INVESTOR DAY 2019

THURSDAY, NOVEMBER 7Washington, D.C.

Forward-looking statements

Statements Under the Private Securities Litigation Reform Act of 1995

Statements in this presentation are “forward-looking statements” under the federal securities laws. Such statements may be identified by the use of words such as “expect,” “estimate,” “assume,” “believe,” “anticipate,” “may,” “will,” “forecast,” “outlook,” “plan,” “project,” “potential” and other similar words, and include all statements that are not historical facts, including with respect to, among other things, the future financial performance of SEI; SEI’s plans, strategies and prospects; and future events and expectations. The statements are based on SEI’s current expectations and are subject to a number of assumptions, uncertainties and risks, including but not limited to: SEI’s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as regional accreditation standards and state regulatory requirements;rulemaking by the Department of Education and increased focus by the U.S. Congress on for-profit education institutions; the pace of growth of student enrollment; competitive factors; risks associated with the opening of new campuses; risks associated with the offering of new educational programs and adapting to other changes; risks associated with the acquisitionof existing educational institutions; risks relating to the timing of regulatory approvals; SEI’s ability to implement its growth strategy; the risk that the benefits of the merger with Capella Education Company, including expected synergies, may not be fully realized or may take longer to realize than expected; the risk that the combined company may experience difficulty integrating employees or operations; risks associated with the ability of SEI’s students to finance their education in a timely manner; general economic and market conditions; and additional factors described in SEI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond SEI’s ability to control or predict. Because of these risks, uncertainties and assumptions, you shouldnot place undue reliance on these forward-looking statements. Furthermore, these forward-looking statements speak only as of the information currently available to SEI on the date they are made, and SEI undertakes no obligation to update or reviseforward-looking statements, except as required by law. Actual results may differ materially from those projected in the forward-looking statements. All Strategic Education, Inc. filings are available for viewing on our website at www.strategiceducation.com.

ROBERT S.SILBERMANExecutive Chairman

Welcome

• Previously Chief Executive Officer, Strayer Education, Inc., from 2001 to 2013

• Prior roles include President and Chief Operating Officer of CalEnergy Company, a subsidiary of Berkshire Hathaway, and U.S. Assistant Secretary of the Army (presidential appointment)

• MA, Johns Hopkins University, School of Advanced International Studies

SEI Board of Directors

• Strategy

• Leadership

• Culture

• Capital

KARL McDONNELLPresident and Chief Executive Officer

SEI and economic mobility

• Previously Chief Operating Officer, Strayer Education, Inc., from 2006 to 2013

• Prior roles include Chief Operating Officer of InteliStaf Healthcare, Vice President of the Investment Banking Division at Goldman, Sachs & Co., and held senior management positions with several Fortune 100 companies, including The Walt Disney Company

• MBA, Duke University

Brian Jones, President

• Founded 1892

• 51,000 working adult students (Q3 2019)

• 75% undergraduate, 25% graduate

• Business and technology focused

• Majority of instruction delivered online

• More than 75 campuses located mainly in the eastern United States

• Jack Welch Management Institute

Dick Senese, President

• Established 1993

• 38,000 working adult students (Q3 2019)

• 70% graduate, 30% undergraduate

• Health, social science, education, business, and technology focused

• 100% online

• Testing new campus centers in 2019

Focused on delivering 21st century job-relevant skills to consumers and corporate clients

SEI is a national leader in post-secondary education and well positioned to be successful in a rapidly changing environment.

We exist to create a substantive return on our student’s education investment, and engender as much income mobility as possible.

• Always scanning the horizon looking for opportunities and threats

• A culture of experimentation with dozens of active pilots underway at any moment in time

• In a state of perpetual transformation with real-time resource allocation versus a more static budget approach

• An agile organization willing to change anything and everything to improve learning outcomes

Innovation timeline

2012 2013 2014 2015 2016 2017 2018 2019

Strayer Leads on Affordability

Capella Launches Learner Success Program

Strayer and Capella Early Adopters of Predictive Analytics

Capella launches FlexPath

Capella acquires Sophia

Strayer launches Degrees@Work

Strayer launchesStrayer Studios

Strayer Begins Building ArtificialIntelligence Capabilities

Strayer/Capella Merge to Create SEI

New Employability Function Launched

Current and emerging trends

• Best-in-class online infrastructure

• Competitively advantaged instructional models

• Most advanced AI capabilities in higher education

The future of education is digital

• Launched employability function

• Completely reengineered general education curriculum

• Proprietary network of employers

• Launching apprenticeship program for new high school graduates

Degree attainment not a guarantee of professional success

• Over 750 employer relationships

• Invented employer-funded debt-free degree program, including family members

• Expanding capabilities to address broad set of learning and development needs

• Two new major client relationships: – Top 5 healthcare provider– Top 10 retailer

Employers taking more active role in educating their workforce

Our culture

• Mission-driven organization

• SEI leaders are completely intolerant of the status quo

• A deep bench of talented professionals

• Top global quartile on organizational health and top decile on leadership in back-to-back years

Agenda8 AM – 12 PM Welcome – Robert Silberman

SEI and economic mobility – Karl McDonnell

Flexibility and affordability through FlexPath – Richard Senese, PhD

BREAK

Transforming online instruction and support with artificial intelligence and automation – Joe Schaefer

Employability update – Andrea Backman, PhD

Campus strategy – Andy Watt

BREAK

SEI marketing update – Jen Towns

SEI financial update – Dan Jackson

Question and answer

12 – 1:30 PM Lunch panel: Strayer and Capella University alumni and faculty

1:30 PM Thank you and closing remarks; proceed to Strayer University campus tour

• Previously Chief Academic Officer and Vice President of Academic Affairs, Capella University

• Prior roles include leadership positions with the University of Minnesota Extension and faculty positions at Metropolitan State University and St. Olaf College

• Licensed psychologist in Minnesota

• PhD, University of Minnesota

RICHARD SENESE, PhDPresident, Capella University

Flexibility and affordability through FlexPath

FlexPath:

Radical idea to measure learningnot seat time.

FlexPath: Innovation at Scale

FlexPath: Take control and learn smarterSM

An award-winning learning format, only at Capella University

Why Capella?

Reputation and Confidence

ExistingCompetency-Based

Curriculum

Designed for today’s learners

FlexPath = Competency-Based Education + Direct Assessment

Competency-based education

A Combination ofTheory + Practical

ApplicationDelivered Through

Three ElementsCURRICULUM

FACULTYAUTHENTIC ASSESSMENTS

Always know where you are!

• Responsive to adult learners• Immediate feedback with real-time

updating of map• Maintains motivation and fosters

mastery• Transparency of progress,

strengths, and opportunities

Competency Map

Competency map – learner’s view

Direct assessment: measure learning not time

Traditional Credit-Hour FlexPath

Time Spent

Knowledge Acquired

Significant academic results and gains

23% Higher Persistence Rate

59% Faster Bachelor’s Completion

42% Faster Master’s Completion

Subscription-based tuition equals real savings

45% Less Borrowing

59% Less Tuition Billed

Alumni voices

It’saffordable

It’s a valuable investment in your

future

It makesgetting your

degree possible

It helps you reach your goals faster

It’s flexibleto fit your life

Employer partnerships

Capella University partners with

600+employer partners,

79%have employees in

FlexPath

57%of new learners fromall employer partners

65%of new learners fromhealthcare partners

Aligning with employer needs

Employers

Position

Desired Skills & Abilities

Demonstrated Competence

Performance History

Higher Ed

Degree Program

Course

Activity

Assignments

Outcomes

Competencies

Criteria

Competency Evaluation

Aligns with employer needsApplies immediately to the workplace

Capella

201920182017201620142013

FlexPath in our portfolio

19 undergraduate offerings and 20 graduate offerings

Growth of FlexPath

30%

0%

5%

10%

15%

20%

25%

30%

35%

Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18 Q2 '19

FlexPath as a percent of Bachelor's and Master's Enrollment

On the horizon

Continuous quality improvement in the learner experience and in the courseroom

1Continued expansion of FlexPath at the Master’s level

2Expand FlexPath into doctoral-level programs – Doctor of Nursing Practice (DNP) submitted to HLC

Explore a direct assessment model at Strayer University

3Exploring FlexPath-only offerings– currently all FlexPath offerings are derived from traditional, credit-hour offerings

4

• Previously Chief Technology and Innovation Officer for Strayer University

• Prior roles include technology leadership positions at Accenture

• Member, Strayer University Board of Trustees

• MBA, University of Virginia

JOE SCHAEFERChief Transformation Officer

Transforming online instruction and support with artificial intelligence and automation

The future of learning is digital.

Data driven innovation

2012 2019

2012Predictive Analytics

2014Engagement

Interaction

201610X

2017AI

2019Accelerate

AI

Student engagement drives outcomes.

SEI understands engagement.

Early engagement intervention example

Engagement change by faculty averageSt

uden

t eng

agem

ent

Faculty

Ideal faculty

Early engagement intervention example

Engagement change by faculty averageSt

uden

t eng

agem

ent

Faculty

Over 80% of facultyimproved engagement

10X amplifies exceptional instruction.

10X concepts are being applied throughout SEI.

Our AI virtual assistants are the most advanced in education.

• Previously Provost and Chief Academic Officer for Strayer University

• Prior roles include Dean of the Jack Welch Management Institute and leadership positions at the University of Virginia and DePaul University

• PhD, University of Virginia

ANDREA BACKMAN, PhDChief Employability Officer

Employability update

SEI employability team

We are focused on return on student investment

Return on student investment=

Economic mobility

DEBT

EARNINGS OVER TIME

TIME TO COMPLETION

ROSI

Levers of ROSI

TIME

EARNINGS

The 10 skills

We listened to employers and reinvented content to include 10 essential employability skills.

Reimagined general education

Employability-focused general education

PSY105: Smarter decision making through psychology

1. AGILITY2. COMMUNICATION3. INITIATIVE4. INNOVATION5. PROBLEM SOLVING

6. PRODUCTIVITY7. RELATIONSHIP BUILDING8. RESULTS DRIVEN9. SELF AND SOCIAL

AWARENESS10.TECHNOLOGY

10 Skills:

Teaching essential skills through the discipline

Early results

CIS 105: Navigating a digital world

At Risk7.8%

better

Continuation8.2%

better

Skills meet general education

“I really liked learning about how to build confidence and learning how to

use internet tools.”

“I liked learning everything I could about the digital world. Also learning

more about myself.”

DEBT

We introduced new “smart borrowing” conversations with students.

And, it worked.

50% of all students reduced borrowing.

So, we are scaling.

Academic outcomes aren’t enough.

We are committed to driving economic mobility.

• Previously Senior Vice President of Post-Secondary Education for Capella Education Company

• Prior roles include transaction advisory services at Deloitte & Touche and Arthur Andersen

• BS, University of St. Thomas

ANDY WATTChief Operating Officer

Campus strategy

Strayer has a history of successfully leveraging campuses

• 76 campuses

• 80% of enrollment within 50 miles

• Higher growth and student success rates

• Visibility, credibility and comfort for student

Strayer has been innovating the campus approach

• Smaller footprints

• More visible locations

• More focus on support

• More centralization of administrative functions

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

2014 2015 2016 2017 2018 2019

% online course registrations

65%

95%

New approach more efficient and effective

Square Feet ClassroomsBreakeven Enrollment

Traditional 10,000 – 30,000 8-12 300

New 3,000 1-2 100

Traditio

nal

New

Extending the campus expertise to Capella

• Opened 1st Campus Center in Atlanta (May)

• Bring Capella brand and experience to life – onsite

• Access employers and professional communities

Early results of the Capella Campus Center on target

Primary Goals:

• Accelerate and sustain enrollment growth

• Lower student-acquisition costs

• Improve student and alumni success

• Build brand awareness and credibility with students and employers

40

100

150

190

0

5

10

15

2nd1st 3rd 4thAverage enrollment (age in terms)

Results demonstrating efficient use of capital

Average total enrollment for Strayer new campuses opened in 2018-19

Accelerating expansion

1 Co-locations: Add Capella Campus Centers in attractive markets and leverage existing Strayer real estate

New markets: Add Capella or Strayer facilities to extend geographic reach

2

2018 2019 2020

4 4 4-8

0 3-4 4-8

4 7-8 10-12

* Pending appropriate regulatory approvals

SEI is well-positioned for ongoing transformation

Future ofLearning

Future ofWork

As needs of our students evolve, our campus infrastructure will adapt to serve them

• Joined in 2018, bringing more than 20 years of experience with consumer, digital-first companies

• Previously head of consumer marketing for Verizon Media, representing more than 22 brands including AOL, Yahoo and Huffington Post

• BS, Towson University

JEN TOWNSChief Marketing Officer

SEI marketing update

Marketing’s key objective is to nurture and embrace what makes us unique and different.

Don’t be a copy cat. Nobody has ever built a brand by imitating someone else’s advertising.

– David Ogilvy

AI: IRVING & ELLA

EMPLOYABILITY

Our legacy of innovation positions us to tell a different story.

COMPETENCY BASED EDUCATION

Leveraging technology to reinvent education

Cultural Tension

The diploma gap: 35 million Americans have put their college

education on hold

Strategy Strayer powers you to finish strong

Creative Platform Out with the old school

Reason to Believe Graduation Fund

Unique approaches to innovation

Cultural Tension

People crave solutions that save them time and give them control over their lives.

Higher education based on seat timeis out of sync.

Strategy On-demand education

Creative Platform Don’t just learn, learn smarter

Reason to Believe FlexPath

Unique approaches to innovation

• Previously Treasurer and Senior Vice President of Finance, Strayer Education, Inc.

• Prior roles include financial and operational positions with Legg Mason Wood Walker and Fairmont Schools

• MBA, Georgetown University

DANIEL JACKSONExecutive Vice President and Chief Financial Officer

SEI financial update

Agenda

• Merger synergy update

• Q3 results

• Liquidity

• Modeling assumptions

• Financial governance

Savings Already Realized

Remaining Savings Planned by YE19

Overlapping Corp Functions $40

Overlapping Univ Shared Svcs

$4

$6

Year End 19Q3 19

$46M

$4M

$50M

SEI remains on track to realize $50M in run-rate merger synergy savings by year end 2019

$Millions

Consolidated financial performance Q3 YTD 2019

$665$679

$733

2.9%

4.2%

7.2%

0

1

2

3

4

5

6

7

8

9

10

500

550

600

650

700

750

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

+2.2%

+8.0%

Q3YTD revenue and total enrollment growth vs. prior year (%)

Revenue Total Enrollment

80,697

84,091

90,143

Year-to-date results strong as well

$Millions

(Pro-forma) (Adjusted pro-forma) (GAAP)

26%

26%

Q3YTD 2019

76%Q3YTD 2017 24%

Q3YTD 2018 74%

74%

$581

$589

$602

+1%

+2%

PF Marketing Expense PF Non-Marketing Operating Expense

8184

90

-10

-5

0

5

10

50

55

60

65

70

75

80

85

90

Q3 2018

2.7%

-4.4%

Q3 2017

-5.2%

Q3 2019Total Enrollment Non-Mkt Opex / Student

Synergies and innovations driving YTD productivity gains

Thousands$Millions

(Pro-forma)

(Pro-forma)

(Adjusted GAAP)

$83$91

$131

12.5% 13.3%

17.9%

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

+45%

Op Inc Margin

$2.36

$3.23

$4.54

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

+41%

Earnings Per ShareOp Income and Margin Trend

Strong adjusted operating income, margin, and EPS

$Millions

(Pro-forma) (Adjusted pro-forma) (Adjusted GAAP)(Pro-forma) (Pro-forma) (Adjusted GAAP)

Segment level update

37,855 37,874 37,827 38,63140,922

43,497

46,657

51,690

2016 2017 2018 2019

+6.3%

+7.3% +2.1%

+10.8%

CU-Total Enrollment SU-Total Enrollment

SU and CU total enrollment(Average per quarter fall to summer)

Q3YTD 2017 Q3YTD 2018

$319

Q3YTD 2019

$344$332 $323$337

$385+1%+4% +4%

+12%

Capella Strayer

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

$7.5

Q3YTD 2017 Q3YTD 2018

$7.4

$8.4

$7.8

$8.5 $8.7

Q3YTD 2019

Capella Strayer

CU and SU revenue and revenue-per-student (RPS)

$Thousands$Millions

Revenue-Per-StudentRevenue

(Pro-forma) (Adjusted pro-forma) (GAAP)(Pro-forma) (Adjusted pro-forma) (GAAP)

CU 2017

75%

74%26%

27%

SU 2017

SU 2019

27%

73%

76%24%

CU 2018

25%SU 2018

73%CU 2019

74%26%

$265

$289

$269

$299

$273

$317

Marketing Expense Non-Marketing Operating Expense

17.0%16.7%

18.9%

13.0% 12.9%

17.7%

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

SUCU

Non-Mktg Opex/Student YOY

+7.3%

-5.6%

-0.3%

-5.4%

-0.1%

-6.2%

Capella and Strayer Q3YTD expense and operating margin

$Millions

Pro-forma Operating MarginOperating Expenses

(Adjustedpro-forma)

(GAAP)

(Adjustedpro-forma)

$12.9

$12.7

$11.1

$27.2

$20.2

$12.0Q3YTD 2019

Q3YTD 2017

Q3YTD 2018

ExpenseRevenue

$-14.3

$-7.5

$-0.9

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

Operating Income

Non-degree revenue, expense, and operating income

$Millions $Millions

(Adjustedpro-forma)

(GAAP)

(Adjustedpro-forma)

Liquidity Update

• Over $450M of cash

• $250M in available credit on revolver

• Significant continued cash generation in 2020+

$58

$-23

$53$69$45

$114

$337 $348

$457

Q3YTD 2017 Q3YTD 2018 Q3YTD 2019

Net Income Distributable Cashflow Cash & MS

Significant liquidity to drive growth

$Millions

(Pro-forma) (Pro-forma) (GAAP)

$32

$26

$28

0

5

10

15

Investment and innovation

• Technology (platform, AI & automation)

• Programs, content & delivery

• New SU and CU campuses

• M&A

Projected

3.8%

Q3YTD 2019

4.9%

Q3YTD 2017

4.5%3.9%

Q3YTD 2018

Capex Capex % Revenue

Growth drivers

$Millions

Capital Expenditures

(Pro-forma) (GAAP)(Pro-forma)

2020 modeling assumptions

If you assume low to mid-single digit total enrollment growth:

• Flat revenue-per-student

• Low to mid-single digit revenue growth

• Low single digit increase in adjusted operating expenses

• Adjusted operating margins in the low to mid-twenties by end of 2021

• Steady investment income

• 28.0% adjusted effective tax rate

• Slight increase (≈1.0%) in share count

• Capital expenditures between 4% and 5% of revenue

Financial governance

• Board of Directors / Audit Committee

• University Boards of Trustees / Directors

• Internal audit

• Outside advisors

• Tone at the top

Non-GAAP financial measures

These materials report certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below. Pro forma information is presented as if the merger with Capella Education Company occurred on January 1, 2017. However the pro forma results do not necessarily represent what would have occurred if the merger had actually taken place on that date. Our publicly available financial information reconciles the most directly comparable GAAP measures to non-GAAP measures that we reference. Although management evaluates and presents these pro forma and non-GAAP measures for the reasons described below, please be aware that these measures have limitations and should not be considered in isolation or as a substitute for revenue, income from operations, operating margin, net income, earnings per share or any other comparable financial measure prescribed by GAAP. In addition, we may calculate and/or present these measures differently than measures with the same or similar names that other companies report, and as a result, the measures we report may not be comparable to those reported by others.

Management uses certain pro forma or non-GAAP measures to evaluate financial performance because those measures allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. These pro forma or adjusted measures are Revenue, Income from Operations, Operating Margin, Net Income, and Diluted Earnings Per Share (EPS). We define Adjusted Revenue, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) a purchase accounting adjustment in 2018 of $26.2 million to record Capella University contract liabilities at fair value, (2) amortization expense related to intangible assets associated with the Company’s merger with Capella Education Company, (3) transaction and integration costs associated with the Company’s merger with Capella Education Company, (4) goodwill and intangible asset impairment charges related to the Company’s acquisition of the New York Code and Design Academy, (5) income recognized from the Company’s investments in partnership interests and other investments that are not part of our core business, and (6) discrete tax adjustments. Please seethe press release filed as Exhibit 99.1 to the 8-K dated November 7, 2019 and available on our website at www.strategiceducation.com for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Non-GAAP measures should not be viewed as substitutes for GAAP measures.