Investor Presentaiton

2 Nationwide, 1.09 million fewer students are enrolled in college than before the pandemic 10.0% 5.0% Percent Change in Enrollment from Previous Year by Institutional Sector: 2019 to 2023 0.0% -1.2% -2.4% -3.1% -5.0% -10.0% Spring 2020 Spring 2021 Spring 2022 Spring 2023 5.2% L -0.5% -0.2% 0.3% -0.8% -0.6% 0.4% -1.29 -1.2961.096 -1.6% 0.8% 1.4% -0.9% -2.3% -3.1% 0.5% TT -6.0% -6.7% All Sectors Public 4-year Private nonprofit 4-year Private for-profit 4-year PABS -10.1% -8.2% Public 2-year • • • Steep 2020 and 2021 drops in postsecondary enrollment driven by two-year schools. Potential turnaround in 2022. See more: National Student Clearinghouse, "Current Term Enrollment Estimates," May 2023 June 2023 |http://haslam.utk.edu/boyd-center T BOYD CENTER FOR BUSINESS AND ECONOMIC RESEARCH

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