X0202 4 2008-02-19 0 0001201792 AMERICAN PUBLIC EDUCATION INC APEI 0001365552 Camden Partners Strategic Manager, LLC 500 EAST PRATT STREET SUITE 1200 BALTIMORE MD 21202 1 0 1 0 0001317017 Camden Partners Strategic III, LLC 500 EAST PRATT STREET, SUITE 1200 BALTIMORE MD 21202 0 0 1 0 0001283497 CAMDEN PARTNERS STRATEGIC FUND III LP 500 EAST PRATT STREET, SUITE 1200 BALTIMORE MD 21202 0 0 0 1 Managing Member 0001283498 CAMDEN PARTNERS STRATEGIC FUND III-A LP 500 EAST PRATT STREET, SUITE 1200 BALTIMORE MD 21202 0 0 0 1 Managing Member 0001211905 BERKELEY RICHARD M C/O CAMDEN PARTNERS 500 EAST PRATT STREET, SUITE 1200 BALTIMORE MD 21202 0 1 0 0 n/a 0001211899 HUGHES DONALD W C/O CAMDEN PARTNERS 500 EAST PRATT STREET, SUITE 1200 BALTIMORE MD 21202 0 1 0 0 n/a 0001211913 JOHNSTON RICHARD M 500 EAST PRATT STREET SUITE 1200 BALTIMORE MD 21202 0 1 0 0 n/a 0001025664 WARNOCK DAVID L 500 EAST PRATT STREET, SUITE BALTIMORE MD 25414 1 0 0 0 Common Stock, par value $.01 2008-02-19 4 S 0 750000 33.5475 D 1011348 I See Footnote(s) This report is being filed by Camden Partners Strategic Manager, LLC, as the managing member of Camden Partners Strategic III, LLC. This report includes reports by members of Camden Partners Strategic Fund III, L.P. and Camden Partners Strategic Fund III-A, L.P. This report is being filed jointly by Camden Partners Strategic Manager, LLC ("CPSM"), Camden Partners Strategic III, LLC ("CPS III"), Camden Partners Strategic Fund III, L.P. ("Fund III), Camden Partners Strategic Fund III-A, L.P. ("Fund III-A"), Donald W. Hughes, David L. Warnock, Richard M. Johnston and Richard M. Berkeley (the "Managing Members") (collectively, the "Reporting Persons")...(continued onto Footnote 2) (continued from Footnote 1)...The Managing Members are the managing members of CPSM, which is the managing member of CPS III. CPS III is the General Partner of Fund III and Fund III-A (such funds together, the "Funds"). The Funds may each be deemed a director by deputization as a result of David L. Warnock, a managing member of CPSM, serving on the board of directors of American Public Education, Inc. This report is being filed by Camden Partners Strategic Manager, LLC, as the managing member of Camden Partners Strategic III, LLC. This report includes reports by members of Camden Partners Strategic Fund III, L.P. and Camden Partners Strategic Fund III-A, L.P. This report is being filed jointly by Camden Partners Strategic Manager, LLC ("CPSM"), Camden Partners Strategic III, LLC ("CPS III"), Camden Partners Strategic Fund III, L.P. ("Fund III"), Camden Partners Strategic Fund III-A, L.P. ("Fund III-A"), Donald W. Hughes, David L. Warnock, Richard M. Johnston and Richard M. Berkeley (the "Managing Members") (collectively, the "Reporting Persons"). The Managing Members are the managing members of CPSM, which is the managing member of CPS III. CPS III is the General Partner of Fund III and Fund III-A (such funds together, the "Funds"). The Funds may each be deemed a director by deputization as a result of David L. Warnock, a managing member of CPSM, serving on the board of directors of American Public Education, Inc. /s/ Camden Partners Strategic III, LLC By Donald W. Hughes, Managing Member 2008-02-21 /s/ Camden Partners Strategic III, LLC, By Donald W. Hughes, Managing Member 2007-11-16 /s/ Camden Partners Strategic Fund III, LP By Camden Partners Strategic III, LLC, its General Partner By Camden Partners Strategic Manager, LLC, its Managing Member By Donald W. Hughes, Managing Member 2007-11-16 /s/ Camden Partners Strategic Fund III-A, LP By Camden Partners Strategic III, LLC, its General Partner By Camden Partners Strategic Manager, LLC, it's Managing Member By Donald W. Hughes, Managing Member 2007-11-16 /s/ Donald W. Hughes, Attorney-in-Fact 2007-11-16 /s/ Donald W. Hughes 2007-11-16 /s/ Donald W. Hughes, Attorney-in-Fact 2007-11-16 /s/ Donald W. Hughes, Attorney-in-Fact 2007-11-16