Aspen : Investor Presentation

CREATING VALUE BY TRANSFORMING THE COLLEGE EDUCATION EXPERIENCE

Michael Mathews

Chairman & Chief Executive Officer

September 2020

Nasdaq: ASPU

SAFE HARBOR STATEMENT

Certain statements in this presentation and responses to various questions include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expected further campus expansion, expected expansion of USU immersions, future student enrollment growth, the expansion of the highest LTV programs, our estimates with respect to Lifetime Value, bookings, and ARPU, expected Fiscal 2021 revenue growth, expected G&A trends, campus capital expenditures and campus operating metrics and generating cash from operations. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.

Important factors that could cause actual results to differ from those in the forward-looking statements are included in our Risk Factors contained in our Form 10-K for the fiscal year ended April 30, 2020, our prospectus supplement dated August 31, 2020, and other filings with the Securities and Exchange Commission.

Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Regulation G - Non-GAAP Financial Measures. This presentation includes a discussion of Adjusted EBITDA, a non-GAAP financial measure. Certain information regarding this non-GAAP financial measure (including reconciliations to GAAP) is provided in our press release dated September 14, 2020 and on our website at www.aspu.com - Financial Information.

ASPEN GROUP

IS AN EDUCATION TECHNOLOGY COMPANY WITH MISSION OF MAKING COLLEGE AFFORDABLE AGAIN

1	Focused on high LTV nursing programs to drive
revenue growth and margin improvement

EdTech platform drives low Customer Acquisition Cost (CAC) that enables lower tuition rates and

2 monthly payment plans, while improving student outcomes

Targeting investment for future growth in new

3 pre-licensure campuses (highest LTV nursing program), a >$100 million revenue opportunity

EVOLVING OUR BUSINESS TO DRIVE GROWTH

2014

Launches Monthly

Payment Plans for online

degree programs

Shifts entire marketing focus to post-licensure online nursing degrees for

existing RNs

2011-2012

Michael Mathews appointed CEO of Aspen University Launches industry's only vertically integrated marketing platform designed to lower Customer

Acquisition Cost (CAC)

2018

Launches Bachelor of Science in Nursing pre-licensure program (PL-BSN)in Phoenix, AZ

PL-BSNdelivers the largest TAM, lowest Customer

Acquisition Cost (CAC) and highest Lifetime Value (LTV) of Aspen's nursing programs

29%

71%

2017

Aspen Group, Inc. acquires United States

University, Expands nursing programs with Master of Science in Nursing -

Family Nurse Practitioner (MSN-FNP) program