1. J.P. MORGAN
ULTIMATE SERVICES
CONFERENCE
November 14, 2012

2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements including, without limitation, statements regarding the Company’s
initiatives, their anticipated impact, institutional accreditation, the Company’s financial model highlights, 2012 outlook and
related commentary. These statements involve risks and uncertainties, and the Company’s actual performance may differ
materially from those expressed in or suggested by such statements. Risks and uncertainties include, without limitation:
• Failure to comply with the extensive regulatory framework applicable to the Company and its institutions,
including Title IV of the Higher Education Act and its regulations, state laws and regulatory requirements,
and accrediting agency requirements;
• Adverse regulatory or legislative changes affecting the Company's institutions, including, but not limited to
decisions by regional accrediting bodies WASC and HLC;
• The imposition of fines or other corrective measures against the Company's institutions;
• Competition in the postsecondary education market and its potential impact on the Company's market share
and recruiting costs; and
• Reputational and other risks related to potential compliance audits, regulatory actions, negative publicity or
service disruptions.
More information on potential factors that could affect the Company’s performance is included from time to time in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the
Company’s periodic reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the year ended
December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, which have been filed
with the SEC. Forward-looking statements are made on the basis of management’s views and assumptions regarding future
events and business performance as of the time the statements are made, and the Company assumes no obligation to
update any forward-looking statements or information, which speak as of their respective dates, except as required by law.

3. • MA, PsyD, PhD
• Social & Behavioral Sciences
• Colorado Springs Campus
• HLC Accredited
99% Online
72% Female
49% Minority
36 Years Old
University of The RockiesAshford University
• AA, BA, MA, MBA
• 17 NAIA Sports Teams
• Clinton, IA Campus
• HLC Accredited; WASC in process
RECOGNIZED BRANDS
Bus 40%
Lib Arts;
17%
Edu 19%
Hcare
21%
Non-D
2%
AU Programs
AA, 13%
BA, 74%
MA, 12%
Doc, <1%
AU and UOR Students

4. 2011 2010 2009
Fall-to-Fall Persistence Rates 61% 60% 62%
Bachelors Graduation Rates 51% 50% 49%
Masters Graduation Rates 74% 80% 73%
Bachelors’ Degree salary % increase
from salary at enrollment
11.6% 14.0% 16.7%
Graduate Degree salary % increase
from salary at enrollment
11.0% 11.5% 23.0%
ASHFORD Students and Alumni:
Persistence, Graduation & Salary Increases
* Survey not conducted in 2012

5. Our Approach
to Quality Education

6. LEADERSHIP
Dr. Greg Geoffroy
 Chairman-elect, AU Trustees
 38 Yrs Academic Leadership
 President Emeritus, Iowa St.
 10 Years as President:
 Expanded Diversity
 Built Infrastructure
 Bioeconomy Institute
 SVP & Provost, U. Maryland
 Ph.D. Chemistry, Caltech
Dr. Richard Pattenaude
 Ashford U. President
 Chairman, NEASC Higher Ed
 23 Yrs. Academic Leadership
 Chancellor, U. Maine System
 7 years
 President, U. Southern Maine
 16 Years
 Ph.D. Political Science,
U. of Colorado

7. ASHFORD UNIVERSITY & UNIVERSITYof the ROCKIES
AFFORDABILITY ACCESS SUCCESSQUALITY
Delivering value
to students through FOUR PILLARS

8. AFFORDABILITY AFFORDABILITY ACCESS QUALITY SUCCESS
47%
37%
15%
0%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
$-
$100
$200
$300
$400
$500
$600
DeVry - DV UoP
- APOL
Strayer
- STRA
Grand
Canyon
- LOPE
Ashford
- BPI
Ashford
Military
AMU -
APEI
%Difference
$perCredit
51%
Affordable

9. ACCESS AFFORDABILITY ACCESS QUALITY SUCCESS
• Better Student Benchmarking Data
• Rich Data on Outcomes
• Used By 40 Institutions
• Assessment of Learning Data
Apple™/ Android™
MOBILE ACCESS
• Constellation
• Students
• Grade Book
• Admin
• Classroom
• Faculty
}• More Affordable
• Proprietary Learning Platform
• Rapid uptake
• Patent Pending
&
ACCESS through TECHNOLOGY

10. QUALITY AFFORDABILITY ACCESS QUALITY SUCCESS
Quality Initiatives
Learning
• Additional Full-Time Faculty
• Smaller Class Sizes
• Continued Technology Investment
• InsideTrack
University Advisors
• Extend relationship to 26 wks
• Problem-solving Focus
Student Support
• 2 Advisors thru 4th Course
• Predictive Modeling
• Better Persistence

11. SUCCESS AFFORDABILITY ACCESS QUALITY SUCCESS
Student Inquiry
• First Contact with Students
• 200 Staff
• Data Analytics
• Goal: Student Readiness
Orientation
• 2 Weeks
• 100% Free
• All AAs & BAs w/ zero credits
The Ashford Promise
• 3-Week Refund Policy
• Drop Underperforms
• All Tuition, Fees Refunded
• No Debt Incurred
Career Support
• Career Support Services
– Resume building
– Job Search
– Interview Prep
• Alumni Networking
• Employer Awareness
Student Success Initiatives

12. Branding

13. BRANDING STRATEGY
• Data Analytics: Target Best Performing Lead Sources
Based on Persistence
• Increased Awareness by National Target Audience
• Messages Reinforce Four Pillars
• Working Adult Demographic
• Messaging Reflects Working Families
• Reinforces Technology and Increased Access
• Increased Lead Cost Offset by Better Persistence

14. BRANDING STRATEGY
“Technology Changes Everything”
90% of Potential Students Think the Future of Education is Virtual

15. BRANDING STRATEGY
“Technology Changes Everything”
90% of Potential Students Think the Future of Education is Virtual

16. BRANDING STRATEGY
“Technology Changes Everything”
RESULTS:
• 80% increase in Organic traffic on Ashford’s website
• 100% increase in Brand Awareness
• 114% increase in Awareness among fully employed
• Positive Sentiment Up 40% in August
• Ashford seen as Innovative, Forward Thinking
• 19% Increase in Non-Aggregator Enrollments

17. Financial Review

18. AFFORDABILITY ACCESS QUALITY SUCCESS
Financial Model Highlights
• Highly Competitive Tuition Pricing
 One of the lowest in the sector
 Below Title IV Loan Limits
• Branding: Recalibrate Marketing Mix
• Capital Efficient Business
• Strong Cash Position, No Debt

19. AFFORDABILITY ACCESS QUALITY SUCCESS
History of Consistent Performance
31,558
53,688
77,892
86,642
91,358
5,000
25,000
45,000
65,000
85,000
105,000
2008 2009 2010 2011 Q3 12
YTD
Enrollments
$218.3
$454.3
$713.2
$933.3
$758.8
$50.0
$250.0
$450.0
$650.0
$850.0
$1,050.0
2008 2009 2010 2011 Q3 12
YTD
Revenue

20. AFFORDABILITY ACCESS QUALITY SUCCESS
Operating Margin
15.3%
18.0%
30.3% 29.3%
23.4%
0.0%
10.0%
20.0%
30.0%
40.0%
2008 2009 2010 2011 Q3 12 YTD

21. AFFORDABILITY ACCESS QUALITY SUCCESS
Cash Flow and EPS
$70.7
$131.7
$189.9
$220.8
$93.6
$0
$70
$140
$210
$280
2008 2009 2010 2011 Q3 12
YTD
Net Cash Provided By
Operating Activities
$0.16
$0.74
$2.14
$3.02
$2.00
$0.00
$0.80
$1.60
$2.40
$3.20
2008 2009 2010 2011 Q3 12
YTD
Fully-Diluted Earnings
Per Common Share

22. AFFORDABILITY ACCESS QUALITY SUCCESS
Consistent Regulatory Metrics
Well Positioned for Gainful Employment:
Repayment Rates
Debt to Income
Debt to Discretionary Income
2011 2010 2009 2008 2007
Ashford 2-Yr. CDR --- 10.2% 15.3% 13.3% 13.3%
Rockies 2-Yr. CDR --- 4.0% 3.3% 2.5% 0%
Ashford 90 /10 Ratio 86.8% 85.0% 85.5% 86.8%
Rockies 90 /10 Ratio 85.0% 85.9% 84.6% 80.8%

23. REGULATORY TIMELINE AFFORDABILITY ACCESS QUALITY SUCCESS
20132012
Data Submissions Site Visit
Substantial
Presence Plan
HLC Board
Meeting
Site VisitRe-Application
Submittal
WASC Board
Meeting
June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul