How Do We Do It?

1. How Do We Do It? A Look at DeVry Inc.’s Investor Relations Program

2. Mission To effectively manage and position the information impacting the Company’s credibility, reputation and brand. • Focus on ensuring transparency in the Company’s financial reporting

3. Support from the Top DeVry’s executive management team believes investor relations and proactive communications with the Street is an important part of their job. There are challenges though: • DeVry does not provide guidance • DeVry has 15 sell-side analysts • DeVry is in the midst of a turnaround • DeVry is impacted by industry turmoil

4. Messaging Basis to DeVry’s messaging comes from several sources: • June 2004 Perception Study • Quarterly meetings with all business heads • Investor Feedback • Industry Analysis • Continuous measurement and improvement

5. The Quarterly Earnings Process The process of gathering information and compiling an outline of items that will develop into the script starts at least three weeks prior to the call. The Preparation Process: • Interviews with operating heads • Analysis of trends • Tying all main points back to Five-Point Growth Plan

6. The Quarterly Earnings Process The quarterly conference call is an important component of DeVry’s investor communication effort. The Call and Post-Production Process: • Control of the Q&A session • Provide feedback to management • Deliver summary books to management team

7. Targeting Investors DeVry utilizes a financial peer targeting platform • Cross referenced with industry holdings • Analyze an institution’s buying potential Since March 31, 2004, 8 favorable, long-term institutional investors have initiated positions in excess of 100,000 shares. 5 of the 8 were institutions DeVry actively targeted

8. Investor Meetings & Conferences How do we determine with whom to meet? Prioritize by: • Current holding in DeVry or history of holding • Highly ranked on current targeting list • Industry holdings • Assets under management and style – limit hedge funds

9. Investor Meetings & Conferences Over the past 12 months DeVry has: • Attended 5 sell-side sponsored conferences • Held 118 one-on-one meetings – face-to-face or conference calls • Facilitated 13 tours of DeVry operating locations – up to 40 investors on each tour • Hosted and webcasted an Analyst Day at DeVry’s Fremont, California, campus

10. Analyst Day Give analysts and investors an opportunity to meet and interact with managers not ordinarily available at conferences or for one-on-one meetings. • 45 onsite attendees with many others participating via webcast • Presentations from 6 members of management • Highlights of the event included a student panel and a tour of the Fremont campus and newly constructed dorm

11. Annual Report The evolving process • Switched to a 10-K Wrap this year (6/30 Year End) • Met smaller budget in both design and printing • Process was about 45 days shorter • Easier process • Best practices approach: send the full 10-K

12. The Disclosure Committee Co-chaired by director of investor relations and corporate compliance officer Members also include the chief financial officer, chief compliance officer and general counsel Created disclosure policy and distributed to all DeVry employees

13. Support With an Investor Relations team of two, DeVry utilizes the following external resources: • IR and Financial Media Consulting Firm • Stock Surveillance • Investor and First Call Database • Design Firm: Annual Report and Presentation Template

14. IR: From the CFO’s Perspective In this increasingly regulated environment, investor relations is an important function beyond a general investor communication focus. Investor relations impacts management’s and the Company’s: • Strategic focus • Brand • Reputation • Credibility

15. IR: From the CFO’s Perspective Benchmarking success • Changing investor perceptions • Clarity of the message • Less stock price volatility • Meeting with future holders – quality meetings

16. How Do We Do It? A Look at DeVry Inc.’s Investor Relations Program