Nord Anglia EducationThird Quarter Fiscal 2016

Results PresentationFor the period ended May 31, 2016

July 26, 2016

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Neither Nord Anglia Education, Inc. (NYSE: NORD) nor any of its subsidiaries or affiliates is making any representation or warranty, expressed or implied, as to the accuracy or completeness of the attached materials.

Please note that the attached materials and our oral explanations of the attached materials may constitute forward-looking statements within the meaning of applicable U.S. securities laws and such forward-looking statements are made based on our current expectations.  Forward-looking statements relate to events involving certain risks and uncertainties, and actual results may differ materially from the views expressed.  

A number of potential risks and uncertainties are outlined in our public filings with the Securities and Exchange Commission. Nord Anglia Education, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.  You are cautioned not to place undue reliance on any forward-looking statements.  

Disclaimer

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The world’s leading premium schools organization

42 schools 15 countries ~35,300 students ~49,400 capacity

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Third quarter fiscal 2016 highlights vs prior year

Financial Revenue up 49.4% (CC1 53.0%) from $169.9 million to $253.8 million Adjusted EBITDA up 39.9% (CC1 44.3%) from $49.9 million to $69.9 million Adjusted Net Income up from $23.2 million to $28.8 million Adjusted Diluted EPS up from $0.23 to $0.28

Operational Average full time equivalent students (FTEs) up 47.5% from 23,932 to

35,309 Capacity up 43.0% from 34,539 seats to 49,402 seats Revenue/FTE up 2.2% (CC1 4.7%) from $7.0k to $7.2k

1 CC denotes Constant Currency throughout

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Sep-15 End of Year FTEs

5,727 5,905

6,456 6,884

5,264 5,295

7,295 7,683

9,4359,560

North America

South East Asia

Middle East

Europe

China

Strong end of year enrollment and regional trends

FY16 organic in-year FTE growth – 2.6%(1)

Organic FTE growth from end

FY15 – 9.4% Continued positive trends on

inquiries and visits

Summer 2016 expansion ~5,400 seats

Sep-15 FTEs

End of year 2016 FTEs

34,177 35,327

1 Excludes the students acquired from a small school in Switzerland in February 2016.

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Increased dual curriculum opportunities in China

Nord Anglia Chinese International School – high demand has exceeded expectations

Strong brand has generated multiple opportunities to open more dual curriculum schools in China

Actively developing a robust plan to pursue the dual curriculum

opportunity

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Collaborations with world leading educators

2015/16

2016/17

2016/17

2017/18

2016/17 50 teachers starting an Executive Masters in International Education

2017/18 50 additional places with 100 participants at any one time

Enhancing our educational offer through curricula, professional development and unique experiences

Learning from the best

10 Schools

38 Schools

13 Schools

26 Schools

84 May 2015 | Why choose a Nord Anglia Education?

FinancialPerformance

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Group performance summary – Q3 fiscal 2016 vs Q3 fiscal 2015

$ millions Q3FY16(1) Q3FY15 VariancePremium Schools 252.5 167.5 CC: 54.4%

Actual: 50.8%

Other 1.3 2.4Total Revenue 253.8 169.9 CC: 53.0% 

Actual: 49.4%

Gross Profit 101.3 68.2 CC: 52.7%Actual: 48.7%

Gross Profit Margin 39.9% 40.1% (0.2%)

Adjusted EBITDA 69.9 49.9 CC: 44.3%Actual: 39.9% 

Adjusted EBITDA Margin 27.5% 29.4% (1.9%)

Adjusted Net Income 28.8 23.2 Actual: 24.0%Adjusted EPS (in $) 0.28 0.23 Actual: 17.8%

1 Q3FY16 ends May 31, 2016

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Q3 fiscal 2016 premium schools revenue bridge

$ millions

0.0

50.0

100.0

150.0

200.0

250.0

300.0

167.5

146.4

252.5

(4.0) (17.1) 16.0

90.1

11%

62%

5,3005,902

Average FTEs

Q3FY15 Q3FY16

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China highlights

Commentary

Q3FY16 Avg Revenue/FTE $9.6k down from

$10.0k due to mix impact of acquisition, FX, stronger growth in lower price point schools

Capacity 9,242 places up 19.2% from 7,756

Q3FY16 Revenue $56.5m from $53.1m +6.4% (+11.0% CC)

Q3FY16 Adj. EBITDA$24.6m from $25.6m -4.0% (+0.4% CC)

Financial Performance

The British School of Beijing, Shunyi (Shunyi, Beijing)

Series1

4,654

6,871

Average FTEs

Q3FY15 Q3FY16

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Europe highlights

Commentary

Q3FY16 Avg Revenue/FTE $9.2k up from

$8.0k due primarily to mix impact of acquisition partly offset by FX headwind

Capacity 8,617 places up 41.6% from 6,084

Financial Performance

Q3FY16 Revenue$63.5m from $37.4m +69.9% (+71.9% CC)

Q3FY16 Adj. EBITDA$15.3m from $7.5m +103.5% (+106.1% CC)

Collège du Léman (Geneva, Switzerland)

4,453

5,314Average FTEs

Q3FY15 Q3FY16

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Middle East highlights

Commentary

Q3FY16 Avg Revenue/FTE $4.9k up from $4.8k

Capacity 5,851 places up 11.4% from 5,251

Financial Performance

The British International School Abu Dhabi (Abu Dhabi, UAE)

Q3FY16 Revenue$25.8m from $21.2m +21.9%

Q3FY16 Adj. EBITDA$6.0m from $4.3m +40.2%

6,6827,650

Average FTEs

Q3FY15 Q3FY16

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Southeast Asia highlights

Commentary

Q3FY16 Avg Revenue/FTE $5.0k down from

$5.1k due to FX headwind

Capacity 12,185 places up 4.3% from 11,688

Financial Performance

British International School Ho Chi Minh City (HCMC, Vietnam)

Q3FY16 Revenue$37.9m from $33.9m +11.7% (+16.2% CC)

Q3FY16 Adj. EBITDA$12.2m from $10.6m +15.3% (+20.2% CC)

2,843

9,572

Average FTEs

Q3FY15 Q3FY16

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North America highlights

Commentary

Q3FY16 Avg Revenue/FTE $7.2k down from

$7.7k due to mix impact of acquisitions

Capacity 13,507 places up 259.2% from 3,760

Q3FY16 Revenue $68.8m from $21.9m +214.0%

Q3FY16 Adj. EBITDA$22.0m from $8.2m +168.0%

Financial Performance

The British School of Chicago South Loop (Chicago, Illinois, U.S.A.)

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Impact of completed sale and leaseback of three US school properties

Expected Adjusted EBITDA negative impact in FY16 ~$5m and in FY17 ~$16m

~$171m net cash proceeds in FY16

North Broward Preparatory School, Florida Completed May 31, 2016

Windermere Preparatory School, Florida Completed April 1, 2016

The Village School, TexasCompleted May 31, 2016

Plus new 2,200 seat British International School Houston campus will add $8m property expenses in North America in FY17

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Balance sheet & cash flow

LTM Q2FY15 PF LTM Q3FY15 PF LTM Q4FY15 PF LTM Q2FY16 PF LTM Q3FY16 PF

5.2x 4.9x4.3x

5.0x 4.8x

Net Leverage

Nine months endedMay 31,

($ millions) 2016 2015

Cash generated from operations 14.3 9.2Payment of loan/bond expenses (5.0) -Interest paid (44.5) (20.1)Tax paid (18.9) (14.2)Net cash used in operating activities (54.1) (25.1)

Acquisition consideration (33.6) (108.9)

Sale and leaseback gross proceeds 167.0 -

Capital expenditures and other (59.2) (30.6)

Net cash generated from/(used in) investing activities 74.2 (139.5)

Net cash generated from financing activities 19.3 152.9

Net increase/(decrease) in cash and cash equivalents 39.4 (11.7)

Cash and cash equivalents at end of the period (net of overdrafts) 260.5 142.6

Q3FY16 Net Debt $907.3m1

LTM Q3FY16 Consolidated EBITDA PF $189.4m2

Negative EBITDA impact from FX, new Chicago school and sale and leaseback rent

Leverage profile

Highlights Summary cash flow

Target net leverage ≤ 4.0x in FY16

1 Net debt calculated as the principal debt outstanding including capital leases less cash 2 LTM Q3FY16 Consolidated EBITDA pro forma acquisitions and Sale & Leaseback $189.4m

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Outlook

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Nord Anglia Education is tightening its full year outlook for FY16:

Outlook for Fiscal 2016

1 Diluted weighted average shares of approximately 104.1 million

NewFY16 guidance

Previous FY16 guidance

Revenue $850 - $855 million $845 - $855 million

Adjusted EBITDA $206.5 - $208.5 million $205 - $210 million

Adjusted Net Income $67 - $68 million $67 - $70 million

Adjusted EPS1 $0.64 - $0.65 $0.64 - $0.67

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Appendix

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Appendix

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Existing Under construction

Nord Anglia International School Al KhorCompass International School Doha, GharaffaCompass International School Doha, Madinat KhalifaCompass International School Doha, RayyanThe British International School Abu DhabiNord Anglia International School Dubai

MIDDLE EAST

SOUTHEAST ASIARegents International School PattayaSt Andrews International School BangkokNorthbridge International School CambodiaDover Court International School SingaporeBritish International School, HanoiBritish Vietnamese International School, HanoiBritish International School, Ho Chi Minh CityBritish Vietnamese International School, Ho Chi Minh City

NORTH AMERICAThe British International School of CharlotteBritish International School of BostonBritish International School of Chicago, Lincoln ParkBritish International School of Chicago, South LoopBritish International School of HoustonThe Village SchoolBritish International School of WashingtonNord Anglia International School New YorkNorth Broward Preparatory SchoolWindermere Preparatory SchoolSan Roberto International School

49,400

The English International School PragueThe British International School BudapestThe British School WarsawThe British International School BratislavaInternational College SpainCollège Beau SoleilCollège Champittet NyonCollège Champittet PullyCollège du LémanLa Côte International School Aubonne

EUROPE

CHINANord Anglia International School Shanghai, PudongThe British International School Shanghai, PuxiThe British School of Beijing, SanlitunThe British School of Beijing, ShunyiThe British School of GuangzhouLéman International School - ChengduNord Anglia International School Hong Kong

Our Global Family

Our path to becoming the world’s leading premium schools

Listed on the main board

London Stock Exchange

Nord Anglia Education founded

Opened first school

Warsaw, Poland

Acquired new schools in SE Asia

Singapore and Cambodia

Taken private by Baring Private

Equity Asia

Andrew Fitzmauricejoins as CEO

Market cap: $40mm pre-appointment

Opened first school in China

Pudong, Shanghai

Acquired four schools in

Switzerland

Acquired first school in SE Asia

Pattaya, Thailand

Opened first school in the Middle East

Abu Dhabi, UAE

Acquired WCL Group (11 Schools)

Listed on the NYSE

Opened three new greenfields

Hong Kong, Dubai and Aubonne, Switzerland

Opened new greenfield

Chicago, USA

Acquired four schools in Vietnam

Ho Chi Minh City and Hanoi

Acquired six Meritas schools

New greenfield

Houston, USA

Induction 2016 22

Aug 31, 2008 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Apr 24, 2016

4,010 4,282 6,166 7,054 8,180 10,27917,313

22,286

35,343

No. of schools: 6 6 9 12 13 25 31 35 42

Student EnrollmentCAGR: 33%

1972 1992 2002 2009 2012 20141989 2003 2008 2011 2013 2015 2016

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organization

New dual curriculum greenfield

Shanghai, China

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Greenfield opportunities generate the highest returns

Key factors: Market growth - supply/

demand dynamics EBITDA margin at maturity

average breakeven utilization – c.30-35%

average margin of NORD schools at maturity – c.33%

Lower Higher

Hig

her

Low

er

3-4 years to breakeven1

6-8 years to maturity

e.g. Chicago (opened Sept 2015)

1-2 years to breakeven1

3-4 years to maturity

e.g. Shanghai (opened Sept 2003)

Not a strategic fit2-3 years to breakeven1

3-5 years to maturity

e.g. Dubai (opened Sept 2014)

Growth

Margin

Target ROI 70%+

1. Breakeven means Adjusted EBITDA positive2. Maturity means 80% utilization

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Consolidated income statement

*Please refer to the footnotes and other information in our report on Form 6-K furnished to the SEC on July 26, 2016.

Three Months Ended Nine Months Ended

$ millions, except share dataMay 31,

2016May 31,

2015May 31,

2016  May 31,

2015 (unaudited) (unaudited)

Revenue 253.8 169.9 741.3 485.2Cost of sales (152.5) (101.7) (445.2) (290.4)Gross profit 101.3 68.2 296.1 194.8

Selling, general & administrative expenses (48.5) (28.3) (140.8) (82.1)Depreciation (0.2) (0.2) (0.6) (0.6)Amortization (4.6) (3.5) (13.9) (9.6)Other gains/(losses) (8.5) 0.2 (1.6) (4.4)Exceptional expenses (6.1) (1.8) (11.0) (4.5)Total expenses (67.9) (33.6) (167.9) (101.2)

Operating profit 33.4f 34.6 128.2 93.6 Finance income 0.6 0.4 2.3 1.7Finance expense (19.8) (9.4) (46.0) (24.0)Net finance expense (19.2) (9.0) (43.7) (22.3)

Profit before income tax 14.2 25.6 84.5 71.3Income tax expense (10.1) (7.0) (25.3) (19.6)Profit for the period 4.1 18.6 59.2 51.7

Profit attributable to: Owners of the parent 3.6 18.2 57.8 51.0 Non-controlling interests 0.5 0.4 1.4 0.7Profit for the period 4.1 18.6 59.2 51.7

Earnings per ordinary share (in dollars) Basic 0.04 0.18 0.56 0.52 Diluted 0.04 0.18 0.56 0.52

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Key operating data

*Please refer to the footnotes and other information in our report on Form 6-K furnished to the SEC on July 26, 2016.

Three Months Ended Nine Months Ended May 31,

2016May 31,

2015May 31,

2016May 31,

2015

Full-time equivalent students (average for the period)China 5,902 5,300 5,813 5,222Europe 6,871 4,654 6,656 4,619Middle East 5,314 4,453 5,304 4,330South East Asia 7,650 6,682 7,486 5,118North America 9,572 2,843 9,508 2,811Total 35,309 23,932 34,767 22,100

Capacity (average for the period)China 9,242 7,756 9,031 7,756Europe 8,617 6,084 8,617 6,084Middle East 5,851 5,251 5,851 5,251South East Asia 12,185 11,688 12,146 8,154North America 13,507 3,760 13,507 3,760Total 49,402 34,539 49,152 31,005

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Key operating data continued

*Please refer to the footnotes and other information on our report in Form 6-K furnished to the SEC on July 26, 2016.

Three Months Ended Nine Months Ended May 31,

2016May 31,

2015May 31,

2016May 31,

2015

Utilization (average for the period)China 64% 68% 64% 67%Europe 80% 76% 77% 76%Middle East 91% 85% 91% 82%South East Asia 63% 57% 62% 63%North America 71% 76% 70% 75%Total 71% 69% 71% 71%

Revenue per FTE (in $ thousands)China 9.6 10.0 28.5 30.1Europe 9.2 8.0 27.9 24.8Middle East 4.9 4.8 14.5 14.1South East Asia 5.0 5.1 14.4 15.3North America 7.2 7.7 21.2 23.0Total 7.2 7.0 21.2 21.5

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Supplemental financial data

Three Months Ended % Variance

$ millionsMay 31,

2016  May 31,

2015 Reported Constant Currency

(unaudited) (unaudited)Revenue (segment)

Premium SchoolsChina 56.5 53.1 6.4%   11.0%Europe 63.5 37.4 69.9%   71.9%Middle East 25.8 21.2 21.9% 21.9%South East Asia 37.9 33.9 11.7% 16.2%North America 68.8 21.9 214.0%   214.0%Total Premium Schools 252.5 167.5 50.8%   54.4%Other 1.3 2.4 (46.4%)   (44.7%)Total Revenue 253.8 169.9 49.4%   53.0%

Adjusted EBITDA (segment)

Premium SchoolsChina 24.6 25.6 (4.0%)   0.4%Europe 15.3 7.5 103.5%   106.1%Middle East 6.0 4.3 40.2%   40.2%South East Asia 12.2 10.6 15.3% 20.2%North America 22.0 8.2 168.0%   168.0%Total Premium Schools 80.1 56.2 42.4%   46.7%Other 0.2 0.3 (16.8%)   (13.7%)Central and regional expenses (10.4) (6.6) 58.7%   61.8%Adjusted EBITDA 69.9 49.9 39.9%   44.3%Adjusted Net Income 28.8 23.2 24.0%

*Please refer to the footnotes and other information on our report in Form 6-K furnished to the SEC on July 26, 2016.

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Supplemental financial data continued

Nine Months Ended % Variance

$ millionsMay 31,

2016  May 31,

2015 Reported Constant Currency

(unaudited) (unaudited)

Revenue (segment)

Premium SchoolsChina 165.8 157.2 5.4%   9.6%Europe 185.6 114.8 61.7%   71.1%Middle East 76.9 61.3 25.5% 25.5%South East Asia 107.8 78.2 37.9% 46.0%North America 201.7 64.5 212.4%   212.4%Total Premium Schools 737.8 476.0 55.0%   60.6%Other 3.5 9.2 (62.1%)   (60.5%)Total Revenue 741.3 485.2 52.8%   58.3%

Adjusted EBITDA (segment)

Premium SchoolsChina 71.4 74.2 (3.9%)   0.1%Europe 44.4 23.2 90.7%   104.1%Middle East 17.5 12.2 43.9%   43.9%South East Asia 33.4 26.2 28.1% 36.1%North America 64.9 23.3 178.5%   178.5%Total Premium Schools 231.6 159.1 45.5%   51.2%Other 0.1 1.1 (93.3%)   (93.0%)Central and regional expenses (30.4) (21.4) 42.2%   44.9%Adjusted EBITDA 201.3 138.8 45.0%   51.1%Adjusted Net Income 83.1 66.4 25.0%

*Please refer to the footnotes and other information on our report in Form 6-K furnished to the SEC on July 26, 2016.

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Reconciliation of non-GAAP financial data

*Please refer to the footnotes and other information on our report in Form 6-K furnished to the SEC on July 26, 2016.

Three Months Ended Nine Months Ended

$ millions May 31, 

May 31, May 31, 

May 31,2016 2015 2016 2015

Revenue 253.8 169.9 741.3 485.2Cost of Sales (152.5) (101.7) (445.2) (290.4) Rent Premium Schools 19.5 14.4 54.2 39.3 Depreciation Premium Schools 12.4 7.7 35.2 22.1Adjusted Cost of Sales (120.6) (79.6) (355.8) (229.0)Adjusted Gross Profit 133.2 90.3 385.5 256.2

 Profit for the period 4.1 18.6 59.2 51.7Income tax expense 10.1 7.0 25.3 19.6Net financing expense 19.2 9.0 43.7 22.3Exceptional items 6.1 1.8 11.0 4.5Other losses/(gains) 8.5 (0.2) 1.6 4.4Amortization 4.6 3.5 13.9 9.6Depreciation 0.2 0.2 0.6 0.6Depreciation in Cost of Sales 12.4 7.7 35.2 22.1EBITDA 65.2 47.6 190.5 134.8

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Reconciliation of non-GAAP financial data continued

*Please refer to the footnotes and other information on our report in Form 6-K furnished to the SEC on July 26, 2016.

Three Months Ended Nine Months Ended

$ millions May 31, 

May 31, May 31, 

May 31,2016 2015 2016 2015

(Gain)/loss on disposal of property, plant and equipment (0.6) 0.1 (0.6) 0.4Share based payments 1.5 0.9 4.8 2.2Greenfield pre-opening costs 1.7 - 3.5 -Rollout of Juilliard Program 0.5 0.2 1.7 0.2Rollout of MIT collaboration 0.4 - 0.4 -Global campus expedition facility 0.9 - 0.9 -China expat taxes 0.0 1.1 0.0 1.1Other 0.3 0.0 0.1 0.1

Adjusted EBITDA 69.9 49.9 201.3 138.8 Depreciation (12.6) (7.9) (35.8) (22.7)Net Financing Expense (19.2) (9.0) (43.7) (22.3)Financing Expense Adjustments 2.0 - (6.0) -Income Tax Expense (10.1) (7.0) (25.3) (19.6)Tax Adjustments (0.7) (2.4) (6.0) (7.1)Non-Controlling Interest (0.5) (0.4) (1.4) (0.7)Adjusted Net Income 28.8 23.2 83.1 66.4

 Adjusted earnings per ordinary share (in $)Basic 0.28   0.24   0.80   0.68Diluted 0.28   0.23   0.80   0.68

31The world's leading premium schools organization