Blackstone – Discovery Education

WA-90042

Funds and/or vehicles advised and/or managed by affiliates of Blackstone Private Credit Strategies LLC (**Blackstone Credit**) propose to exchange their existing debt interest in Discovery Education, Inc. (**Discovery**) for new debt and a significant, but less than a majority, equity interest in full satisfaction of such existing debt interest (the **Acquisition**). Blackstone Credit is part of the Credit & Insurance segment of Blackstone Inc. (together with any of its affiliates or affiliated investment funds, **Blackstone**). Blackstone is a US-based investment management firm, incorporated under the laws of Delaware, United States. Each company in its investment portfolio is independently managed and financed and has different investors (although the investors in different investment funds may overlap). Each Blackstone portfolio company has its own board of directors, which generally also include Blackstone representatives. Blackstone currently controls Renaissance Learning, Inc. (**Renaissance**), a US-based provider of cloud-based software for the pre-kindergarten to year 12 education sector. Renaissance offers learning resources and tools to support students and teachers. Discovery is a US-based company that provides digital learning resources for kindergarten to year 12 (K-12) students, educators and schools across science, math, literacy and social studies. Discovery’s key offerings are companion educational platforms, supplementary learning resources, and subject-based learning solutions.