Wiley Investor Presentation

Needham Growth Conference

January 14, 2020

Brian Napack, President & CEO

John Kritzmacher, CFO & EVP, Operations

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Safe Harbor StatementThis presentation contains certain forward-looking statements concerning the Company’s Fiscal Year 2020 Outlook, Fiscal Year 2022 Target, operations,performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in anyforward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject touncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Suchfactors 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 of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position andfinancial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwideeconomic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Companyto successfully integrate acquired operations and realize expected opportunities; (x) achievement of targeted run rate savings through restructuring actions; (xi)and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation toupdate or revise any such forward-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 growth; 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.

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We empower researchers, learners, universities and corporations to achievetheir goals in an ever changing world

researchers learnersuniversities corporations

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WILEY RESEARCH WILEY EDUCATION

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Fueling the global knowledge economy

• $2 trillion global spend, 6% CAGR since 2000

• 2.5M articles published, 4% CAGR since 2000

Source: Congressional Research Service, Global Research and Development Expenditures: Fact Sheet, Sep 2019

STM Report, 2018, NCES 2017 expenditures of all degree-granting post-secondary institutions

WILEY RESEARCHDriving the discovery, usage and impact of scholarly research

WILEY EDUCATIONEnabling powerful learning for personal and professional growth

0.0

0.5

1.0

1.5

2.0

2.5

0.5

1.0

1.5

2.0

R&

D S

pe

nd

(T

PP

P$

)

Art

icle

s (m

)

2000 2005 2010 2015

R&D (left axis)

Articles (right axis)

• $600B US spend on degree-granting post secondary ed

200

300

400

500

600

20122000 20082004 2016

$B

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Research Publishing & Platforms

Academic & Professional Learning

EducationServices

Researchers Learners Institutions Corporations

Fueling the global knowledge economy

WILEY RESEARCHDriving the discovery, usage and impact of scholarly research

WILEY EDUCATIONEnabling powerful learning for personal and professional growth

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Fueling the global knowledge economy

Research Publishing & Platforms

Academic & Professional Learning

EducationServices

Researchers Learners Institutions Corporations

WILEY RESEARCHDriving the discovery, usage and impact of scholarly research

WILEY EDUCATIONEnabling powerful learning for personal and professional growth

All metrics through first half of fiscal 2020

Academic courseware

Professional development tools

Online program management

Career training and placement

Scientific, technical, medical journals

Research delivery platforms

52% of Wiley revenue

34% EBITDA margin

36% of Wiley revenue

24% EBITDA margin

12% of Wiley revenue

8% EBITDA margin

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Targeting global needs to drive profitable growth

✓ Favorable long-term market fundamentals

✓ Leadership positions across research and education

✓ Unmatched university and corporate partnerships

✓ High recurring, predominantly digital revenue

✓ Strong margin profile, balance sheet and cash flow

✓ Consistent record of cash returned to shareholders

Powerful technology

driving critical outcomes

Must-have brands, content, platforms and services

Technology that drives outcomes

Compelling Price-Value

Business Optimization

High-demanddisciplines, skills

and careers

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Research Courseware Services

Strong growth and momentum in key strategic areas

Research Publishing

+4%

Research Platforms

+6%Corporate Training

+5%

zyBooks STEM

>20%

Helping universities and corporations to bridge the skills gap

Driving outcomes in high-demand careers with low-cost, tech-enabled learning

IT Training and Placement

>20%

Online Program Management

+10%

Revenue growth metrics (organic at constant currency) are through first six months of fiscal 2020 except for zyBooks and IT Training and Placement (recent acquisitions - proforma twelve months)

Publishing more in high-demand areas and expanding through research workflow

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Targeted acquisitions driving core strategies

World’s leading research content platform

Researcher workflow tools

Education services that power university degrees and credentials

Proven adaptive learning platform and low-cost courseware

Low-cost, high-impact courseware in tech disciplines

Training and placement of job-ready tech talent

Research Courseware Services

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Revenue

Revenue and EBITDA acceleration from targeted investments

1,855 1,727 1,719 1,796 1,800

1,885

2,000

FY16 FY17 FY18 FY19 FY20F FY22F

FY20-22 outlook reflects fiscal year 2019 average foreign exchange ratesOutlook does not include impact of mthree acquisition

4% CAGR$ millions

Adjusted EBITDA and Margin

357

373 381

418388

372

440

FY16 FY17 FY18 FY19 FY20F FY22F

$ millions

22% 22% 23%22% 20%

22%

4% CAGR

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Strong free cash flow and balanced capital allocation

$ millions

210

219

166

232

149

230 250

FY16 FY17 FY18 FY19 FY20F FY22F

Free Cash Flow

36%

30%

18%

16%

$3.3 billion

Share repurchases

Cash acquisitions

Dividends

Capital expenditures

FY10-FY19 Historical Capital Allocation

19% CAGR

FY20-22 outlook reflects fiscal year 2019 average foreign exchange ratesFY19 Cash Flow number impacted by working capital timingOutlook does not include impact of mthree acquisition

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Targeting global needs to drive profitable growth

✓ Favorable long-term market fundamentals

✓ Leadership positions across research and education

✓ Unmatched university and corporate partnerships

✓ High recurring, predominantly digital revenue

✓ Strong margin profile, balance sheet and cash flow

✓ Consistent record of cash returned to shareholders

Powerful technology

driving critical outcomes

Must-have brands, content, platforms and services

Technology that drives outcomes

Compelling Price-Value

Business Optimization

High-demanddisciplines, skills

and careers

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