Submission

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TITANS

Consulting Group

Invest ment Analysis of Alpha University

Prepared by Jennifer Gallagher, Ann Morgan, Bryan Powrozek Investment Bankers Top Titans Consulting Group January 27, 2009

Table of Contents

Top Titans Corporate Profile Alpha University • Market Analysis • Financial Analysis Recommendations

Top Titans Corporate Profile

Corporate Profile

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TITANS

Ann Morgan Chief Operating Officer

Bryan Powrozek Chief Financial Officer

Jennifer Gallagher Chief Marketing Officer

Client relationships are the heart of our business. We’ll not only help you achieve success, we’ll help you manage it.

Corporate Profile

Strategy & objectives

Search

Evaluation

Deal Making & Negotiation

Integration (Post-acquisition management

25-30% Required Rate of Return

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TITANS

We can help

• • • •

Over 30 years combined business experience Executive engagement (partners) Top Titans understands ACG Equity Partners goals End to End Support • We will guide you through the process • We will stay with you after the negotiations are complete

Alpha University: Market Analysis

The U.S. Government & Postsecondary Education Growth Rate

$373,000

6.4% Growth Rate

Annual Postsecondary Expenditures

Create the American Opportunity Tax Credit $4,000 Simplify the application process for financial aid

The U.S. Government & Postsecondary Education Growth Rate

$373,000

$7,000

Vocational school growth rate is outpacing the Postsecondary market by 1.4%

6.6% Growth Rate

Vocational School Expenditures

Vocational school market is growing at 8% per year

Postsecondary Enrollment Trend

(Millions)

Economic downturns usually have a positive effect on enrollment

• Increasing Postsecondary enrollment forecasted • Vocational School growth is outpacing overall Postsecondary growth

The U.S. Government & Postsecondary Education – Primary Contributors

$40.7B

Education

• Large portion...