X0304 4 2012-02-17 0000729156 PEOPLES EDUCATIONAL HOLDINGS PEDH 0001205409 CHRISTIANSON TONY C/O CHERRY TREE INVESTMENTS 301 CARLSON PARKWAY, SUITE 103 MINNETONKA MN 55305 1 0 1 0 Common Stock 2012-02-17 4 P 0 7000 .75 A 1791534 I See Footnotes Common Stock 1320 D The shares beneficially owned by the reporting persons after the transactions reported herein include: (a) 70,619 shares owned directly by Adam Smith Growth Partners, a Limited Partnership. These shares are indirectly owned by Adam Smith Companies, LLC, as general partner of Adam Smith Growth Partners, and by Tony J. Christianson, as manager of Adam Smith Companies and (b) 1,720,915 shares owned directly by Adam Smith Fund, LLC. These shares are indirectly owned by Adam Smith Management, LLC, as manager of Adam Smith Fund, by Adam Smith Companies, as manager of Adam Smith Management, and by Tony J. Christianson, as manager of Adam Smith Companies. The reporting persons disclaim beneficial ownership of the shares reported herein except to the extent of their pecuniary interests in the shares. This report shall not be deemed an admission by any of the reporting persons that it is the beneficial owner of the shares reported herein for purposes of Section 16 or any other purpose. /s/ Eric O. Madson as Attorney-in-Fact for Tony J. Christianson pursuant to Power of Attorney previously filed. 2012-02-21