THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Blackboard Inc. (BBBB)

4/27/2006 Proxy Information

License fees from Educational Testing Service. In 2005, Educational Testing Service paid us $599 relating to membership fees in a Blackboard program. Mr. Gatti, who joined our Board of Directors in April 2004, has been the chief financial officer of Educational Testing Service since 1997.

Ruckus Network Inc. Dr. Raduchel, who joined our Board of Directors in February 2005, was chief executive officer of Ruckus Network Inc., a digital entertainment network, from March 2004 to February 2006. Ruckus Network has been a partner in our Building Blocks program since 2004 and paid or has payable to Blackboard a total of $12,500 in membership fees in a Blackboard program and conference sponsorship fees in 2005.