How Do We Do It?

A Look at DeVry Inc.’s Investor Relations Program

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How Do We Do It?

A Look at DeVry Inc.’s Investor Relations Program