1. Renewing Campuses for Long Term Strength: Webster’s Global Perspective CACUBO September 30, 2012 Dr. Greg Gunderson Vice President and CFO

2. Summary 2011 Moody’s Upgrade Development of Master Plan Capital Project Plan Renewing Campuses for Long Term Strength: Webster’s Global Perspective

3. 2011 Moody’s Upgrade Rating Improved – 2009 Baa1 to A3 – 2011 A3 to A2 Renewing Campuses for Long Term Strength: Webster’s Global Perspective

4. 2011 Moody’s Upgrade Targeted Presentation Strategic Focus Distributed Revenue Model Strong Fiscal Performance Renewing Campuses for Long Term Strength: Webster’s Global Perspective

5. Strategic Focus Renewing Campuses for Long Term Strength: Webster’s Global Perspective

6. Distributed Revenue Model Renewing Campuses for Long Term Strength: Webster’s Global Perspective

7. Distributed Revenue Model Renewing Campuses for Long Term Strength: Webster’s Global Perspective

8. Strong Fiscal Performance Renewing Campuses for Long Term Strength: Webster’s Global Perspective

9. Development of Master Plan Renewing Campuses for Long Term Strength: Webster’s Global Perspective

10. Survey and Analysis Renewing Campuses for Long Term Strength: Webster’s Global Perspective

11. Space Needs Summary Renewing Campuses for Long Term Strength: Webster’s Global Perspective

12. Master Plan Renewing Campuses for Long Term Strength: Webster’s Global Perspective

13. Phasing Near Term Renewing Campuses for Long Term Strength: Webster’s Global Perspective

14. International Investments Vienna – Oldest MBA provider – Location, location…. – Lease to Buy Ghana – First US institution – Joint Venture Renewing Campuses for Long Term Strength: Webster’s Global Perspective

15. Capital Projects Renewing Campuses for Long Term Strength: Webster’s Global Perspective 4-Year Capital Plan – Links to Master Plan Priorities – Balances annual cash flow and depreciation Transparent Board Reporting: – Tracks each project as approved, as amended – Tracks funding source allocation – Identifies resources to be reallocated