Tranche Update on Scholastic Corporation's Equity Buyback Plan announced on September 28, 2010.

Scholastic Corporation is a publisher and distributor of children’s books. The Company operates through three segments: Children’s Book Publishing and Distribution, Education Solutions and International. The Children’s Book Publishing and Distribution segment operates as an integrated business, which includes the publication and distribution of children’s books, e-books, media and interactive products in the United States through its book clubs and book fairs in its school channels and through the trade channel. The Education Solutions segment includes the publication and distribution to schools and libraries of children’s books, classroom magazines, print and digital supplemental and core classroom materials and programs and related support services, and print and on-line reference and non-fiction products for grades pre-kindergarten to 12 in the United States. The International segment includes the publication and distribution of products and services outside the United States.