Third Quarter 2020Earnings Review

March 4, 2020

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Safe Harbor StatementThis presentation contains certain forward-looking statements concerning the Company’s Fiscal Year 2020 Outlook, operations, performance, and financialcondition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements.Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies,many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to(i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity ofjournal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers;(vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii)the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquiredoperations and realize expected opportunities; (x) achievement of targeted run rate savings through restructuring actions; (xi) and other factors detailed fromtime to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any suchforward-looking statements to reflect subsequent events or circumstances

Non-GAAP MeasuresIn this presentation, management provides the following non-GAAP performance measures:• Adjusted Earnings Per Share (“Adjusted EPS”);• Free Cash Flow less Product Development Spending;• Adjusted Revenue;• Adjusted Operating Income and margin;• Adjusted Contribution to Profit (“Adjusted CTP”) and margin;• Adjusted EBITDA;• Organic revenue; and• Results on a constant currency (“CC”) basis.

Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and other items, provide supplementary information to support analyzing operating results and earnings and are commonly used by shareholders to measure our performance. Free Cash Flow less Product Development Spending helps assess our ability over the long term to create value for our shareholders. Results on a constant currency basisremoves distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance before the impact of foreign currency (or at “constant currency” “CC”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period. We have not provided our 2020 outlook, or 2022 Target for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP.

Business ReviewBrian Napack, President and CEO

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WILEY RESEARCHPublishing and platforms

WILEY EDUCATIONContent, courseware and services

Meeting the ever-increasing demands of the knowledge economy

• Advancing science, technology, and medicine

• Ensuring integrity and global discoverability

• Fueling open science and data

• Enabling greater efficiency in research

• Helping people achieve their career goals

• Closing the high-demand skills gap

• Improving affordability and accessibility

• Improving learning outcomes

Universities, Corporations and Other Institutions

LearnersResearchers

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Third Quarter Key Takeaways

Revenue

+4%*

$467M

Adj. EBITDA

+7%*

$95M

Adj. EPS

+10%*

$0.68

• Continued revenue growth and profit improvement in Research and Education Services

• Easing of downward revenue pressure in book publishing with marginal organic growth in higher education business vs. year-ago quarter

• Acquisition of mthree enhances Education Services segment by filling need for job-ready IT talent at blue-chip clients

• Adjusted EPS and EBITDA growth fueled by revenue growth and business optimization savings

• Free Cash Flow (+$22M) driven primarily by favorable timing of journal subscription collections

*At constant currency. Revenue up 2% excluding acquisitions.

GAAP EPS

+3%

$0.63

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• Revenue growth primarily driven by publishing volume gains, per our strategy

• Strong double-digit growth in Open Access growth; Platforms up 12%

• Comprehensive research publishing deals recently signed in UK, Sweden, and Finland

• EBITDA improvement from revenue growth and business optimization gains

Research Publishing & PlatformsSolid growth in revenue and EBITDA continuing

Article Submissions

+10%

Revenue +3%

$234M

Adj. EBITDA+8%

$81M

Change at constant currency.

Revenue +3% as reported.

YoY

Full Text Downloads (Usage)

+17%

YoY

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New publishing models support healthy research ecosystem

Open AccessPay-to-Publish

ComprehensiveRead-and-Publish

% of YTD Research Publishing Revenue*

7% 5%

Customers Funders and Authors Library Consortia

Geography Global Europe

*Vast majority of revenue is generated by subscription publishing model

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• Revenue increase due to contribution from zyBooks and Knewton

• Organic revenue decline of 2% overall; marginal organic growth in Higher Education

• CrossKnowledge signs 30 new partners; ranked #1 of top 50 learning platforms by prominent industry analyst

• EBITDA impacted by growth investments, including recent acquisitions

Academic & Professional Learning Third quarter improvement balanced against challenging first half performance

Revenue+2%

$178M

Adj. EBITDA-9%

$48M

Change at constant currency.

Revenue at constant currency down 2% excluding acquisitions.Up 1% as reported.

zyBooks and Alta Revenue*

+44%

YoY

New Corporate Partners

+30

Q3’20*normalized, not part of Wiley in Q319

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Spotlight on Higher Ed Publishing MarketTransformation continues with migration to high-impact courseware and affordable solutions

Market Trend Wiley Answer

Content Curated, high-quality content remains the dominant customer preference

Focus and leverage leadership position in high-growth career areas like STEM and business

Courseware Move to high-impact digital courseware platforms

Address specific needs with top-quality courseware: WileyPLUS, zyBooks, Alta

Price-Value Demand for better price-value ratio and choice of buying models

Driving lower pricing, tiered offerings, and choice (paid OER, inclusive access)

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• Education Services organic growth of 10% from higher enrollments, new programs, and strong interest in ‘a la carte’ OPM services that meet specific needs

• Three new university partner signings in the quarter – Greenville (IL) and Calvin (MI) for OPM; Southern New Hampshire for teacher certification courses

• One-month contribution to results from mthree acquisition ($5M)

• Adjusted EBITDA performance due to organic revenue growth

Education ServicesStrong revenue growth and EBITDA improvement continuing

Revenue +19%$55M

Adj. EBITDA+$2M$1M

Q3’20

University Partners

66

Q3’20

+9%

Enrollments

Change at constant currency.

Revenue at constant currency up 10% excluding mthreeacquisition (+$5M); up 20% as reported

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Delivering job ready tech talent for leading global companies

Snapshot

• Recruits, trains, and deploys tech talent under multi-year contract with leading institutions

• Sources recent university graduates with STEM and business degrees with high potential

• Large unmet demand and high success rates

• Complements & extends university offerings and corporate relationships

• $50M+ in fiscal 2019 revenue, double-digit growth outlook and EBITDA+

• Acquired for $129M

• Becomes part of Education Services segment

Leading Global Clients

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C A R E E R P R E PA R AT I O NFind, train, deploy

U N I V E R S I T Y S E R V I C E S

Deliver degrees and certificates

CO R P O R AT ET R A I N I N G

Onboard, upskill, reskill

T H E S K I L L S G A P

Wiley’s Tech Bridge Focused on Closing the Skills Gap

U n i v e r s i t yP a r t n e r

C o r p o r a t e P a r t n e r

Financial ReviewJohn Kritzmacher, Executive Vice President and CFO

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Q3’19 Q3’20

$467$449

Revenue GAAP EPS Adjusted EPS Adjusted EBITDA

Q3’19 Q3’20Q3’19 Q3’20 Q3’19

Q3’20

$90$96

$0.61$0.63

$0.61$0.68

+4%* +7%*+3% +10%*

* At constant currency

Revenue at constant currency and excluding impact of acquisitions was +2%.Revenue +4% as reported.

Third Quarter 2020 Summary

Includes $0.04 of unfavorable variance impact from restructuring charges.

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YTD’19 YTD’20

$1,357$1,309

Revenue Adjusted EBITDA

YTD’19 YTD’20

$267 $263

Year-to-Date 2020 Summary

+5%* -1%*

GAAP EPS Adjusted EPS

YTD’19YTD’20

YTD’19 YTD’20

$1.92

$1.48

$1.81$1.74

-19% -9%*

Revenue at constant currency and excluding impact of acquisitions was flat.Revenue +4% as reported.

Includes $0.19 of unfavorable variance impact from restructuring charges.

* At constant currency

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• YTD Cash from Operations improvement of

+$37M, Free Cash Flow +$22M. Note, majority of

cash flow is generated in Q4 due to timing of

research journal subscription collections.

• Modest leverage and strong liquidity position

Net Debt / EBITDA at 1.8, inclusive of acquisitions.

In excess of $800M liquidity available in cash and

undrawn debt facilities

• Strong and consistent track record of returning

cash to shareholders, including YTD share

repurchases of $35M

YTD’19 YTD’20

Dividends and Share Repurchases

$92M $93M

Free Cash Flow

YTD’19 YTD’20 Change

($17M) +$5M +$22M

Free Cash Flow and Return to Shareholders

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EPS Outlook Raised; Revenue, EBITDA, FCF Reaffirmed

FY19 Actual FY20 Outlook FX Impact mthree Impact Q3 Update*

(Incl. FX and mthree)

Revenue $1.80B $1.855B-$1.885B ($17M) +$20M Reaffirmed

Adjusted EBITDA $388M $357-$372M ($5M) ($2M) Reaffirmed

Adjusted EPS $2.96 $2.35-$2.45 ($0.06) ($0.07) Raised, $2.45-$2.55

Free Cash Flow $149M $210-$230M ($5M) ($2M) Reaffirmed

*Updated outlook reflects actual currency impact to date, current exchange rates sustained through Q4 (Euro at $1.09 and Pound Sterling at $1.30), and impact of acquisitions closed through nine months

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Summary

• Continued revenue growth and profit improvement in Research and Education Services

• Easing of downward revenue pressure in book publishing with marginal organic growth in higher education business vs. year-ago quarter

• Acquisition of mthree enhances Education Services segment by filling need for job-ready IT talent at blue-chip clients

• Adjusted EPS and EBITDA growth fueled by revenue growth and business optimization savings

• Free Cash Flow (+$22M) driven primarily by favorable timing of journal subscription collections

• Fiscal 2020 EPS outlook raised, and other targets reaffirmed

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Thank you for joining us

All investor material available on website at https://www.wiley.com/en-us/investors

Contact for follow-up:brian.campbell@wiley.com201.748.6874

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APPENDIX

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Appendix

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Appendix