Hospitality Schools INVESTOR PRESENTATION

March 15, 2016

Hospitality Schools 1

TRANSACTION OVERVIEW

SOLID UNDERLYING MARKET AND BUSINESS MODEL

STRATEGY

KEY FINANCIALS

18

14

2

3

TRANSACTION OVERVIEW

Hospitality Schools 3

World-class Swiss hospitality schools

TNS 2013 ranking:

Glion (est. 1962) #2

Les Roches (est. 1954) #3

2015 revenues CHF 173m

Adjusted EBITDA* CHF 28m

Margin 16,1%

Over the last decades, both schools have consistently been ranked amongst the top 3 hospitality schools in the world, with Glion being awarded in 2015 “the Best Hospitality Management School”

Network of 8 campuses leverages shared global operations, technology and best practices to deliver individualized and international education programs

Global footprint

8 campuses in 6 countries 20,000+ students

in 125+ countries

Accreditation from New

England Association for Schools and Colleges (NEASC)

World-class education offering

private pay 100%

Alumni

c.80% of international students

Hospitality Schools 4

* Estimated standalone pro-forma EBITDA based on Eurazeo analysis

Schools at a glance

30%

17% 13%

9%

4% 4%

23%

Corp. & Mgmt. Training

Rooms Division

Food & Beverage

Sales & Mkg.

Finance

Events

Other

Campuses: 3

Faculty: 84

Alumni: 12,000+

15 Enrollment : 2,000

• Top 3 ranked Hospitality program

in the world

• ~55 years of history

• European heritage

• Management learning

• Business and management focus

within hospitality

• Premium price point

Job opportunities

post graduation

44%

6%

3%

41%

Hotels

2% Tourism

Education

Other

2% Food & Beverage

2% Finance

Comm. & Media Job opportunities

post graduation

Campuses: 5

Faculty: 153

Alumni: 10,000+

15 Enrollment (new/total): 2,900

• Top 3 ranked Hospitality program

in the world

• ~60 years of history

• International heritage

• Global management learning

complemented by strong craft-

based teaching

• Hotel and hospitality, focus on

innovation and entrepreneurship

• Large price spectrum, emphasis

on global learning

“Business education for an international career in the world of luxury hospitality”

“Global and entrepreneurial hospitality management education that helps you break boundaries”

Hospitality Schools 5

Chicago(2)

Founded: 2015 Co-located on the Kendall College campus, Les Roches Chicago is the only Swiss hospitality school in the United States

London

Founded: 2013(1)

Co-located on the University of Roehampton campus, a full-service university with over 10,000 students

Bluche

Founded: 1954 Flagship campus of the Les Roches brand offers students a unique global and entrepreneurial hospitality education

Shanghai

Founded: 2004 Private college located in the heart of Shanghai, offers undergraduate and postgraduate diploma programs

Amman

Founded: 2008 Located in the Royal Academy of Culinary Arts a non-profit, private Jordanian associate college

Marbella

Founded: 1995 Located in the Mediterranean luxury resort, the original Les Roches branch campus offers a strong link to the tourism industry, and prepares students for a global career in hospitality and leisure services

Glion

Les Roches

Campus location

by brand:

(1) UKBA license received in November 2015

(2) Programs to be offered at Laureate’s Kendall College

Expected to be operational in 2016

Founded: 1962 Montreux is the original residential campus and the starting point for all undergraduate students Bulle is home to graduate students and most undergraduate students, who move there in their second year

Montreux Bulle

• Both English and French entry options

• Emphasis on craft-based learning and

international internship experience

complements world-class classroom

teaching

• International study programs

• Positions graduates for an international

career

• NEASC (US) and local accreditations

Educational offering

Worldwide campuses network

Hospitality Schools 6

Investment rationale Strong brands with worldwide recognition, rich heritage & further potential

• Swiss education recognition for quality, safety (“a cocoon”), discipline, work ethos

• Glion & Les Roches respectively recognized as #2 and #3 in hospitality higher education worldwide

• Students sourcing and placement in more than 90 countries, creating unparalleled alumni networks

Solid underlying markets, both on the recruiters’ side, and students’ sourcing

• Positive outlook of hospitality markets in general, and premium international hotel chains in particular, offering wide

opportunities to young graduates

• Worldwide lack of well-groomed graduates for high-end hospitality market brings comfort on low sensitivity to any mid-term

change in industry trends

• On the other end, growing addressable base of high-schools, together with untapped pockets to be tackled

Consistent value proposition & fully private financing

• True life experience for students enrolled: cosmopolite population, outstanding environment, tight grooming

• Consistent high employability ensuring job opportunities as soon as graduation

• No public subsidies for either students or schools, avoiding any jeopardy long-term

International assets already, & still further room to develop in new geographies

• Already 80% of international students and 8 campuses around the world

• Additional campuses in the US (Les Roches) and in the UK (Glion), ramping up with appealing prospects

Further development potential for both schools

• Keep leveraging on respective strengths & positioning of each schools

• Increase investments in selected areas to improve on-campus experience fro students (e.g. facilities, dorms)

• Reinforcing Sales & Marketing resources to capture growth in relevant geographies

• Explore further initiatives

Hospitality Schools 7

Building the next stage with Eurazeo

Hospitality Schools 8

• Building a new standalone group, with full focus, and leveraging on its specificities

• New backbone structure to be set-up, with smooth transition agreements from

Laureate, relocating HQ functions in Europe

• Full focus & alignment from management team to shareholders on actual specificities

and needs from these schools

• Additional resources to further develop both schools

• Access to human & financial resources of Eurazeo to keep improving academic

excellence, support new locations and invest in facilities

• Benefit of Eurazeo’s expertise and networks in both Hospitality & Luxury sectors

SOLID UNDERLYING MARKET AND BUSINESS MODEL

Hospitality Schools 9

Positive outlook of hospitality markets Evolution of # of rooms supply worldwide

▲ Geographical dynamics driving the hospitably market

– Sustained global rooms supply growth driven by the APAC

and North America regions

– Europe largest hospitality market worldwide though slower

growth into 2020

– Based on hotel outlets that provide lodging incl. independent

and chained operators as well as all company owned, leased,

managed and franchised outlets

7,4 7,5 7,6 7,7 7,8 7,9 8,5

5,1 5,2 5,2 5,2 5,3 5,3 6,4

3,6 3,9 4,1 4,4 4,7 5,1

6,5

1,3 1,7 1,7 1,8 1,9 1,9

2,2

1,3 1,3 1,4 1,4

1,4 1,5

2,0

19,0 19,5 20,0 20,6

21,1 21,7

25,5

2009 2010 2011 2012 2013 2014 2020e

Europe North America APAC LatAm MEA

CAGR 09-14

CAGR 14-20

+3%

+4%

+7%

+1%

+1%

+5%

+2%

+4%

+3%

+1%

+3% p.a.

+3% p.a.

Accommodation rooms inventory by geography

and size (# rooms in 2014)

▲ Further potential for

hotel chain penetration

vs. independent,

worldwide apart

from the US

▲ Largest international hotel

chains over-represented

in Glion & Les Roches’

top employers

– Need for well-trained,

international profiles

from Hotel Chains point

of view

– Looking for recognized

brands, career

opportunities &

international curriculum

from students point of

view

9.1

(42%)

12.6

(58%)

21,7

World

Independent

Chains

Growth trend

Hospitality Schools 10

Scarcity of high-end graduates

Hospitality Schools 11

Premium hospitality schools supply ('000 students/graduates p.a.) Recruitment demand from premium chains

6,9 8,5 10,7

1,2 1,5

1,9 8,1

10,0

12,6

2010 2015 2020

Post-graduate Under-graduate

15,4 17,2

21,0

2010 2015 2020

+2% p.a.

+4% p.a.

+4% p.a.

+5-7% p.a.

(1)

Source: Roland Berger Notes: (1) Estimate based on Glion/ Les Roches ratio

Shortage of

supply to

premium hotel

chains

Perspectives from main employers

Groups

# Students enrolled

2013-2015 105 52 40 29 25

World pipeline (# rooms)

+240,000 rooms +34% vs. existing

capacities

+108,000 rooms +31% vs. existing

capacities

n.a.

+230,000 rooms +32% vs. existing

capacities

+55,000 rooms +36% vs. existing

capacities

Worldwide recognition in hospitality mgmt.

Hospitality Schools 12

Taylor Nelson Sofres (TNS) Top 10, 2013

# School Fees(1) Country vs. 2007 vs. 2010

1 Ecole Hôtelière de

Lausanne 174 = – = –

2 Glion, Glion & Bulle 157 = – = –

3 Les Roches, Bluche 146 = – -1

4 Cornell University 221 = – -2

5 Hotel School The Hague 54 = – = –

6 Les Roches, Marbella 92 n.a. n.a.

7 Oxford Brookes University 65 -1 +1

8 Blue Mountain, Leura 67 n.a. n.a.

9 Hotel School Vatel2) 27 n.a. -2

10 César Ritz Colleges 135 -1 -1

Glion Institute of Higher Education Receives Worldwide Hospitality Awards – BEST

HOSPITALITY MANAGEMENT SCHOOL 2015

(10/11/2015)

Glion Institute of Higher Education Receives AIAR Award for the Best Company

for Leadership in Higher Education, Europe

(10/10/2014)

Glion, one of the world’s top three institutes of higher education for an international

career in hospitality management

(TNS Global Survey, 2013)

Source: TNS; Hotelier MiddleEast; RolandBerger analysis Note: (1) Total course fees in kEUR (2) Depends on the campus

(3) 26% of students rate “reputation

• Stable, high employment

rates (above 90%) for both

schools as soon as graduation

• Underlying industries

(hospitality & client-facing

industries) growing

at consistent rates

• Glion & Les Roches’ students

considered extremely

“plug & play”

Transformative life experience

Asia

31%

Americas

1% Africa

2%

Europe

62%

Middle East

4%

EXCEPTIONAL SETTING AND

LEADING FACILITIES IN

SWITZERLAND

Campus of Montreux (Glion)

World reputation of Swiss hospitality

Switzerland is a safe & secure

cocoon in a tense international

context

CLOSELY ACCOMPANIED

STUDENTS

All students living on campus

1 teacher for every 20 students

COSMOPOLITAN : 95

NATIONALITIES AND ALMOST

80% OF INTERNATIONAL

STUDENTS

Asia

48%

Americas

10%

0%

Europe

42%

Middle East & Africa

0%

Hospitality Schools 13

STRATEGY

Hospitality Schools 14

Addressable market

still largely unexplored in several geographies

Switch to direct recruitment

in some selected markets while leveraging

agents expertise on others

Increase proximity with agents for indirect

enrollment (training, information systems,

visits)

Additional human & financial resources & roll-

out of industry’s best practices

Strategy for the Group

Hospitality Schools 15

Sales & marketing – Enrollment

• Recent change in leadership

• Further invest in facilities

• Continuous academic improvement

• Support London opening & ramp-up

• Strong management team already in place

• Support Chicago opening & ramp-up

• Further integrate campuses around the

globe to facilitate students’ movements

KEY FINANCIALS

Hospitality Schools 16

Group Financials REVENUE (in CHFm)

Adjusted EBITDA* (in CHFm)

154

164

173

2013A 2014A 2015A

CAGR 13-15 +5.9%

21

25

28

13,6%

15,1% 16,1%

2013A 2014A 2015A

EBITDA EBITDA margin

CAGR 13-15 +15,3%

Hospitality Schools 17

* Estimated standalone pro-forma EBITDA based on Eurazeo analysis

MANAGEMENT TEAM

Hospitality Schools 18

Management team

Michael Huckaby Chief Executive Officer

▲ CEO Hospitality & Culinary Education

since 2012

▲ VP for Enrollment from 2009 to 2012

▲ VP for Marketing from 2005 to 2008

▲ Various marketing positions in

Pharmaceuticals and Consumer

Products

Stephanie Furlough-Morris Chief Financial Officer

▲ VP Global Products & Services –

Hospitality since 2011

▲ BUs Director of Finance at Black &

Decker from 2005 to 2011

▲ Several positions at Black & Decker

Guy Bentley CEO, Glion Institute of Higher Education

▲ CEO of Glion WW since sept-15

▲ CEO of Blue Mountains (Laureate -

Australia) from 2005 to 2015

▲ Previous experiences in Hospitality

Education & Hospitality industry

Sonia Tatar CEO, Worldwide Les Roches

▲ CEO of Les Roches WW since 2013

▲ CEO of Les Roches Bluches since

2011

▲ Previous positions at INSEAD,

EuroDisney, Hyatt

Emily Knight VP, Head of Enrollment

▲ VP for Enrollment since sept-15

▲ CEO of Kendall College from 2012 to

dec-15

▲ VP Business dvpt & partnerships from

2011 to 2012

▲ Various positions at Pearson and New

England University

Hospitality Schools 19

Transaction Summary

• Acquisition of 100% of the share capital

• Enterprise Value of CHF 380m

• Equity investment for Eurazeo of approx. CHF 220m (€200m)

• Closing is expected within next few months

• Up to CHF 170m unitranche financing from ICG

Hospitality Schools 20

Conclusion

Hospitality Schools 21

Deep addressable market

still largely unexplored

Strong brands

with high recognition

Growth in

hospitality market Strong

management team

Operational

transformation

Eurazeo

expertise Expansion in

new geographies