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Investor Presentaiton

Strong Tailwind from Chronic National Nursing Shortage Nursing education market poised for significant growth as nursing shortage projected to continue Projected 9% Increase in RN Workforce by 2030(1) NURSING WORKFORCE (MM'S) 3.40 3.30 Licensed practical / licensed vocational nurses also expected to grow at ~9% annually with ~60k average annual openings 3.36 3.33 3.30 3.27 3.25 3.22 3.19 3.20 3.16 3.14 3.11 3.10 3.08 apei AMERICAN PUBLIC EDUCATION, INC. Annual Gap of >190k RNs Over Next 10 Years (1) Пош O McKinsey estimates US direct patient care nursing gap of 200k-450k by 2025 3.00 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Projected US Nursing Education Market Size (2) 22% CAGR ($ in billions) $70 $60 $60 $49 $50 $41 $40 $33 $28 $30 $20 $10 $0 2020 2021 2022 2023 2024 (1) Source: Bureau of Labor Statistics (2) Technavio Nursing Education Report (2020) (3) National Nursing Workforce Study and AMN Healthcare survey Factors Driving Demand for Nursing Education ✓ Aging US population driving demand for healthcare services ✓ Nursing shortage causing use of expensive temporary labor and overtime, pressuring healthcare system margins ✓ Increase in nurse retirements: 43% of nursing population >55 years old (3) ✓ Continued demand from both hospitals and home healthcare services
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