X0202 4 2006-11-15 0 0001104349 CAPELLA EDUCATION CO CPLA 0001205409 CHRISTIANSON TONY C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 MINNETONKA MN 55305 1 0 1 0 0001380609 Cherry Tree Ventures IV, LP C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 MINNETONKA MN 55305 0 0 1 0 0001380405 CTV Partners IV C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 MINNETONKA MN 55305 0 0 1 0 0001139906 STOFER GORDON C/O CHERRY TREE INVESTMENTS, INC. 301 CARLSON PARKWAY, SUITE 103 MINNETONKA MN 55305 0 0 1 0 Common Stock 2006-11-15 4 C 0 1518000 A 1568000 I See footnote Common Stock 2006-11-15 4 C 0 180000 A 1748000 I See footnote Common Stock 29366 I See footnote Common Stock 2380 I See footnote Class A Preferred Stock 2006-11-15 4 C 0 1518000 0.00 D Common Stock 1518000 0 I See footnote Class B Preferred Stock 2006-11-15 4 C 0 180000 0.00 D Common Stock 180000 0 I See footnote Each share of Class A Preferred Stock and Class B Preferred Stock automatically converted into issuer's common stock on a one for one basis with the closing of the issuer's initial public offering and had no expiration date. Reported securities are owned directly by Cherry Tree Ventures IV, L.P. ("CTV IV"). CTV Partners IV is the sole general partner of CTV IV, and is controlled by Tony J. Christianson and Gordon Stofer, the managing partners of CTV Partners IV, who share voting and investment power with respect to securities beneficially owned by CTV IV. Each of Messrs. Christianson and Stofer disclaim any beneficial ownership of these securities except to the extent of his pecuniary interest therein. Mr. Christianson is a director of the issuer. Reported securities are owned directly by Cherry Tree Core Growth Fund, L.L.L.P. ("CTCGF"). Cherry Tree Investments, LLC is the sole general partner of CTCGF, and is controlled by Tony J. Christianson and Gordon Stofer, its managing members, who share voting and investment power with respect to shares beneficially owned by CTCGF. Each of Messrs. Christianson and Stofer disclaim any beneficial ownership of these shares except to the extent of his pecuniary interest therein Reported securities are owned directly by InfoPower L.L.L.P. ("InfoPower"). The general partners of InfoPower are Gordon Stofer and Adam Smith Companies, LLC, which is controlled by its managing member Tony J. Christianson. Messrs. Stofer and Christianson share voting and investment power with respect to shares beneficially owned by InfoPower, but each disclaims any beneficial ownership of these shares except to the extent of his pecuniary interest therein. Michael K. Coddington, Attorney-in-Fact for Tony J. Christianson 2006-11-16 Michael K. Coddington, Attorney-in-Fact for Cherry Tree Ventures IV, LP 2006-11-16 Michael K. Coddington, Attorney-in-Fact for CTV Partners IV 2006-11-16 Michael K. Coddington, Attorney-in-Fact for Gordon Stofer 2006-11-16