Investor Presentaiton

apei AMERICAN PUBLIC EDUCATION, INC. APUS and Rasmussen Non-Nursing Enrollment Update APUS APUS Net Course Registrations -2% 353.1K 345.3K Rasmussen Non-Nursing Rasmussen Non-Nursing Enrollment - 13% 2020 2021 ArmylgniteED Portal Issue +10% -8% -8% -2% 84.8K 92.9K 89.6K 82.6K 90.3K 83.1K 88.4K 86.6K 1Q 2Q 3Q 4Q YTD 2 Yr CAGR +4% 9,700 4Q 2020 2 Yr CAGR 8,400 -8% ■4Q 2021 Significant rebound in Army registrations at APUS 4Q21 APUS military registrations strong, offsetting broader education sector enrollment headwinds 1Q22 APUS registrations of approximately 0-3% growth versus prior year period or between 92.9K and 95.7K enrollments Strong military registrations, partly offset by non-military and veteran broader market decline Rasmussen continues to direct marketing resources toward nursing vs non-nursing enrollments 4Q21 Rasmussen non-nursing enrollment was impacted by the broader economic environment leading to enrollment performance in-line with the broader peer group 1Q22 Rasmussen non-nursing enrollments of 7,800 Down roughly 14% from 1Q21 7

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