Investor Presentaiton

The Bottom-Line Up Front #1 Positions in Key "Right to Win" Markets; Diversified Revenue apei AMERICAN PUBLIC EDUCATION, INC. 1Q'22 Growth in "Right to Win" Markets ■ #1 Market Positions: - Active-duty military, veterans, pre-licensure nursing ■ Diversified Revenue: - Approximately 1/3 military and veterans, 1/3 nursing, 1/3 other service-minded students Large National Nursing Platform Poised for Organic and Inorganic Growth ■ HCN + Rasmussen = $208MM¹ of nursing revenue ▪ 30 Campuses across 9 States with 10,900 nursing students ■ Strong demand for nurses: >190k annual RN openings and >60k annual PN openings projected by BLS over next decade ★ American Public AMU University System APU 1.Pro forma trailing twelve months 3/31/22 ■ APUS: Rebound in military registration momentum - 11% Army growth in 1Q'22 vs prior year, 7% total military growth Nursing: Strong overall enrollment against steep prior year comps 4% 10'22 vs prior year (30+%), 14% on two-year CAGR basis $ — Strong Balance Sheet with Solid Capital Structure and Liquidity Position ■ Unrestricted cash position of $145MM at end of 1Q 22 with $20MM undrawn revolver ■ $26MM of net debt with $20MM undrawn revolver RASMUSSEN h HONDROS COLLEGE OF NURSING Graduate School USA UNIVERSITY

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