The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.

Fourth Quarter 2007 Outlook Update:

• The Company anticipates that it will report net course registrations from new students of approximately 6,800 and total net course registrations of approximately 27,800 in the fourth quarter 2007; resulting in anticipated net course registrations from new students of approximately 16,000 and total net course registrations of approximately 94,500 for the year ended December 31, 2007.
• For the fourth quarter 2007, the Company expects to report total revenue between $20.8 million and $21.1 million; resulting in expected total revenue for the year ended December 31, 2007 between $68.7 million and $69.0 million.
• The Company expects to report net income, including stock-based compensation expense, of between $2.7 million and $3.0 million in the fourth quarter 2007. The weighted average number of diluted shares outstanding in the fourth quarter is expected to have been approximately 15.9 million, resulting in fully diluted earnings per share between $0.17 and $0.19. The Company expects to report net income between $8.5 and $8.8 million for the year ended December 31, 2007. The weighted average number of diluted shares outstanding for the year ended December 31, 2007 is expected to have been approximately 13.6 million.

First Quarter 2008 Outlook:

• The Company anticipates net course registrations from new students of 7,800 or more and total net course registrations of 31,500 or more in the first quarter 2008.
• For the first quarter 2008, the Company expects total revenue to be between $21.5 and $22.1 million.
• The Company estimates that net income, including stock-based compensation expense, will be between $2.1 million and $2.6 million in the first quarter 2008. The weighted average number of diluted shares outstanding in the first quarter is expected to be between 18.7 and 19.0 million.

American Public Education plans to introduce its Full Year 2008 Outlook and additional details regarding its First Quarter 2008 Outlook in its upcoming fourth quarter 2007 earnings announcement currently scheduled for release March 11, 2008.

About American Public Education, Inc.

American Public Education, Inc. (NASDAQ: APEI) 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, comprises two universities – American Military University (AMU) and American Public University (APU). Regionally and nationally accredited, APUS serves more than 30,000 students who live and work in all 50 states and more than 130 countries; and offers 57 degree programs and 48 certificate programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, and liberal arts.