AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

NORDEA INVESTMENT MANAGEMENT AB's Holding History (CIK: 0001218210)

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

Q1 2014

Shares 600 Value ($000) $21 Avg Close $40.58 Range $33.47 - $46.62

Q3 2013

Shares 209,400 Value ($000) $7,915 Avg Close $39.36 Range $36.65 - $41.15

Q2 2013

Shares 63,546 Value ($000) $2,361 Avg Close $36.06 Range $31.95 - $39.85

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	600	$21	$40.58	$33.47 - $46.62
Q3 2013	209,400	$7,915	$39.36	$36.65 - $41.15
Q2 2013	63,546	$2,361	$36.06	$31.95 - $39.85