• Newly released student survey underscores the significant benefits of First Day^® Complete equitable access model on student academic success
• 83% of survey participants said the program had a positive impact on their classroom success and 86% of students said they were better prepared for the academic term
• First Day Complete equitable access model will be offered through 157 campus stores in the Fall of 2023, up from 111 in the Fall of 2022, representing nearly 800,000 undergraduate and postgraduate students
• An additional seven campus stores have already committed to transitioning to First Day Complete in the Spring 2024 semester and others are working towards this transition date given the positive impact on student outcomes

Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today announced results from its recent Student Success Survey which revealed the significant impact that First Day^® Complete (FDC), Barnes & Noble College’s (BNC) innovative equitable access course material model, is having on students’ academic success. Additionally, BNC continues to see strong institutional adoption of First Day Complete based on the positive student feedback and client endorsement of the model.

Through its First Day Complete program, BNC partners with colleges and universities to provide all students with all course materials needed for the term in one convenient bundle on or before the first day of class. Course material costs are included as part of tuition or applied as a course charge, saving students an average of 35-50%.

Survey Highlights First Day Complete’s Positive Impact

In May 2023, through its proprietary research platform, Barnes & Noble College Insights, Barnes & Noble College conducted an online survey for all students who participated in the First Day Complete program during the Spring 2023 semester. Based on responses across more than 100 campus stores representing students from community colleges, four-year public and four-year private institutions, students provided strong positive feedback on First Day Complete and its impact on their academic success:

• 86% stated they were better prepared for the academic term
• 83% stated Equitable Access/First Day Complete had a positive impact on their success this term
• 75% stated Equitable Access/First Day Complete helped them achieve better grades this term
• 91% stated that they found it convenient to have their course materials bundled
• 78% stated that Equitable Access/First Day Complete increases the likelihood they will continue their education at the school

For students who felt that First Day Complete enabled them to achieve better grades, they noted the convenience, access, and stress reduction of the program.

• “I believe that this program helped me to achieve better grades because it ensured that I had the correct books and versions of the books that I needed for each of my classes. The program helped to ensure that I had access to all the information needed for my course, which set me up for success and in turn achieve better grades.” (Student, University of North Carolina at Greensboro)
• “The idea that I didn't have to worry about getting the right books and they were substantially cheaper helped my stress which helped me focus on school.” (Student, Onondaga Community College)

Students also showed a strong likelihood to recommend and participate in First Day Complete again. 89% of students said they would recommend the course material program and 90% said they would participate in the program again. Students cited affordability, convenience, and preparedness for the semester as the primary reasons for lauding the equitable access model.

• “Textbooks are expensive. Having a discounted bundle is helpful. Not only does it save you money, but it also gives you materials needed to excel in class.” (Student, Hawaii Pacific University)
• “It helped me achieve better grades because I had the materials from the very beginning. If I didn't have them, I would be behind.” (Student, Ocean County Community College)
• “I’m very thankful that my school offers this program because if not then I would have really struggled with making sure that I purchased all of the correct materials for each of my classes.” (Student, Spartanburg Methodist College)

Feedback from schools has been equally strong:

• “As important as textbooks are, most students delay purchasing them because of cost, and many avoid purchasing them altogether. That can have a serious impact on their chances of success. We want to give students every advantage, so we’re excited to launch the Eagle Advantage program.” (Dr. Scott Ralls, Wake Tech President)

“Higher education institutions are increasingly recognizing the benefits of First Day Complete as they look to achieve their highest priority goals including, lowering the cost of education, improving student outcomes and reducing stress,” said Jonathan Shar, President of Barnes & Noble College. “These benefits are underscored by the positive feedback we received from students in our May 2023 First Day Complete Student Survey. We’re thrilled to partner with institutions of all sizes to help their students improve their preparation for the academic term, enhance their overall experience and ultimately achieve better academic results.”

Student Impact Driving Rapid Growth of the First Day Complete Program

First Day Complete continues to see rapid growth in institutional adoption, with a total of 157 campus stores implementing First Day Complete in the Fall of 2023, compared to 111 campus stores in the Fall of 2022. Additionally, based on the consistently positive feedback from their undergraduate students, a number of postgraduate programs will also have access to First Day Complete during the 2023 Fall Rush. As a result, total enrollment at the 157 campus stores offering First Day Complete this Fall is expected to be nearly 800,000 students. An additional seven campus stores have already committed to transitioning to First Day Complete in the Spring 2024 semester and others are working towards this transition date given the positive impact on student outcomes.

“We are excited to welcome a record number of new institutions to the First Day Complete program,” Mr. Shar continued. “We are seeing tremendous demand for First Day Complete across all types and sizes of institutions, and, with a strong pipeline of institutions that are currently evaluating how to best implement the program, we expect this momentum to continue.”

The 157 campus stores are distributed across 34 states, of which 29% are four-year state Colleges or Universities, 42% are four-year private Colleges or Universities, and 29% are two-year State Community Colleges or Technical Colleges. Additionally, the range of student enrollment at these institutions include:

• 29% have less than 2,000 students
• 30% have between 2,000 and 3,999 students
• 24% have between 4,000 and 9,999 students
• 17% have greater than 10,000 students

To hear more about what students, faculty and administrators had to say about their experiences using First Day Complete and how it has made a positive impact at their institutions. Watch the video, view.

Discover how colleges and universities are finding success with BNC’s First Day Complete by visiting our collection of equitable access case studies.

For more information about BNC’s First Day Complete, visit, www.bncollege.com/academic-solutions/first-day-complete/.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. For more information, visit www.bned.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make, including any statements made in regards to our response to the COVID-19 pandemic. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: risks associated with our ongoing efforts to refinance our debt and whether such efforts will be successful; risks associated with public health crises, epidemics, and pandemics, such as the COVID-19 pandemic, including the duration, spread, severity, and any recurrences thereof, and the impact such public health crises have on the overall demand for BNED products and services, our operations, the operations of our suppliers and other business partners, and the effectiveness of our response to these risks; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; a decline in college enrollment or decreased funding available for students; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; implementation of our digital strategy may not result in the expected growth in our digital sales and/or profitability; risk that digital sales growth does not exceed the rate of investment spend; the performance of our online, digital and other initiatives, integration of and deployment of, additional products and services including new digital channels, and enhancements to higher education digital products, the inability to achieve the expected cost savings during the anticipated time frame, and the inability to implement our cost saving initiatives in a timely and efficient manner; the risk of price reduction or change in format of course materials by publishers, which could negatively impact revenues and margin; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various acquisitions may not be fully realized or may take longer than expected; the integration of the operations of various acquisitions into our own may also increase the risk of our internal controls being found ineffective; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; risks associated with operation or performance of MBS Textbook Exchange, LLC’s point-of-sales systems that are sold to college bookstore customers; technological changes; risks associated with counterfeit and piracy of digital and print materials; our international operations could result in additional risks; our ability to attract and retain employees; risks associated with data privacy, information security and intellectual property; trends and challenges to our business and in the locations in which we have stores; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; disruptions to our information technology systems, infrastructure and data due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping service; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers’ digital offerings and direct to student textbook consignment rental programs, as well as the risks associated with the impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, recurring billing or similar marketing and sales activities; the amount of our indebtedness and ability to comply with covenants applicable to any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled “Risk Factors” in Part I - Item 1A in our Annual Report on Form 10-K for the year ended April 30, 2022. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

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