Nord Anglia Education

First Quarter Fiscal 2017

Results PresentationFor the period ended November 30, 2016

January 24, 2017

1

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

2

First quarter vs prior year

Financial

Revenue up 6.9% (CC1 8.5%) from $244.2 million to $261.0 million

Adjusted EBITDA decreased1.4% (CC1 up 0.4%) from $64.2 million to $63.3

million

Adjusted Net Income increased from $25.9 million to $26.0 million

Adjusted EPS unchanged at $0.25

Operational

Average full time equivalent students (FTEs) up 7.8% from to 36,934

Capacity up 11.9% from 48,998 seats to 54,813 seats

Revenue/FTE decreased 0.7% (CC1 increased 0.7%) from $7.1k to $7.0k

1 CC denotes Constant Currency throughout

3

4

Creating an education for the

in FY2017

Significant progress and

now in advanced

discussions with a

number of opportunities

Deep pipeline

On target to deploy

available capital of

~$200m+

Opened our first China

Bilingual school in

Shanghai

Exceptional demand

China Bilingual division

start-up on track

Targeting license for a

new school for

September 2017

New Bangkok campus

~1500 seats opening

September 2017

New Hong Kong campus

~520 seats opening

September 2017

New school Abu Dhabi

~400 seats expected

opening September 2017

~$11m same school expansion, ~$28m in maintenance capex

and ~$4m one-off systems project capex in FY2017

Expected capex

in FY2017 ~$20m Expected capex

in FY2017 ~$22m

5

Financial

6

Group summary – Q1 fiscal 2017 vs Q1 fiscal 2016

$ millions Q1FY17(1) Q1FY16 Variance

Premium Schools 260.1 243.1 CC: 8.6%

Actual: 7.0%

Other 0.9 1.1

Total Revenue 261.0 244.2 CC: 8.5%

Actual: 6.9%

Gross Profit 97.1 96.1 CC: 2.8%

Actual: 1.0%

Gross Profit Margin 37.2% 39.4% (2.2%)

Adjusted EBITDA 63.3 64.2 CC: 0.4%

Actual: (1.4%)

Adjusted EBITDA Margin 24.3% 26.3% (2.0%)

Adjusted Net Income 26.0 25.9 Actual: 0.4%

Adjusted EPS (in $) 0.25 0.25 Actual: 0.5%

1 Q1FY17 ends November 30, 2016

7

Q1 fiscal 2017 revenue bridge

Premium schools revenue

($ millions)

243.1 239.5

260.1

(3.6)

20.6

0.0

50.0

100.0

150.0

200.0

250.0

300.0

Q1 FY16 actual Q1 FY16 FX impact Q1 FY16 CC Q1 FY17 OrganicGrowth CC

Q1 FY17 actual

8

Q1 fiscal 2017 Adjusted EBITDA bridge

Adjusted EBITDA

($ millions)

64.263.1 63.3

(1.1)(4.9)

5.1

-5.0

5.0

15.0

25.0

35.0

45.0

55.0

65.0

75.0

Q1 FY16actual

Q1 FY16FX impact

Q1 FY16 CCAdj. EBITDA

Q1 FY17 SLB &Houston rent

Q1 FY17Organic Growth

Q1 FY17actual

9

China Expat Q1 FY2017

Commentary

Revenue/FTE $9.2k down from $9.6k due to:

FX impact of stronger USD; and

mix impact of stronger growth in lower price

point schools

Adjusted EBITDA Margin 42.3% up from 42.1%

Revenue $54.2m from $55.3m (2.0%)

+3.5% CC

Adj. EBITDA $22.9m from $23.3m (1.7%)

+4.2% CC

5,744 5,888

8,9269,242

Q1 FY16 Q1 FY17

FTEs Capacity

10

China Bilingual Q1 FY2017

Commentary

Revenue/FTE $7.4k for Q1 FY2017

Expected Revenue/FTE for FY2017 ~$26.0k

Expected to be around Adjusted EBITDA

breakeven and cash flow positive in FY2017

Establishment of new team on track

Revenue

$3.3m

Adj. EBITDA $0.2m

446

2,250

Q1 FY16 Q1 FY17

FTEs Capacity

11

Europe Q1 FY2017

Commentary

Revenue/FTE $9.2k down from $9.5k due to:

FX impact from strengthening USD; and

Mix impact of strong growth in Europe ex

Switzerland

Adjusted EBITDA Margin 23.7% up from 23.5%

Revenue $63.0m from $61.8m +1.9%

+2.3% CC

Adj. EBITDA $14.9m from $14.5m +2.8%

+3.2% CC

6,4726,859

8,617

9,691

Q1 FY16 Q1 FY17

FTE Capacity

12

Middle East Q1 FY2017

Commentary

Revenue/FTE $4.9k up from $4.8k due to:

limited tuition increases; and

positive mix impact

Adjusted EBITDA Margin 24.5% up from 21.9%

due to increased utilization

Revenue $27.5m from $25.2m +9.1%

+9.3% CC

Adj. EBITDA $6.7m from $5.5m +21.8%

+22.4% CC

5,2825,620

5,8516,187

Q1 FY16 Q1 FY17

FTE Capacity

13

South East Asia Q1 FY2017

Commentary

Revenue/FTE $4.9k up from $4.7k due to tuition

fee increases

Adjusted EBITDA Margin 32.5% up from 29.9%

due to utilization increase

Revenue $40.6m from $34.7m +17.0%

+15.5% CC

Adj. EBITDA $13.2m from $10.4m +26.9%

+25.7% CC

7,3218,219

12,09712,561

Q1 FY16 Q1 FY17

FTE Capacity

14

North America Q1 FY2017

Commentary

Revenue/FTE $7.2k up from $7.0k due to tuition

fee increases

Adjusted EBITDA Margin 22.9% down from 30.4%

due to:

sale and leaseback rent; and

new Houston campus rent

Revenue $71.5m from $66.1m +8.2%

+9.4% CC

Adj. EBITDA $16.4m from $20.1m (18.4%)

(17.7%) CC

9,4369,902

13,507

14,882

Q1 FY16 Q1 FY17

FTE Capacity

15

Balance sheet & cash flow

4.3x

4.9x

3.8x

4.3x

LTM Q4FY15 LTM Q1FY16 LTM Q4FY16 LTM Q1FY17

Net Leverage

Three months ended

November 30,

($ millions) 2016 2015

Cash generated from operations (54.5) (41.2)

Payment of loan/bond expenses - (3.9)

Interest paid (11.7) (13.1)

Tax paid (4.9) (3.6)

Net cash used in operating

activities (71.1) (61.8)

Acquisition consideration(3) (13.5) (27.9)

Capital expenditures (24.1) (28.7)

Other (9.2) 0.6

Net cash used in investing

activities (46.8) (56.0)

Net cash (used in) / generated from

financing activities (3.6) 66.6

Net increase/(decrease) in cash and

cash equivalents (121.5) (51.2)

Effect of FX fluctuations (10.1) (4.3)

Cash and cash equivalents at end

of the period (including overdrafts)240.3 170.4

Q1FY17 Net Debt $878.3m1

LTM Q1FY17 Consolidated EBITDA PF

$202.8m2

Negative EBITDA impact from FX, new

Houston campus and sale and leaseback

Highlights Summary cash flow

Target net leverage: 3.5 - 4.0x in FY17

1 Net debt calculated as the principal debt outstanding including capital leases less cash

2 LTM Q1FY17 Consolidated EBITDA pro forma LTM impact of the sale & leaseback $6.1m

3 Q1 FY17 $13.5m relates to deferred consideration for our schools in Vietnam and Cambodia

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17

Nord Anglia Education is updating its earnings

outlook for FY2017 to reflect the impact of our term

loan repricing:

for FY2017

1 Diluted weighted average shares of approximately 104.5 million

Previous FY2017

outlook

as of Nov 29, 2016

Updated FY2017

outlook

as of Jan 24, 2017

Revenue $910 – $930 million $910 – $930 million

Adjusted EBITDA $207 – $217 million $207 – $217 million

Adjusted Net Income $67 – $72 million $69 – $74 million

Adjusted EPS1$0.64 – $0.69 $0.66 – $0.71

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49,400

11 Schools

10 Schools

6 Schools

8 Schools

Our of schools

8 Schools

United States of America

British International School of Boston

British International School of Chicago, Lincoln Park

British International School of Chicago, South Loop

British International School of Houston

British International School of Washington

Nord Anglia International School New York

North Broward Preparatory School

The British International School of Charlotte

The Village School

Windermere Preparatory School

Mexico

Instituto San Roberto

Czech Republic

The English International School Prague

Hungary

The British International School Budapest

Poland

The British School Warsaw

Slovakia

The British International School Bratislava

Spain

International College Spain

Switzerland

Collège Beau Soleil, Villars-Sur-Ollon

Collège Champittet, Nyon

Collège Champittet, Pully

Collège du Léman

La Côte International School, Aubonne

United Arab Emirates

Nord Anglia International School Dubai

The British International School Abu Dhabi

Qatar

Compass International School, Al Khor

Compass International School Doha, Rayyan

Compass International School Doha,

Gharaffa

Compass International School Doha,

Madinat Khalifa

Cambodia

Northbridge International School Cambodia

Singapore

Dover Court International School Singapore

Thailand

Regents International School Pattaya

St Andrews International School Bangkok

Vietnam

British International School, Hanoi

British International School, Ho Chi Minh City

British Vietnamese International School, Hanoi

British Vietnamese International School, Ho Chi Minh

City

China

Léman International School, Chengdu

Nord Anglia Chinese International School Shanghai

The British International School Shanghai, Pudong

The British International School Shanghai, Puxi

The British School of Beijing, Sanlitun

The British School of Beijing, Shunyi

The British School of Guangzhou

Hong Kong S.A.R

Nord Anglia International School Hong Kong

20

Our path to becoming the premium schools

34,81937,202

4,010 4,282 6,166 7,054 8,180 10,279

17,31322,286

Aug 31,2008

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Jan 23, 2017

No. of

schools:6 6 9 12 13 25 31 35 42 43

Student Enrollment

organization

Q1 FY17 results presentation | Nord Anglia Education21

Greenfield opportunities generate the 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

he

rL

ow

er

3-4 years to breakeven1

6-8 years to maturity2

e.g. Chicago (opened

Sept 2015)

1-2 years to breakeven1

3-4 years to maturity2

e.g. Shanghai (opened

Sept 2003)

Not a strategic fit

2-3 years to breakeven1

3-5 years to maturity2

e.g. Dubai (opened

Sept 2014)

Growth

Margin

22

Consolidated income statement

Three Months Ended

$ millions, except share data

November 30,

2016

November 30,

2015

(unaudited) (unaudited)

Revenue 261.0 244.2

Cost of sales (163.9) (148.1)

Gross profit 97.1 96.1

Selling, general & administrative expenses (51.7) (45.9)

Depreciation (0.1) (0.2)

Amortization (4.6) (4.6)

Other gains/(losses) 20.8 (0.1)

Exceptional expenses (0.5) (2.4)

Total expenses (36.1) (53.2)

Operating profit 61.0 42.9

Finance income 1.1 1.0

Finance expense (10.0) (3.2)

Net finance expense (8.9) (2.2)

Profit before income tax 52.1 40.7

Income tax expense (12.1) (8.4)

Profit for the period 40.0 32.3

Profit attributable to:

Owners of the parent 39.4 31.8

Non-controlling interest 0.6 0.5

Profit for the period 40.0 32.3

Earnings per ordinary share (in dollars)

Basic 0.38 0.31

Diluted 0.38 0.31

23

operating data

Three Months Ended

November 30,

2016

November 30,

2015

Full-time equivalent students (average for the period)

China 5,888 5,744

China Bilingual 446 -

China total 6,334 5,744

Europe 6,859 6,472

Middle East 5,620 5,282

South East Asia 8,219 7,321

North America 9,902 9,436

Total 36,934 34,255

Capacity (average for the period)

China 9,242 8,926

China Bilingual 2,250 -

China total 11,492 8,926

Europe 9,691 8,617

Middle East 6,187 5,851

South East Asia 12,561 12,097

North America 14,882 13,507

Total 54,813 48,998

24

operating data continued

Three Months Ended

November 30,

2016

November 30,

2015

Utilization (average for the period)

China 64% 64%

China Bilingual 20% -

China total 55% 64%

Europe 71% 75%

Middle East 91% 90%

South East Asia 65% 61%

North America 67% 70%

Total 67% 70%

Revenue per FTE (in $ thousands)

China 9.2 9.6

China Bilingual 7.4 -

China total 9.1 9.6

Europe 9.2 9.5

Middle East 4.9 4.8

South East Asia 4.9 4.7

North America 7.2 7.0

Total 7.0 7.1

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Supplemental financial data

Three Months Ended % Variance

$ millions

November 30,

2016

November 30,

2015Reported

Constant

Currency

(unaudited) (unaudited)

Revenue (segment)

Premium Schools

China 54.2 55.3 (2.0%) 3.5%

China Bilingual 3.3 - - -

China total 57.5 55.3 4.0% 9.8%

Europe 63.0 61.8 1.9% 2.3%

Middle East 27.5 25.2 9.1% 9.3%

South East Asia 40.6 34.7 17.0% 15.5%

North America 71.5 66.1 8.2% 9.4%

Total Premium Schools 260.1 243.1 7.0% 8.6%

Other 0.9 1.1 (18.2%) (8.0%)

Total Revenue 261.0 244.2 6.9% 8.5%

Adjusted EBITDA (segment)

Premium Schools

China 22.9 23.3 (1.7%) 4.2%

China Bilingual 0.2 - - -

China total 23.1 23.3 (0.9%) 5.2%

Europe 14.9 14.5 2.8% 3.2%

Middle East 6.7 5.5 21.8% 22.4%

South East Asia 13.2 10.4 26.9% 25.7%

North America 16.4 20.1 (18.4%) (17.7%)

Total Premium Schools 74.3 73.8 0.7% 2.8%

Other - (0.2) (100.0%) (100.0%)

Central and regional expenses (11.0) (9.4) 17.0% 21.3%

Adjusted EBITDA 63.3 64.2 (1.4%) 0.4%

Adjusted Net Income 26.0 25.9 0.4%

26

Reconciliation of non-GAAP financial data

Three Months Ended

$ millionsNovember 30, November 30,

2016 2015

Profit for the period 40.0 32.3

Income tax expense 12.1 8.4

Net financing expense 8.9 2.2

Exceptional items 0.5 2.4

Other (gains)/losses (20.8) 0.1

Amortization 4.6 4.6

Depreciation 0.1 0.2

Depreciation in cost of sales 11.8 11.8

EBITDA 57.2 62.0

Gain on disposal of property, plant and equipment (0.0) (0.0)

Share based payments 2.2 1.6

Greenfield pre-opening costs 1.5 0.3

China Bilingual team establishment 0.3 -

Rollout of Juilliard Program 0.6 0.3

Rollout of MIT collaboration 0.4 -

Global campus expedition facility 0.4 -

SOX implementation 0.5 -

Other 0.2 -

Adjusted EBITDA 63.3 64.2

27

Reconciliation of non-GAAP financial data continued

Three Months Ended

$ millionsNovember 30, November 30,

2016 2015

Depreciation (11.9) (12.0)

Net Financing Expense (8.9) (2.2)

Financing Expense Adjustments (7.0) (14.0)

Income Tax Expense (12.1) (8.4)

Tax Adjustments 3.2 (1.2)

Non-Controlling Interest (0.6) (0.5)

Adjusted Net Income 26.0 25.9

Adjusted earnings per ordinary share (in $)

Basic 0.25 0.25

Diluted 0.25 0.25

28

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