Students at the American Institute of Commerce, later known as Kaplan University. Davenport, Iowa. October 7, 1938.

HISTORY OF KAPLAN UNIVERSITY

2

2000-2001 2009 20140%

5%

10%

15%

20%

1.3%

11.5%

19.3%

THE GROWTH OF ONLINE EDUCATION

3

4

Graduates Drops0%

5%

10%

15%

20%

25%

Kaplan University Default RateGraduates vs. Drops

GRADUATION / DEFAULT RATE FORECAST

THE STUDENTS WE SERVE

32%

40%

56%

43%

18%

28%

43%

23%

20%

26%

17%

7%

8%

Source: National Center for Education Statistics, Beginning Post-Secondary Student Study; Student attributes as defined by NCES risk factors to graduation

Older than typical age (typical being 18-22)

Part-time attendence

Filed taxes as independent

Full-time employment

85%

88%

83%

34%

18%

27%

23%

21%

Risk Factors

5

National Average - 2003-2004, National Center for Education Statistics KU-2008-2009Cohort

GRADUATION RATES FOR NON-TRADITIONAL STUDENTS

2 Source: NCES: Beginning Postsecondary Students Longitudinal Study KU comparison (national) includes students pursuing Associate and Bachelor degrees KHEC comparison (national) includes students pursuing Associate degrees and certificates

6

0 1 2 3 4 5 60%

10%

20%

30%

40%

50%

60%

70%

KU Graduation Rates by Number of Risk Factors 2

KU Rate

National Rate

Number of Risk Factors

THE KAPLAN COMMITMENTSM

7

8

CONSISTENT GAINS IN STUDENT LEARNING

Student Learning Over Time at Kaplan University

8

Q1 Q1 Q12009 2010 2011

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0-No Progress

1-Introductory

2-Emegent

3-Practiced

4-Proficient

5-Mastery

KAPLAN UNIVERSITY

9