Exhibit 99.3

American Public Education, Inc. is an online provider of higher education focused primarily on serving the military and public service communities. American Public University System (APUS), wholly owned by APEI, operates through American Military University (AMU) and American Public University (APU). APUS’ mission is to provide quality higher education with emphasis on educating the nation’s military and public service communities by offering respected, relevant, accessible and affordable, student-focused online programs, which prepare them for service and leadership in a diverse, global society. American Public University System is accredited by The Higher Learning Commission and is a member of the North Central Association of Colleges and Schools (NCA), www.ncahlc.org. APUS REGISTRATIONS AND STUDENT ENROLLMENTFor the three months ended March 31, 2011 2012 % ChangeNet Course Registrations from New Students 17,800 20,500 15% Net Course Registrations 81,700 101,000 24%As of March 31, 2011 2012 % ChangeActive Student Enrollment 90,600 119,200 32%APUS REGISTRATIONS BY PRIMARY FUNDING SOURCE For the three months ended March 31, 2012 % of TotalFederal Student Aid (Title IV) 34% Department of Defense Tuition Assistance (TA) 40% Veteran’s Benefits (VA) 12% Cash & Other Sources 14% FINANCIAL METRICS (in millions, except per share data)Three Months Ended 3/31/2012 Y/Y Growth Revenues $75.8 29% Net Income $ 9.1 15% Diluted EPS (per diluted share) $0.50Balance Sheet, as of 3/31/2012 12/31/2011Cash & Equiv. $ 125.8 $ 119.0 Total Assets $208.8 $198.9 Total Corp. Debt $ 0 $ 0Full Year Ended 12/31/2011 Y/Y Growth Revenues $260.4 31% Net Income $ 40.8 36% Diluted EPS (per diluted share) $ 2.23AFFORDABLE TUITION Undergraduate Tuition: $250/credit hour Graduate Tuition: $325/credit hourAvg. Age: 32 yearsAvg. Undergraduate Class Size: 15 studentsGender Ratio: 67 male/33 femaleAvg. Courses Per Year: 3 Military/4 CivilianFaculty: 315 Full-Time/1,475 AdjunctStaff: 800 Full-Time/20 Part-TimeAMU & APU GRADUATES21,000+ Alumni6,300’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’111009006003004,8003,4002,1001,7001,100