MARCH 2019 TICKER: APEI EXCHANGE: NASDAQ A leading provider of higher learning dedicated to preparing students all over the world for excellence in service, leadership and achievement. The Company offers respected, innovative and affordable academic programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System and National Education Seminars Inc., which we refer to as Hondros College of Nursing.

American Public University System (APUS), which is accredited by the Higher Learning Commission (HLC), offers online degree and certificate programs through American Military University (AMU) and American Public University (APU). Hondros College of Nursing (HCN) educates nurses at five Ohio campuses in Cincinnati/West Chester, Cleveland/Independence, Columbus/Westerville, Dayton/Fairborn and Toledo/Maumee. Together, these institutions serve more than 80,000 adult learners worldwide and offer more than 200 degree and certificate programs in fields ranging from homeland security, military studies, intelligence and criminal justice to technology, business administration, public health, nursing and liberal arts. For additional information, please visit www.apei.com.

84K+ APUS ALUMNI

6K+ HCON ALUMNI

93% APUS ALUMNI SURVEY

Respondents would recommend AMU/APU to a friend or colleague.2 97% APUS ALUMNI SURVEYED Respondents indicated that APUS programs met their overall expectations.1 30+ HCON RELATIONSHIPS with healthcare employers Total Assets (in thousands) Revenue (in thousands) Net Income Attributable to Common Stockholders (in thousands) Net Cash Provided by Operating Activities (in thousands) $297,687 $25,639 $44,179 $370,958 2018 2018 2018 2018 $21,121 $47,938 $339,038 $299,248 2017 2017 2017 2017 $56,014 $315,620 $24,155 $313,139 2016 2016 2016 2016 $57,211 $32,414 $299,427 $327,910 20152015 2015 2015 $350,020 $61,030 $297,904 $40,877 20142014 2014 2014 Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.com 1. APUS, 2017 End of Program Survey 2. APUS, 2017 1-year Alumni Survey NOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in APEI’s filings with the U.S. Securities and Exchange Commission, www.sec.gov.

American Public University System1 An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU). Enrollment and Registrations For the three months ended March 31, 2019 2018 % Change Net Course Registrations by New Students1 10,120 9,370 8% Net Course Registrations 84,300 83,300 1% As of March 31, 2019 2018 % Change APUS Student Enrollment2 81,200 82,700 -2% At-A-Glance5 87% of Students Are Working Adults Avg. Age of Students: 33 years Avg. Undergraduate Class Size: 18 students Avg. Graduate Class Size: 9 students Gender Ratio: 64% male / 36% female 51%+ of APUS Students Referred by Others Over 200 Degree and Certificate Programs 1,800 Globally-Located Faculty Members AMU & APU Graduates 92,500 Conferred Degrees Nearly 40 graduate students and alumni honored as Presidential Management Fellowship finalists, one of the nation’s most prestigious programs for leadership and public service. Registrations by Primary Funding Source For the three months ended March 31, 2019 39.4% Department of Defense Tuition Assistance (TA) 24.4% Federal Student Aid (FSA) 22.7% Veterans Benefits (VA) 13.5% Cash & Other Sources Tuition APUS undergraduate costs (tuition, books and fees) are 28% below the average published tuition and fee price paid by full-time in-state students at public four-year institutions.3 Enrollment by Degree Level5 59% Bachelor’s 16% Associate 16% Master’s 9% Certificate/other Enrollment by School5 24% Security & Global Studies 24% Business 22% Arts & Humanities 16% Science, Technology, Engineering & Math 12% Health Sciences 2% Education Hondros College of Nursing4 Serving the needs of nurses and the healthcare community through campus locations in Cincinnati, Cleveland, Columbus, Dayton, and Toledo, Ohio. Student Enrollment For the three months ended March 31, 2019 2018 % Change New Student Enrollment 340 500 -32% Total Student Enrollment 1,700 2,000 -15% Enrollment by Program For the full year ended December 31, 2018. 54% Licensed Practical Nurse 44% Associate Degree in Nursing < 2% RN—Bachelor of Science in Nursing (Discontinued) 0% Medical Laboratory Technology (Launched 2019) At-A-Glance Avg. Age of Students: 30 years Gender Ratio: 92% female / 8% male Avg. Class Size: 15 students Graduates 6,000+ alumni 1. APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. 2. APUS Student Enrollment represents the number of unique active students, including those who take an approved leave of absence for up to two years, who have reached the eighth day of their first course or who have completed at least one course within the last 12 months for which a grade was received. 3. The College Board’s Trends in College Pricing 2018. 4. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 5. For the twelve months ended December 31, 2018. 6. Tuition for alumni of HCN’s Practical Nursing program is $23,790.