Aug 2014

1. 2014
Investor Presentation

2. FORWARD-LOOKING STATEMENTS
This presentation may contain forward-looking statements including, without limitation, statements with respect
management’s expectations regarding student demand, student persistence, the results of the Company's
initiatives, emerging trends, productivity, Q3 2013 campaign, 2014 outlook, financial results, 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:
• the outcome of the Company's ongoing internal analysis of the impact of the correction of its methodology for
evaluating collectability in connection with revenue recognition;
• 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;
• 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, 2013, filed with the SEC on March 17, 2014, and Quarterly Report on Form 10-Q
for the quarter ended March 31, 2014, to be 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, Certificates
• Social & Behavioral Sciences
• Colorado Springs Campus
• Denver Instructional Site
• HLC Accredited
AU and UOR Student
Demographics
98% Online
72% Female
49% Minority
37 Years Old
University of The RockiesAshford University
• AA, BA, MA, MBA
• 17 NAIA Sports Teams
• Online & Clinton, IA Campus
• WASC Accredited -- 5 years*
• Forbes Alliance
RECOGNIZED BRANDS
*On July 10, 2013, the WASC granted Initial Accreditation to Ashford University for five years, subject to, among
other things, approval of U.S. Department of Education, which was obtained later in 2013.
Forbes
COBPS,
38%
Edu,
21%
Health,
24%
Lib.
Arts,
16%
NDS,
1%
AU Programs
AA, 7%
BA,
78%
MA,
13%
Doc,
1%
NDS/
HS/
Cert,
1%
AU and UOR Students

4. DIFFERENTIATION…TUITION
OTHERS
AU
Affordable Innovative
Quality
VALUE
“Ashford strategically and thoughtfully reallocated significant
resources across the entire student life cycle in order to
positively impact student success.”

5. AFFORDABILITY
35%
25%
15%
-23%
-39% -39%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
$-
$100
$200
$300
$400
$500
$600
%Difference
$perEquivalentCreditHour*
13% 12% 11%
47%
* $ per credit hour before applicable fees, discounts or scholarships

6. INNOVATION
Apple™/ Android™
MOBILE ACCESS
• Constellation
• Students
• Classroom
• Admin
• Faculty
• Grade Book
&
“… these systems hold tremendous promise for ensuring educational quality …“*
Ralph Wolff, WASC
R.E.A.L. Dashboard&
*A copy of the WASC action letter and visiting team report from the review of Ashford University is available
on the WASC website at www.wascsenior.org

7. QUALITY
Quality Initiatives
Learning
• Smaller Class Sizes
• Continued Technology Investment
• InsideTrack
• 120 Constellation titles
• Waypoint in more than 200 AU courses
University Advisors
• Extend relationship to 26 wks
• Problem-solving Focus
Student Support
• 2 Advisors thru 4th Course
• Measure Student Engagement
• Predictive Modeling
• Better Persistence
Quality Matters
• > 85% of AU Courses Certified
• Clear Industry Leader
Faculty
• More Full-Time Faculty
• Faculty Forums: Course, Program Development
• Faculty Training, Mentoring
• Measure Faculty Effectiveness

8. Forbes School of Business
 Biz School Applications Up 11% in Q1 2014
 Biz School Web Page Visits Up 36% Q4 ‘13 to Q1 ‘14
 Forbes Brand Expands AU Corporate Relationships
 Forbes Digital Presence Reaches Online Students
 Unique Online Speaker Events;
 More Than 1200 Forbes Contributors
 Unique Learning Material Creates Value for Students

9. BRAND STRATEGY
ASHFORD
UNIVERSITY

10. BRAND STRATEGY
• Branding Reinforces the Value Proposition
• Combines Traditional & Interactive Media:
- Attract learners most likely to persist / graduate
• Media Mix Optimization:
- Advanced analytics targets effective media channels
- Increases organic student inquiries
• Brand Strength:
- Build on and maintain positive momentum, perception and sentiment
• Overall Goal: “Organic” Inquiries

11. BRAND CAMPAIGN TECHNOLOGY CHANGES EVERYTHING.
Q3 2013 Campaign -- Early Results
Organic channels show continued strength --
Since campaign launch:
 35% increase in Organic inquiries
 41% increase in new enrollments from Organic channels
 11% increase in conversion of Organic applications
 Even greater increase in Total Conversion (inc. non-Organic)

12. FINANCIAL
REVIEW

13. FINANCIAL MODEL HIGHLIGHTS
• Highly Competitive Tuition Pricing
 One of the lowest in the sector
 Below Title IV Loan Limits
• Increasing Investment in Student Success
• Emerging Trends:
- Continued Student Demand
- Increasing Advisor Productivity
- Branding: Increasing Organic Interest
- Improving Persistence
- No Accreditation Headwind
• Strong Cash Position, No Debt

14. CONSISTENT REGULATORY METRICS
2013 2012 2011 2010 2009
Ashford 2-Yr. CDR NA 10.1% 10.2% 15.3%
Rockies 2-Yr. CDR NA 4.8% 4.0% 3.3%
Ashford 3-Yr. CDR --- 15.4%* 16.3% 19.8%
Rockies 3-Yr. CDR --- 7.4%* 8.0% 3.3%
Ashford 90 /10 Ratio 85.6% 86.4% 86.8% 85.0% 85.5%
Rockies 90 /10 Ratio 87.6% 87.3% 85.0% 85.9% 84.6%
*draft data

15. FOCUSED ON A TURNAROUND
53,688
77,892
86,642
81,810
63,624 61,117
5,000
25,000
45,000
65,000
85,000
105,000
2009 2010 2011 2012 2013 Q2 '14
Enrollments
$445.5
$699.9
$915.2$943.4
$751.4
$328.8
$50.0
$250.0
$450.0
$650.0
$850.0
$1,050.0
2009 2010 2011 2012 2013 H1 '14
Revenue ($ millions)

16. OPERATING MARGIN
17.8%
30.6%
29.6%
20.3%
9.1%
4.4%
0.0%
10.0%
20.0%
30.0%
2009 2010 2011 2012 2013 H1 '14

17. CASH FLOW AND EPS
$116.1
$177.0
$216.0
$149.9
$85.6
-$3.8
-$5.0
$45.0
$95.0
$145.0
$195.0
$245.0
2009 2010 2011 2012 2013 H1 '14
Net Cash Provided (Used)
By Operating Activities
($ millions)
$0.72
$2.11
$2.99
$2.17
$0.83
$0.19
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2009 2010 2011 2012 2013 H1 '14
Fully-Diluted
Earnings Per Common
Share

18. THANK YOU