July 22 2009

Scholastic Corporation Announces First Quarter Dividend

New York — July 22, 2009 — Scholastic Corporation (NASDAQ: SCHL) announced that its Board of Directors today declared a quarterly cash dividend of $0.075 per share on the Company's Class A and Common Stock for the first quarter of fiscal 2010. The dividend is payable on September 15, 2009 to shareholders of record as of the close of business on August 31, 2009.

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