K12 Investor Presentation — August 2020

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Convertible Debt Offering

Investor Presentation

August 26, 2020 This presentation contains certain forward -looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify

these forward -looking statements using words such as “ anticipates ,” “believes ,” “estimates ,”

“continues ,” “likely ,” “may ,” “opportunity ,” “potential ,” “projects ,” “will,” “expects ,” “plans ,”

“intends ” and similar expressions to identify forward looking statements, whether in the

negative or the affirmative. These statements reflect our current beliefs and are based upon

information currently available to us. Accordingly, such forward -looking statements involve

known and unknown risks, uncertainties and other factors which could cause our actual

results, performance or achievements to differ materially from those expressed in, or implied

by, such statements.

These risks, uncertainties, factors and contingencies include, but are not limited to: reduction

of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of

new enrollments to sustain our business model ; failure to replace students who have

graduated from the terminal grade in a school or have left our programs for other reasons with

new students of a sufficient number; inability to maintain our current rate of retention of

students enrolled in our courses; an increase in the amount of failures to enter into new school

contracts or renew existing contracts, in part or in their entirety; the failure of perceived

industry trends and projections resulting from the expected effects of COVID -19 on virtual

education; failure of the schools we serve or us to comply with federal, state and local

regulations, resulting in a loss of funding, an obligation to repay funds previously received or

contractual remedies; governmental investigations that could result in fines, penalties,

settlements, or injunctive relief; declines or variations in academic performance outcomes Safe Harbor

of the students and schools we serve as curriculum standards, testing programs and state

accountability metrics evolve; harm to our reputation resulting from poor performance or

misconduct by operators or us in any school in our industry and/or in any school in which we

operate; legal and regulatory challenges from opponents of virtual public education or for -

profit education companies; changes in national and local economic and business conditions