12 Graduation Rate There are various reasons learners do not graduate at their expected graduation date (including lingering effects of the COVID-19 pandemic). Our model enables learners to take longer than originally planned or take a hiatus, and some are still working toward completing their program. We believe more rigorous academic requirements may have lowered graduation rates in the short term as learners adjusted to the higher technical bar. While we are working to raise graduation rates for all learners, we also recognize that the curriculum changes led to better preparing graduates for the job market—and therefore 2021 graduates’ higher-than-ever 13 placement rates . We are committed to giving all our learners the strongest chance possible of completing BloomTech and landing a well-paying tech job after graduation. We continue to work on raising graduation rates while maintaining high standards, so our alumni graduate ready to work and contribute to their new jobs. Graduation Rate Addressable Population The addressable population for the Graduation Rate is the 1,698 Starting Learners whose Original Expected Graduation Date was in 2021, the period from January 1, 2021, to December 31, 2021, regardless of when these learners actually graduated. This population of 1,698 learners is comprised of 3 categories: ● Those who withdrew from BloomTech ● Those who are still enrolled at BloomTech, as of the Reporting Date 14 ● Those who graduated from BloomTech We designed the BloomTech model to accommodate multiple pathways to graduation, rather than taking a “one-size-fits-all” approach. That means the program length can vary from one learner to the next. There are several factors that can result in a learner’s Actual Graduation 15 Date being later than their Original Expected Graduation Date, such as repeating a unit, going on hiatus for personal reasons, or switching from a full-time to a part-time program. We have purposefully designed our model to allow for this type of flexibility because we understand that each learner comes from unique circumstances and has different needs over the course of their educational experience. 12 Management’s criterion for defining Graduation Rate is determined from the population of Starting Learners whose Original Expected Graduation Date is in 2021 and actually graduated as of the Reporting Date Reporting Date: August 11, 2022 Starting Learner: A learner who attended day 1 of Unit 2 of the coursework Original Expected Graduation Date: The date a learner is expected to graduate the program if they avoided repeating a unit or going on a hiatus; Unit is a combination of 4 sprints where each sprint is 1 week long course 13 Of 668 learners with an Actual Graduation Date in 2021 and who were Job Seeking, 599 (90%) received a job offer as of the reporting date 14 Includes learners who accepted a technical position prior to completion of their program 15 The date when a learner successfully completes the final sprint of their program