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Investor Presentaiton

APEI Nursing Enrollment Update 1Q 2022 Nursing Enrollment +2% 8,200 8,400 6,700 Rasmussen +8% 2,300 2,500 1,600 HCN +3% 10,500 10,900 8,300 Total Nursing 1Q 2020 1Q 2021 1Q 2022 1Q22 nursing enrollment reached record number 3% growth in nursing in total • ADN/RN growth increased ~4% 2 Yr CAGR +15% apei AMERICAN PUBLIC EDUCATION, INC. Forecast 2Q 2022 • 2Q22 total nursing student enrollment growth of -1% versus PY comparable period Comping to steep 30+% PY growth periods Represents +14% 2-year CAGR 2Q20 2Q21 2Q22 Ras Nursing 6.400 8,300 8,200 HCN Nursing 1,800 2,400 2,400 " Total Nursing 8,200 10,700 10,600 % Change '21/'20 '22/'21 2 Yr CAGR Ras Nursing 30% -1% 13% HCN Nursing 33% 0% 15% Total Nursing 30% -1% 14%
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