Investor Presentaiton

Rasmussen Summary Rasmussen Total Enrollment Total Ras Enrollment YOY % Change 8% 5% 17,300 17,000 17,100 16,300 16,200 15,900 15,600 -1% -3% 15,000 14,300 13,900 -6% -6% -8% -9% 13,500 -10% -12% -13% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 apei AMERICAN PUBLIC EDUCATION, INC. Permanent leadership in place; 12 of 16 new to role Reducing reliance on ADN program in enrollment capped markets by enrolling students in other approved nursing and allied health programs Efforts to improve outcomes gaining traction in 3Q23 ❖ Significant 2Q23 NCLEX-RN improvements at 14 campuses Positive total 3Q23 start - only second in two years. RU Online fourth consecutive quarter of YoY enrollment growth Initiated further cost savings to right size costs to revenue levels 7

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