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A note from D2L leadership

As we shared in our Q2 update, we believe the best path forward in the near term for D2L is to seek a balance of growth and profitability with a continued focus on digital transformation. And as part of that journey, earlier today we shared the difficult news with our employees that we reduced our workforce by approximately 5%. We are grateful for the work our former colleagues did at D2L to help us build the future of work and learning – and we will be providing them with severance benefits, access to learning opportunities to support their transition, and assistance in finding new career opportunities.

We remain committed to delivering on our roadmap, building world-class products, and providing exceptional services to our clients. We believe these changes will enable us to achieve continued success within the current economic environment.

The foregoing contains forward-looking information within the meaning of applicable securities legislation, that reflects our current expectations regarding future events, including regarding business strategy, performance and objectives, as well as the anticipated results therefrom. Such forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, as described and otherwise referenced, in particular, under “Forward-Looking Information” at our Second Quarter Fiscal 2023 Financial Results Release, and actual results could differ materially. We do not undertake any obligation to update such forward-looking information, except as expressly required under applicable securities laws.