On\ue000 February\ue000 23,\ue000 2009,\ue000 officers\ue000 of\ue000 ITT\ue000 Educational\ue000 Services,\ue000 Inc.\ue000 (the\ue000 \u201cCompany\u201d)\ue000 provided\ue000 a\ue000 presentation\ue000 to\ue000 securities\ue000 analysts\ue000 and
investors\ue000 at\ue000 the\ue000 Credit\ue000 Suisse\ue000 11th\ue000 Annual\ue000 Global\ue000 Services\ue000 Conference.\ue000 Due\ue000 to\ue000 an\ue000 error\ue000 in\ue000 the\ue000 Internet\ue000 link\ue000 provided\ue000 by\ue000 the\ue000 conference
coordinator,\ue000 the\ue000 webcast\ue000 of\ue000 the\ue000 presentation\ue000 was\ue000 not\ue000 immediately\ue000 accessible\ue000 through\ue000 the\ue000 Company\u2019s\ue000 website.

During\ue000 the\ue000 conference,\ue000 the\ue000 Company\ue000 discussed\ue000 the\ue000 anticipated\ue000 effect\ue000 on\ue000 the\ue000 Company\ue000 of\ue000 a\ue000 new\ue000 private\ue000 education\ue000 loan\ue000 program\ue000 for the\ue000 Company\u2019s\ue000 students.\ue000 As\ue000 a\ue000 result,\ue000 the\ue000 Company\ue000 believes\ue000 that\ue000 the\ue000 amount\ue000 of\ue000 internal\ue000 student\ue000 financing\ue000 that\ue000 it\ue000 may\ue000 need\ue000 to\ue000 provide\ue000 to\ue000 its students\ue000 in\ue000 2009\ue000 will\ue000 be\ue000 in\ue000 the\ue000 range\ue000 of\ue000 $50\ue000 million\ue000 to\ue000 $70\ue000 million.\ue000 The\ue000 Company\ue000 also\ue000 believes\ue000 that\ue000 days\ue000 sales\ue000 outstanding\ue000 in\ue000 2009\ue000 will\ue000 range from\ue000 10\ue000 to\ue000 15\ue000 days\ue000 and\ue000 bad\ue000 debt\ue000 expense\ue000 as\ue000 a\ue000 percentage\ue000 of\ue000 revenue\ue000 in\ue000 2009\ue000 will\ue000 be\ue000 in\ue000 the\ue000 range\ue000 of\ue000 3%\ue000 to\ue000 5%.\ue000 Further,\ue000 as\ue000 a\ue000 result\ue000 of\ue000 the\ue000 new program,\ue000 the\ue000 Company\ue000 has\ue000 decided\ue000 to\ue000 revise\ue000 its\ue000 internal\ue000 goal\ue000 for\ue000 2009\ue000 earnings\ue000 per\ue000 share\ue000 from\ue000 the\ue000 previously\ue000 announced\ue000 range\ue000 of\ue000 $6.25\ue000 to $6.45,\ue000 to\ue000 the\ue000 revised\ue000 internal\ue000 goal\ue000 for\ue000 2009\ue000 earnings\ue000 per\ue000 share\ue000 in\ue000 the\ue000 range\ue000 of\ue000 $6.50\ue000 to\ue000 $6.75.

Except\ue000 for\ue000 any\ue000 historical\ue000 information\ue000 contained\ue000 herein,\ue000 the\ue000 matters\ue000 discussed\ue000 in\ue000 this\ue000 report\ue000 are\ue000 forward-looking\ue000 statements\ue000 within
the\ue000 meaning\ue000 of\ue000 the\ue000 Private\ue000 Securities\ue000 Litigation\ue000 Reform\ue000 Act.\ue000 Forward-looking\ue000 statements\ue000 are\ue000 made\ue000 based\ue000 upon\ue000 the\ue000 current\ue000 expectations
and\ue000 beliefs\ue000 of\ue000 the\ue000 company's\ue000 management\ue000 concerning\ue000 future\ue000 developments\ue000 and\ue000 their\ue000 potential\ue000 effect\ue000 on\ue000 the\ue000 company.\ue000 The\ue000 company\ue000 cannot
assure\ue000 you\ue000 that\ue000 future\ue000 developments\ue000 affecting\ue000 the\ue000 company\ue000 will\ue000 be\ue000 those\ue000 anticipated\ue000 by\ue000 its\ue000 management.\ue000 These\ue000 forward-looking\ue000 statements
involve\ue000 a\ue000 number\ue000 of\ue000 risks\ue000 and\ue000 uncertainties.\ue000 Among\ue000 the\ue000 factors\ue000 that\ue000 could\ue000 cause\ue000 actual\ue000 results\ue000 to\ue000 differ\ue000 materially\ue000 are\ue000 the\ue000 following:
business\ue000 conditions\ue000 and\ue000 growth\ue000 in\ue000 the\ue000 postsecondary\ue000 education\ue000 industry\ue000 and\ue000 in\ue000 the\ue000 general\ue000 economy;\ue000 changes\ue000 in\ue000 federal\ue000 and\ue000 state
governmental\ue000 regulations\ue000 with\ue000 respect\ue000 to\ue000 education\ue000 and\ue000 accreditation\ue000 standards,\ue000 or\ue000 the\ue000 interpretation\ue000 or\ue000 enforcement\ue000 thereof,\ue000 including,
but\ue000 not\ue000 limited\ue000 to,\ue000 the\ue000 level\ue000 of\ue000 government\ue000 funding\ue000 for,\ue000 and\ue000 the\ue000 company's\ue000 eligibility\ue000 to\ue000 participate\ue000 in,\ue000 student\ue000 financial\ue000 aid\ue000 programs
utilized\ue000 by\ue000 the\ue000 company's\ue000 students;\ue000 the\ue000 company\u2019s\ue000 failure\ue000 to\ue000 comply\ue000 with\ue000 the\ue000 extensive\ue000 education\ue000 laws\ue000 and\ue000 regulations\ue000 and\ue000 accreditation
standards\ue000 that\ue000 it\ue000 is\ue000 subject\ue000 to;\ue000 effects\ue000 of\ue000 any\ue000 change\ue000 in\ue000 ownership\ue000 of\ue000 the\ue000 company\ue000 resulting\ue000 in\ue000 a\ue000 change\ue000 in\ue000 control\ue000 of\ue000 the\ue000 company,\ue000 including,
but\ue000 not\ue000 limited\ue000 to,\ue000 the\ue000 consequences\ue000 of\ue000 such\ue000 changes\ue000 on\ue000 the\ue000 accreditation\ue000 and\ue000 federal\ue000 and\ue000 state\ue000 regulation\ue000 of\ue000 its\ue000 institutes;\ue000 the\ue000 company's
ability\ue000 to\ue000 implement\ue000 its\ue000 growth\ue000 strategies;\ue000 the\ue000 company\u2019s\ue000 failure\ue000 to\ue000 maintain\ue000 or\ue000 renew\ue000 required\ue000 regulatory\ue000 authorizations\ue000 or\ue000 accreditation
of\ue000 its\ue000 institutes;\ue000 receptivity\ue000 of\ue000 students\ue000 and\ue000 employers\ue000 to\ue000 the\ue000 company's\ue000 existing\ue000 program\ue000 offerings\ue000 and\ue000 new\ue000 curricula;\ue000 loss\ue000 of\ue000 access\ue000 by\ue000 the
company's\ue000 students\ue000 to\ue000 lenders\ue000 for\ue000 student\ue000 loans;\ue000 the\ue000 company\u2019s\ue000 ability\ue000 to\ue000 collect\ue000 internal\ue000 student\ue000 financing\ue000 from\ue000 its\ue000 students;\ue000 the\ue000 company\u2019s
ability\ue000 to\ue000 successfully\ue000 defend\ue000 litigation\ue000 and\ue000 other\ue000 claims\ue000 brought\ue000 against\ue000 it;\ue000 and\ue000 other\ue000 risks\ue000 and\ue000 uncertainties\ue000 detailed\ue000 from\ue000 time\ue000 to\ue000 time\ue000 in
the\ue000 company's\ue000 filings\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission.\ue000 The\ue000 company\ue000 undertakes\ue000 no\ue000 obligation\ue000 to\ue000 update\ue000 or\ue000 revise\ue000 any

The\ue000 information\ue000 furnished\ue000 in\ue000 this\ue000 report\ue000 shall\ue000 not\ue000 be\ue000 deemed\ue000 \u201cfiled\u201d\ue000 for\ue000 purposes\ue000 of\ue000 Section\ue000 18\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,
as\ue000 amended\ue000 (the\ue000 \u201cExchange\ue000 Act\u201d),\ue000 or\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 any\ue000 filing\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933,\ue000 as\ue000 amended,\ue000 or\ue000 the\ue000 Exchange
Act,\ue000 except\ue000 as\ue000 shall\ue000 be\ue000 expressly\ue000 set\ue000 forth\ue000 by\ue000 specific\ue000 reference\ue000 in\ue000 such\ue000 a\ue000 filing.