Adtalem Lenders Presentation

Lender Presentation February 2021

EACH OF THE COMPANY AND, AS THE CASE MAY BE, THE TARGET HAS REPRESENTED THAT THE INFORMATION CONTAINED IN THIS LENDER PRESENTATION IS EITHER PUBLICLY AVAILABLE OR DOES NOT CONSTITUTE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO, AS THE CASE MAY BE, THE COMPANY, THE TARGET OR THEIR RESPECTIVE SUBSIDIARIES OR SECURITIES. THE RECIPIENT OF THIS LENDER PRESENTATION HAS STATED THAT IT DOES NOT WISH TO RECEIVE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY, THE TARGET OR THEIR RESPECTIVE SUBSIDIARIES OR SECURITIES AND ACKNOWLEDGES THAT OTHER LENDERS HAVE RECEIVED A LENDER PRESENTATION THAT CONTAINS ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY, THE TARGET OR THEIR RESPECTIVE SUBSIDIARIES OR SECURITIES THAT MAY BE MATERIAL. NEITHER THE COMPANY, THE TARGET NOR THE ARRANGER TAKES ANY RESPONSIBILITY FOR THE RECIPIENT'S DECISION TO LIMIT THE SCOPE OF THE INFORMATION IT HAS OBTAINED IN CONNECTION WITH ITS EVALUATION OF THE COMPANY, THE TARGET OR THEIR RESPECTIVE SUBSIDIARIES AND THE FACILITY DESCRIBED HEREIN. Notice to and Undertaking by Recipients

This Lender Presentation (the "Lender Presentation") has been prepared solely for informational purposes from information supplied by or on behalf of Adtalem Global Education Inc. (the "Company") and Walden e-Learning LLC (the “Target”), and is being furnished by Morgan Stanley Senior Funding, Inc. (the "Arranger") to you in your capacity as a prospective lender (the "Recipient") in considering the proposed Credit Facility described in the Lender Presentation (the "Facility"). ACCEPTANCE OF THIS LENDER PRESENTATION CONSTITUTES AN AGREEMENT TO BE BOUND BY THE TERMS OF THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE SET FORTH ON THE COVER PAGE HEREOF (THE “SPECIAL NOTICE”). IF THE RECIPIENT IS NOT WILLING TO ACCEPT THE LENDER PRESENTATION AND OTHER EVALUATION MATERIAL (AS DEFINED HEREIN) ON THE TERMS SET FORTH IN THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE, IT MUST RETURN THE LENDER PRESENTATION AND ANY OTHER EVALUATION MATERIAL TO THE ARRANGERS IMMEDIATELY WITHOUT MAKING ANY COPIES THEREOF, EXTRACTS THEREFROM OR USE THEREOF.

I. Confidentiality As used herein: (a) "Evaluation Material" refers to the Lender Presentation and any other information regarding the Company, the Target, their respective subsidiaries or the Facility furnished or communicated to the Recipient by or on behalf of the Company and, as the case may be, the Target in connection with the Facility (whether prepared or communicated by the Arranger, the Company, the Target or their respective subsidiaries, advisors or otherwise) and (b) "Internal Evaluation Material" refers to all memoranda, notes, and other documents and analyses developed by the Recipient using any of the information specified under the definition of Evaluation Material. The Recipient acknowledges that the Company and, as the case may be, the Target considers the Evaluation Material to include confidential, sensitive and proprietary information and agrees that it shall use reasonable precautions in accordance with its established procedures to keep the Evaluation Material confidential; provided however that (i) it may make any disclosure of such information to which the Company or, as the case may be, the Target gives their prior written consent and (ii) any of such information may be disclosed to it, its affiliates and their respective partners, directors, officers, employees, agents, advisors and other representatives (collectively, "Representatives") (it being understood that such Representatives shall be informed by it of the confidential nature of such information and shall be directed by the Recipient to treat such information in accordance with the terms of this Notice and Undertaking and the Special Notice). The Recipient agrees to be responsible for any breach of this Notice and Undertaking or the Special Notice that results from the actions or omissions of its Representatives. The Recipient shall be permitted to disclose the Evaluation Material in the event that it is required by law or regulation or requested by any governmental agency or other regulatory authority (including any self-regulatory organization) or in connection with any legal proceedings. The Recipient agrees that it will notify the Arranger as soon as practical in the event of any such disclosure (other than at the request of a regulatory authority), unless such notification shall be prohibited by applicable law or legal process. The Recipient shall have no obligation hereunder with respect to any Evaluation Material to the extent that such information (i) is or becomes publicly available other than as a result of a disclosure by the Recipient in violation of this agreement, or (ii) was within the Recipient's possession prior to its being furnished pursuant hereto or becomes available to the Recipient on a non-confidential basis from a source other than the Company, the Target or their respective affiliate or agents, provided that the source of such information was not known by the Recipient to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company, the Target or any other party with respect to such information. In the event that the Recipient of the Evaluation Material decides not to participate in the transaction described herein, upon request of the Arranger, such Recipient shall as soon as practicable return all Evaluation Material (other than Internal Evaluation Material) to the Arranger or represent in writing to the Arranger that the Recipient has destroyed all copies of the Evaluation Material (other than Internal Evaluation Material) unless prohibited from doing so by the Recipient's internal policies and procedures. ©2020 Adtalem Global Education Inc. All rights reserved. 2 Notice to and Undertaking by Recipients (cont.)

II. Information The Recipient acknowledges and agrees that (i) the Arranger received the Evaluation Material from third party sources (including the Company and/or the Target) and it is provided to the Recipient for informational purposes, (ii) the Arranger and its affiliates bear no responsibility (and shall not be liable) for the accuracy or completeness (or lack thereof) of the Evaluation Material or any information contained therein, (iii) no representation regarding the Evaluation Material is made by the Arranger or any of its affiliates, (iv) neither the Arranger nor any of its affiliates has made any independent verification as to the accuracy or completeness of the Evaluation Material, and (v) the Arranger and its affiliates shall have no obligation to update or supplement any Evaluation Material or otherwise provide additional information. The Evaluation Material has been prepared to assist interested parties in making their own evaluation of the Company, the Target, their respective subsidiaries and the Facility and does not purport to be all-inclusive or to contain all of the information that a prospective participant may consider material or desirable in making its decision to become a lender. Each Recipient of the information and data contained herein should take such steps as it deems necessary to assure that it has the information it considers material or desirable in making its decision to become a lender and should perform its own independent investigation and analysis of the Facility or the transactions contemplated thereby and the creditworthiness of the Company and its subsidiaries (including, after the consummation of the acquisition, the Target and its subsidiaries). The Recipient represents that it is sophisticated and experienced in extending credit to entities similar to the Company and the Target. The information and data contained herein are not a substitute for the Recipient's independent evaluation and analysis and should not be considered as a recommendation by the Arranger or any of their respective affiliates that any Recipient enter into the Facility. The Evaluation Material may include certain forward looking statements and projections provided by the Company and, as the case may be, the Target. Any such statements and projections reflect various estimates and assumptions by the Company , as the case may be, the Target concerning anticipated results. No representations or warranties are made by the Company, the Target or any of their respective affiliates as to the accuracy of any such statements or projections. Whether or not any such forward looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Company or the Target. Accordingly, actual results may vary from the projected results and such variations may be material. Statements contained herein describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements. III. General It is understood that unless and until a definitive agreement regarding the Facility between the parties thereto has been executed, the Recipient will be under no legal obligation of any kind whatsoever with respect to the Facility by virtue of this Notice and Undertaking except for the matters specifically agreed to herein and in the Special Notice. The Recipient agrees that money damages would not be a sufficient remedy for breach of this Notice and Undertaking or of the Special Notice, and that in addition to all other remedies available at law or in equity, the Company, the Target and the Arranger shall be entitled to equitable relief, including injunction and specific performance, without proof of actual damages. This Notice and Undertaking and the Special Notice together embody the entire understanding and agreement between the Recipient and the Arranger with respect to the Evaluation Material and the Internal Evaluation Material and supersedes all prior understandings and agreements relating thereto. The terms and conditions of this Notice and Undertaking and the Special Notice shall apply until such time, if any, that the Recipient becomes a party to the definitive agreements regarding the Facility, and thereafter the provisions of such definitive agreements relating to confidentiality shall govern. If you do not enter into the Facility, the application of this Notice and Undertaking and the Special Notice shall terminate with respect to all Evaluation Material on the date falling one year after the date of the Lender Presentation. This Notice and Undertaking and the Special Notice shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of law (except Section 5-1401 of the New York General Obligation Law to the extent that it mandates that the law of the State of New York govern). ©2020 Adtalem Global Education Inc. All rights reserved. 3 Safe Harbor

Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding the future impacts of the COVID-19 pandemic and the pending Walden e-Learning, LLC acquisition. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission (SEC) on August 18, 2020 and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and we do not undertake any obligation to update any forward-looking statement, except as required by law.

Non-GAAP Financial Measures This presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). Management believes that the non-GAAP disclosures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and are useful for period-over-period comparisons of such operations and in our assessment of the potential impact of our proposed acquisition of Walden. Adtalem uses these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. These non-GAAP financial measures have important limitations and should not be considered as a substitute for measures of 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.

Preliminary Financial Information We report our financial results in accordance with U.S. generally accepted accounting principles. All projected financial data in this presentation is preliminary, as financial close procedures for the periods presented are not yet complete. These estimates are not a comprehensive statement of our financial position and results of operations as of and for the periods presented. Actual results may differ materially from these estimates as a result of the completion of normal quarter-end accounting procedures and adjustments, including the execution of our internal control over financial reporting, the completion of the preparation and management’s review of our financial statements for the relevant periods and the subsequent occurrence or identification of events prior to the filing of our financial results for the relevant period with the Securities and Exchange Commission.

Lisa Wardell Stephen W. Beard Michael Randolfi CEO and Chairman Chief Operating Officer Chief Financial Officer

•1 Transaction Overview

•2 Company Overview

•3 Key Credit Highlights

•4 Financial Overview

•5 Appendix

• Adtalem is looking to increase existing scale in the highly attractive healthcare education market, and has entered into a purchase agreement to acquire (the “Transaction”) Walden University (“Walden”), an online postsecondary education provider with strong offerings in the healthcare and nursing verticals, from Laureate Education, Inc. • The Transaction will require approval from the Higher Learning Commission (HLC). The application was submitted in January 2021 and is expected to be on the HLC agenda in June 2021 ‒ Closing of the transaction is targeted for July 2021 • Adtalem plans to finance the acquisition with new first lien debt, including: ‒ $400MM Revolving Credit Facility ‒ $1,000MM Term Loan B

‒ $650MM of Other Secured Debt

‒ Will concurrently refinance existing $293MM Term Loan B due 2025; New Term Loan B will be due 2028 • Proceeds from the Term Loan B, along with other secured debt, will be used to fund the Transaction and repay Adtalem’s existing Term Loan B • Pro Forma for the Transaction and refinancing, Total Gross and Net Leverage will be 3.3x and 2.7x LTM PF Adjusted EBITDA of $502MM(1) inclusive of $60MM of run-rate synergies

1 Pro Forma LTM EBITDA represents Adtalem LTM 12/31/2020 EBITDA + Walden LTM 9/30/2020 + $60MM of run-rate synergies 2 9/30/20 PF EBITDA of $491MM and 9/30/20 cash balance of $561MM implies total and net leverage of 3.4x and 2.6x ©2020 Adtalem Global Education Inc. All rights reserved. 8 Sources & Uses And Pro Forma Capital Structure Fund the Acquisition of Walden University and Refinance Existing Debt

Sources Amount Uses Amount New Term Loan B $1,000 Walden Acquisition $1,432 Other Secured Debt 650 Refinance Existing TLB 293 Balance Sheet Cash 166 Transaction Costs 90 New Revolving Credit Facility 0 Total $1,816 Total $1,816

(1) 12/31/2020E Pro Forma 12/31/2020E ($MM) Amount x EBITDA Amount x EBITDA Maturity Coupon Ratings Cash $449 $283 Revolver ($300MM) 0 - Apr-23 L + 300 New Revolver due 2026 0 0 5 Years Term Loan B due 2025 293 0 Apr-25 L + 300 Ba3 / BB+ New TLB due 2028 0 1,000 7 Years Other Secured Debt 0 650 Total Debt $293 1.1x $1,650 3.3x Total Net Debt ($156) (0.6x) $1,367 2.7x LTM EBITDA $263 $502

Senior Secured Credit Facilities

Borrower: Adtalem Global Education Inc.

Guarantors: Limited to wholly-owned, material U.S. subsidiaries, subject to customary exceptions

Security: 1st Priority Lien on substantially all assets of the Borrower and Guarantors

Use of Proceeds: Fund the acquisition of Walden University, refinance existing debt and pay related fees & expenses

Facility: Tranche Amount Maturity Coupon OID

Revolver $400MM 5 Years TBD Par

Term Loan $1,000MM 7 Years TBD TBD

LIBOR Floor: 0.75% with respect to the Term Loans; 0.00% with respect to the Revolving Loans

Amortization: 1.00% per annum

Term Loan Call Protection: 101 Soft Call for 6 months

Mandatory Prepayments: 100% of certain debt proceeds, 100% of certain asset sales (subject to step-downs) and casualty events and 50% of excess cash flows (subject to step-downs), in each case with customary carveouts

Financial Covenant (RCF Only): Total Net Leverage Covenant set at 35% cushion to company model

Other Covenant: Customary affirmative and negative covenants

February-2021 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

US Holiday Key Dates

Date Event February 4th Lender Call

February 11th Commitments due

February 12th Pricing

Estimated July 2021 Close Acquisition & Financing

Walden University is the flagship online university of Laureate Education offering more than 80 programs

Walden University is the leading online provider of Master of Science in Nursing (“MSN”) degrees, and Master of Science in Healthcare Administration (“MHA”) degrees

o #1 among 380 U.S. institutions for awarding doctorates to African Americans The acquisition of Walden by Adtalem presents a powerful opportunity to further enhance the Company’s healthcare focus, expand the online platform, generate more scale and offer substantial synergy potential

The transaction also positions Adtalem to generate significant long-term value for shareholders

o Expected to provide an incremental ~$120MM in unlevered free cash flow in year one

o Run rate cost synergies of $60M to be fully phased in within 24 months of closing, with half realized during the first 12 months

Pro forma company would be a leading healthcare educator in the country with unmatched capabilities to serve its student base through best-in-class online offerings, enhanced learning experiences and superior academic outcomes for students

INPUTS & BASE & COST ASSUMPTIONS HEADLINE BASE SYNERGIES

($ millions)

PURCHASE PRICE COMPONENTS: 1,432 1,432 - 200 1,432 - 200 171 171 171 + 60 Purchase Price 1,480 Estimated Closing Adj. (-) 48 Headline Purchase Price 1,4321 Tax Step-Up Value (-) 2002 Base Purchase Price 1,232

EBITDA COMPONENTS:

Walden TTM Jun20 EBITDA 171 Expected Cost Synergies (+) 60 Post-Synergies EBITDA 2313 8.4x 7.2x 5.3x

1 $1,480M purchase price reduced for expected net working capital and debt-like item adjustments assuming a 7/1/2021 transaction close date. 2 Net present value of cash tax savings resulting from Walden acquisition tax step-up is estimated to be $175M-$225M. The mid-point of this range is utilized for illustrative purposes above. 3 EBITDA multiple inclusive of cost synergies but excluding impact of tax step-up benefit is 6.2x, calculated as $1,432M divided by $231M (TTM Jun20 EBITDA = $171M plus Cost Synergies = $60M). Walden EBITDA is as reported by Walden. ©2020 Adtalem Global Education Inc. All rights reserved. 13 Company Overview Adtalem Global Education Company Overview Headquarters: Chicago, IL Business Overview Institutions & Companies

• Adtalem is a leading workforce solutions provider that offers a wide array of programs Medical and Healthcare Financial Services across medical and healthcare and financial services. Adtalem’s purpose is to empower students and members to achieve their goals, find success, and make inspiring 22 campuses in the US contributions to our global community. The company’s vision is to create a dynamic global Campus in the Caribbean US business serving 99 of the (St. Maarten) community of lifelong learners who improve the world. US’s top 100 accounting firms Campus in the Caribbean (Barbados) In 2016 Lisa Wardell named President and CEO. Appointed Chairman of the Board in 2019 • Campus in the Caribbean (St. Kitts) Global membership business with a • Company was formerly known as DeVry Education Group and changed its name to Adtalem presence in Miami, London and Hong Kong Global Education in May 2017

• Adtalem operates in two segments: Medical and Healthcare and Financial Services 22 Presence in the US – The Medical and Healthcare segment offers degree and non-degree programs in the medical and healthcare postsecondary education industry. This segment includes the operations of Chamberlain University, American University of the Caribbean School of 3 Presence in India Medicine (“AUC”), Ross University School of Medicine (“RUSM”), and Ross University Campus School of Veterinary Medicine (“RUSVM”)

(1) (1) – The Financial Services segment offers test preparation, certifications, conferences, Revenue by Segment ($MM) EBITDA by Segment ($MM) seminars, memberships, and subscriptions to business professionals in the areas of Financial Financial Services Services accounting, anti-money laundering, banking, and mortgage industries. This segment $190.6 $44.3 includes the operations of, Becker Professional Education (“Becker”), the Association of 18% Medical & 16% Medical & Healthcare Healthcare Certified Anti-Money Laundering Specialists (“ACAMS”), OnCourse Learning (“OCL”), and $892.0 $239.4 EduPristine 82% 84%

Source: Company Website, Company Filings, Wall Street Equity Research 1 LTM figures as of 12/31/2020

At a Glance • 40,000+ students and 106,000+ alumni from 4 medical and healthcare institutions • 1,500+ clinical relationships with healthcare systems and nursing organizations • Serving a diverse market/demographic of students in the medical and healthcare fields • 92%+ medical residency attainment rate for both medical schools: Ross University School of Medicine attained a 94% residency match rate, while American University of the Caribbean School of Medicine attained a 92% residency match rate • Strong student outcomes: NCLEX & NAVLE scores as well as residency attainment • Each institution is in growth mode and portfolio has stabilized post-hurricanes Maria and Irma • Rapidly transitioned over 15,000 medical and nursing students who were previously on campus to online platforms with in under two weeks • Early and favorable signs of value from cross-vertical efforts: ─ Dual degree programs ─ Joint clinical negotiations ─ Leveraging technology investments and education expertise

Vertical Investment Highlights • Collectively, the largest medical “institution” in the U.S. market, offering economies of scale and broad market insight • Positioned to address the significant demand for healthcare programs and graduates • Student outcomes continue to improve

• Compliance/regulatory and certification-driven offerings with intrinsic demand

Becker focuses on the Accounting and ACAMS is the largest international Financial Services vertical, including membership organization dedicated to • Efficient business models that are scalable, asset-light, and Accounting CPA and Accounting CPE. financial crime prevention, offering technology-enabled Becker is a market leader in CPA exam membership, certification, conferences, review, with a global presence in more and training globally with a presence in than 50 countries Miami, London and Hong Kong • Recurring revenue opportunities through continuing education, memberships/subscriptions

• Strong cross-sale opportunities

OnCourse Learning is a leading provider of digital, regulatory-oriented • Strong B2B and workforce solutions orientation courses and webinars to the financial services industry including banks, credit unions, and mortgage loan • Global platform with capacity to replicate business model in other originators areas of the GRC space

$1.1Bn $263MM ~40K $1.7Bn $502MM ~96K Revenue (1) EBITDA (1) Total Enrollment (3) Revenue (1) EBITDA (1) (2) Total Enrollment (3)

56% 46% 81% 68% Online Modality Graduate Degrees Online Modality Graduate Degrees

1 MM, Adtalem figures LTM as of 12/31/2020, Walden figures LTM as of 9/30/2020 2 Walden EBITDA presented on a management reported basis; pro forma for full run-rate synergies 3 Adtalem figures as of 12/31/2020, Walden figures as of 9/30/2020 ©2020 Adtalem Global Education Inc. All rights reserved. 18 Transaction Creates Premier National Healthcare Educator

Healthcare-Focused Institutions 1 Combined Healthcare-Focused Degree Mix Rankings >80,000 #1 Enrollment Undergraduate and Graduate Nursing Enrollment in the US 35% 20% $1.35B Revenue #1 Provider of US Licensed Physicians 45% 10% #1 YoY New Provider of MDs, PhDs and Nursing Enrollment Growth Bachelors Masters Doctoral degrees to African Americans

1 Healthcare-focused institutions include Chamberlain, AUC, Ross Vet, Ross Med and Walden’s Health Sciences and Social & Behavioral Sciences colleges. Enrollment figures are as of 9/30/2020. $1.35B revenue represents sum of TTM 9/30/2020 period for Adtalem and Walden healthcare-focused institutions. YoY new enrollment growth represents growth from TTM 9/30/2019 to TTM 9/30/2020 for the combined Adtalem and Walden healthcare-focused institutions. Combined degree mix excludes Adtalem’s Medical Education Readiness Program (“MERP”). Walden figures are as reported by Walden. ©2020 Adtalem Global Education Inc. All rights reserved. 19 Walden University Overview Headquarters: Minneapolis, Minnesota Walden University Overview Key Metrics

Walden University is a US-based online university that provides bachelor's, master’s • 56,248 80+ 30 and doctoral degrees to more than 50,000 students 9/30/20 Degree Years of HLC Total Enrollment Programs Accreditation – Established in 1970

– Controlling stake acquired by Laureate in 2002 (then Sylvan Learning Systems) 100% 100% ~60% • Specializes in graduate degree offerings tailored to meet the needs of working Online US-Based Minority Enrollment professionals

– 84% of total enrollment is in graduate programs Accreditations

– 77% of total enrollment is in healthcare-focused colleges, including the Health Sciences and Social & Behavioral Sciences colleges

• #1 conferrer of MSN degrees in the U.S.

• Institutionally accredited by the HLC, a regional accrediting agency recognized by the DOE

• First fully online university accredited by Council on Social Work Education (CSWE) plus six other specialized accreditations

Source: Walden Website, Laureate Management Projections

77% of Enrollment in 100% Online; 50k+ Enrollment Healthcare- focused colleges

The Richard W. Riley College of Education & College of Health Sciences College of Social and Behavioral Sciences College of Management and Technology Leadership

• College of Nursing Schools: (i) Psychology (38%), (ii) Counseling (17%), (iii) Social Work (16%), (iv) Human Services (16%), (v) Public • College of Health Professions Policy & Administration (8%) and (vi) Criminal Justice (5%)

College Mix Degree-Level Student Ethnicity Student Age Other 4% MGT & Tech Other 11% Undergrad 20% 16% 50+ Education 18% 30 - 39 12% African Health Asian / Pacific American 35% Sciences Islander 38% 42% Master's 4% 25 - 29 Mix Doctoral 58% 25% 14% Social & Enrollment Behavioral Sciences 40 - 49 35% White 38% 29%

1 Mix of College of Social and Behavioral Sciences schools is based on 2019 degree completions. Enrollment data for college mix and degree-level is as of 9/30/2020. Student ethnicity and student age data as of Fall 2019. Walden figures are as reported by Walden.

©2020 Adtalem Global Education Inc. All rights reserved. 21 Adtalem and Walden are Well Within Regulatory Standards • Adtalem is a very high-quality Title IV institution and a good steward of Title IV funds, driving a compelling value proposition for our students and graduates

First Time Pass Rates (1) Residency Match Rates (2) 91% 94% 94% 88% 95% 92%

NCLEX USMLE USMLE NAVLE Step 1 Step 1

Chamberlain Ross Med AUC Ross Vet Ross Med AUC Title IV Funding Mix (3) Cohort Default Rates (5)

85% 84% 81% 76% 62% 59% 14.7% 9.7% 6.8% 3.1% 3.4% 2.8% 3.4% 1.3% 1.4% 0.9% (4) (4) Chamberlain Ross Med AUC Ross Vet Adtalem Walden Adtalem Chamberlain Ross Med AUC Ross Vet Walden Walden BSN Walden MSN National For-Profit Overall Overall Average Average

1 USMLE and NCLEX pass rates represent YTD calendar 2020 results. NAVLE pass rate represents calendar 4 58% Adtalem mix is based on enterprise revenue, inclusive of Financial Services. 2019 results. 5 Cohort default rates represent three-year cohort default rates for 2017 cohort. 2 Ross Med and AUC residency match rates represent YTD calendar 2020 results. 6 Walden MSN represents Walden’s BSN to MSN program. 3 Title IV funding mix for Adtalem is for FYE 6/30/2020 and FYE 12/31/2019 for Walden. . ©2020 Adtalem Global Education Inc. All rights reserved. 22 Key Credit Highlights Key Credit Highlights

1 Compelling market dynamics are driving healthcare enrollment growth

2 Strong industry tailwinds in recession-resilient industry

3 Scale and market leadership in attractive healthcare education market

4 Streamlined and focused portfolio aligned to a compelling long-term growth strategy

5 Significant opportunities for organic revenue growth and margin expansion

6 Strong pro forma financial position with strong free cash flow generation

Shift In Demographics Is Driving Healthcare Employment Growth

Aging Population and Healthcare Utilization

U.S. Population Aged 65+ • “This [AAMC] study supports the notion that an increasingly older population in millions will result in an increase in the$330.0 demand million of physicians and cause a greater 72 Revenue shortage of physicians” • Over 65 – 3x more 40 hospital days • The Association of American Medical Colleges projects that physician • Over 75 -4x more demand will grow faster than supply, leading to a projected total physician healthcare days shortage of between 54,100 and 139,000 physicians by 2033 2010 2015 2020 2025 2030

Aging Healthcare Professionals

• The main contributor to the higher shortage projections from the AAMC is the updated estimate of physicians planning to retire earlier than previously modeled

• Population growth and aging are the largest contributors to changing the demand for physician ~50% of RNs and physicians are age 50+ services ~38% of active physicians are age 56 & older

Sources: US National Library of Medicine, National Institutes of Health; U.S. Department of Health and Human Services

Healthcare And Education Spending Represent One Of The Largest Contributors To US GDP Share of US GDP Value Added as of First Quarter 2020

21.2%

13.0% 11.0% 8.8% 8.6% 5.9% 5.5% 5.3% 4.2% 3.9% 3.9% 3.1% 2.1% 1.5% 1.2% 0.8%

Finance, Professional and Manufacturing Educational State and local Wholesale trade Retail trade Information Construction Arts, Federal Transportation Other services, Utilities Mining Agriculture, insurance, real business services services, health entertainment, and warehousing except forestry, fishing, estate, rental, and care, and social recreation, government and hunting leasing assistance accommodation, and food services Private Industry Spending Government Spending

• The United States, on a per capita basis, spends much more on healthcare than other developed countries

– ~25% higher than Switzerland, the next highest

• U.S. in 2015 had only 7.5 new medical school graduates per 100,000 people, compared to the OECD median of 12.1

• While payer may shift, level of healthcare and education spending less subject to political risk

• Worldwide participation in higher education now includes one-third of the age cohort and is growing at an unprecedented rate

Source: Euromonitor, Springer, Johns Hopkins Bloomberg School of Public Health

The Labor Shortage In Healthcare Will Continue To Grow

Occupations In Which Demand Exceeds Supply The Current Pandemic Has Amplified An Already Heightened Demand For Medical Professionals…

Healthcare Practice 44% Business and Finance 21% Computer and Mathematical 17% Architecture and Mathematical 15% Transportiation and Material Moving 13% Building and Grounds 9% Healthcare Support 9% Sales 5% Farming, Fishing, and Forestry 5% Office Support 5% Life, Physical and Social Science 5% Installation, Maintenance, and Repair 2%

Projected Healthcare Labor Shortage in 2033 …And Potentially Increased Desirability With Students

Up to ~100,000+ Regional & specialty physician shortage nurse shortages

Source: AMA; AMN Healthcare; Burning Glass Technologies

Adtalem is Well-Positioned to Capture Market Demand

NURSING MEDICAL VETERINARY

~176K 55k+ 16% new registered nurse positions shortfall for primary care growth in demand for expected to be created each physicians by 2032 (3) veterinarians expected (4) year from 2019-2029 (1) from 2019 to 2029

52% 48% <0.5% employment growth for nurse population growth in the US Unemployment among U.S. practitioners expected from for those over the age of 65 veterinarians 2019 to 2029 (2) by 2032 (3)

1.1M 33% 1.9:1 RNs required to of physicians will be 65+ in Demand outstrips supply; support expansion/ age in 10 years (3) applicant to seat ratio (5) replacement needs

1 Source: Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/emp/tables/occupational-separations-and-openings.htm) 2 Source: Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/healthcare/nurse-anesthetists-nurse-midwives-and-nurse-practitioners.htm#tab-6) 3 Source: American Association of Medical Colleges, April 2019 (https://www.aamc.org/news-insights/press-releases/new-findings-confirm-predictions-physician-shortage) 4 Source: Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/healthcare/veterinarians.htm#tab-6) 5 Source: AAVMC (https://www.aavmc.org/assets/site_18/files/annual%20reports/aavmc_annualreport_2019_web_final.pdf) ©2020 Adtalem Global Education Inc. All rights reserved. 28 2

Counter-Cyclical Nature Of Postsecondary Creates Resistance To Downturns

Annual Changes in Total Enrollment at All Postsecondary Degree-Granting Schools and Unemployment Rate (1970-2017)

Y/Y % Change in Total Enrollment Y/Y % Change in Unemployment Rate

10.0% 4.0%

8.0% 2.0% 6.0%

4.0% 0.0%

2.0% (2.0)% 0.0%

(2.0)% (4.0)% 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 % Y/Y Change in Total Enrollment % Y/Y Change in Unemployment Rate

3 Years Prior 2 Years Prior Year Prior Year Of Year After 2 Years After 3 Years After

Average of 1970 – 2009 Recessionary Periods 1.7% 2.8% 4.3% 4.4% 4.9% 1.3% 0.7%

Source: U.S. Department of Education National Center for Education Statistics, and National Bureau of Economic Research

Scale And Market Leadership In Attractive Markets

Nursing Education Market Estimated To Grow at 21+% Ownership Certifications / Degrees $Bn Allied Health Nursing Medical

$60

$49 $41 $33 $28

St. Matthew’s University

Rocky Vista University 2020 2021 2022 2023 2024

Factors Driving Online Healthcare Education Growth: • Improved technology and availability of quality online programs have Enrollment in Nursing Programs ~34K improved consumer sentiment and around online education with convenience driving favorability ~20K • Growing geriatric population and chronic illness are increasing the demand for ~10K healthcare workers across the country, particularly with a shortage of nurses

• Rising demand for competency-based learning to increase job preparedness Chamb Wald Capella

Chamberlain Has Built And Scaled Market-leading Programs Leading To A Large And Influential Alumni Base…

Chamberlain Graduates by Year 14,000 13,354 13,339 #1 IN TOTAL NURSING ENROLLMENT 12,026 12,000 11,261 #1 IN ENROLLMENT PRE-LICENSURE BACCALAUREATE NURSING 10,000 8,830 #1 IN ENROLLMENT IN MSN-FNP PROGRAMS 8,000 7,065 #2 IN ENROLLMENT IN RN TO BSN 6,000 5,545 4,676 4,349 #2 IN ENROLLMENT IN MSN PROGRAMS 4,000 #2 IN ENROLLMENT IN NON-CLINICAL 2,000 MSN TRACKS

- #3 IN ENROLLMENT IN DNP PROGRAMS FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

Source: American Association of Colleges of Nursing, Fall 2018 enrollment data

…And The Addition Of Walden Increases Scale In Those Programs

Healthcare Programs Campus-Based / 22 campuses in 15 states; online degree offerings 100% online programs Online

Enrollment ~34K ~44K

Enrollment Growth 14% Enrollment CAGR from 2013 – 2020 Enrollment in Health Sciences growing ~5%

• Doctoral: ‒ MSW • Doctoral: ‒ MSW ‒ DNP • Bachelors: ‒ DNP • Bachelors: ‒ PhD ‒ RN-BSN • Masters: ‒ 3-Year BSN (campus-based) • Masters: • Nursing and Public Health Degree Offerings ‒ MSN (6 programs) ‒ RN-BSN ‒ MSN (7 programs) Certificates ‒ MSN FNP • Nursing and Public Health • Social and Behavioral Science Certificates ‒ MSN FNP ‒ MPH Programs ‒ MPH

Not available; assistance provided for locating On-site at Chamberlain location of choice On-Site Practicum practicum facility

Accreditation

Source: Company Website, Company Filings

Walden University Brings a Strong Brand to an Already Well- Respected Group of Institutions

Who Is Walden Key Stats Walden University is the flagship online university in the Laureate International #1 #1 #1 Conferrer of Online Conferrer of MSN Awarding Doctorates to Universities network Graduate Degrees Degrees African-Americans Degree programs offered in an #1 80+ online format Conferrer of MHA Degrees Years of serving working 125+ 30+ 50+ professionals Teachers of the Year Fulbright Scholars

Years of accreditation by The Higher 6.8% Cohort Default Rates vs. 30 Learning Commission (HLC) 9.7% National Average

Adtalem’s Evolution

• Adtalem has a long history of successfully executing moves that better align the Company’s portfolio with evolving market demand – including both large scale divestitures and strategic investments in new growth platforms

• Walden acquisition complements a streamlined and focused portfolio and ties into a compelling long-term growth strategy in healthcare

1996 2003 2005 2011 2016 2018 2019 2020 Today

Acquisition Acquisition Acquisition Acquisition Acquisition Divestiture Acquisition Divestiture Acquisition of of of of of of of of of

& & Additional 40k+ enrollment in healthcare- focused colleges

1 Healthcare-focused colleges include Health Sciences (Nursing & Health Professions) and Social & Behavioral Sciences

Success with Previous Acquisitions

• Extensive experience with M&A in service of consistent, thoughtful, strategic portfolio optimization that drives both shareholder value and positions the Company for future growth • Previous acquisitions have yielded superior student outcomes and strong financial performance

MEDICAL & HEALTHCARE FINANCIAL SERVICES

94% 88% 91% 94% 99 82,000+ 190,000+ Key # of Top 100 Mortgage USMLE Step (1) NAVLE NCLEX USMLE Step (1) Global US Accounting Professionals Metric Pass Rate Pass Rate Pass Rate Pass Rate Members (current) Firms Served Served

Revenue CAGR 9% 9% 37% 4% 6% 23% 22% (since acquisition)

1 USMLE and NCLEX pass rates noted above represent YTD calendar 2020 results. NAVLE pass rate represents calendar 2019 results. CAGR rate for Ross schools calculated on an aggregate basis.

Significant Opportunities For Organic Revenue Growth And Margin Expansion

• Combination allows existing partners to benefit from expanded offerings, increasing the attractiveness of a partnership with Leverage High Adtalem Value Partnerships • Walden high-profile tech partnerships enable increased capability at other Adtalem institutions

Strengthen B2B • Increased breadth of healthcare and tangential degrees provided by Walden has potential to attract additional B2B partners Capability • Online capabilities of Walden increase attractiveness to B2B customers not located near Chamberlain physical campuses

• Immediately gain scale and the benefits of the network of Walden alumni to drive continuing education opportunities Increase • Walden graduate programs present cross-selling opportunity for Chamberlain Graduates Enrollment • Access to thousands of prospective students in New York State

Improve e- • Walden e-learning expertise immediately beneficial to Adtalem online and hybrid programs Commerce • Ability to sell prospective Walden students hybrid programs utilizing Chamberlain’s physical locations Capabilities • Retention of students as life-long learners

• Leverage best practices across both organizations in search engine optimization, social media engagement and other lead Enhance Sales generation and conversion practices Execution • Utilize scale to achieve meaningful benefits from aligning sales organizations

Combination Creates Significant Synergy Opportunities

Expected Synergies vs. Cost by Year • Annual synergies of ~$60 million delivered through (in millions) increased efficiencies in marketing spend and back 70 office operations ~$60M ~$60M 60 • Total integration cost of ~$60 million over three 50 years 40 • Incremental upside potential from revenue ~$30M ~$30M synergies 30 20 ~$15M $~15M 10 $0M $0M 0 (Pre-Close) Year 1 Year 2 Year 3

Cost Synergies

Cost Synergy Opportunities

• Cost synergies expected to deliver $60M annual savings driven by increased back-office operational efficiencies and thoughtful integration of business units • All synergies are designed to align with core integration guiding principle of delivering superior student outcomes

Synergy Category Description

G&A Centralized functional support teams and optimized spend (e.g., indirect procurement, professional services) (excl. IT)

IT Extension of shared services support across combined entity and rationalized software & licensing spend

Marketing & Optimized marketing spend to reflect ‘best of’ capabilities (e.g., rationalized media & digital channel spend) Advertising

Enrollment & Improvements in operational areas such as streamlined recruitment teams and application of automated solutions Admissions

Product Back-office product development redesign (e.g., lowered platform costs, curriculum design process review) Development

Lisa Wardell Stephen W. Beard CEO and Chairman Chief Operating Officer

• Lisa Wardell was appointed President and CEO in 2016 and has been a member of • Stephen joined the organization in 2018 as senior vice president, general counsel Adtalem’s Board of Directors since 2008 and corporate secretary before taking on the responsibility of chief operating officer • Prior to her current position with Adtalem, Wardell was Executive Vice President in 2019 and responsibility for the Financial Services vertical in 2020 and Chief Operating Officer for The RLJ Companies, a diversified holding company, • Before joining Adtalem, Beard served as Chief Administrative Officer and General bringing significant experience in corporate development, M&A and strategy Counsel of Heidrick & Struggles • She currently serves on the Board of Directors for Lowe’s Home Improvement and • Prior to Heidrick, Beard served as an associate of Schiff Hardin in their M&A and THINK450, the commercial subsidiary of the National Basketball Players corporate law practice Association • Beard is on the Board of Directors of A Better Chicago and serves on the board of • She is also a member of The Business Council, the Executive Leadership Council, Lurie Children’s Hospital CEO Action for Diversity and Inclusion and the Fortune CEO Initiative

Kathy Boden Holland Michael Randolfi Group President, Adtalem Health Chief Financial Officer

• Kathy Boden Holland was appointed to current position in 2018 • Mike Randolfi was appointed Senior Vice President, Chief Financial Officer for • Most recently, Boden Holland served as EVP, Bank Products and in other executive Adtalem Global Education in 2019 leadership roles at Elevate Credit, Inc., from 2014 to 2018. Prior roles include EVP, • Before joining Adtalem, Randolfi served as CFO at Groupon Corporate Development, of Think Finance Incorporated and President • Prior to Groupon, Randolfi served as CFO of Orbitz, where he drove a number of of RLJ Financial LLC substantial operational improvements, facilitated the acquisition of Travelocity’s B2B • She was a Director of Adtalem Global Education from 2017 to 2018, served as a travel segment and helped facilitate the sale of the company to Expedia Board Member to the UNC Kenan-Flagler Business School, Center for the Business • Randolfi also spent 14 years with Delta Air Lines in a variety of executive roles of Health, and serves as an Advisory Board Member of Capital A Partners, an early culminating in SVP, Controller. At Delta, he helped lead the analysis, integration stage venture capital firm and synergy achievement associated with the merger with Northwest Airlines, a $14 billion company

Adtalem Revenue, EBITDA & LFCF (1) Walden University Revenue, EBITDA (2) & LFCF (3) LTM, $MM LTM, $MM

3.3% 9.1% 37.9% 1.4% (6.8%) 0.0%

1,032 1,066

603 611

252 231 192 179 111 153 125 125

Revenue EBITDA LFCF Revenue EBITDA LFCF

LTM 9/30/19 LTM 9/30/20 % Growth

1Adtalem FCF adjusted to exclude proceeds from M&A 2 Walden EBITDA presented on an as reported basis 3 LFCF is defined as Operating Cash Flow less CapEx; Adtalem Capex as reported, Walden CapEx estimated based on annual figures provided by management ©2020 Adtalem Global Education Inc. All rights reserved. 41 Adtalem LTM Financial Performance (12/31)

Adtalem Revenue, EBITDA & LFCF (1) LTM, $MM

1,083

263 211

Revenue EBITDA LFCF

1Adtalem FCF adjusted to exclude proceeds from M&A

Based on Adtalem Fiscal Year End of 6/30 Revenue ($MM) 283.1 264.2 266.2 271.5 268.2 167.4 254.0 258.7 254.6 259.7 153.1 151.6 150.4 147.6 150.3 150.5 143.0

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 EBITDA ($MM)

66.1 70.1 70.0 68.0 59.6 61.2 57.0 57.1 54.6 52.2 43.6 44.1 46.4 44.4 46.2 43.0 37.9

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Based on Adtalem Fiscal Year End of 6/30 Enrollment

56,248 54,455 54,102 53,612 53,551 52,658 53,193 53,521 41,375 39,391 40,237 37,652 38,593 36,720 36,087 37,344 36,823

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Consolidated Revenue FYE 6/30, $MM

1,083 1,052 1,014 960 191 932 186 167

847 866 892

2017A 2018A 2019A 2020A LTM (12/31)

Medical & Healthcare Financial Services

Consolidated EBITDA (1) FYE 6/30, $MM

263 237 225 44 225 46 213 37

240 217 205

(27) (17) (21) 2017A 2018A 2019A 2020A LTM (12/31)

Medical & Healthcare Financial Services Other (2) 1 EBITDA by segment include Home Office allocation 2 Other includes Home Office and Other ©2020 Adtalem Global Education Inc. All rights reserved. 46 Adtalem Historical Revenue & EBITDA

Consolidated Revenue Consolidated EBITDA(1) FYE 6/30, $MM FYE 6/30, $MM

138

551 24 521 98 101 93 17

124 453 428 90

(6) (10)

1H20 1H21 1H20 1H21

’17A – LTM ‘20A CAGR: (0.4%) ’17 – LTM ’20A CAGR 618 613 600 611

135 (12.1%) 199 169 142

458 476 4.4% 419 444

2017A 2018A 2019A LTM (9/30)

Healthcare–Focused (1) Other (2)

1 Includes College of Health Science and College of Social and Behavioral Science 2 Includes Riley College of Education & Leadership, College of Management & Technology, and Other ©2020 Adtalem Global Education Inc. All rights reserved. 48 Walden EBITDA Historicals ’17A – LTM ’20A Growth (1) Consolidated EBITDA • CHS: 16.6% FYE 12/31, $MM • CSBS: 10.0%

’17 – LTM ’20A CAGR

205 189 181 179

63 37 25 17 (35.3%)

156 163 4.6% 142 152

2017A 2018A 2019A LTM (9/30)

(2) (3) 1 Presented on a management reported basis Healthcare–Focused Other 2 Includes College of Health Science and College of Social and Behavioral Science 3 Includes Riley College of Education & Leadership, College of Management & Technology, and Other ©2020 Adtalem Global Education Inc. All rights reserved. 49 Appendix Adtalem Historical Enrollment

Enrollments (1) FYE 6/30, 000s Students

40.2 38.6 36.1 5.9 5.2 5.2

33.4 34.4 30.9

2019A 2020A LTM (12/31)

Chamberlain Medical & Veterinary

1 Based on total enrollments at period end for Chamberlain, RUSM, RUSVM and AUC; includes clinical headcount; does not include clinical weeks for RUSM and AUC ©2020 Adtalem Global Education Inc. All rights reserved. 51 Walden Historical Enrollment

Total Enrollment 12/31, 000s Students ’17A – LTM ‘20A CAGR: 0.3% ’17 – LTM 55.7 56.2 ’20A CAGR 54.1 52.7

12.4 (9.3%) 16.6 14.1 12.8

43.9 3.9% 39.1 40.0 39.9

2017A 2018A 2019A 9/30/2020

Healthcare–Focused (1) Other (2)

Estimated Incremental Unlevered Free Cash Flow, Excluding Special Items - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Year 1

Estimated incremental net cash provided by operating activities - continuing operations (GAAP) $ 72

Estimated incremental acquisition integration costs $ 30

Income tax impact on non-GAAP special item above $ (7)

Estimated incremental capital expenditures $ (35)

Estimated incremental free cash flow, excluding special items (non-GAAP) $ 60

Estimated incremental interest expense $ 80

Income tax impact on incremental interest expense $ (20)

Estimated incremental unlevered free cash flow, excluding special items (non-GAAP) $ 120

Levered Free Cash Flow - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Adtalem 12 months Adtalem 12 months Adtalem 12 months Walden 12 months Walden 12 months ended 9/30/19 ended 9/30/20 ended 12/31/20 ended 9/30/19 ended 9/30/20

Net cash provided by operating activities - continuing operations (GAAP) $ 165.4 $ 200.7 $ 259.1 $ 141.9 $ 139.7

Capital expenditures $ (54.7) $ (48.1) $ (48.0) $ (16.6) $ (14.4)

Levered free cash flow (non-GAAP) $ 110.7 $ 152.6 $ 211.1 $ 125.3 $ 125.3

Estimated Gross and Net Debt/Adjusted EBITDA Ratio - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Estimated Gross and Net Debt/Adjusted EBITDA Ratio - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Adtalem 12 Walden 12 Adtalem 12 Walden 12 months months months months ended ended Projected ended ended Projected 12/31/20 (1) 9/30/20 (2) Synergies (3) Total 9/30/20 (1) 9/30/20 (2) Synergies (3) Total Net (loss) income (GAAP) $ (62) $ 115 $ - $ 53 Net (loss) income (GAAP) $ (80) $ 115 $ - $ 35 Net loss from discontinued operations $ 346 $ - $ - $ 346 Net loss from discontinued operations $ 334 $ - $ - $ 334 Net loss attributable to redeemable noncontrolling interest from continuing operations $ - $ - $ - $ - Net loss attributable to redeemable noncontrolling interest from continuing operations $ - $ - $ - $ - (Benefit from) provision for income taxes $ (4) $ 40 $ - $ 36 (Benefit from) provision for income taxes $ (3) $ 40 $ - $ 37 Net other (income) expense $ (127) $ - $ - $ (127) Net other (income) expense $ (97) $ - $ - $ (97) Operating income (GAAP) $ 153 $ 155 $ - $ 308 Operating income (GAAP) $ 154 $ 155 $ - $ 309 Restructuring expense $ 25 $ 1 $ - $ 26 Restructuring expense $ 26 $ 1 $ - $ 27 Business Acquisition and Integration Expense $ 25 $ - $ - $ 25 Business Acquisition and Integration Expense $ 13 $ - $ - $ 13 Operating income excluding special items (non-GAAP) $ 203 $ 156 $ - $ 359 Operating income excluding special items (non-GAAP) $ 193 $ 156 $ - $ 349 Add back: Add back: Depreciation and amortization $ 46 $ 22 $ - $ 68 Depreciation and amortization $ 45 $ 22 $ - $ 67 Stock-based compensation expense $ 14 $ 1 $ - $ 15 Stock-based compensation expense $ 14 $ 1 $ - $ 15 Projected synergies $ - $ - $ 60 $ 60 Projected synergies $ - $ - $ 60 $ 60 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 263 $ 179 $ 60 $ 502 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 252 $ 179 $ 60 $ 491 Calculation of estimated net debt as of closing date Calculation of estimated net debt as of closing date Total Estimated Debt $ 1,650 Total Estimated Debt $ 1,650 Less: Estimated Cash $ (283) Less: Estimated Cash $ (395) Estimated Net Debt $ 1,367 Estimated Net Debt $ 1,255 Estimated Gross Debt/Adjusted EBITDA Ratio (4) 3.3 Estimated Gross Debt/Adjusted EBITDA Ratio (4) 3.4 Estimated Net Debt/Adjusted EBITDA Ratio (4) 2.7 Estimated Net Debt/Adjusted EBITDA Ratio (4) 2.6 (1) - Adtalem 12 months ended 12/31/20 derrived from the actual results as reported in the most recent Adtalem Form 10-K as filed on August 18, 2020, and (1) - Adtalem 12 months ended 9/30/20 derrived from the actual results as reported in the most recent Adtalem Form 10-K as filed on August 18, 2020, and Form 10-Q as filed on February 2, 2021, except for the estimated adjusted EBITDA from continuing operations, which is a calculated amount. Form 10-Q as filed on November 5, 2020, except for the estimated adjusted EBITDA from continuing operations, which is a calculated amount. (2) - Walden 12 months ended 9/30/20 represents the unaudited results as reported internally by Walden, except for the estimated adjusted EBITDA from (2) - Walden 12 months ended 9/30/20 represents the unaudited results as reported internally by Walden, except for the estimated adjusted EBITDA from continuing operations, which is a calculated amount based on such results. These results are presented for illustrative purposes only, and are not a continuing operations, which is a calculated amount based on such results. These results are presented for illustrative purposes only, and are not a representation of results that may be expected for any future period. representation of results that may be expected for any future period. (3) - Projected Synergies represent estimated synergies related to the expected annualized savings to be realized after the first two years after the close of the (3) - Projected Synergies represent estimated synergies related to the expected annualized savings to be realized after the first two years after the close of the acquisition, upon expected full integration of the operations of Adtalem and Walden. acquisition, upon expected full integration of the operations of Adtalem and Walden.

(4) - Estimated Gross and Net Debt/Adjusted EBITDA Ratios are calculated as the ratio of estimated gross or net debt to estimated adjusted EBITDA, a non-GAAP (4) - Estimated Gross and Net Debt/Adjusted EBITDA Ratios are calculated as the ratio of estimated gross or net debt to estimated adjusted EBITDA, a non-GAAP measure. Estimated net debt is defined as the estimated total debt on the balance sheet less estimated cash on balance sheet, at closing of the transaction. measure. Estimated net debt is defined as the estimated total debt on the balance sheet less estimated cash on balance sheet, at closing of the transaction.

Consolidated Adtalem Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem Adtalem 12 months 12 months 12 months 12 months 3 months 3 months 3 months 3 months 12 months 3 months 3 months 3 months 3 months 12 months ended ended ended ended ended ended ended ended ended ended ended ended 3 months 12 months ended ended 06/30/17 06/30/18 06/30/19 06/30/20 12/31/18 3/31/19 6/30/19 9/30/19 9/30/19 12/31/19 3/31/20 6/30/20 ended 9/30/20 ended 9/30/20 12/31/20 12/31/20 Net income (loss) (GAAP) $ 122.3 $ 33.8 $ 95.2 $ (85.3) $ 17.3 $ 37.9 $ 49.5 $ 14.4 $ 119.1 $ 5.5 $ 150.8 $ (256.1) $ 20.0 $ (79.8) $ 23.3 $ (62.0) Net (income) loss from discontinued operations $ (44.9) $ 34.7 $ 12.1 $ 329.3 $ 24.6 $ (3.1) $ (14.7) $ 3.2 $ 10.0 $ (4.1) $ 2.7 $ 327.6 $ 7.6 $ 333.8 $ 8.4 $ 346.3 Net (income) loss attributable to redeemable noncontrolling interest from continuing operations $ - $ (0.5) $ (0.4) $ (0.4) $ (0.1) $ - $ 0.3 $ (0.1) $ 0.1 $ (0.1) $ (0.1) $ (0.1) $ (0.1) $ (0.4) $ (0.1) $ (0.4) Provision for (benefit from) income taxes $ 3.0 $ 88.1 $ 32.9 $ (6.4) $ 11.9 $ 7.8 $ 15.5 $ 3.7 $ 38.9 $ 7.6 $ 6.9 $ (24.6) $ 7.1 $ (3.0) $ 7.2 $ (3.4) Net other (income) expense $ 7.4 $ 11.1 $ 16.1 $ (94.9) $ 5.0 $ 3.0 $ 4.2 $ 4.6 $ 16.8 $ 31.4 $ (105.9) $ (25.1) $ 2.2 $ (97.4) $ 1.5 $ (127.3) Operating income (GAAP) $ 87.8 $ 167.2 $ 155.9 $ 142.3 $ 58.7 $ 45.6 $ 54.8 $ 25.8 $ 184.9 $ 40.3 $ 54.4 $ 21.7 $ 36.8 $ 153.2 $ 40.3 $ 153.2 Restructuring expense $ 13.0 $ 3.9 $ 53.1 $ 28.6 $ 3.5 $ 2.2 $ 7.9 $ 6.5 $ 20.1 $ 2.0 $ 1.9 $ 18.3 $ 4.2 $ 26.4 $ 1.1 $ 25.5 Settlement Loss (Gain) $ 52.1 $ - $ (26.2) $ - $ (15.6) $ - $ (10.6) $ - $ (26.2) $ - $ - $ - $ - $ - $ - $ - Gain on Sale of Assets $ - $ - $ - $ (4.8) $ - $ - $ - $ (4.8) $ (4.8) $ - $ - $ - $ - $ - $ - $ - Business Acquisition and Integration Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 13.4 $ 13.4 $ 11.1 $ 24.5 Operating income excluding special items (non-GAAP) $ 152.9 $ 171.1 $ 182.8 $ 166.1 $ 46.6 $ 47.8 $ 52.1 $ 27.5 $ 174.0 $ 42.3 $ 56.3 $ 40.0 $ 54.4 $ 193.0 $ 52.5 $ 203.2 Add back: Depreciation and amortization $ 43.2 $ 39.5 $ 40.7 $ 44.7 $ 9.8 $ 10.4 $ 11.2 $ 10.9 $ 42.3 $ 11.4 $ 11.1 $ 11.2 $ 11.5 $ 45.2 $ 11.9 $ 45.7 Stock-based compensation expense $ 16.6 $ 14.5 $ 13.2 $ 14.6 $ 3.2 $ 3.0 $ 2.8 $ 5.2 $ 14.2 $ 3.3 $ 2.7 $ 3.4 $ 4.1 $ 13.5 $ 3.6 $ 13.8 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 212.7 $ 225.1 $ 236.7 $ 225.4 $ 59.6 $ 61.2 $ 66.1 $ 43.6 $ 230.5 $ 57.0 $ 70.1 $ 54.6 $ 70.0 $ 251.7 $ 68.0 $ 262.7

Adtalem Segment Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Financial Medical & Financial Medical & Financial Medical & Financial Medical & Financial Medical & Financial Medical & Services Healthcare Other Services Healthcare Other Services Healthcare Other Services Healthcare Other Services Healthcare Other Services Healthcare Other

12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 6 months 6 months 6 months 6 months 6 months ended ended ended ended ended ended ended ended ended ended ended ended ended 6 months ended ended ended ended ended 6/30/19 6/30/19 6/30/19 6/30/20 6/30/20 6/30/20 9/30/20 9/30/20 9/30/20 12/31/20 12/31/20 12/31/20 12/31/19 12/31/19 12/31/19 12/31/20 12/31/20 12/31/20 Net income (loss) (GAAP) (1) $ 34.2 $ 155.1 $ (94.1) $ 17.6 $ 166.0 $ (268.9) $ 22.8 $ 190.5 $ (293.1) $ 26.0 $ 200.6 $ (288.6) $ 6.7 $ 69.7 $ (56.5) $ 15.1 $ 104.3 $ (76.1) Net loss (income) from discontinued operations $ - $ - $ 12.1 $ - $ - $ 329.3 $ - $ - $ 333.8 $ - $ - $ 346.3 $ - $ - $ (1.0) $ - $ - $ 16.0 Net (income) loss attributable to redeemable noncontrolling interest from continuing operations $ - $ - $ (0.4) $ - $ - $ (0.4) $ - $ - $ (0.4) $ - $ - $ (0.4) $ - $ - $ (0.2) $ - $ - $ (0.2) Provision for (benefit from) income taxes $ - $ - $ 32.9 $ - $ - $ (6.4) $ - $ - $ (3.0) $ - $ - $ (3.4) $ - $ - $ 11.3 $ - $ - $ 14.3 Net other (income) expense $ - $ - $ 16.1 $ - $ - $ (94.9) $ - $ - $ (97.4) $ - $ - $ (127.3) $ - $ - $ 36.1 $ - $ - $ 3.7 Operating income (GAAP) $ 34.2 $ 155.1 $ (33.4) $ 17.6 $ 166.0 $ (41.3) $ 22.8 $ 190.5 $ (60.1) $ 26.0 $ 200.6 $ (73.4) $ 6.7 $ 69.7 $ (10.3) $ 15.1 $ 104.3 $ (42.3) Restructuring expense $ 1.3 $ 41.7 $ 10.1 $ 4.9 $ 1.7 $ 22.0 $ 4.3 $ 1.5 $ 20.6 $ 3.2 $ 1.1 $ 21.2 $ 3.1 $ 0.5 $ 4.9 $ 1.4 $ - $ 3.9 Settlement Gain $ - $ (15.6) $ (10.6) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Gain on Sale of Assets $ - $ - $ - $ - $ - $ (4.8) $ - $ - $ - $ - $ - $ - $ - $ - $ (4.8) $ - $ - $ - Business acquisition and integration expense $ - $ - $ - $ - $ - $ - $ - $ - $ 13.4 $ - $ - $ 24.5 $ - $ - $ - $ - $ - $ 24.5 Operating income excluding special items (non-GAAP) $ 35.5 $ 181.2 $ (33.9) $ 22.5 $ 167.7 $ (24.1) $ 27.1 $ 192.0 $ (26.1) $ 29.2 $ 201.7 $ (27.7) $ 9.8 $ 70.2 $ (10.2) $ 16.5 $ 104.3 $ (13.9) Add back: Depreciation and amortization $ 8.8 $ 28.0 $ 3.9 $ 12.3 $ 29.1 $ 3.3 $ 12.7 $ 29.2 $ 3.3 $ 12.8 $ 29.4 $ 3.5 $ 6.0 $ 14.8 $ 1.5 $ 6.6 $ 15.1 $ 1.7 Stock-based compensation expense $ 1.9 $ 7.8 $ 3.5 $ 2.4 $ 8.5 $ 3.7 $ 2.3 $ 8.1 $ 3.1 $ 2.3 $ 8.3 $ 3.2 $ 1.4 $ 4.9 $ 2.2 $ 1.3 $ 4.8 $ 1.6 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 46.2 $ 217.0 $ (26.5) $ 37.2 $ 205.3 $ (17.1) $ 42.1 $ 229.3 $ (19.7) $ 44.3 $ 239.4 $ (21.0) $ 17.2 $ 89.9 $ (6.5) $ 24.4 $ 124.2 $ (10.6) (1) - Net income (loss) at the segment level does not include net other income and expense or provision for income taxes since these amounts are not allocated down from the parent company.

Consolidated Walden Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden 3 months 3 months 3 months 3 months 12 months 3 months 3 months 3 months 12 months 3 months 12 months ended ended ended ended ended ended ended ended ended ended ended 12/31/18 3/31/19 6/30/19 9/30/19 9/30/19 12/31/19 3/31/20 6/30/20 6/30/20 9/30/20 9/30/20 Net income (GAAP) $ 37.1 $ 28.2 $ 28.7 $ 25.4 $ 119.4 $ 29.4 $ 23.7 $ 27.8 $ 106.4 $ 34.4 $ 115.4 Provision for income taxes $ 14.6 $ 9.8 $ 10.4 $ 9.0 $ 43.8 $ 9.7 $ 8.3 $ 9.7 $ 36.6 $ 12.0 $ 39.6 Net other (income) expense $ (0.1) $ (0.1) $ 1.0 $ (0.3) $ 0.5 $ 0.2 $ - $ - $ (0.1) $ 0.2 $ 0.4 Operating income (GAAP) $ 51.6 $ 37.9 $ 40.1 $ 34.1 $ 163.7 $ 39.3 $ 32.0 $ 37.5 $ 142.9 $ 46.6 $ 155.4 Special Items $ - $ - $ - $ 3.0 $ 3.0 $ 1.0 $ - $ - $ 4.0 $ - $ 1.0 Operating income excluding special items (non-GAAP) $ 51.6 $ 37.9 $ 40.1 $ 37.1 $ 166.7 $ 40.3 $ 32.0 $ 37.5 $ 146.9 $ 46.6 $ 156.4 Add back: Depreciation and amortization $ 5.3 $ 6.0 $ 6.0 $ 7.1 $ 24.4 $ 5.7 $ 5.6 $ 5.3 $ 23.7 $ 5.2 $ 21.8 Stock-based compensation expense $ 0.2 $ 0.2 $ 0.3 $ 0.2 $ 0.9 $ 0.2 $ 0.3 $ 0.2 $ 0.9 $ 0.4 $ 1.1 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 57.1 $ 44.1 $ 46.4 $ 44.4 $ 192.0 $ 46.2 $ 37.9 $ 43.0 $ 171.5 $ 52.2 $ 179.3

Walden Adjusted EBITDA by School - Reconciliation of GAAP to Non-GAAP measures ($ in millions) Walden 12 Months Ended 12/31/17 Walden 12 Months Ended 12/31/18 Walden 12 Months Ended 12/31/19 Walden 12 Months Ended 9/30/20 Healthcare- Healthcare- Healthcare- Healthcare- focused Consolidated focused Consolidated focused Consolidated focused Consolidated Schools Other Walden Schools Other Walden Schools Other Walden Schools Other Walden Net income (loss) (GAAP) (1) $ 127.7 $ (21.8) $ 105.9 $ 134.7 $ (19.8) $ 114.9 $ 141.9 $ (29.3) $ 112.6 $ 151.7 $ (36.3) $ 115.4 Provision for income taxes $ - $ 73.2 $ 73.2 $ - $ 45.5 $ 45.5 $ - $ 39.2 $ 39.2 $ - $ 39.6 $ 39.6 Net other (income) expense $ - $ (0.2) $ (0.2) $ - $ (0.3) $ (0.3) $ - $ (0.4) $ (0.4) $ - $ 0.4 $ 0.4 Operating income (GAAP) $ 127.7 $ 51.2 $ 178.9 $ 134.7 $ 25.4 $ 160.1 $ 141.9 $ 9.5 $ 151.4 $ 151.7 $ 3.7 $ 155.4 Special Items $ - $ 0.8 $ 0.8 $ - $ 0.5 $ 0.5 $ - $ 4.0 $ 4.0 $ - $ 1.0 $ 1.0 Operating income excluding special items (non-GAAP) $ 127.7 $ 52.0 $ 179.7 $ 134.7 $ 25.9 $ 160.6 $ 141.9 $ 13.5 $ 155.4 $ 151.7 $ 4.7 $ 156.4 Add back: Depreciation and amortization $ 11.4 $ 9.3 $ 20.7 $ 16.6 $ 11.2 $ 27.8 $ 13.4 $ 11.4 $ 24.8 $ 9.9 $ 11.9 $ 21.8 Stock-based compensation expense $ 3.1 $ 1.4 $ 4.5 $ 0.8 $ 0.3 $ 1.1 $ 0.7 $ 0.2 $ 0.9 $ 0.9 $ 0.2 $ 1.1 Estimated adjusted EBITDA from continuing operations (non-GAAP) $ 142.2 $ 62.7 $ 204.9 $ 152.1 $ 37.4 $ 189.5 $ 156.0 $ 25.1 $ 181.1 $ 162.5 $ 16.8 $ 179.3 (1) - Net income (loss) at the segment level does not include net other income and expense or provision for income taxes since these amounts are not allocated down from the parent company.

Consolidated and Pro forma Combined Adtalem and Walden Revenue ($ in millions)

Adtalem 12 months 12 months 12 months ended 12/31/20 + ended ended Walden 12 months 6/30/20 9/30/20 ended 9/30/20

Adtalem consolidated revenue $ 1,052.0 $ 1,065.6 $ 1,082.6 Walden consoldiated revenue $ 591.4 $ 611.2 $ 611.2 Combined entity revenue $ 1,643.4 $ 1,676.8 $ 1,693.8

Healthcare-focused revenue: Adtalem $ 866.4 $ 877.8 $ 892.0 Walden $ 455.1 $ 476.1 $ 476.1 Combined entity healthcare-focused revenue $ 1,321.5 $ 1,353.9 $ 1,368.1

Walden Revenue ($ in millions) Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden Walden

12 months 12 months 3 months 3 months 3 months 12 months 3 months 12 months 3 months 3 months 3 months 12 months ended ended 3 months ended ended ended ended ended ended ended ended ended ended ended 12/31/17 12/31/18 12/31/18 3/31/19 6/30/19 9/30/19 9/30/19 12/31/19 12/31/19 3/31/20 6/30/20 9/30/20 9/30/20 Net revenue: Healthcare-focused $ 419.1 $ 443.8 $ 114.6 $ 115.2 $ 113.9 $ 112.7 $ 456.4 $ 116.1 $ 457.9 $ 117.3 $ 109.0 $ 133.7 $ 476.1 Other $ 199.0 $ 169.2 $ 38.5 $ 36.4 $ 36.5 $ 34.9 $ 146.3 $ 34.2 $ 142.0 $ 33.2 $ 34.0 $ 33.7 $ 135.1 Total net revenue $ 618.1 $ 613.0 $ 153.1 $ 151.6 $ 150.4 $ 147.6 $ 602.7 $ 150.3 $ 599.9 $ 150.5 $ 143.0 $ 167.4 $ 611.2