2. Students at the American Institute of Commerce, later known as Kaplan University. Davenport, Iowa. October 7, 1938. HISTORY OF KAPLAN UNIVERSITY 2

3. THE GROWTH OF ONLINE EDUCATION 3

4. 4 GRADUATION / DEFAULT RATE FORECAST

5. 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 5 National Average - 2003-2004, National Center for Education Statistics KU-2008-2009Cohort

6. 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

7. THE KAPLAN COMMITMENT SM 7

8. 8 CONSISTENT GAINS IN STUDENT LEARNING Student Learning Over Time at Kaplan University 8

9. KAPLAN UNIVERSITY 9