AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

RATIONAL ADVISORS LLC's Holding History (CIK: 0001143565)

Note: Option positions (PUT/CALL) are excluded.

Q1 2013
Shares 12,880 Value ($000) $449 Avg Close $36.69 Range $29.20 - $42.17
Q4 2012
Shares 12,880 Value ($000) $465 Avg Close — Range —
Q3 2012
Shares 12,880 Value ($000) $469 Avg Close — Range —
Q2 2012
Shares 9,800 Value ($000) $314 Avg Close — Range —
Q1 2012
Shares 9,400 Value ($000) $357 Avg Close — Range —
Q4 2011
Shares 9,300 Value ($000) $403 Avg Close — Range —
Q2 2009
Shares 21,900 Value ($000) $866 Avg Close — Range —