Stock Trading History of Small Matthew H

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Small Matthew H since year 2005. The trader's CIK number is 1291651. At the time of this reporting, Small Matthew H is the Chief Legal Officer of Blackboard Inc (stock ticker symbol BBBB).

Stock purchases, sales, and option exercises reported by *Small Matthew H* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2007-12-31	BBBB	Blackboard Inc	Option Exercise	8,000	15.50	124,000
2007-12-31	BBBB	Blackboard Inc	Sale	8,000	41.00	328,000
2007-07-02	BBBB	Blackboard Inc	Option Exercise	8,000	13.66	109,280
2007-07-02	BBBB	Blackboard Inc	Sale	8,000	42.01	336,053
2007-04-27	BBBB	Blackboard Inc	Sale	4,000	34.85	139,400
2007-04-27	BBBB	Blackboard Inc	Option Exercise	4,000	9.98	39,920
2007-04-02	BBBB	Blackboard Inc	Option Exercise	4,000	9.98	39,920
2007-04-02	BBBB	Blackboard Inc	Sale	4,000	33.43	133,720
2007-03-21	BBBB	Blackboard Inc	Option Exercise	4,000	9.98	39,920
2007-03-21	BBBB	Blackboard Inc	Sale	4,000	34.85	139,400
2007-01-16	BBBB	Blackboard Inc	Option Exercise	4,000	9.98	39,920
2007-01-16	BBBB	Blackboard Inc	Sale	4,000	30.47	121,880
2006-08-09	BBBB	Blackboard Inc	Option Exercise	3,087	9.98	30,808
2006-08-09	BBBB	Blackboard Inc	Sale	3,087	30.00	92,610
2006-08-09	BBBB	Blackboard Inc	Option Exercise	3,087	9.98	30,808
2006-08-09	BBBB	Blackboard Inc	Sale	3,087	30.00	92,610
2006-05-09	BBBB	Blackboard Inc	Sale	3,087	30.00	92,610
2006-05-09	BBBB	Blackboard Inc	Option Exercise	3,087	9.98	30,808
2006-02-16	BBBB	Blackboard Inc	Sale	2,573	28.44	73,176
2006-02-16	BBBB	Blackboard Inc	Option Exercise	2,573	9.98	25,678
2006-01-17	BBBB	Blackboard Inc	Option Exercise	2,573	9.98	25,678
2006-01-17	BBBB	Blackboard Inc	Sale	2,573	27.60	71,014
2006-01-03	BBBB	Blackboard Inc	Option Exercise	3,087	9.98	30,808
2006-01-03	BBBB	Blackboard Inc	Sale	3,087	30.00	92,610

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Small Matthew H (Chief Legal Officer of Blackboard Inc at the time of this reporting) see the Securities and Exchange Commission (SEC) website.