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Investor Presentaiton

High School Graduation Projections 3.93M 4.0M 3.5M Strong production of high school graduates 3.50M for two decades 3.0M 2.69M 2.5M 2.46M 2.0M 1.5M 1.0M 0.5M 0.0M 3.77M Graduation rate increases mitigate contracting youth population Birth declines still predict long- 3.52M term graduate declines 1992 1997 2002 2007 2012 Graduating Class 2017 2022 2027 2032 2037 Class of 2020 to 2025 (projected: increase) Class of 1988 to 2019 (reported) Class of 2026 to 2037 (projected: decrease) Source: Western Interstate Commission for Higher Education, Knocking at the College Door, 10th edition, 2020. See Technical Appendix for detailed sources of data through the Class of 2019; WICHE projections, Class of 2020 through 2037. ©2023 CliftonLarsonAllen LLP 15
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