AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

Ancient Art, L.P.'s Holding History (CIK: 0001426749)

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

Q4 2013

Shares 6,107 Value ($000) $265 Avg Close $41.26 Range $34.40 - $46.69

Q2 2013

Shares 64,923 Value ($000) $2,413 Avg Close $36.06 Range $31.95 - $39.85

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	6,107	$265	$41.26	$34.40 - $46.69
Q2 2013	64,923	$2,413	$36.06	$31.95 - $39.85