Certain information contained in this presentation may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities.

Certain information contained in this presentation may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. 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 in the Company's most recent Annual Report on Form 10-K for the year ending June 30, 2005 filed with the SEC on September 13, 2005. In particular, this information is set forth in the section entitled "Forward Looking Statements" at the beginning of Part I and in the subsections of "Item 1 - Business" entitled "Competition," "Student Recruiting," "Accreditation and Approvals," "Tuition and Fees," "Financial Aid and Financing Student Education," "Career Services” and “Faculty."

Certain information contained in this presentation may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. 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 in the Company's most recent Annual Report on Form 10-K for the year ending June 30, 2005 filed with the SEC on September 13, 2005. In particular, this information is set forth in the section entitled "Forward Looking Statements" at the beginning of Part I and in the subsections of "Item 1 - Business" entitled "Competition," "Student Recruiting," "Accreditation and Approvals," "Tuition and Fees," "Financial Aid and Financing Student Education," "Career Services” and “Faculty."

Forward-Looking StatementsForward-Looking Statements

ASSOCIATES

BACHELOR’S

MASTERS

PhD-MD-DVM

Meeting Market DemandMeeting Market Demand

► Largest division

► 46,000+ students (Fall 2005)

► 81 locations across North America

– Campuses

– Centers

► Online options

– Mix and match

– Hybrid

► Largest division

► 46,000+ students (Fall 2005)

► 81 locations across North America

– Campuses

– Centers

► Online options

– Mix and match

– Hybrid

DeVry University Degree ProgramsDeVry University Degree ProgramsMaster’sMaster’s Bachelor’sBachelor’s AssociateAssociate

Accounting & Financial Accounting & Financial ManagementManagement

Biomedical Engineering Biomedical Engineering TechnologyTechnology

Accounting TechnologyAccounting Technology

Business AdministrationBusiness Administration Biomedical InformaticsBiomedical Informatics Electronics & Computer Electronics & Computer TechnologyTechnology

Human Resource ManagementHuman Resource Management Business AdministrationBusiness Administration Health Information TechnologyHealth Information Technology

Information Systems Information Systems ManagementManagement

Computer Engineering Computer Engineering TechnologyTechnology

Network Systems Network Systems AdministrationAdministration

Project ManagementProject Management Computer Information SystemsComputer Information Systems

Public AdministrationPublic Administration Electronics Engineering Electronics Engineering TechnologyTechnology

Telecommunications Telecommunications ManagementManagement

Information TechnologyInformation Technology

Network & Communications Network & Communications ManagementManagement

Technical ManagementTechnical Management

Game & Simulation Game & Simulation ProgrammingProgramming

New Student EnrollmentNew Student Enrollment

Spring2006

Spring2006

+16.4%(Over 2005)

+16.4%(Over 2005)

Summer2005

Summer2005

+7.3%(Over 2004)

+7.3%(Over 2004)

Fall2005Fall

2005

+6.4%(Over 2004)

+6.4%(Over 2004)

Technology SectorTechnology Sector

Technology slow to recover

► Layoffs at technology companies

► Perceptions about outsourcing

► Low production of new engineers andtechnology workers in U.S. comparedto China and India

Technology slow to recover

► Layoffs at technology companies

► Perceptions about outsourcing

► Low production of new engineers andtechnology workers in U.S. comparedto China and India

Engineering GraduatesEngineering Graduates

Study published October 13, 2005, by National AcademiesStudy published October 13, 2005, by National Academies

70,000U.S.

70,000U.S.

350,000India

350,000India

600,000China

600,000China

2005 Enrollment Results2005 Enrollment Results

September2005

September2005

+5%(Over 2004)

+5%(Over 2004)

January2006

January2006

+9.4%(Over 2005)

+9.4%(Over 2005)

March2006

March2006

+12.3%(Over 2004)

+12.3%(Over 2004)

► One of world’s largest medical and veterinary schools

► Over 6,000 alumni

► U.S.-modeled curriculum

► New student enrollment increased67.5% compared to January 2005

► Enhanced marketing efforts and outreach

► Adding capacity to meet enrollment demand

► One of world’s largest medical and veterinary schools

► Over 6,000 alumni

► U.S.-modeled curriculum

► New student enrollment increased67.5% compared to January 2005

► Enhanced marketing efforts and outreach

► Adding capacity to meet enrollment demand

Deaconess College of NursingDeaconess College of Nursing

► 500 students

► Bachelor’s and associate degree programs

► Onsite and online delivery

► Nursing shortage

► Possible co-location with DeVry University sites

► Expansion pending state approvals

► 500 students

► Bachelor’s and associate degree programs

► Onsite and online delivery

► Nursing shortage

► Possible co-location with DeVry University sites

► Expansion pending state approvals

► Nearly 40,000 students enrolled in 2005

► Posted record revenue in 2005: $44M

► Poised for record year in 2006

► Acquired CPE business

► New marketing and international expansion initiatives

► Nearly 40,000 students enrolled in 2005

► Posted record revenue in 2005: $44M

► Poised for record year in 2006

► Acquired CPE business

► New marketing and international expansion initiatives

$568.1

$648.1$679.6

$784.9 $781.3

$0

$300

$600

$900

2001 2002 2003 2004 2005

$568.1

$648.1$679.6

$784.9 $781.3

$0

$300

$600

$900

2001 2002 2003 2004 2005

Annual RevenuesAnnual RevenuesIn MillionsIn Millions

$57.8

$67.1$61.1

$58.1

$28.5*

$0

$10

$20

$30

$40

$50

$60

$70

2001 2002 2003 2004 2005

$57.8

$67.1$61.1

$58.1

$28.5*

$0

$10

$20

$30

$40

$50

$60

$70

2001 2002 2003 2004 2005

Net IncomeNet IncomeIn MillionsIn Millions

*Results include non-recurring pre-tax charges of $10.3M*Results include non-recurring pre-tax charges of $10.3M

$201.9$220.2

$0

$50

$100

$150

$200

$250

2005 2006

$201.9$220.2

$0

$50

$100

$150

$200

$250

2005 2006

RevenueRevenue

In MillionsIn MillionsThird QuarterThird Quarter

+9%+9%

$584.8$626.9

$100

$200

$300

$400

$500

$600

$700

2005 2006

$584.8$626.9

$100

$200

$300

$400

$500

$600

$700

2005 2006

RevenueRevenue

In MillionsIn Millions

First Nine MonthsFirst Nine Months

+7.2%+7.2%

$10.9

$15.7

$0

$3

$6

$9

$12

$15

$18

2005 2006

$10.9

$15.7

$0

$3

$6

$9

$12

$15

$18

2005 2006

Net IncomeNet Income

In MillionsIn Millions

Third QuarterThird Quarter

+44%+44%

$17.7

$31.2

$0

$5

$10

$15

$20

$25

$30

$35

2005 2006

$17.7

$31.2

$0

$5

$10

$15

$20

$25

$30

$35

2005 2006

Net IncomeNet Income

In MillionsIn Millions

First Nine MonthsFirst Nine Months

+77%+77%

Vision & Strategy for the Future Recapture Operating Leverage

Vision & Strategy for the Future Recapture Operating Leverage

► Re-establish younger student population

► Meet the needs of adult students

► Further program diversification

► Online student growth

► Geographic expansion

► Optimization of existing sites

► Re-establish younger student population

► Meet the needs of adult students

► Further program diversification

► Online student growth

► Geographic expansion

► Optimization of existing sites

TechnologyTechnology BusinessBusiness

HealthcareHealthcare

Program DiversificationProgram Diversification

► 11 Concentrations within BSBA

► Biomedical Technology Programs

► Game & Simulation Programming

► Accounting Technology

► Healthcare: Medical, Veterinary Medical and Nursing

► 11 Concentrations within BSBA

► Biomedical Technology Programs

► Game & Simulation Programming

► Accounting Technology

► Healthcare: Medical, Veterinary Medical and Nursing

BSTMBSTMHITHITBMETBMET

BMIBMI

Real Estate StrategyOptimize Our Large Campus Footprint

Real Estate StrategyOptimize Our Large Campus Footprint

Category 1Category 1 Category 2Category 2 Category 3Category 3

Robust daytime Robust daytime enrollmentsenrollments

Weak daytime Weak daytime enrollmentsenrollments

Weak daytime Weak daytime enrollmentsenrollments

Primarily serve high Primarily serve high school marketschool market

Near term lease Near term lease expirations or high expirations or high property valuesproperty values

Longer term lease Longer term lease obligations or lower obligations or lower property valuesproperty values

Outcome:Outcome:

Retain facilityRetain facility

Outcome:Outcome:

Sell and relocate or Sell and relocate or leaseback spaceleaseback space

Outcome:Outcome:

Analyze on site-by-site Analyze on site-by-site basisbasis

Enhance the Student ExperienceEnhance the Student Experience

► Student life

► Student services

► Consistent brand awareness

► Student life

► Student services

► Consistent brand awareness

Vision StatementVision Statement

DeVry will become the leading global providerof career-oriented educational services. We willcreate value for society and all our stakeholders by offering:

► Superior, responsive educational programs, that are

► Supported by exceptional service to students, and

► Delivered with accountability and integrity

DeVry will become the leading global providerof career-oriented educational services. We willcreate value for society and all our stakeholders by offering:

► Superior, responsive educational programs, that are

► Supported by exceptional service to students, and

► Delivered with accountability and integrity

Investment ConsiderationsInvestment Considerations

► Nationally recognized brands synonymous with high-quality education

► Strong market demand for education

► Opportunity to significantly increase operating leverage

► Management committed to implementation of growth plan

► Nationally recognized brands synonymous with high-quality education

► Strong market demand for education

► Opportunity to significantly increase operating leverage

► Management committed to implementation of growth plan