1. SUCCESS THROUGH DIVERSITY
UBS Emerging Companies
Conference
10 April 2013 ASX: NVT

2. Disclaimer
Important Notice and Disclaimer
This document has been prepared by Navitas Limited ABN 69 109 613 309 ("Navitas" or the "Company"). Information in this document
should be read in conjunction with other Navitas announcements made to ASX.
This document has been prepared for information purposes only and does not take into account your individual investment objectives,
including the merits and risks involved in an investment in Navitas shares, or your financial situation or particular needs, and is not
investment, financial product, legal, tax or accounting advice or opinion.
You must not act on the basis of any matter contained in this document, but must make your own independent investigation and
assessment of Navitas and its shares and obtain any professional advice you require before making any investment decision based on
your investment objectives and financial circumstances. An investment in Navitas shares is subject to investment and other known and
unknown risks, some of which are beyond the control of Navitas, including possible delays in repayment and loss of income and principal
invested. Navitas does not guarantee any particular rate of return or the performance of Navitas, nor does it guarantee the repayment of
capital from Navitas or any particular tax treatment.
All information in this document is believed to be reliable, but no representation, warranty or guarantee, express or implied, is made by
Navitas, its subsidiaries or their respective directors, officers, employees or agents, nor any other person (the “Beneficiaries”) as to the
fairness, accuracy, completeness, reliability or correctness of the information, opinions and conclusions contained in this document
(including, without limitation, any estimates, calculations, projections or forward looking statements). No action should be taken on the
basis of the information, and no reliance may be placed for any purpose on the accuracy or completeness of the information or opinions
contained in this document. To the maximum extent permitted by law, the Beneficiaries shall have no liability, including, without
limitation, any liability arising from fault or negligence, for any direct or indirect loss or damage which may be suffered by any recipient
through relying on anything contained in or omitted from this document.
The distribution of this document in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be
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This document does not constitute an offer, invitation, solicitation, advice or recommendation with respect to the issue, purchase or sale
of any security in any jurisdiction. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or to any "U.S. person" (as defined in the U.S. Securities Act of 1933 ("U.S. Securities Act")). Shares in
Navitas have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other
jurisdiction of the United States. Accordingly, shares in Navitas may not be offered or sold, directly or indirectly, in the United States or
to, or for the account or benefit of, U.S. Persons, except in a transaction exempt from, or not subject to, the registration requirements of
the U.S. Securities Act and applicable U.S. state securities laws. This document may not be distributed or released in the United States or
to, or for the account or benefit of, any U.S. person.
All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 2

3. Company profile
Navitas (ASX: NVT) is a leading global education provider that offers
an extensive range of educational and training services for students
and professionals across Australia and around the world
Market cap Annual Staff Students Colleges/
revenue headcount schools
$2.0b $702.1m ~5,000 > 80,000 111
University Programs - leading provider of 30 pathway colleges and managed campuses across
Australia and in the UK, US, Canada, Singapore, Kenya and Sri Lanka
SAE Group - creative media education provider delivering vocational and higher education
qualifications in audio, film and multimedia via 53 colleges in Australasia, US, Europe and the Middle
East
Professional and English Programs – provides quality vocational training, higher education and
placement services in areas of key demand across Australia as well as providing English as a second
language courses for international students and English language, settlement and work preparation
programs for migrants and refugees
.
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 3

4. H1 FY13 Group highlights
Revenue EPS  Total Group revenue up 4% to $355.4m
$355.4m 9.3¢  EBITDA up 5% to $59.9m
 Net profit after tax $35.1m
NPAT DPS  Earnings per share 9.3¢
35.1m 9.3¢  Fully franked interim dividend of 9.3¢
Operational
 Return to growth in University Programs
enrolments
 SAE earnings growth below expectations
 English earnings bounce back strongly
 Professional and Student Recruitment record
earnings losses
 Strategic and structural review of Navitas
completed and implementation underway
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 4

5. UNIVERSITY PROGRAMS
ENROLMENTS

6. Australian total enrolment declines cease
Equivalent Full Time Students Units
(EFTSU) enrolments - variance against pcp
8%
5%
-0.5%
-4%
-8%
-9%
-12%
-13%
-14%
-21%
1001
1002
1003
1101
1102
1103
1201
1202
1203
1301
Semester
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 6

7. Australian new student recruitment
New student enrolments New Australian cohort has three components
 International students recruited
offshore – 201301 >30%
+ +
increase
7% 12%
1103 1201
 International students recruited
201203 201301
onshore – 201301 decrease
 Australian domestic students –
201301 ~10% increase
• Key factors for international offshore growth
 Stabilisation of Australian regulatory and policy environment
 Knight Review changes now being understood by markets
 SVP – commenced March 2012
 Post Study Work Rights – commenced March 2013, available to
students who commenced HE study after 5 November 2011
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 7

8. Trend continues to improve
Equivalent Full Time Students Units (EFTSU): Semester enrolments
20,000 40%
18,000 35%
Equivalent Full Time Students
30%
17,811
16,000
17,149
17,071
% Enrolment growth
16,422
25%
15,724
15,419
14,000
14,675
20%
14,601
14,529
14,306
14,097
13,602
(EFTSU)
13,320
12,000 15%
12,268
12,025
11,573
10,000 10%
5%
9,210
8,000
9,020
0%
6,000
-5%
4,000 -10%
2,000 -15%
0702
0703
0801
0802
0803
0901
0902
0903
1001
1002
1003
1101
1102
1103
1201
1202
1203
1301
Semester
Semester 1 2013 EFTSU - 4% growth against pcp
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 8

9. Continued diversification
201301 EFTSU by region 201201 EFTSU by region
Rest of
Rest of
World
World
13% 15%
North
America
16% North
America
13%
UK
UK Australia 12%
13% 58%
Australia
60%
Growth by region on pcp
• North America up 24%
• UK up 12%
• Australia down 0.5%
• Asia/Africa down 3%
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 9

10. INTERIM FINANCIAL
PERFORMANCE

11. Core Divisions perform well in 1st half
EBITDA ($m) H1 FY13 H1 FY12 Δ%
University Programs 52.3 49.9 5
SAE Group 12.6 11.8 7
Professional and English
4.6 3.7 24
Programs
Divisional EBITDA 69.5 65.4 6
Corporate costs (9.6) (8.3) 16 EBITDA by Division
7%
Group EBITDA 59.9 57.1 5
18%
69.5m
75%
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 11

12. Long term growth
REVENUE ($m) PERIOD MOVEMENT
341.8 355.4
50.4 13.6
270.2 291.4
21.2
217.4 52.8
55.2
13%
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
EBITDA ($m)
8.7
2.8
57.1 59.9 5.0
13.0
48.4
18%
43.4 1.9
30.4
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NPAT ($m)
35.4 35.1 2.8 (0.3)
32.6 5.1
19.0
27.5
17% 2.5
8.5
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 12

13. Consistent shareholder returns
EARNINGS (cps) PERIOD MOVEMENT
9.5 9.4 9.3
8.0 1.5 (0.1) (0.1)
2.5
5.5
14%
0.8
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
OPERATING CASH FLOW (cps)
4%
4.9
2.5 (2.5 )
10.1 (1.2 )
8.6
6.1 5.2
CAGR 0.3
4.9
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
DIVIDENDS (cps)
0.7 (0.1)
9.4 9.3 0.6
14%
8.7 2.6
8.1
5.5 0.5
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 13

14. APPENDIX

15. Global market conditions positive
World population by gender Global tertiary enrolment (m)
90+ 2010:3.45bn 2010: 3.40bn
80-89 2025: 3.99bn 2025:3.95bn
Male Female
70-79
98
60-69
50-59
263 Current enrolments
40-49
million by
2025 165 Enrolment growth
30-39
20-29
10-19
0-9
-1,000 -500 0 500 1,000
International student Millions International education market share (%)
enrolments (m) 8.2
4.1
3.7
3.5
2.8 3.0 3.1
2.1 2.4 2.6 3.2
2.1
2012
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2025
2011 to 2024
Source: , UNESCO Institute of Statistics, OECD Education at a Glance 2012
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 15

16. Corporate snapshot
375.4m ASX200 NVT
Shares on issue
$5.33
$2.0b Share Price
1 April 2013
52 wk range $3.55 - $5.33
Market Capitalisation
Annualised dividend 19.4cps
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 16

17. Detailed H1 P&L – 5 years
Navitas Ltd PCP Change
$000s H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 $000s Index CAGR*
Operating Revenue
University Programs 140,721 174,681 193,388 190,657 203,506 12,849 107% 10%
SAE - - - 57,063 55,594 (1,469) 97% n/a
PEP 74,925 93,811 95,215 92,084 94,389 2,305 103% 6%
C orporate & consolidation items 793 1,126 2,095 1,863 1,350 (513) 72% 14%
Total operating revenue 216,439 269,618 290,698 341,667 354,839 13,172 104% 13%
Expenses (186,038) (226,220) (242,321) (284,530) (294,965) (10,435) 104% 12%
EBITDA 30,401 43,398 48,377 57,137 59,874 2,737 105% 18%
Depreciation (2,415) (3,302) (3,825) (6,233) (7,039) (806) 113% 31%
EBITA 27,986 40,096 44,552 50,904 52,835 1,931 104% 17%
Amortisation (502) (488) (2,603) (488) (488) - 100% -1%
EBIT 27,484 39,608 41,949 50,416 52,347 1,931 104% 17%
Net Interest (paid)/received 246 441 390 (4,085) (3,802) 283 93% n/a
Net profit before tax 27,730 40,049 42,339 46,331 48,545 2,214 105% 15%
Income tax (8,955) (12,807) (10,122) (10,938) (13,242) (2,304) 121% 10%
NPAT 18,775 27,242 32,217 35,393 35,303 (90) 100% 17%
Outside equity interest 228 272 355 (33) (233) (200) 706% n/a
NPAT attributable to members 19,003 27,514 32,572 35,360 35,070 (290) 99% 17%
* Cumulative Annual Growth Rate from H1 FY09 to H1 FY13
NAVITAS (NVT) –UBS EMERGING COMPANIES CONFERENCE – 10 APRIL 2013 17