1. Conference Call Presentation
2018 Fiscal Fourth Quarter and 2018 Year-end Financial Results
August 16, 2018
Presenters
Dr. Ronald Shape – President and CEO
Dr. Lynn Priddy – Provost and CAO
Dr. David Heflin – CFO

2. Safe Harbor
This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about National American University Holdings, Inc. and its affiliated entities (the “Company”). Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results of the Company to differ from any future results expressed or implied by such forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: future operating or financial results; uncertainties regarding the strength of the future growth of the education industry; uncertainties regarding the availability of student loans and other financing sources primarily used for tuition; continued compliance with government regulations; changing legislative or regulatory environments; management of growth; intensity of competition; the availability of cash to pay dividends; the ability to meet debt obligations or obtain additional financing to fund operations and/or acquisitions; changing interpretations of generally accepted accounting principles; and general market and economic conditions, as well as other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K. The information set forth herein should be read in light of such risks. The Company does not undertake any obligation to update anyone with regard to the forward-looking statements. 2

3. Strategic Focus – Operational Drivers
Online
Enrollment growth
Consolidated in the Kansas City market to support scaled growth
On-ground
Enrollment decline
Reduction in physical footprint with strategic focus
Military
Promote and build awareness of new Henley-Putnam University programs
Canada
Continue to develop new relationships with private institutions
Graduate 3

4. Spring 2018 Enrollment by Credit Hour
Division FY FY Q1 FY2018 (8/31/17)
Surplus % Surplus $ Surplus % Surplus $ Surplus % Surplus $
DL 42.28% $ 3,963, % $ 4,496, % $ ,029
Ground 2.47% $ 1,908, % $ , % $ (429,966)
Grad % $ (497,694) 6.63% $ , % $ ,827
26%
47.9%
70%
188%
17.3%
121% 4

5. Operational Driver: Online
Division FY FY Q1 FY2018 (8/31/17)
Surplus % Surplus $ Surplus % Surplus $ Surplus % Surplus $
DL 42.28% $ 3,963, % $ 4,496, % $ ,029
Ground 2.47% $ 1,908, % $ , % $ (429,966)
Grad % $ (497,694) 6.63% $ , % $ ,827
Drive consistency of service and support to online students by consolidating all online divisions under one operational leadership – Online Undergrad, Online Grad, Online Canada, Online Military
Utilize the Kansas City area online operation to scale online student enrollment growth goals for NAU
Drive innovation in all processes to ensure quality, compliance, growth, and sustainability
Sustain growth expectations through strong enrollment management processes and student support systems focused on each category of online student—undergrad, grad, Canada, and military
Operate Online as a distinct division, separate and apart from on-ground operations 5

6. Online Undergrad Credit Hours6

7. Operational Driver: Military
Drive consistency of service and support to online military students by consolidating online military students into the online division with specific leadership oversight
Created the College of Military Studies and integrated programs from Henley-Putnam University to provide stability and a foundation to meet enrollment growth goals for NAU through consistent service and innovative new programs
Continuing to drive innovation in all processes to ensure quality, compliance, growth, and sustainability
Sustain growth expectations through strong enrollment management processes and student support systems focused on the military student 7

8. Military Credit Hours
(College of Military Studies) 8

9. Operational Driver: Canada
Drive consistency of service and support to Canadian students by creating a designated Canada division within the Online Operation with specific leadership oversight
Continue to build existing and new relationships as the foundation to support enrollment growth for NAU
Drive innovation in all processes to ensure quality, compliance, growth, and sustainability
Sustain growth expectations through strong enrollment management processes and student support systems focused on Canadian students 9

10. Canada Credit Hours 10

11. Operational Driver: Graduate
Drive consistency of service and support to Online Graduate students by creating a designated Graduate division within the Online Operation with specific leadership oversight
Utilize existing and new relationships as well as targeted marketing efforts to support the enrollment growth for NAU
Drive innovation in all processes to ensure quality, compliance, growth, and sustainability
Sustain growth expectations through strong enrollment management processes and student support systems focused on Graduate students 11

12. Graduate Credit Hours 12

13. Operational Driver: On-ground
Division FY FY Q1 FY2018 (8/31/17)
Surplus % Surplus $ Surplus % Surplus $ Surplus % Surplus $
DL 42.28% $ 3,963, % $ 4,496, % $ ,029
Ground 2.47% $ 1,908, % $ , % $ (429,966)
Grad % $ (497,694) 6.63% $ , % $ ,827
Drive consistency of service and support to on-ground students by consolidating operations with focused leadership oversight
Utilize the consolidations to provide stability and focus to meet enrollment growth goals for NAU
Drive innovation in all processes to ensure quality, compliance, growth, and sustainability in a ground based operation
Sustain growth expectations through strong enrollment management processes and student support systems focused on on-ground students 13

14. On-Ground Credit Hours
*Summer 18 reflects moving the Independence & Garden City locations to Online operations. 14

15. Teach-out Credit Hours15

16. Q4 Financial Performance
Achieved cash flow provided by operating activities of $2.5 million in Q4, on the strength of recent cost reduction activities
Total operating expense in Q4 was $19.6 million, an 16% decrease from prior- year fourth quarter.
Reduced operating lease obligation by $8.0 million during FY2018 through regular monthly payments, exercise of early termination options, and buy- outs, anticipate continued decrease in operating lease obligation in the future
Reduction in workforce, resulting in approx. $3 million in annual savings
As of May 31, 2018, the cash balance was $14.6 million of which $9.3 million were in restricted funds. The primary uses of cash in FY 2018 were:
Cash Used in Operating activities of $3.8 million
Dividends paid of $2.2 million in early FY 2018
Cash to acquire certain assets of Henley-Putnam University of $1.3 million 16

17. Spring 2018 credit hour enrollment decreased 13.8% YoY
Enrollment Breakout
Spring 2018 credit hour enrollment decreased 13.8% YoY
to 53,227 credit hours 17

18. Enrollment by Credit Hour18

19. Summer 2018 Credit Hours (Projected)
Operational Drivers –
Summer 2018 Credit Hours (Projected)
Division FY FY Q1 FY2018 (8/31/17)
Surplus % Surplus $ Surplus % Surplus $ Surplus % Surplus $
DL 42.28% $ 3,963, % $ 4,496, % $ ,029
Ground 2.47% $ 1,908, % $ , % $ (429,966)
Grad % $ (497,694) 6.63% $ , % $ ,827 19

20. Academic Overview 20

21. Academic Initiatives FY 2018-19
Precision management system implemented to track, intervene, and impact student engagement, persistence, and completion. Tracking technologies provide real-time data on substantive and iterative engagement among faculty, students, and advisors.
Precision management system implemented to monitor faculty on nine performance behaviors. Immediate intervention and mentoring produces increased faculty-student engagement, faculty responsiveness, and quality of feedback, assessment, and learning support.
Expanded strategic security, intelligence management, cybersecurity, and counterterrorism offerings to 40+ graduate and undergraduate certificates and eight baccalaureate, master’s, and doctoral degree programs. Journal of Strategic Security will launch in Winter 2018.
Fall 2018 includes outreach to all former Henley-Putnam University academic articulation and contractual partners, graduates, and inactive or on-leave students. 21

22. Academic Initiatives FY 2018-19
Launching graduate programs in Family Nurse Practitioner and Adult Gerontological Nursing, as well as graduate certificates in multiple areas, including nursing. Strong wait list has been established for Fall 2018.
Expanding education opportunities uniquely designed to meet the needs of active military, veterans, and their dependents.
Consolidating ground-based campus health programs for optimum costs and expand online health management and IT programs. Allied health expansion for Fall 2018 includes targeted associate degree, certificate, and diploma programs for specific market and relationships.
Expanding graduate programs in human resources, global supply chain management, education, cybersecurity, intelligence management, strategic security, and executive management.
Adapted policies and expanded transfer and prior learning assessment options for all students, offering the maximum acceptance of transfer credit, ACE-transcripted credit, and other credit for prior learning. 22

23. Academic Breakdown for Spring 2018 Term
Academic Area
Degree Offering
*Non-degree seeking 23

24. Course Completion
*Represents students who received a grade in the course.
Represents students who received a grade in the course.
** Preliminary for quarter. 24

25. Successful Course Completion Rate: 2014 - 2018
*Represents students who received a grade in the course. 25

26. Financials 26

27. Cost of educational services
FY 2018 Q4 Revenue and Cost of Educational Services
FY 2018 Q4 Results
(in USD thousands)
Q4 2018
(unaudited)
Q4 2017
Revenue
$19,143
$22,143
Cost of educational services
$6,601
$7,063
SG&A
$11,550
$14,411
FY 2018 Q4 Revenue 27

28. FY 2018 Q4 Net Income and EBITDA
FY 2018 Q4 Results
FY 2018 Q4 EBITDA
(in USD thousands)
Q4 2018
(unaudited)
Q4 2017
Loss before non-controlling interest and taxes
($797)
($1,218)
Net loss attributable to NAUH
($849)
($931)
EBITDA*
$473
$197
*Please see reconciliation of EBITDA to net income (loss) attributable to the Company in the press release dated August 15, 2018, available at . 28

29. Cost of Educational Services Revenue for Fiscal Year
FY 2018 Revenues, Cost and SG&A of Educational Services
(in USD thousands)
FY 2018
(audited)
FY 2017
Revenue
$77,184
$86,587
Cost of Educational Services
$26,146
$27,657
SG&A
$56,183
$61,639
Fiscal Year Results
Revenue for Fiscal Year 29

30. FY 2018 Net Income and EBITDA
Noncash ass
FY 2018 Net Income and EBITDA
LBITDA for Fiscal Year
(in USD thousands)
FY 2018
(audited)
FY 2017
Loss before non-controlling interest and taxes
$(12,343)
$(7,777)
Net loss attributable to NAUH
$(12,161)
$(6,275)
LBITDA*
$(6,931)
$(1,943)
Fiscal Year Results
*Please see reconciliation of EBITDA (LBITDA) to net income (loss) attributable to the Company in the press release dated August 15, 2018, available at . 30

31. equivalents/available for sale investments/restricted cash
Balance Sheet
(in USD thousands)
May 31, 2018
May 31, 2017
Cash and cash
equivalents/available for sale investments/restricted cash
$14,574*
$16,157
Working capital
$(652)
$11,249
Long-term debt
$7,200
Stockholders’ equity
$16,973
$29,940
*The cash balance includes $9.3 million in restricted cash. 31

32. Thank You
Contact Information:
National American University Holdings, Inc.
Dr. Ronald Shape
Investor Relations Counsel
The Equity Group Inc.
Carolyne Y. Sohn
Adam Prior 32