Q1 2009 Earning Report of DeVry Inc.

Forward-Looking Statements

Certain statements contained in this presentation concerning DeVry’s
future performance, including those statements concerning DeVry’s
expectations or plans, may constitute forward-looking statements
subject to the Safe Harbor Provision of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally can be
identified by phrases such as DeVry Inc. or its management “believes,”
“expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other
words or phrases of similar import. Actual results may differ materially
from those projected or implied by these forward-looking statements.
Potential risks, uncertainties and other factors that could cause results
to differ are described more fully in Item 1A, “Risk Factors,” in the
Company's most recent Annual Report on Form 10-K for the year
ending June 30, 2007 and filed with the Securities and Exchange
Commission on August 27, 2008.


Investment Thesis

1. Attractive industry structure, and growing
2. Strong brands
3. Sound growth & diversification strategy
4. Strong management team
5. Excellent risk-adjusted investment
− Diversified educational portfolio
− Quality, accredited degree programs
− Culture built on integrity


Strong Brands

Professional
DeVry Medical &
Education
University Healthcare
& Training


Professional
DeVry Medical &
Education
University Healthcare
& Training

• DeVry University • Ross University • Becker CPA Review
− 4,400+ students • Becker CPE
• Keller Graduate School
of Management − Dominica, St. Kitts, • Stalla CFA Review
Grand Bahama, FL & MI
− Associate, Bachelors,
• Center for Corporate
Masters − Largest supplier of MDs
Education
and DVMs
− 65,000+ students;
− 50,000+ students;
93 locations • Chamberlain College
30 countries
of Nursing
− Best of both onsite
and online − 4 locations and online
• Advanced Academics − 2,200+ students
• Western Career
− 20,000+ students
College/Apollo College
to date
− 9,000+ students
− 200+ U.S. school districts
− 17 campuses
− Allied health


Focus on Quality Leads to Growth

Focus on
Academic
Quality

Financial Success
Student Success


Student Success
Graduate Employment Statistics

For the 12-month period ending June 2008; system-wide average for DeVry University
graduates in the active job market and employed in their field within 6 months of graduation.

Student Success
Serving Minority Students
Computer and Information Sciences:
Hispanic American Baccalaureates

1. University of Phoenix Online
2. Florida International University
3. DeVry University: California
4. American Intercontinental University Online
5. Barry University
6. DeVry University: Illinois
7. The Art Institute of Fort Lauderdale
8. CUNY New York City College of Technology
9. Monroe College: Main Campus
10. University of Phoenix: New Mexico Campus
Source: Diverse Issues in Higher Education, June 2008

Student Success
Serving Minority Students
Computer and Information Sciences:
Hispanic American Baccalaureates

1. University of Phoenix Online
2. Florida International University
3. DeVry University: California
4. American Intercontinental University Online
5. Barry University
6. DeVry University: Illinois
7. The Art Institute of Fort Lauderdale
8. CUNY New York City College of Technology
9. Monroe College: Main Campus
10. University of Phoenix: New Mexico Campus
Source: Diverse Issues in Higher Education, June 2007

Student Success
USMLE Step 1 First-Time Pass Rates: 2007

98%
95%
95%
100%

70%
75%

50%

25%

0%
North American All International Ross Ross
Allopathic University:
Allopathic University:
Schools GPA > 2.5
Schools All Students
(M.D.) (includes Ross)


Student Success
CPA Exam Pass Rates

Perfect 10!
All of the Top 10 Scorers Were
Becker CPA Graduates


Revenue
10-Year History

+17%
In Millions
$1,200
$1,092

$1,000 $934
$840
$785 $781
$800
$679
$648
$568
$600
$491
$406
$400

$200

$0
FY'99 FY'00 FY'01 FY'02 FY'03 FY'04 FY'05 FY'06 FY'07 FY'08


Net Income
10-Year History
+90%
In Millions
$127.8
$120

$100

$80
$67.3
$67.1
$61.1
$57.8
$60 $52.0
$47.8
$42.8
$38.8
$40

$21.6
$20

$0
FY'99 FY'00 FY'01 FY'02 FY'03 FY'04 FY'05 FY'06 FY'07 FY'08
Turnaround Growth
*Excludes discrete items where applicable; see 10-k for details.

Revenue
First Six Months

+29%*
In Millions
$673.3
$700

$600
$524.1
$500

$400

$300

$200

$100
FY 2008 FY 2009

*Excluding U.S. Education, revenue growth would have been 19.3%.

Net Income
First Six Months

+24%
In Millions
$77.7
$80
$62.6*
$70
$2.3
$60

$50
$60.3
$40

$30

$20
FY 2008 FY 2009

*Excludes discrete items.

Improving Margins
Pre-Tax Income Margins
1. Enrollment growth
2. Operating leverage
3. Expense management
20%
17.1%
18%
16.1%*
16%
14% 12.7%
12%
9.7%*
9.5%
10%
8% 6.8%
6%
4% 2.8%
2%
0%
FY'02 FY'03 FY'04 FY'05 FY'06 FY'07 FY'08

*Excludes discrete items.

Strong Financial Position

Funded Debt
Cash & Marketable
Securities
$350
$300
$277
$263
$290
$300
$250
$250
$250 $225
$200
$162 $200
$146
$150 $155
$131 $129
$150 $125
$93
$100
$100

$50
$50

$0 $0
$0 $0
FY '03 FY '04 FY '05 FY '06 FY '07 FY '08 1s t FY '03 FY '04 FY '05 FY '06 FY '07 FY '08 1s t
Half Half
FY '09 FY '09


First Half Fiscal 2009
Financial & Operations Update

• Continued to improve academic quality and student
outcomes
• Strong financial results
• Enhancing shareholder returns
− Increased dividend 33%
− Executing 2nd share repurchase program

• Executing strategic plan with U.S. Education
acquisition
• Realizing benefits of diversification in tough
economic times


Diversified Funding Sources
Reduce Risk
Fiscal 2008 Sources of Revenue
100%
Employer
Reimbursement,
Self-pay, Military,
Student Accounts

80%
School
Districts

60%
Private
Loans
40%

State
Grants
20%

Federal
Programs
0%
Becker
DeVry Chamberlain
Ross Advanced
Keller DeVry Inc.
Professional Academics
University College of
University
Graduate Total
Review
Nursing
School of
Management

Focused on Delivering
Long-Term Value


Future Vision

ACHIEVE GROW BUILD


ACHIEVE GROW BUILD

Achieve the Full Potential of DeVry University

• Improve student retention and
customer service
• Enhance capacity utilization
− Real estate actions
− Add new programs
• Increase investments in marketing
and recruiting
− “We Major in Careers”


ACHIEVE GROW BUILD

DeVry University
Undergraduate Enrollments
New Student Growth % Total Student Growth % 19.7
20.0% 19.3

18.0%
16.9
16.0%

14.0%
12.6
6.9
12.2 11.9
12.0%
12.1
10.5
5.5 10.3
10.7 10.3
10.0%

8.0% 6.9

6.0%
4.9
4.0%
2.5
2.0%

0.0%
Sum ’07 Fall ’07 Spr ’07 Fall ’08
Spr ‘07
Sum ’06 Sum ’08
Fall ’06

FY’09
FY’08
FY’07


ACHIEVE GROW BUILD


ACHIEVE GROW BUILD

Horizontal Geographic
Vertical

• Technology • Doctoral • North America
• Business • Masters • International
− Latin America
• Healthcare • Professional
− China
• Applied Arts • Bachelors
− India
• Education • Associate
• High School


ACHIEVE GROW BUILD

Addressing the Unmet Need for Physicians

U.S. Medical
New Residencies
School Seats

40,000
40,000 30,000
25,000
35,000
25,000
30,000
20,000
25,000 17,000
20,000 17,000 15,000
15,000
10,000
10,000
5,000
5,000

0 0
Demand Supply Demand Supply

ACHIEVE GROW BUILD

Clinical Training Site: Freeport, Grand Bahama

52 miles


ACHIEVE GROW BUILD

Addressing the Unmet Need for Nurses

Nursing Supply & Demand
3,000,000

Shortage of
2,500,000
1 million
2,000,000

40,000
1,500,000
qualified
applicants
1,000,000 turned away

500,000
2000 2005 2010 2015 2020

Demand Supply
Source: U.S. Department of Health & Human Services, HRSA, August 2006.


ACHIEVE GROW BUILD

Enrollments Locations
• St. Louis, Mo
2,400 2,200

2,100
• Columbus, OH
1,800
• Addison, IL
1,500
• Phoenix, AZ
1,200

• Jacksonville, FL
900
(pending approvals)
600 450

300

0
2005 2008


Addressing the Unmet Need

The Power of the Market-
Funded Model of Education


ACHIEVE GROW BUILD

Addressing the Unmet Need
for Allied Health Professionals

fastest growing occupations
in the U.S. are in allied
health professions


ACHIEVE GROW BUILD

Allied Health Careers Meet Critical Needs

Enrollment by Program Category

Non-Health (2%)
Computer Graphics
Architect Design Nursing (16%)
Criminal Justice
Registered Nursing
Licensed Practical Nursing
Other (7%) Vocational Nursing
Radiology Technician Vocational Nursing Degree
Respiratory Therapy Technician
Diagnostic Medical Sonographer
Pharmacy (11%)
Surgical Technician
Pharmacy Technician

Medical (43%) Veterinary (7%)
Medical Assisting Veterinary Technician
Medical Admin. Asst.
Medical Billing
Medical Lab Tech
Dental (14%)
Medical Records
Dental Hygiene
Massage Therapy
Dental Assisting
Fitness Tech
Dental Assisting Degree
Medical Office Mgmt.
Health Info Tech.
Bio Lab Tech
Health Care Admin.


ACHIEVE GROW BUILD

U.S. Education
17 Campus Locations in 7 States

Spokane, WA
Citrus Heights, CA

Sacramento, CA Portland, OR
Antioch, CA
Boise, ID
Pleasant Hill, CA
Las Vegas, NV
Emeryville, CA
Albuquerque, NM
San Leandro, CA

Phoenix, AZ
San Jose, CA

Mesa, AZ
Stockton, CA

Phoenix Westside, AZ

Tucson, AZ


ACHIEVE GROW BUILD

U.S. Education: Acquisition Rationale

• Vertical diversification in healthcare
• Horizontal diversification in associate degree
and certificate programs
• Quality programs; Strong management team
• Compatible culture
• Synergies, e.g., co-locations and online


ACHIEVE GROW BUILD

Vertical Geographic
Horizontal

• North America
• Business • Doctoral
• International
• Technology • Masters
− Latin America
• Arts • Professional
− China
• Education • Bachelors
− India
• Healthcare • Associate
• High School


ACHIEVE GROW BUILD

Helping High School
Students Graduate
and Succeed


ACHIEVE GROW BUILD

Projected Market Growth
% Students
Online
60%

50% Projection: By 2020, over 50%
of high school students will
take an online course.
40%

30%

20%

10%

0%
2000 2005 2010 2015 2020
Sources: National Center for Education Statistics, Babson Survey Research Group,
North America Council for Online Learning

ACHIEVE GROW BUILD

Growth in Professional Education

• B2B relationships
• Continuing Professional Education (CPE)
• International


ACHIEVE GROW BUILD

Vertical Horizontal Geographic

• Doctoral
• Business • North America
• Masters
• Technology • International
• Professional
• Arts − Latin America
− China
• Bachelors
• Education
− India
• Associate
• Healthcare
• High School


ACHIEVE GROW BUILD

World Class Infrastructure

DeVry
Online Technology Finance
Services


ACHIEVE GROW BUILD

World Class Infrastructure

DeVry
Human
Online Technology Finance
Resources
Services


“Doing Well By Doing Good”
Giving Back to the Community

• More than $12 million in scholarships
• Passport 2 College: tuition-free courses
for high school students
• DeVry Advantage Academy


Q1 2009 Earning Report of DeVry Inc.

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Q1 2009 Earning Report of DeVry Inc.