Q4 FY 2015 Results Presentation

Nord Anglia Education Full fiscal year 2015 results presentation

November 16, 2015For the period ended August 31, 2015

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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 34,300 students 48,998 capacity

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2015 Outstanding Academic Outcomes

IGCSE Results 2015Students achieving 5A*- C (inc English and Math)

International Baccalaureate Results 2015Students’ Average Diploma Score (max. 45 points)

* UK average 53% as of 2014 (2015 data not yet released)

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Fiscal 2015 highlights

Financial Revenue up 21.6% (CC1 25.2%) from $474.6 million to $577.0 million Adjusted EBITDA up 8.6% (CC110.1%) from $127.4 million to $138.3 million Adjusted Net Income up from $22.8 million to $46.6 million Adjusted Diluted EPS up 77.7% from $0.27 to $0.47Operational Average full time equivalent students (FTEs) up 28.7% from 17,313 to 22,286 Capacity up 42.5% from 22,007 seats to 31,358 seats Revenue/FTE down 4.0% (CC1 0.8% down) from $26.4k to $25.3k

1 CC denotes Constant Currency

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Financial Performance

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Group performance summary – Q4 fiscal 2015 vs Q4 fiscal 2014

$ millions Q4FY15(1) Q4FY14 VariancePremium Schools 84.1 59.4 Actual: 41.6%

CC(2): 45.8%

Other 4.6 4.7

Total Revenue 88.7 64.1 Actual: 38.4%CC(2): 42.9%

Gross Profit 26.5 20.8 Actual: 27.4%CC(2): 32.8%

Gross Profit Margin 29.8% 32.4% (2.6%)

Adjusted EBITDA (3.6) 1.2 Actual: (392.3)%CC(2): (338.3)%

Adjusted EBITDA Margin (4.0%) 1.9% (5.9%)

Adjusted Net Income (23.0) (15.2)

Adjusted EPS (in $) (0.22) (0.16)

1 Q4 ends August 312 CC denotes Constant Currency

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Group performance summary – Fiscal 2015 vs Fiscal 2014

$ millions FY15(1) FY14 VariancePremium Schools 563.2 456.4 Actual: 23.4%

CC(2): 27.6%

Other 13.8 18.2

Total Revenue 577.0 474.6 Actual: 21.6%CC(2): 25.2%

Gross Profit 224.4 194.3 Actual: 15.5%CC(2): 18.0%

Gross Profit Margin 38.9% 40.9% (2.0%)

Adjusted EBITDA 138.3 127.4 Actual: 8.6%CC(2): 10.1%

Adjusted EBITDA Margin 24.0% 26.8% (2.8%)

Adjusted Net Income 46.6 22.8 104.8%

Adjusted EPS (in $) 0.47 0.27 77.7%

1 Fiscal year ends August 312 CC denotes Constant Currency

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Fiscal 2015 premium schools revenue bridge

$ millions

FY14 Revenue Actual

FY14 FX impact

FY14 Revenue (CC )

FY15 Revenue growth ex

acquisitions (CC )

FY15 Singapore, Cambodia,

Vietnam & Meritas Revenue

FY15 Revenue Actual

0.0

100.0

200.0

300.0

400.0

500.0

600.0

456.4441.3

(15.1)50

71.9

563.2

11%

16%

1

1

1 CC denotes Constant Currency

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China highlights

Commentary

FY15 Avg Revenue/FTE $35.0k up from $34.3k

Capacity 7,756 places up 11.4% from 6,964

FY15 Revenue $183.2m from $165.6m

+10.7%+11.3% CC

FY15 Adj. EBITDA$85.0m from $78.4m

+8.3%+9.1% CC

4,8275,228

Average FTEs

FY14 FY15


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

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Europe highlights

Commentary

FY15 Avg Revenue/FTE $28.8k down from $30.1k primarily due to FX impact



FY15 Revenue$133.3m from $136.0m

(1.9%)+8.7% CC


(34.1%)(28.6%) CC

Series1

4,514 4,624

Average FTEs

FY14 FY15

College du Leman, (Geneva, Switzerland)

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Middle East / South East Asia highlights

Commentary

FY15 Avg Revenue/FTE $17.1k up from $16.4k


BIS Vietnam integration completed


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

FY15 Revenue$164.1m from $86.0m

+90.8%+92.7% CC


+77.9%+78.8% CC

5,230

9,618

Average FTEs

FY14 FY15

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North America highlights

CommentaryFY15 Avg Revenue/FTE $29.3k up from $25.1k

Capacity unchanged at 3,760

FY15 Revenue $82.6m from $68.8m +19.9%FY15 Adj. EBITDA$25.8m from $23.2m +11.6%

2,742 2,816

Average FTEs

FY14 FY15


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

Twelve Months Ended August 31,

($ millions) 2015 2014Cash generated from operations 167.6 124.3

Payment of bond redemption expenses and commitment fees

(10.0) (77.0)

Interest paid (31.2) (73.4)

Tax paid (19.9) (25.2)Net cash generated from / (used in) operating activities

106.5 (51.3)

Net cash used in investing activities

(709.6) (87.3)

Net cash from financing activities

680.6 133.7

Net increase / (decrease) in cash and cash equivalents

77.5 (4.9)

Cash and cash equivalents at end of the period

226.3 166.2

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Balance sheet & cash flow

Q4FY15 Net Debt $926.0m1

LTM Q4FY15 PF Vietnam + Meritas Net Leverage2 4.3x down from 5.2x LTM Q2FY15 PF Vietnam + Meritas

Negative EBITDA impact from FX and loss making start-up schools in Aubonne and Dubai

Deleveraging profile

LTM Q2FY15 PF LTM Q3FY15 PF LTM Q4FY15 PF

5.2x 4.9x4.3x

Net Leverage

1 Net debt calculated as the principal debt outstanding including capital leases less cash (net of overdraft)2 LTM Q4FY15 Adjusted EBITDA pro forma Meritas, Vietnam and Cambodia $213.4m

Highlights Summary cash flow

Outlook

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20*Current FTEs as of November 15, 2015

Strong year on year starting enrollment growth of 73% and further progress in year

Europe

North AmericaMiddle East / South East Asia

China

4,7975,107

5,727 5,752

Sep-13 Sep-14 Sep-15 Current

4,494 4,568

6,456 6,492


4,843

7,292

12,559 12,630

x Sep-14 Sep-15 Current

2,700 2,773

9,435 9,440


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7,240

19,740

34,177 34,314


NORD Group Total

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The Company is reiterating its outlook for the full fiscal year 2016 below:

Outlook for Fiscal 2016

Fiscal 2016 Guidance

Revenue $850 - $870m

Adjusted EBITDA $215 - $225m

Adjusted Net Income $70 - $75m

Adjusted EPS1 $0.67 - $0.72

1 Diluted weighted average shares of approximately 104.5 million

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Capital Allocation Strategy

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Our capital allocation strategy

Same school expansion Greenfields Acquisitions Lowest risk with in-market

demand visibility Developer funded preferred 1-2 years to breakeven 1-4 years payback period 3-6 years to maturity Target ROI 50%+

Developer funded preferred Enhances value of surrounding

real estate Target ROI 70%+ Time to breakeven, payback &

maturity varies by market

Low-risk market entry Buyer of choice in highly

fragmented market Clear plan pre-acquisition to

improve profitability

Total investment 1-2x EBITDA at maturity

Total investment 1-2x EBITDA at maturity

7-10x EBITDA multipleReduced to 3-5x after 3-4 years

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Greenfield opportunities generate the highest returns

Lower Higher

Hig

her

Low

er

Growth

Margin

3-4 years to breakeven2 6-8 years to maturity3

e.g. Aubonne (opened Sept 2014)

1-2 years to breakeven2

3-4 years to maturity3

e.g. Shanghai (opened Sept 2005)



Not a strategic fit



e.g. Dubai (opened Sept 2014)

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%

1 ROI calculated as net cashflow at maturity divided by total capital investment.2 Breakeven means cashflow positive. 3 Maturity means 80% utilization.

Target ROI1 70+%

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Capital expected to be deployed in fiscal 2016

Expansion of c.1,400 seats expected including: Hong Kong Guangzhou Madrid Singapore Geneva Warsaw Miami Houston (Village) Budapest Bratislava

Completion capex on 1,100 seat Chicago South Loop campus opened Sept 2015 (c.$1.4m)

2,000 seat Houston campus for Sept 2016 (c.$7.0m)

2,250 seat dual-curriculum school Shanghai for Sept 2016 (c.$31.1m)

Intial capex on new 1,500 seat Bangkok campus for Sept 2017 (c.$1.0m)

Active pipeline:

Large fragmented market Opportunities vary in size –

tuck-ins, small groups Disciplined around price

FY16 expected same school expansion capex c.$27.3m

FY16 expected greenfield capex c.$40.5m

Target to deploy remaining available capital

Same school expansion Greenfields Acquisitions

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Available capital in fiscal 2016

LESS

PLUS

IFRS cash generated from operations = 108%1 Adjusted EBITDA (midpoint of guidance $220m) (c.$237m)

Cash Taxes (c.20m)2

Cash Net Interest (c.$57m)3

Capex ($110m)4: maintenance ($28m), acquisition catch up ($10m), one-off projects ($3m), same school expansion & greenfields ($68m)

Net proceeds from planned Sale & Leaseback (c.$175m)

1 Average percentage FY12-FY152 Fiscal 2016 expected effective tax rate 28.5%3 Fiscal 2016 expected interest expense net of expected non-cash interest expense4 Fiscal 2016 expected capital expenditure

Plus additional debt capacity up to net leverage ≤ 4.0x

LESS

c.$225m available

foracquisitions in FY16

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Appendix

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Our school network

Existing Under construction

NORTH AMERICAThe British International School of CharlotteBritish International School of BostonBritish International School of Houston(new campus to open September 2016)British International School of WashingtonNord Anglia International School, New YorkBritish International School of Chicago, Lincoln ParkBritish International School of Chicago, South Loop North Broward Preparatory SchoolWindermere Preparatory SchoolThe Village School San Roberto International School

CHINAThe British School of Beijing, SanlitunThe British School of Beijing, ShunyiThe British School of GuangzhouNord Anglia International School Shanghai, PudongThe British International School Shanghai, PuxiNord Anglia Bilingual School Shanghai (new greenfield to open September 2016)Nord Anglia International School Hong KongLéman International School, Chengdu

Nord Anglia International School, Al KhorCompass International School Doha, RayyanCompass International School Doha, GharaffaCompass International School Doha, Madinat KhalifaThe 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

Collège Beau Soleil, Villars-Sur-OllonCollège Champittet, NyonCollège Champittet, PullyInternational College SpainLa Côte International School, AubonneThe British International School BratislavaThe British International School BudapestThe British School WarsawThe English International School PragueCollège du Léman

EUROPE

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Our path to becoming the world’s leading premium schools organization

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

1972 1992 2002 2009 2012 20141989 2003 2008 2011 2013

Acquired WCL Group (11 Schools)

Listed on the NYSE

Opened three new greenfields

Hong Kong, Dubai and Aubonne, Switzerland

New greenfield

Chicago, USA

2015 2016

Acquired four schools in VietnamHo Chi Minh City and

Hanoi

Acquired six Meritas schools

New greenfield

Houston, USA

1 Pro forma for the acquisition of WCL.

Aug 31, 2008 FY09 FY10 FY11 FY12 FY13PF FY14 Nov 15, 2015

4,010 4,282 6,166 7,054 8,18014,378 17,313

34,314

Student enrollment

CAGR: 35%

No. of schools:

6 6 9 12 13 25 31 42

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http://sp001.jpmchase.net/sites/spmkrhkt/pitchpro/PitchPRO%20Flags%202/Thailand.png

http://www.wclgroup.com/

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Consolidated income statement

*Please refer to the footnotes and other information on our report on Form 6-K furnished to the SEC on November 16, 2015.

Three Months Ended August 31.


$ millions, except share data 2015 2014 2015 2014(unaudited) (unaudited) (unaudited)

Revenue 88.7 64.1 577.0 474.6Cost of sales (62.2) (43.3) (352.6) (280.3)Gross profit 26.5 20.8 224.4 194.3

Selling, general & administrative expenses (38.5) (27.9) (125.1) (92.9)Depreciation (0.2) (0.9) (0.7) (2.0)Amortization (2.2) (3.1) (13.7) (10.4)Other losses (3.0) - (3.0) -Exceptional expenses (15.6) (3.4) (20.1) (100.2)Total expenses (59.5) (35.3) (162.6) (205.5)

Operating (loss) / profit (33.0) (14.5) 61.8 (11.2) Finance income 1.1 0.6 2.8 2.0Finance expense (15.7) (7.7) (39.7) (55.5)Net finance expense (14.6) (7.1) (36.9) (53.5)

(Loss)/profit before income tax (47.6) (21.6) 24.9 (64.7)Income tax credit/(expense) 7.0 (3.0) (12.9) (25.7)(Loss)/profit for the period (40.6) (24.6) 12.0 (90.4)

(Loss)/profit attributable to: Owners of the parent (41.1) (24.6) 10.8 (90.4) Non-controlling interest 0.5 - 1.2 -(Loss)/profit for the period (40.6) (24.6) 12.0 (90.4)

(Loss)/earnings per ordinary share (in dollars) Basic (0.40) (0.25) 0.11 (1.07) Diluted (0.40) (0.25) 0.11 (1.07)

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Key operating data

Three Months Ended August 31,


2015 2014 2015 2014

Full-time equivalent students (average for the period)China 5,290 4,820 5,228 4,827Europe 4,668 4,535 4,624 4,514Middle East/South East Asia 11,141 6,029 9,618 5,230North America 2,857 2,770 2,816 2,742Total 23,956 18,154 22,286 17,313

Capacity (average for the period)China 7,756 6,964 7,756 6,964Europe 6,084 5,322 6,084 5,322Middle East/South East Asia 16,939 6,891 13,758 5,961North America 3,760 3,760 3,760 3,760Total 34,539 22,937 31,358 22,007


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Key operating data continued



2015 2014 2015 2014

Utilization (average for the period)China 68% 69% 67% 69%Europe 77% 85% 76% 85%Middle East/South East Asia 66% 87% 70% 88%North America 76% 74% 75% 73%Total 69% 79% 71% 79%

Revenue per FTE (in $ thousands)China 4.3 4.3 35.0 34.3Europe 4.0 3.5 28.8 30.1Middle East/South East Asia 2.2 2.5 17.1 16.4North America 6.3 2.7 29.3 25.1Total 3.5 3.3 25.3 26.4


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Supplemental financial data


% Variance

$ millions2015

2014 Reported

Constant Currency

(unaudited) (unaudited)Revenue (segment)

Premium SchoolsChina 22.9 20.9 9.9% 10.0%Europe 18.5 16.0 15.6% 25.1%ME/SEA 24.7 14.9 65.3% 71.0%North America 18.0 7.6 136.8% 136.8%Total Premium Schools 84.1 59.4 41.6% 45.8%Other 4.6 4.7 (2.1)% 4.4%Total Revenue 88.7 64.1 38.4% 42.9%

Adjusted EBITDA (segment)

Premium SchoolsChina 7.6 7.5 1.9% 1.9%Europe (6.1) (1.8) (248.3)% (298.5)%ME/SEA 1.2 2.3 (47.8)% (46.9)%North America 2.6 (0.2) 1938.2% 1937.7%Total Premium Schools 5.3 7.8 (33.5)% (34.9)%Other 0.4 1.3 (60.4)% (58.4)%Central and regional expenses (9.3) (7.9) (18.1)% (20.5)%Adjusted EBITDA (3.6) 1.2 (392.3)% (338.3)%


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Supplemental financial data continued


% Variance

$ millions2015

2014 Reported

Constant Currency

(unaudited) Revenue (segment)

Premium SchoolsChina 183.2 165.6 10.7% 11.3%Europe 133.3 136.0 (1.9)% 8.7%ME/SEA 164.1 86.0 90.8% 92.7%North America 82.6 68.8 19.9% 19.9%Total Premium Schools 563.2 456.4 23.4% 27.6%Other 13.8 18.2 (24.0)% (28.9)%Total Revenue 577.0 474.6 21.6% 25.2%

Adjusted EBITDA (segment)

Premium SchoolsChina 85.0 78.4 8.3% 9.1%Europe 17.1 26.0 (34.1)% (28.6)%ME/SEA 39.6 22.2 77.9% 78.8%North America 25.8 23.2 11.6% 11.6%Total Premium Schools 167.5 149.8 11.8% 13.8%Other 1.5 4.0 (60.9)% (59.1)%Central and regional expenses (30.7) (26.4) 16.3% 21.6%Adjusted EBITDA 138.3 127.4 8.6% 10.1%


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Reconciliation of non-GAAP financial data



$ millions 2015 2014 2015 2014(unaudited) (unaudited) (unaudited)

Revenue 88.7 64.1 577.0 474.6Cost of Sales (62.2) (43.3) (352.6) (280.3) Rent Premium Schools 13.7 9.8 53.0 44.4 Depreciation Premium Schools 11.7 4.9 33.9 21.4Adjusted Cost of Sales (36.8) (28.6) (265.7) (214.5)Adjusted Gross Profit 51.9 35.5 311.3 260.1

Profit/(loss) the period (40.6) (24.6) 12.0 (90.4)Income tax (credit)/expense (7.0) 3.0 12.9 25.7Net financing expense 14.6 7.1 36.9 53.5Exceptional items 15.6 3.4 20.1 100.2Other losses 3.0 - 3.0 -Amortization 2.2 3.1 13.7 10.4Depreciation 0.2 0.9 0.7 2.0Depreciation in Cost of Sales 11.7 4.9 33.9 21.4EBITDA (0.3) (2.2) 133.2 122.8(Gain)/loss on disposal of PP&E (0.1) - 0.3 -FX (gain)/loss (8.3) (1.3) (3.9) (4.0)Share based payments 0.7 0.6 2.8 3.1Management fees – Sponsor - - - 1.2Greenfield pre-opening costs 3.4 4.1 3.4 4.1Rollout of Juilliard program 0.4 - 0.7 -China expat taxes 0.0 - 1.1 -Other 0.6 0.0 0.7 0.2Adjusted EBITDA (3.6) 1.2 138.3 127.4*Please refer to the footnotes and other information on our report on Form 6-K furnished to the SEC on November 16, 2015.

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Reconciliation of non-GAAP financial data continued



$ millions 2015 2014 2015 2014(unaudited) (unaudited) (unaudited)

Adjusted EBITDA (3.6) 1.2 138.3 127.4

Depreciation (11.9) (5.8) (34.6) (23.4)Net financing expense (14.6) (7.1) (36.9) (53.5)Income tax (credit)/expense 7.0 (3.0) (12.9) (25.7)Tax adjustments 0.6 (0.5) (6.1) (2.0)Non-controlling interest (0.5) - (1.2) -Adjusted Net (Loss)/Income (23.0) (15.2) 46.6 22.8

Adjusted (Loss)/earnings per ordinary share (in dollars) Basic (0.22) (0.16) 0.48 0.27 Diluted (0.22) (0.16) 0.47 0.27


Thank you.

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Investor Relations

Q4 FY 2015 Results Presentation