA

Article Submissions Strong submissions to OA journals illustrate revenue opportunity Data shown is annual submissions to Wiley Open Access journals using either Editorial Manager or ScholarOne as their Electronic Editorial Office (EEO) system. The percentage shown is the 2018 growth over prior year; 2019 year-end estimate (E) is based on January through June 2019 submissions and growth over the same period in prior year. 31%over PY

Signed the first comprehensive Publish and Read agreement and saw an immediate reputation and business benefit +10% 2019 YTD vs. PY “It’s a great day for German science, a great day for European science, and it’s a great day for global science.”Robert-Jan SmitsEuropean CommissionOpen Science Envoy 72% positive Media Clips Agreement signed Jan 2019 Increased share of voice Article output growing

Wiley is growing market share 4.8%CAGR Up-front payments support strong cash flowMulti-year deals with recurring Subscription and Open Access revenueVolume-based with potential to materially grow revenue Strong reputational impact puts Wiley at the forefront of OA Wiley Market Share of Articles

Our portfolio strength enables new revenue streams Market leader in STM platforms, distributing over half of the world’s scientific research Marketing, recruiting, and lab informatics services for corporations eager to reach Wiley’s high-value audiences New services that increase author profile, reach and impact *organic three year CAGR FY19 Revenue: $36M3-year CAGR: 10%*Key segments: publishers, academic societies Revenue: $68M3-year CAGR: 5%Key segments: pharma, food science, chemicals, life science Revenue: $25M3-year CAGR: 3%Key segments: early career researchers, APAC Platform Services Corporate Solutions Author Services

New revenue streams are driving overall growth Shown: Annual revenue for the Research segment of John Wiley & Sons, Inc. Data source: internal financial reporting system. Percentages show revenue growth in FY19 over prior year at constant currency Other FY19 Growth: 16%$159M Revenue Platforms Corporate Solutions Open Access Subscription 9% 8% 33% 0% 3% FY19 Growth

Portfolio Business Optimization Optimization efforts drive revenue growth and efficiency Focus on high-growth subjects Grow China Leverage existing brands Manage portfolio profitability Lower article unit cost Optimize content production Enhance workflows Shorten time to publish Realize publishing and platform synergies Reduce print

Volume gains are driving revenue and Adjusted EBITDA growth FY19 Revenue Subs Pressure Article Growth FY22 Revenue Article Growth& Optimization FY19 EBITDA Subs Pressure FY22 EBITDA Subscriptions will remain globally important over time horizonArticle growth will offset modest subscription pressureSavings from business optimization will further enhance EBITDA profile Revenue Impact: FY19-FY22 Adjusted EBITDA Impact: FY19-FY22

Financial Snapshot Key Takeaways Research Revenue$937M FY19 Actual FY20 Outlook FY22 Target Revenue $937M $950M-$960M $990M Adjusted EBITDA Margin34% Essential brands, platform, and reputationSolid core market with OA accelerating growthOutpacing market in article growth, driving revenues in OA, Corporate Solutions and PlatformsDiversified revenue streams 16% vs. PY ($159M)Business optimization leading to operational efficiency and improved product and service quality

Education Enabling powerful learningfor personal and professional growth

39 We empower researchers, learners, universities and corporations to achievetheir goals in an ever changing world Market Needs Bridging the skill and talent gap Better career outcomes Faster, more affordable education

Wiley Education delivers outcomes that drive lifelong career success Effective, affordable coursewareHigh-stakes test preparationProfessional developmentDegrees and certifications HIGHER EDUCATION PROFESSIONAL DEVELOPMENT CareerGoals CareerSuccess CONTENT - TOOLS - SERVICES

Wiley Education delivers content, courseware and degree programs to students and professionals Note: Academic & Professional Learning segment formerly referred to as “Education & Professional Publishing” in FY20 Q1 results Content and courseware for students, certification seekers and professionals Technology-enabled degree programs & services for institutions and learners Driving the world forward with Research and Education Academic & Professional Learning Education Services

Wiley Education overview * Academic & Professional Learning segment, formerly Education & Professional Publishing FY19 Revenue FY16-19 CAGR FY19 EBITDA Margin Higher Education $229M -8% 31%* Reference $102M -8% Test Preparation $41M +15% Professional Books $200M -5% Professional Development $66M +5% Corporate eLearning $65M +9% Education Services $158M +18% 3% Higher Education Reference Test Preparation Education Services ProfessionalBooks ProfessionalDevelopment Corporate eLearning Revenue$861M

Wiley Education revenue is now predominantly from digital and tech-enabled services +22% CAGR +5% CAGR -11% CAGR Digital & Courseware FY19 FY17 FY16 $859M FY18 Print FY20F Tech-EnabledServices $898M $863M $861M $905-925M Portfolio Transition

Why Wiley Wins in Academic & Professional Business Optimization Must-have brands andhigh-impact content Powerful technology driving critical outcome Compelling price-value propositions High-demanddisciplines, skillsand careers Focus on high-demand careers, degrees and certifications Delivering outcome-driven digital courseware and platforms Reducing the cost of access to learning Core culture of business optimization

Wiley targets the high-demand careers and skills that are driving the knowledge economy Healthcare +1.9M new jobs by 2028 WileyTop degrees for Education Services Business, Finance & Accounting +1.3M new jobs by 2028 Wiley#2 in BFA education and publishing ProfessionalSkills +12% global skills development spending WileyServing 12M professionals worldwide Computer Science & Technology +5% annual college enrollments Wiley250K zyBooks students annually Science & Engineering +4-5% global R&D and engineering services spend Wiley Leads in STEM publishing

Academic & Professional Learning Wiley Academic & Professional Learning businesses serve attractive, career-focused markets All market growth rates are 3-year CAGRs; Sources: AAP, Deloitte, Bookscan, Technavio Selected partners +6% Courseware market growth +5% Book sales growthin Wiley subjects +11% Prof. developmentspending growth +11%Corporate eLearning growth +6%US Test Prep market growth Higher Education TestPreparation Professional Books Professional Development Corporate eLearning

Higher Education: Investing in technology that drives learning outcomes and enhanced value Rapidly growing in high-growth subjectsLeader in computer science courseware Fully interactive learning contentLess text, more action drives student successLower price / unit with 90%+ sell-through 2016 2017 2018 2019E 83,000students 250,000 +44%

Rebalancing price & value is a win-win for students and Wiley Realized revenue Value proposition Price Retail margin Sell-throughper 100 students $1,120-2,520 Premium print content x = $80-120 .70 x 20-30 Units $5,415-5,700 Engaging digital-first contentHigh-engagement platform x = $60 .95 x 95-100 Units Traditional Print zyBooks

Professional Development: Content to courseware drivesgrowth & profitability Fast growing, highly profitable businessStrong demand for professional development books to further careersMarket leading publisher in Business, Management, Finance & AccountingKnowledge, experience and network to transform print brands to learning franchises Wiley publishes “The Leadership Challenge” 360-degree assessment & services launched 1987 2002 Today 3 million customers have taken LPI 360 1.5M copies of The Leadership Challenge sold

Portfolio Business Optimization Increasing effectiveness enhancing affordability Publishing in high-demand disciplines Direct distribution and new business models Delivering high-value courseware & platforms Optimizing content management and customer care Lowering content development and delivery costs Improving sales effectiveness and back-office processes Optimization efforts drive revenue growth and efficiency

Academic & Professional Rising demand for high-quality courseware Market leader in critical career and skills areas Improving price-value unlocks growth potential Sustained high margin profileReturn to organic growth in FY21 FY19 Actual FY20 Outlook FY22 Target Revenue $703M $705-$715M >$720M Revenue$703M Adjusted EBITDA Margin31% Financial Snapshot Key Takeaways

Education Services Enabling powerful learningfor personal and professional growth

53 We empower researchers, learners, universities and corporations to achievetheir goals in an ever changing world Market Needs Better career outcomes Improved retention Increased enrollment

Wiley delivers tech-enabled services that address critical market needs University & Student Success Program Selection & Design StudentRecruitment Program Delivery & Support Career Connection

The Education Services market continues to grow rapidly * OPM, OPE, MOOC-OPM, emerging models. Excludes short coursesSource: Holon IQ, Total Global OPX Revenue, Sep 2019. Holon IQ market definition: Global OPX: the entire spectrum of services models supporting Universities in the design, development and delivery of online higher education. Rising demand for online and non-traditional educationIncreasing competition for studentsPartner need for innovation and revenuePartner lack capital to investLow current service penetration: <15% 2015 7.8 2020 2025 4.0 1.7 USA International +16% $ Billions OPX Global Market Growth Drivers

Certifications, advancementFull-stack deliveryStudent and employer pay Tech-enabled University Program ServicesFlexible approach to meet customer needsRevenue share and fee-for-service model Broad range of services and flexible partnership models Share of revenue reflects fiscal year 2020. YoY growth reflects Driving the world forward with Research and Education Bundled Services Career Credentials Unbundled Services 84% 9% 7% +24% +24% +9% Share of WES revenue YoY growth Education Services

65+University Partners 5,000+Course Catalog 35,000+ Enrollments 800+Degree Programs 50,000+Total Graduates The Wiley network is large, diverse and growing

We teach, we research, we administer. A lot of what Wiley is able to do is not part of our core capabilities, and thank goodness we’ve figured that out Collaboration is the driving force of our relationship. It’s laying the groundwork for growth that we didn’t know was possible before we began working with [Wiley] Spring 2019 Fall 2019 Fall 2018 Spring 2018 Summer 2019 Summer 2018 Fall 2016 Fall 2017 Fall 2019 Fall 2018 Wiley delivers valuable outcomes such as enrollment for university partners Enrollment Enrollment

Strong revenue outlook 15%1 FY22F FY18 $200M FY19 FY20F $210M 1 Assumes a full year of Learning House revenue in Education Services in FY19 to normalize growth rate Education Services Revenue

Education Services profitability improves as partnerships mature >3 years 60%of partners Mature 25-35% 1-3 years 20% of partners Emerging 0-10% <1 years 20% of partners New Negative Indicative EBITDA Margin

Optimization efforts drive revenue growth and efficiency Note: Total cost per start = All marketing spend, all payroll for marketing and enrollment, Enterprise Learning Solutions; SLV = Student Lifetime Value; Start = Student commencing a program Optimization Growing, productive partner portfolio Growing program catalog Expanding product portfolio Growing enrollment network effect Improving SLV / Marketing per Start Improving SLV / Total Cost per Start Increasing student journey efficiency Enhancing operating leverage Portfolio Business

Why Wiley Wins in Education Services Business Optimization Must-have brands andhigh-impact content Powerful technology driving critical outcome Compelling price-value propositions High-demanddisciplines, skillsand careers Focus on high-demand careers, degrees and certifications Growing, diverse network of high-quality schools and employers Best-of-breed student experience and commitment to career outcomes Core culture of business optimization Flexible models for partnership and service delivery

Attractive business fundamentals Market demand driving double-digit growth >90% of FY20 revenue contracted ~40% average share in tuition-share models ~7 year average partnership term length

FY19 Actual FY20 Outlook FY22 Target Revenue $158M $200-$210 $290M Adjusted EBITDA % 3% 15% Education Services Market leader with gold-standard reputation Broad portfolio of partners, programs, services and partnership modelsAccelerating growth from market expansion and Wiley growth strategiesStrong growth with increasing profitability At fiscal year 2019 average exchange rates Revenue$158M Financial Snapshot Key Takeaways

Financial Performance Positioned for ongoing success 65

Strong fundamentals and strategic plan Solid revenue base powered by favorable market positions and broad recurring revenueAccelerated revenue growth driven by increased investment, including acquisitionsOptimization initiatives yield step-function gains in operational effectiveness and sustainable margin improvements Modest leverage and strong cash generation enabling investmentDemonstrated record of prudent capital allocation; dividends, share repurchases, and acquisitions historically funded by cash from operations

Revenue Solid revenue base, increased investment to accelerate growth Revenue baseFavorable market positions75% digital and tech-enabled services55% recurring revenueInvestmentsIncreased Research volume and efficiencyHigh-demand, high-impact coursewareScale and breadth in Education ServicesBusiness optimization initiatives FY16-19 are reflected in actual currencyFY20-22 outlook reflects fiscal year 2019 average foreign exchange rates and as previously disclosed on September 05, 2019 4% CAGR $ millions

All three business segments contributing to growth 1% CAGR 2% CAGR $ millions $ millions $ millions 1 Academic & Professional Learning formerly referred to as Education Publishing & Professional Learning2 Assumes a full year of Learning House revenue in Education Services in FY19 to normalize growth rateFY16-19 are reflected in actual currencyFY20-22 outlook reflects fiscal year 2019 average foreign exchange rates and as previously disclosed on September 05, 2019 15% CAGR2 Research Publishing & Platforms Academic & Professional Learning1 EducationServices

Adjusted EBITDA and Margin Revenue growth and optimization driving EBITDA gains Business optimization to extract $100M in gross savings from FY19 cost baseFY20 EBITDA margin dip driven by investments and revenue mix shiftEBITDA margin recovery enabled by investments, including Education Services program maturity and operating leverage FY16-19 are reflected in actual currencyFY20-22 outlook reflects fiscal year 2019 average foreign exchange rates and as previously disclosed on September 05, 2019 $ millions

Business optimization accomplishments Outsourced print production and distribution operations – shifting to variable costSharply reduced print inventory – advanced inventory management, shift to digitalUnified customer service operations – outsourced low-value transactional activityMigrated to low-cost Wiley Literatum platformImplemented ERP – Record-to-Report, Procure-to-Pay, journal subscription Order-to-CashConsolidated 13 globally-dispersed data centers into paired colocation facilities and cloudIntegrated Technology and shared services functions of acquired companiesOptimized global real estate portfolio, enabling collaboration in a much reduced footprintTransformed Finance organization – FP&A, global shared services and accounting

Next steps in business optimization Product and service portfolio optimizationEnd-to-end Research Publishing process simplification, standardization and automationAcademic & Professional Learning back office standardization and automationEducation Services student journey effectiveness and efficiencyAchievement of benchmark cost performance for shared services (IT, Finance and HR)Business portfolio and technology convergence on common platformsOffshore in-sourcing of advanced software development and technology operationsOrganization simplification – spans and layers

Favorable free cash flow performance over time 1 Free cash flow defined as cash from operations less capital expenditures and product development spendingFY16-19 are reflected in reported currencyFY20-22 outlook reflects fiscal year 2019 average foreign exchange rates and as previously disclosed on September 05, 2019 Working capital timing $ millions $ millions Capital Expenditures andProduct Development Free Cash Flow1

Year Acquisition Price paid(net of cash) Year end net-debt-to -adjusted EBITDA FY16 - 0.6x FY17 $121M 0.8x FY18 - 0.5x FY19 $190M 1.0x FY20 YTD $54M$16M Strategic acquisitions funded by cash from operations FY16-19 are reflected in reported currency

Long history of strong cash returns to shareholders FY10-19 are reflected in reported currency 3.1%Currentdividend yield As of 10 / 01 / 19 $ millions Dividend and Share Repurchases

Prudent and balanced approach to capital allocation 100%of capital outlays effectively funded by cashfrom operations1 Share repurchases Cash acquisitions Dividends Capital expenditure 1 Revolving credit facility applied at time of purchase and subsequently repaid with cash from operationsFY10-19 are reflected in reported currency FY10-FY19 Historical Capital Allocation

The Wiley Story Driving the world forward with Research and Education and delivering value for our stakeholders 76

WILEY RESEARCHDriving the discovery, usage and impact of scholarly research WILEY EDUCATIONEnabling powerful learning for personal and professional growth Wiley is Research and Education Driving the world forward with Research and Education

Why Wiley Wins Business Optimization Must-have brands andhigh-impact content Powerful technology driving critical outcome Compelling price-value propositions High-demanddisciplines, skillsand careers Diverse revenue streamsLead in Open AccessPlatform innovation and expansion Research Publishing & Platforms High-demand careersHigh-impact, affordable coursewareProduct and services synergies Academic & Professional Learning Partner and program growthReduced enrollment costsFlexible service models Education Services System and process improvementOrganizational effectivenessExpense reduction Business Optimization

Appendix: Reconciliation of GAAP net income to non-GAAP Adjusted EBITDA Fiscal Year Ended 2016 2017 2018 2019 Net Income $ 145,782 $ 113,643 $ 192,186 $ 168,263 Interest expense Interest expense 16,707 16,938 13,274 16,121 Provision for income taxes Provision for income taxes 29,011 77,473 21,745 44,689 Depreciation and amortization Depreciation and amortization 155,849 156,561 153,989 161,155 Non-GAAP EBITDA 347,349 364,615 381,194 390,228 Restructuring and related charges Restructuring and related charges 28,611 13,355 32,166 3,118 Foreign exchange transaction (gains) losses Foreign exchange transaction (gains) losses (473) (421) 12,819 6,016 Interest and other (income) expense Interest and other (income) expense (2,914) 3,837 (8,563) (11,100) Non-GAAP Adjusted EBITDA $ 372,573 $ 381,386 $ 417,616 $ 388,262 Non-GAAP Adjusted EBITDA Margin 21.6% 22.2% 23.3% 21.6% Notes: (1) See Explanation of Usage of Non-GAAP performance measures included in this presentation for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.