1. T R A N S A C T I O N M A N A G E M E N T
A N D E X E C U T I V E R E C R U I T I N G
F O R P R I V AT E C A R E E R C O L L E G E S
D A V I D S H E F R I N & A S S O C I A T E S

2. In today’s red-hot career college market, for-profit
education companies are trading at historic highs
and earnings regularly outpace expectations.
The strong investment forecast for this industry
has made the post-secondary education market
an important investment opportunity for private
equity firms. When selecting your partners in this
high-growth investment marketplace, you need
a firm with experience, proven leadership and a
real understanding of the current marketplace.
DAVID SHEFRIN & ASSOCIATES has a track
record which is unparalleled in the industry.

3. DAVID SHEFRIN & ASSOCIATES
(DS&A) is the country’s leading team of
professionals specializing exclusively
in the purchase and sale of private
career colleges and the recruitment
of senior management personnel in
the post-secondary education sector.
After years of owning and operating
private career colleges, David Shefrin
founded his practice over two decades
ago to assist in the successful sale or
purchase of career colleges. He has
since assembled the finest team of
professionals in the industry.
Each highly experienced professional
on the DS&A staff brings to the table
extensive knowledge of the industry
and years of building successful
relationships. In fact, DS&A has
successfully executed more career
college transactions than any other
company in the business. Because
the career college industry is the only
sector in which DS&A specializes, our
company has an unparalleled day-to-
day understanding and awareness
of the changes, opportunities and
challenges faced in this competitive,
fast-paced marketplace.
Whether you represent a single school
with three hundred students, or a
multi-campus network with thousands
enrolled, David Shefrin & Associates
is uniquely prepared to assist with your
valuation, brokerage and executive
staffing needs.
DS&A goal-centered approach has lead
to successful long-term relationships
within the most extensive network in
post-secondary education.
Our unparalleled team of professionals
works tirelessly within the industry’s
most successful business model to
ensure your success and satisfaction.
David Shefrin & Associates holds the
industry’s highest reputation for their
attention to detail and discretion, both
when assisting in the development of
valuation models and when creating
and fulfilling unique staffing profiles.
More than any firm in the industry,
DS&A understands the many complex
financial and personnel issues facing
this rapidly growing industry.
[ DS&A ] EXPERTS IN TRANSACTION MANAGEMENT & EXECUTIVE RECRUITMENT
Post-secondary education companies have experienced remarkable success in
recent years. ITT EDUCATIONAL SERVICES posted 2008 revenues of over $1 billion.
STRAYER EDUCATION INC. is publicly traded on the NASDAQ at over $200/share.
David Shefrin & Associates is poised to be your partner in the next success story.

4. Economic indicators are right for
developing investments in the higher
education marketplace. Increasing
demands for career professionals in
allied health, business management,
technology and other fields have
resulted in skyrocketing enrollment
at private career colleges. As part
of a well managed portfolio, these
investments provide remarkable
stability in an unsure marketplace.
David Shefrin & Associates is one of
the leading firms specializing in the
post-secondary education market.
Because of this specialization, DS&A
is uniquely qualified to assist existing
ownership – as well as private equity
firms – to create fair and unbiased
valuation models given the current
market trends. DS&A provides strong
leadership in bringing private equity
firms into the career college sector
with exceptional revenue success.
Whether you operate a single campus,
a successful online college, or a
conglomerate of campuses across the
country, DS&A professionals can
provide hands-on management of your
transaction from valuation through
packaging, and can bring unique
sources of capital into the equation.
For over thirty years, these consummate
professionals have guided career college
management as they seek to accurately
time their entry into the marketplace.
DS&A knows not only the private career
college playing field, but also has
strong scouting knowledge of all of its
players. For each transaction, DS&A
assembles a professional team
uniquely selected to meet the needs
of your situation. Because we have
our finger on the pulse of the market,
we can efficiently get your message,
and your opportunity, to the right target
market, rather than shotgunning
information to thousands of unqualified
leads. Our strong knowledge of the
U.S. Department of Education, federal
and state regulations and the various
accreditation agencies, allows us to
ensure your transaction is handled with
discretion, confidence and excellence.
DS&A focuses on the specifics of
your transaction, thus providing more
efficient entry into the marketplace.
If you are considering putting your
school on the market, there is no better
time than the present. DS&A clients
have experienced remarkable success
with efficient transactions that can
yield generous revenue for the seller
and an exceptional long-term earnings
potential for the buyer. These buyers
are currently enamored with the higher
education market and DS&A has a
varied portfolio of private equity clients
seeking to make investments in
education, particularly for schools with
regional and national accreditation.
Growth of earnings and enrollments
in private career colleges makes these
investments a prime focus for private
equity. Institutional investors and
PE firms seek out the professionals at
DS&A for their knowledge of valuations
within this changing industry. DS&A
professionals can help investors assess
the EBITDA/revenue projections for a
particular property, as well as evaluate
the importance of the school’s regional
or national accreditation, curriculum
and certifications offered. DS&A works
with more career colleges than anyone.
Their unmatched team of professionals
understands the impact of scalability
on an investor’s existing marketing,
advertising and administrative costs.
[BROKERAGE ] SPECIALIZING IN THE POST-SECONDARY EDUCATION SECTOR

5. DAVID SHEFRIN & ASSOCIATES has gained an
unparalleled level of experience, and understands
more about the private career college sector than
any other firm in the industry.
Selecting senior management for your school
or investment is a critical decision. Selecting your
recruiting team is just as important. You need
professionals with discretion, who will expertly
survey the marketplace without limiting your
choices, but you also require a partner with a
distinct market advantage— real-time, current
knowledge of where the untapped talent lies.

6. RETAINED SEARCH Discretion and
professionalism are key factors in any
search for a new CEO, Vice President
or Chair. Retained search offers the
most effective means of acquiring new
executive talent without disrupting
current business operations. DS&A
professionals will meet with your
search committee to determine, and
more clearly enumerate, those factors
that are most important to you in
selecting an appropriate candidate.
During our pre-search study, we help
your search committee to use the
specific history, culture, strengths and
challenges faced by your institution to
assist in defining the qualifications
of the ideal candidate.
That profile is critical as your DS&A
consultant team evaluates all potential
candidates and brings only the finest
matches to your search committee
for consideration.
Our search process includes extensive
background checks, ensuring that
compensation negotiations go smoothly
and transitioning the candidate seam-
lessly from their current engagement
into your team. In fact, we continue
to assess the transition and success
of the new placement for a full year
following their employment.
When private equity firms began invest-
ment in the post-secondary education
market, one of the greatest challenges
faced was creating the right executive
team to support them in developing
their investment. The professionals at
David Shefrin & Associates work with
new and prospective owners to provide
a “turn-key” staffing solution from
Executive Directors and Departmental
Chairs to Campus President.
DS&A works extensively and exclusively
within the private career college market.
We have the connections to reach top
candidates that cannot be reached
through other means. Starting your
team with top-talent is critical to the
long-term success of your organization.
CONTINGENT SEARCH When selecting
your senior management team, from
a Director up to high-level Corporate
Officers, our recruiting professionals
have more inside knowledge of the
private career college industry than
any other firm. Our recruiters can reach
top candidates that are often unavail-
able through any other method.
In a contingent search, our success
depends entirely on your success—
we only get paid after helping you
to locate and hire the right candidate.
David Shefrin & Associates is committed
to creating strong working relationships
in the contingent search process.
DS&A recruiters work side by side with
your selection committee to create a
position profile which clearly defines
the roles and skill sets desired in a
new acquisition. The DS&A team then
performs an exhaustive search of all
available and potential candidates,
including discrete professional outreach
to candidates not yet available. Only
the most qualified candidates are then
presented to your search committee.
Your DS&A search professionals will
continue to monitor and overview the
process until your new hire becomes
a part of your permanent staff.
[RECRUITMENT] SKILLED PROFESIONALS FINDING TOP INDUSTRY TALENT

7. NATIONAL HISPANIC UNIVERSITY(NHU) 600 students — East San Jose, CA:
PurchasedbyLaureateEducation.DS&Aintroducedtheopportunitytothebuyers.
College is regionally accredited by WASC.
DIGITAL ANIMATION & VISUAL EFFECTS (DAVE) SCHOOL 100 students —
Orlando, FL: Purchased by Instituto de Banca y Comercio which is a subsidiary
of EduK/Leeds Equity. Offers a one-year, intensive program in digital animation
to include full motion and 3-D animation.
VALLEY CAREER COLLEGE 300 students — El Cajon, CA: Purchased by
Newbridge College. DS&A advised the seller. School is accredited by ACCET and
features programs in Allied Health and Information Technology.
NORTHCENTRAL UNIVERSITY 6,900 students — Prescott, AZ: Purchased
by Rockbridge Growth Equity. DS&A represented the seller. College is regionally
accredited by NCU-Higher Learning Commission, exclusively an online college
with degree programs up to the PHD level.
AMERICARESCHOOLOFNURSING 250students—FernPark&St.Petersburg,FL:
Purchased by Baran Institute of Technology. DS&A represented the sellers.
School is accredited by ABHES and features programs in Allied Health and
Practical Nursing.
INTELLITEC MEDICAL INSTITUTE 300 students — Colorado Springs, CO:
Purchased by NB Education. DS&A represented sellers. School accredited by
ACCSCT, offers Certificates/Associates Degrees in Allied Health.
NORTHWESTERN COLLEGE 200 students — Sacramento, CA: Purchased by
Alta Education, LLC. DS&A represented seller in this investment. School is
accredited by ACCSCT, offers Diplomas and Associates Degrees in Massage
Therapy.
TRI-STATE BUSINESS INSTITUTE 750 students — Erie, PA: Investment by
Education Affiliates of Baltimore. DS&A represented seller. School is accredited
byACICS and offers Diplomas, Certificates and Associate Degrees in Information
Technology, Medical, Legal, Business and Cosmetology.
ICTCOLLEGE(renamedLACollegeInternational)200students—LosAngeles,CA:
Purchased by Prime II Management. DS&A represented seller. College is
accredited by ACICS, offers Diplomas, Associates and BA Degrees in Medical
and Information Technology.
GRAND CANYON UNIVERSITY 4,000 students — Phoenix, AZ: Purchased by
SignificantVentures,LLC.DS&Arepresentedthebuyer/investor. Regionallyaccred-
ited by NCA-Higher Learning Commission. Programs in Nursing and Education.
HELMA INSTITUTE OF MASSAGE THERAPY 100 students — Saddle Brook, NJ:
Purchased by EPIC Partners of New York. DS&A represented seller. Accredited
by ACCSCT, Helma has served the NY metro area for many years through its
campus in New Jersey.
INSTITUTE OF TECHNOLOGY 1,700 students — Northern & Central CA:
Purchased byBrightStarEducation Group (Arlington Capital). DS&A represented
the seller. Accredited by ACCSCT, courses offered in the Business, Culinary,
Technical and Medical fields.
HAWAII BUSINESS COLLEGE 325 students — 4 locations in Honolulu, HI:
Purchased by private investor. DS&A represented seller. School is accredited by
ACICS, offers Associate Degrees in Business and Healthcare.
COMPUTER EDUCATION INSTITUTE (renamed Maric) 1,800 students —
Lake Forest, CA: Purchased byKaplan HigherEducation. DS&A represented seller.
School has 10 locations and is accredited by ACCET & ACICS. Associate Degrees
offered in Information Technology, Business and Allied Health.
WESTERN SCHOOL OF HEALTH & BUSINESS CAREERS 450 students —
Pittsburgh PA: Purchased by Career Education Corporation, two locations.
DS&A represented the seller. School accredited by ACCSCT & ABHES. Program-
matically accredited in the various Allied Health courses. Associate Degrees
offered in Business, Medical, Paralegal and Massage Therapy.
HARRIS SCHOOL OF BUSINESS 100 students — Cherry Hill, NJ: Purchased by
Branford Hall Career Institute, now Premier. DS&A represented seller. The school
is accredited by ACICS, diplomas in Business, Medical.
ROCKFORD BUSINESS COLLEGE 370 students — Rockford, IL: Purchased
by American Higher Education Development Corp. School is accredited by
ACICS, offering Associate Degrees in Business, Information Technology and
Allied Health.
NATIONAL HOLISTIC INSTITUTE 550 students — Emeryville, CA: Purchased
by Private Investor. DS&A represented the seller. School is accredited by
ACCET, Diplomas offered in Massage Therapy.
COLLEGE OF OCEANEERING 500 students — Wilmington, California (Renamed
National Polytechnic College of Science) Purchased by National University, buyer
has converted the college into a non-profit. DS&A represented the seller. School
is regionally accredited by WASC. Associate Degrees offered in Diver Training.
DAVIDSHEFRIN&ASSOCIATESCOMPLETEDTRANSACTIONS

8. SALTER SCHOOL 350 students — Worcester, MA: Purchased by Branford
Hall Career Institute. DS&A represented seller. School is accredited by ACICS,
diplomas offered in Business and Information Technology.
TECHNOLOGY EDUCATION COLLEGE 375 students — Columbus, OH:
Purchased by Quest/Kaplan. DS&A represented seller. School is accredited by
ACCSCT, offering Associate Degrees in Allied Health, Information Technology
and Business.
INSTITUTE OF CAREER EDUCATION 200 students — West Palm Beach, FL:
Purchased by Summit Education. DS&A represented seller. School is accredited
byACICS, Associate Degrees in Business and Computers.
SEACOAST CAREER SCHOOLS 125 students — Wells, MA: Purchased by
Branford Hall Career Institute. DS&A represented seller. School is accredited
by ACCET, offering diplomas in Business.
COMPUTER-ED BUSINESS INSTITUTE 350 students — 3 locations in MA,
2 in RI: Purchased by Lincoln Education Systems. DS&A represented seller.
Accredited by ACICS, courses offered in Business, Medical and Information
Technology.
SUBURBAN TECHNICAL SCHOOL 150 students — Hempstead, NY: Purchased
by Branford Hall Career Institute, now Premier. DS&A represented seller. Accred-
ited by ACCSCT and ACICS offering certificate programs in Digital Computing
Technology and Medical Assisting.
DOVER BUSINESS COLLEGE 350 students — Paramus, NJ: Two campuses
purchased by Berkeley College, DS&A represented seller. College accredited
by ACICS, offering certificate programs in Business, Medical, Computers, and
Electronics.
COMPUTER TRAINING ACADEMY 500 students — Pleasanton, CA: Purchased
by Corinthian Colleges, DS&A represented seller. College accredited by ACCET,
offering certificate programs in Telecommunications and Information Technology
related courses.
FLORIDA CAREER INSTITUTE 200 students — Lakeland FL: Purchased by
The Marco Group, DS&A represented seller. Accredited by ACCET, offering
certificate programs in Computers, Business & Allied Health.
INVESTMENT BY WEISS, PECK & GREER 1,500 students: A New York based
Investment Management Firm, invested in a career college accredited by
ACCSCT, offering degrees in information technology. Proceeds to be used for
expanding distance-learning division. DS&A represented the investor.
GLENDALE CAREER COLLEGE 1500 students — Glendale & San Diego, CA;
Las Vegas, NV: Purchased by Landmark Education, DS&A represented seller.
Accredited by ACCET, offering diplomas in Allied Health.
AZ AUTOMOTIVE INSTITUTE 500 students — Phoenix, AZ: Purchased by ATI,
DS&A represented seller, Harcourt General. College accredited by ACCSCT.
Offering degree programs in Automotive Technology.
CERTIFIED CAREERS INSTITUTE 700 students — Salt Lake City, Ogden UT:
Purchased by Landmark Education, DS&A represented buyer. Accredited by
ACCSCT, offering self-paced degree courses in IT.
AMERICAN CAREER COLLEGE 200 students — Los Angeles, CA: Purchased by
American Business College, DS&A represented the seller. College accredited
by ACICS. Offering diplomas in Computers and Allied Health.
HURON UNIVERSITY 800 students — Huron, Sioux Falls, SD: Purchased by
Whitman Education, DS&A represented the seller. Regionally accredited
by NCA-Higher Learning Commission, degrees in Business & Computers.
DAVIDSHEFRIN&ASSOCIATESCOMPLETEDTRANSACTIONS

9. SENIOR MANAGEMENT POSITIONS
VP OF EDUCATION
Professional Business College
Corporate Director of Financial Aid
Vista College
VP of Human Resources
Lincoln Technical
Corporate VP of Financial Aid
Berkeley College
VP Academic Affairs
Argosy University
VP/Chief Academic Officer
Heald Colleges
Corporate Director of Compliance & Accreditation
Universal Technical Institute
COO (Regional VP)
Denver School of Nursing
Director of Licensing & Accreditation
Universal Technical Institute
Corporate VP Distance Learning (online)
Argosy University
Corporate Director of Admissions & Marketing
Florida Career College
MANAGEMENT POSITIONS
Corporate Director of Career Services
Eaglegate College
Dean of Curriculum & Instruction
Education Affiliates
Director
American Career Institute
Director of Compliance & Licensing
Drake College of Business
Nursing Program Director
US Education Corp/Apollo
Director
Institute of Allied Medical Professions
Physical Therapy Program Director
Brookline College
Campus President
Argosy University
Executive Director
Education Affiliates
Dean of Business
Northcentral University
Corporate Director of Operations (online)
Strayer
VP Sales/Admissions
Full Sail/LA Film School
Regional Director of Operations
Vatterott
Campus President
Prospect Education
Director of Admissions
Academy of Healthcare Professions
Regional Director of Education
Education Affiliates
Director
Lincoln Technical
IT Program Chair
CEC/Colorado Technical University
Director of Admissions
York Technical Institute
DAVIDSHEFRIN&ASSOCIATESRECRUITINGPLACEMENTS

10. 14301 NORTH 87TH STREET
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SCOTTSDALE ARIZONA 85260
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T R A N S A C T I O N M A N A G E M E N T | E X E C U T I V E R E C R U I T I N G