Representative Matters

D2L Completes Initial Public Offering

D2L Inc. (TSX: DTOL) (the “Company”) closed its initial public offering of Subordinate Voting Shares (the “Offering”) consisting of a treasury offering of 5,489,757 Subordinate Voting Shares by D2L and a secondary offering of 3,335,243 Subordinate Voting Shares by the Desire2Learn Employee Stock Trust as a selling shareholder, at a price of $17.00 per Subordinate Voting Share for total gross proceeds of $150,025,000 ($93,325,869 to D2L and $56,699,131 to the Desire2Learn Employee Stock Trust).

Jeffry Merk represented the Desire2Learn Employee Stock Trust.