2012 Business OutlookBased on enrollments announced for the 2012 fall term, the Company estimates fourth quarter 2012 diluted earnings per share will be in the range of $1.43 to $1.45. Based on its fourth quarter 2012 estimates, the Company expects its full year 2012 diluted earnings per share will be in the range of $5.73 to $5.75. New Term Loan and Revolving Credit Facility The Company announced today that on November 8, 2012, it entered into an amended and restated revolving credit and term loan agreement. This credit facility, which is secured by the assets of the Company, provides for a $125.0 million term loan facility and $100.0 million revolving credit facility with a maturity date of December 31, 2016. Proceeds from the new term loan were used to pay off $77.5 million outstanding under the original term loan facility. The Company had no outstanding balance under the revolving credit facility on the day of closing. 2013 Business Model The Company announced today that Strayer University will implement a 3% tuition increase effective January 2013, but is assuming roughly flat revenue per student in 2013 due to the University’s continued mix shift towards graduate and corporate sponsored students, as well as continued targeted use of scholarships. The Company also announced today that it expects Strayer University’s expenses to grow 1% to 2% in 2013, reflecting the annualization of operating costs at the eight new campuses opened during 2012, but that no additional campuses are currently planned for 2013. Therefore, the Company expects that at the 2012 revenue level, anticipated 2013 expenses would lead to a 19-20% operating margin in 2013, and EPS in the $5.40-$5.60 range. Each 1% increase (or decrease) in revenue from 2012 levels in 2013 will have an approximate 50 basis points positive (or negative) impact on operating margin, and an approximate $0.20 positive (or negative) impact on earnings per share. Finally, this model assumes an effective tax rate of 39.5% and 11,500,000 diluted shares outstanding.