CAPELLA EDUCATION COMPANY

CUSIP: 139594105 Class: COM

Makaira Partners LLC's Holding History (CIK: 0001540866)

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

Q2 2016
Shares 294,505 Value ($000) $15,503 Avg Close — Range —
Q1 2016
Shares 696,551 Value ($000) $36,666 Avg Close — Range —
Q4 2015
Shares 686,551 Value ($000) $32,195 Avg Close — Range —
Q3 2015
Shares 594,940 Value ($000) $29,461 Avg Close — Range —
Q2 2015
Shares 536,117 Value ($000) $28,773 Avg Close — Range —
Q1 2015
Shares 296,427 Value ($000) $19,232 Avg Close — Range —
Q4 2014
Shares 296,427 Value ($000) $22,813 Avg Close — Range —
Q3 2014
Shares 474,857 Value ($000) $29,726 Avg Close — Range —
Q2 2014
Shares 474,857 Value ($000) $25,827 Avg Close — Range —
Q1 2014
Shares 474,857 Value ($000) $29,987 Avg Close — Range —
Q4 2013
Shares 683,057 Value ($000) $45,382 Avg Close — Range —
Q3 2013
Shares 681,357 Value ($000) $38,538 Avg Close — Range —
Q2 2013
Shares 681,357 Value ($000) $28,379 Avg Close — Range —