AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 4,910 Value ($000) $117 Avg Close $24.34 Range $18.47 - $29.54

Q4 2019

Shares 4,910 Value ($000) $134 Avg Close $24.43 Range $21.51 - $29.00

Q3 2019

Shares 4,810 Value ($000) $107 Avg Close $27.45 Range $22.29 - $34.00

Q2 2019

Shares 4,890 Value ($000) $145 Avg Close $30.62 Range $27.85 - $34.97

Q1 2019

Shares 4,750 Value ($000) $143 Avg Close $30.83 Range $27.20 - $34.86

Q4 2018

Shares 4,750 Value ($000) $135 Avg Close $30.66 Range $26.37 - $37.00

Q2 2018

Shares 21,990 Value ($000) $926 Avg Close $41.81 Range $36.55 - $45.75

Q1 2018

Shares 27,900 Value ($000) $1,200 Avg Close $30.67 Range $23.15 - $45.75

Q4 2017

Shares 27,440 Value ($000) $688 Avg Close $23.30 Range $19.30 - $27.40

Q3 2017

Shares 19,670 Value ($000) $414 Avg Close $20.33 Range $17.40 - $24.10

Q2 2017

Shares 17,420 Value ($000) $412 Avg Close $22.88 Range $20.65 - $26.30

Q1 2017

Shares 20,670 Value ($000) $474 Avg Close $23.24 Range $19.35 - $26.20

Q4 2016

Shares 20,670 Value ($000) $507 Avg Close $22.36 Range $14.75 - $27.20

Q3 2016

Shares 20,240 Value ($000) $401 Avg Close $24.22 Range $18.53 - $30.79

Q2 2016

Shares 20,180 Value ($000) $567 Avg Close $24.83 Range $19.25 - $28.64

Q1 2016

Shares 8,090 Value ($000) $167 Avg Close $17.56 Range $13.80 - $22.50

Q4 2015

Shares 3,350 Value ($000) $62 Avg Close $21.97 Range $18.56 - $25.17

Q3 2015

Shares 3,350 Value ($000) $79 Avg Close $23.89 Range $19.22 - $27.26

Q2 2015

Shares 3,280 Value ($000) $84 Avg Close $26.99 Range $21.30 - $32.56

Q1 2015

Shares 3,200 Value ($000) $96 Avg Close $33.33 Range $29.13 - $37.08

Q4 2014

Shares 4,500 Value ($000) $166 Avg Close $32.47 Range $26.24 - $37.46

Q3 2014

Shares 4,500 Value ($000) $121 Avg Close $31.51 Range $26.98 - $36.47

Q2 2014

Shares 4,200 Value ($000) $144 Avg Close $34.85 Range $32.51 - $38.00

Q1 2014

Shares 4,200 Value ($000) $147 Avg Close $40.58 Range $33.47 - $46.62

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	4,910	$117	$24.34	$18.47 - $29.54
Q4 2019	4,910	$134	$24.43	$21.51 - $29.00
Q3 2019	4,810	$107	$27.45	$22.29 - $34.00
Q2 2019	4,890	$145	$30.62	$27.85 - $34.97
Q1 2019	4,750	$143	$30.83	$27.20 - $34.86
Q4 2018	4,750	$135	$30.66	$26.37 - $37.00
Q2 2018	21,990	$926	$41.81	$36.55 - $45.75
Q1 2018	27,900	$1,200	$30.67	$23.15 - $45.75
Q4 2017	27,440	$688	$23.30	$19.30 - $27.40
Q3 2017	19,670	$414	$20.33	$17.40 - $24.10
Q2 2017	17,420	$412	$22.88	$20.65 - $26.30
Q1 2017	20,670	$474	$23.24	$19.35 - $26.20
Q4 2016	20,670	$507	$22.36	$14.75 - $27.20
Q3 2016	20,240	$401	$24.22	$18.53 - $30.79
Q2 2016	20,180	$567	$24.83	$19.25 - $28.64
Q1 2016	8,090	$167	$17.56	$13.80 - $22.50
Q4 2015	3,350	$62	$21.97	$18.56 - $25.17
Q3 2015	3,350	$79	$23.89	$19.22 - $27.26
Q2 2015	3,280	$84	$26.99	$21.30 - $32.56
Q1 2015	3,200	$96	$33.33	$29.13 - $37.08
Q4 2014	4,500	$166	$32.47	$26.24 - $37.46
Q3 2014	4,500	$121	$31.51	$26.98 - $36.47
Q2 2014	4,200	$144	$34.85	$32.51 - $38.00
Q1 2014	4,200	$147	$40.58	$33.47 - $46.62