Investor Presentaiton

APUS and Rasmussen Non-Nursing Enrollment Update APUS APUS Net Course Registrations Rasmussen Non-Nursing apei Rasmussen Non-Nursing Enrollment AMERICAN PUBLIC EDUCATION, INC. 84.8K +1% 94.0K 92.9K 1Q 2020 1Q 2021 1Q 2022 2 Yr CAGR +5% - 14% 9,800 9,100 7,800 2 Yr CAGR -11% 1Q 2020 1Q 2021 1Q 2022 • 1Q22 military registrations strong, +7% compared to 1Q21 • 2Q22 registrations of approximately -2 to +1% growth versus prior year period or between 80.9K and 83.4K enrollments Strong military registrations, offset by non-military and veteran broader market decline 1Q22 Rasmussen non-nursing enrollment continued to be impacted by the broader challenging economic environment Early education accounted for ~25% of decline from 1Q20 to 1Q22, sharply affected by COVID 2Q22 Rasmussen non-nursing enrollments of 7,700 Down roughly 11% from 2Q21

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