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                                                                    EXHIBIT 4.2

                                                                  Execution Copy

                             SCHOLASTIC CORPORATION

                                5% NOTES DUE 2013

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                   April 4, 2003

Salomon Smith Barney Inc.
Credit Suisse First Boston LLC
J.P Morgan Securities Inc.
As Representatives of the Initial Purchasers
c/o Salomon Smith Barney Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

          Scholastic Corporation, a corporation organized under the laws of
Delaware (the "Company"), proposes to issue and sell to certain purchasers (the
"Initial Purchasers"), upon the terms set forth in a purchase agreement dated as
of April 2, 2003 (the "Purchase Agreement"), its 5% Notes Due 2013 (the
"Original Securities") relating to the initial placement of the Securities (the
"Initial Placement"). To induce the Initial Purchasers to enter into the
Purchase Agreement and to satisfy a condition of your obligations thereunder,
the Company agrees with you for your benefit and the benefit of the holders from
time to time of the Original Securities (including the Initial Purchasers) (each
a "Holder" and, together, the "Holders"), as follows:

          1. DEFINITIONS. Capitalized terms used herein without definition shall
have their respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following capitalized defined terms shall have the following
meanings:

          "Act" shall mean the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.

          "Affiliate" of any specified Person shall mean any other Person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified Person. For purposes of this definition, control of
a Person shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.

          "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

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          "Business Day" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "Commission" shall mean the Securities and Exchange Commission.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

          "Exchange Offer Registration Period" shall mean the 180 day period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

          "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange any Original
Securities that it acquired for its own account as a result of market-making
activities or other trading activities (but not directly from the Company or any
Affiliate of the Company) for Exchange Securities.

          "Exchange Securities" shall mean debt securities of the Issuer
identical in all material respects to the Original Securities (except that the
cash interest and interest rate step-up provisions and the transfer restrictions
shall be modified or eliminated, as appropriate) and to be issued under the
Indenture.

          "Holder" shall have the meaning set forth in the preamble hereto.

          "Indenture" shall mean the Indenture relating to the Securities, dated
as of April 4, 2003, between the Company and Citibank, N.A., as trustee, as the
same may be amended from time to time in accordance with the terms thereof.

          "Initial Placement" shall have the meaning set forth in the preamble
hereto.

          "Initial Purchaser" shall have the meaning set forth in the preamble
hereto.

          "Losses" shall have the meaning set forth in Section 6(d) hereof.

          "Majority Holders" shall mean the Holders of a majority in aggregate
principal amount of the Original Securities registered under a Registration
Statement.

          "Managing Underwriters" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

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          "Offering Memorandum" shall have the meaning set forth in the Purchase
Agreement.

          "Original Securities" shall have the meaning set forth in the preamble
hereto.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Original Securities or the Exchange Securities
covered by such Registration Statement, and all amendments and supplements
thereto and all material incorporated by reference therein.

          "Purchase Agreement" shall have the meaning set forth in the preamble
hereto.

          "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Original Securities that are
not prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Original Securities, a like aggregate principal
amount of the Exchange Securities.

          "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Original
Securities or the Exchange Securities pursuant to the provisions of this
Agreement, any amendments and supplements to such registration statement,
including post-effective amendments (in each case including the Prospectus
contained therein), all exhibits thereto and all material incorporated by
reference therein.

          "Securities" means Original Securities and Exchange Securities.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

          "Shelf Registration Period" has the meaning set forth in Section 3(b)
hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Original Securities or Exchange Securities, as
applicable, on an appropriate form under Rule 415 under the Act, or any similar
rule that may be adopted by the Commission, amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Trustee" shall mean the trustee with respect to the Securities under
the Indenture.

          "underwriter" shall mean any underwriter of Securities in connection
with an offering of Securities under a Shelf Registration Statement.

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          2. REGISTERED EXCHANGE OFFER. (a) The Company shall prepare and, not
later than 60 days following the date of the original issuance of the Original
Securities (or if such 60th day is not a Business Day, the next succeeding
Business Day), shall file with the Commission the Exchange Offer Registration
Statement with respect to the Registered Exchange Offer. The Company shall use
its reasonable best efforts to cause the Exchange Offer Registration Statement
to become effective under the Act within 180 days of the date of the original
issuance of the Original Securities (or if such 180th day is not a Business Day,
the next succeeding Business Day).

          (b)     Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder
electing to exchange Original Securities for Exchange Securities (assuming that
such Holder is not an Affiliate of the Company, acquires the Exchange Securities
in the ordinary course of such Holder's business, has no arrangements with any
Person to participate in the distribution of the Exchange Securities and is not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the Act and without
material restrictions under the securities laws of a substantial proportion of
the several states of the United States.

          (c)     In connection with the Registered Exchange Offer, the Company
shall:

                  (i)     mail to each Holder a copy of the Prospectus forming
     part of the Exchange Offer Registration Statement, together with an
     appropriate letter of transmittal and related documents;

                  (ii)    keep the Registered Exchange Offer open for not less
     than 20 Business Days and not more than 45 Business Days after the date
     notice thereof is mailed to the Holders (or, in each case, longer if
     required by applicable law);

                  (iii)   use its reasonable best efforts to keep the Exchange
     Offer Registration Statement continuously effective under the Act,
     supplemented and amended as required under the Act, to ensure that it is
     available for sales of Exchange Securities by Exchanging Dealers during the
     Exchange Offer Registration Period;

                  (iv)    utilize the services of a depositary for the
     Registered Exchange Offer with an address in the Borough of Manhattan in
     New York City, which may be the Trustee or the Company or an Affiliate of
     either of them;

                  (v)     permit Holders to withdraw tendered Original
     Securities at any time prior to the close of business, New York time, on
     the last Business Day on which the Registered Exchange Offer is open;

                  (vi)    prior to effectiveness of the Exchange Offer
     Registration Statement, provide a supplemental letter to the Commission (A)
     stating that the Company is conducting the Registered Exchange Offer in
     reliance on the position of the Commission in EXXON CAPITAL HOLDINGS
     CORPORATION (pub. avail. May 13, 1988) and

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     MORGAN STANLEY AND CO., INC. (pub. avail. June 5, 1991); and (B) including
     a representation that the Company has not entered into any arrangement or
     understanding with any Person to distribute the Exchange Securities to be
     received in the Registered Exchange Offer and that, to the best of the
     Company's information and belief, each Holder participating in the
     Registered Exchange Offer is acquiring the Exchange Securities in the
     ordinary course of business and has no arrangement or understanding with
     any Person to participate in the distribution of the Exchange Securities
     or, if it is an Affiliate of the Company, it will comply with the
     registration and prospectus delivery requirements of the Act to the extent
     applicable; and

                  (vii) comply in all respects with all applicable laws.

          (d)     As soon as practicable after the close of the Registered
Exchange Offer, the Company shall:

                  (i)     accept for exchange all Original Securities tendered
     and not validly withdrawn pursuant to the Registered Exchange Offer;

                  (ii)    deliver the Original Securities for cancellation in
     accordance with Section 4(r) all Original Securities so accepted for
     exchange; and

                  (iii)   cause the Trustee promptly to authenticate and deliver
     to each Holder of Original Securities a principal amount of Exchange
     Securities equal to the principal amount of the Original Securities of such
     Holder so accepted for exchange.

          (e)     Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the Exchange Securities (x) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in MORGAN STANLEY AND CO., INC. (pub. avail. June 5,
1991) and EXXON CAPITAL HOLDINGS CORPORATION (pub. avail. May 13, 1988), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993
and similar no-action letters; and (y) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary
resale transaction and must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K under the Act if the resales are of Exchange
Securities obtained by such Holder in exchange for Original Securities acquired
by such Holder directly from the Company or one of its Affiliates. Accordingly,
each Holder participating in the Registered Exchange Offer shall be required to
represent to the Company that, at the time of the consummation of the Registered
Exchange Offer:

                  (i)     any Exchange Securities received by such Holder will
     be acquired in the ordinary course of business;

                  (ii)    such Holder will have no arrangement or understanding
     with any Person to participate in the distribution of the Original
     Securities or the Exchange Securities within the meaning of the Act; and

                  (iii)   such Holder is not an Affiliate of the Company.

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          (f)     If any Initial Purchaser determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of
Original Securities constituting any portion of an unsold allotment, at the
request of such Initial Purchaser, the Company shall issue and deliver to such
Initial Purchaser or the Person purchasing Exchange Securities registered under
a Shelf Registration Statement as contemplated by Section 3 hereof from such
Initial Purchaser, in exchange for such Original Securities, a like principal
amount of Exchange Securities. The Company shall use its reasonable best efforts
to cause the CUSIP Service Bureau to issue the same CUSIP number for such
Exchange Securities as for Exchange Securities issued pursuant to the Registered
Exchange Offer.

          3. SHELF REGISTRATION. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, the Company
determines upon advice of its outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any
other reason the Registered Exchange Offer is not declared effective within 180
days after the date hereof or consummated within 225 days of the date hereof;
(iii) any Initial Purchaser so requests with respect to Original Securities that
are not eligible to be exchanged for Exchange Securities in the Registered
Exchange Offer and that are held by it following consummation of the Registered
Exchange Offer; (iv) any Holder (other than an Initial Purchaser) is not
eligible to participate in the Registered Exchange Offer; or (v) in the case of
any Initial Purchaser that participates in the Registered Exchange Offer or
acquires Exchange Securities pursuant to Section 2(f) hereof, such Initial
Purchaser does not receive freely tradeable Exchange Securities in exchange for
Original Securities constituting any portion of an unsold allotment (it being
understood that (x) the requirement that an Initial Purchaser deliver a
Prospectus containing the information required by Item 507 or 508 of Regulation
S-K under the Act in connection with sales of Exchange Securities acquired in
exchange for such Original Securities shall result in such Exchange Securities
being not "freely tradeable"; and (y) the requirement that an Exchanging Dealer
deliver a Prospectus in connection with sales of Exchange Securities acquired in
the Registered Exchange Offer in exchange for Original Securities acquired as a
result of market-making activities or other trading activities shall not result
in such Exchange Securities being not "freely tradeable"), the Company shall
effect a Shelf Registration Statement in accordance with subsection (b) below.

          (b) (i) The Company shall as promptly as practicable (but in no event
more than (a) 60 days after so required or requested pursuant to this Section 3
or (b) 210 days after the date of the original issuance of the Original
Securities, whichever is later), file with the Commission and thereafter shall
use its reasonable best efforts to cause to be declared effective under the Act,
no later than 240 days after the date of the original issuance of the Original
Securities, a Shelf Registration Statement relating to the offer and sale of the
Securities by the Holders thereof from time to time in accordance with the
methods of distribution elected by such Holders and set forth in such Shelf
Registration Statement; provided, however, that no Holder (other than an Initial
Purchaser) shall be entitled to have the Securities held by it covered by such
Shelf Registration Statement unless such Holder agrees in writing to be bound by
all of the provisions of this Agreement applicable to such Holder; and provided
further, that with respect to Exchange Securities received by an Initial
Purchaser in exchange for Original Securities constituting any portion of an
unsold allotment, the Company may, if permitted by current interpretations by
the Commission's staff, file a post-effective amendment to the Exchange Offer
Registration Statement containing the information required by Item 507 or 508 of
Regulation S-K, as

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applicable, in satisfaction of its obligations under this subsection with
respect thereto, and any such Exchange Offer Registration Statement, as so
amended, shall be referred to herein as, and governed by the provisions herein
applicable to, a Shelf Registration Statement.

                  (ii)    The Company shall use its reasonable best efforts to
     keep the Shelf Registration Statement continuously effective, supplemented
     and amended as required by the Act, in order to permit the Prospectus
     forming part thereof to be usable by Holders for a period of two years from
     the date of the original issuance of the Original Securities or, if
     earlier, the Securities becoming freely tradable pursuant to Rule 144(k) of
     the Act or until all Securities have been sold under the Shelf Registration
     Statement (in any such case, such period being called the "Shelf
     Registration Period"). The Company shall be deemed not to have used its
     reasonable best efforts to keep the Shelf Registration Statement effective
     during the requisite period if it voluntarily takes any action that would
     result in Holders of Securities covered thereby not being able to offer and
     sell such Securities during that period, unless (A) such action is required
     by applicable law; or (B) such action is taken by the Company in good faith
     and for valid business reasons (not including avoidance of the Company's
     obligations hereunder), including the acquisition or divestiture of assets,
     so long as the Company promptly thereafter complies with the requirements
     of Section 4(k) hereof, if applicable.

                  (iii)   The Company shall cause the Shelf Registration
     Statement and the related Prospectus and any amendment or supplement
     thereto, as of the effective date of the Shelf Registration Statement or
     such amendment or supplement, (A) to comply in all material respects with
     the applicable requirements of the Act and the rules and regulations of the
     Commission; and (B) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading.

          4. ADDITIONAL REGISTRATION PROCEDURES. In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

          (a)     The Company shall:

                  (i)     furnish to you, not less than five Business Days prior
     to the filing thereof with the Commission, a copy of any Exchange Offer
     Registration Statement and any Shelf Registration Statement, and each
     amendment thereof and each amendment or supplement, if any, to the
     Prospectus included therein (including all documents incorporated by
     reference therein after the initial filing) and shall use its reasonable
     best efforts to reflect in each such document, when so filed with the
     Commission, such comments as you reasonably propose;

                  (ii)    include the information set forth in Annex A hereto on
     the facing page of the Exchange Offer Registration Statement, in Annex B
     hereto in the forepart of the Exchange Offer Registration Statement in a
     section setting forth details of the Exchange Offer, in Annex C hereto in
     the underwriting or plan of distribution section of

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     the Prospectus contained in the Exchange Offer Registration Statement, and
     in Annex D hereto in the letter of transmittal delivered pursuant to the
     Registered Exchange Offer;

                  (iii)   if requested by an Initial Purchaser, include the
     information required by Item 507 or 508 of Regulation S-K, as applicable,
     in the Prospectus contained in the Exchange Offer Registration Statement;
     and

                  (iv)    in the case of a Shelf Registration Statement, include
     the names of the Holders that propose to sell Securities pursuant to the
     Shelf Registration Statement as selling security holders.

          (b)     The Company shall ensure that:

                  (i)     any Registration Statement and any amendment thereto
     and any Prospectus forming part thereof and any amendment or supplement
     thereto complies in all material respects with the Act and the rules and
     regulations thereunder; and

                  (ii)    any Registration Statement and any amendment thereto
     does not, when it becomes effective, contain an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading.

          (c)     The Company shall advise you, the Holders of Securities
covered by any Shelf Registration Statement and any Exchanging Dealer under any
Exchange Offer Registration Statement that has provided in writing to the
Company a telephone or facsimile number and address for notices, and, if
requested by you or any such Holder or Exchanging Dealer, shall confirm such
advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the Prospectus until the
Company shall have remedied the basis for such suspension):

                  (i)     when a Registration Statement and any amendment
     thereto has been filed with the Commission and when the Registration
     Statement or any post-effective amendment thereto has become effective;

                  (ii)    of any request by the Commission for any
     post-effective amendment or supplement to the Registration Statement or the
     Prospectus or for additional information;

                  (iii)   of the issuance by the Commission of any stop order
     suspending the effectiveness of the Registration Statement or the
     initiation of any proceedings for that purpose;

                  (iv)    of the receipt by the Company of any notification with
     respect to the suspension of the qualification of the Securities included
     therein for sale in any jurisdiction or the initiation of any proceeding
     for such purpose; and

                  (v)     of the happening of any event that requires any change
     in the Registration Statement or the Prospectus so that, as of such date,
     the statements therein

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     are not misleading and do not omit to state a material fact required to be
     stated therein or necessary to make the statements therein (in the case of
     the Prospectus, in the light of the circumstances under which they were
     made) not misleading.

          (d)     The Company shall use its reasonable best efforts to obtain
the withdrawal of any order suspending the effectiveness of any Registration
Statement or the qualification of the Securities therein for sale in any
jurisdiction at the earliest possible time.

          (e)     The Company shall furnish to each Holder of Securities covered
by any Shelf Registration Statement, without charge, at least one copy of such
Shelf Registration Statement and any post-effective amendment thereto, and, if
the Holder so requests in writing, all material incorporated therein by
reference and exhibits thereto (including exhibits incorporated by reference
therein).

          (f)     The Company shall, during the Shelf Registration Period,
deliver to each Holder of Securities covered by any Shelf Registration
Statement, without charge, as many copies of the Prospectus (including each
preliminary Prospectus) included in such Shelf Registration Statement and any
amendment or supplement thereto as such Holder may reasonably request. The
Company consents to the use of the Prospectus or any amendment or supplement
thereto by each of the selling Holders of Securities in connection with the
offering and sale of the Securities covered by the Prospectus, or any amendment
or supplement thereto, included in the Shelf Registration Statement.

          (g)     The Company shall furnish to each Exchanging Dealer which so
requests, without charge, at least one copy of the Exchange Offer Registration
Statement and any post-effective amendment thereto, including all material
incorporated by reference therein, and, if the Exchanging Dealer so requests in
writing, all exhibits thereto (including exhibits incorporated by reference
therein).

          (h)     The Company shall promptly deliver to each Initial Purchaser,
each Exchanging Dealer and each other Person required to deliver a Prospectus
during the Exchange Offer Registration Period, without charge, as many copies of
the Prospectus included in such Exchange Offer Registration Statement and any
amendment or supplement thereto as any such Person may reasonably request. The
Company consents to the use of the Prospectus or any amendment or supplement
thereto by any Initial Purchaser, any Exchanging Dealer and any such other
Person that may be required to deliver a Prospectus following the Registered
Exchange Offer in connection with the offering and sale of the Exchange
Securities covered by the Prospectus, or any amendment or supplement thereto,
included in the Exchange Offer Registration Statement.

          (i)     Prior to the Registered Exchange Offer or any other offering
of Securities pursuant to any Registration Statement, the Company shall use its
reasonable best efforts to arrange, if necessary, for the qualification of the
Securities for sale under the laws of such jurisdictions as any Holder shall
reasonably request and will maintain such qualification in effect so long as
required; provided that in no event shall the Company be obligated to qualify to
do business in any jurisdiction where it is not then so qualified or to take any
action that would subject it to service of process in suits, other than those
arising out of the Initial Placement, the

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Registered Exchange Offer or any offering pursuant to a Shelf Registration
Statement, in any such jurisdiction where it is not then so subject.

          (j)     The Company shall cooperate with the Holders of Securities to
facilitate the timely preparation and delivery of certificates representing
Original Securities or Exchange Securities to be issued or sold pursuant to any
Registration Statement free of any restrictive legends and in such denominations
and registered in such names as Holders may request.

          (k)     Upon the occurrence of any event contemplated by
subsections (c)(ii) through (v) above, the Company shall promptly prepare any
necessary post-effective amendment to the applicable Registration Statement or
an amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to Initial Purchasers of the
Securities included therein, the Prospectus will not include an untrue statement
of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. In such circumstances, the period of effectiveness of the
Exchange Offer Registration Statement provided for in Section 2 and the Shelf
Registration Statement provided for in Section 3(b) shall each be extended by
the number of days from and including the date of the giving of a notice of
suspension pursuant to Section 4(c) to and including the date when the Initial
Purchasers, the Holders of the Securities and any known Exchanging Dealer shall
have received such amended or supplemented Prospectus pursuant to this Section.

          (l)     Not later than the effective date of any Registration
Statement, the Company shall provide a CUSIP number for the Original Securities
or the Exchange Securities, as the case may be, registered under such
Registration Statement and provide the Trustee with printed certificates for
such Original Securities or Exchange Securities, in a form eligible for deposit
with The Depository Trust Company.

          (m)     The Company shall comply with all applicable rules and
regulations of the Commission and shall make generally available to its security
holders as soon as practicable after the effective date of the applicable
Registration Statement an earnings statement satisfying the provisions of
Section 11(a) of the Act.

          (n)     The Company shall use its reasonable best efforts to cause the
Indenture to be qualified under the Trust Indenture Act in a timely manner.

          (o)     The Company may require each Holder of Securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Company such
information regarding the Holder and the distribution of such Securities as the
Company may from time to time reasonably require for inclusion in such
Registration Statement. The Company may exclude from such Shelf Registration
Statement the Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving such request.

          (p)     In the case of any Shelf Registration Statement, the Company
shall enter into such agreements and take all other appropriate actions
(including if requested an underwriting agreement in customary form) in order to
expedite or facilitate the registration or the disposition of the Securities,
and in connection therewith, if an underwriting agreement is

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entered into, cause the same to contain indemnification provisions and
procedures no less favorable than those set forth in Section 6 (or such other
provisions and procedures acceptable to the Majority Holders and the Managing
Underwriters, if any, with respect to all parties to be indemnified pursuant to
Section 6.

          (q)     In the case of any Shelf Registration Statement, the Company
shall:

                  (i)     make reasonably available for inspection by the
     Holders of Securities to be registered thereunder, any underwriter
     participating in any disposition pursuant to such Registration Statement,
     and any attorney, accountant or other agent retained by the Holders or any
     such underwriter all relevant financial and other records, pertinent
     corporate documents and properties of the Company and its subsidiaries;

                  (ii)    cause the Company's officers, directors and employees
     to supply all relevant information reasonably requested by the Holders or
     any such underwriter, attorney, accountant or agent in connection with any
     such Registration Statement as is customary for similar due diligence
     examinations; PROVIDED, HOWEVER, that all such information shall be kept
     confidential by the Holders or any such underwriter, attorney, accountant
     or agent, unless such disclosure is made in connection with a court
     proceeding or required by law, or such information is or becomes available
     to the public generally other than by or at the direction of such persons
     or through a third party without an accompanying obligation of
     confidentiality;

                  (iii)   In connection with an underwritten offering or if
     requested by the Majority Holders, make such representations and warranties
     to the Holders of Securities registered thereunder and the underwriters, if
     any, in form, substance and scope as are customarily made by issuers to
     underwriters in primary underwritten offerings and covering matters
     including, but not limited to, those set forth in the Purchase Agreement;

                  (iv)    In connection with an underwritten offering or if
     requested by the Majority Holders, obtain opinions of counsel to the
     Company and updates thereof (which counsel and opinions (in form, scope and
     substance) shall be reasonably satisfactory to the Managing Underwriters,
     if any) addressed to each selling Holder and the underwriters, if any,
     covering such matters as are customarily covered in opinions requested in
     underwritten offerings and such other matters as may be reasonably
     requested by such Holders and underwriters;

                  (v)     In connection with an underwritten offering or if
     requested by the Majority Holders, obtain "cold comfort" letters and
     updates thereof from the independent certified public accountants of the
     Company (and, if necessary, any other independent certified public
     accountants of any subsidiary of the Company or of any business acquired by
     the Company for which financial statements and financial data are, or are
     required to be, included in the Registration Statement), addressed to each
     selling Holder of Securities registered thereunder and the underwriters, if
     any, in customary form and covering matters of the type customarily covered
     in "cold comfort" letters in connection with primary underwritten
     offerings; and

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                  (vi)    deliver such documents and certificates as may be
     reasonably requested by the Majority Holders and the Managing Underwriters,
     if any, including those to evidence compliance with Section 4(k) and with
     any customary conditions contained in the underwriting agreement or other
     agreement entered into by the Company.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

          (r)     If a Registered Exchange Offer is to be consummated, upon
delivery of the Original Securities by Holders to the Company (or to such other
Person as directed by the Company) in exchange for the Exchange Securities, the
Company shall mark, or caused to be marked, on the Original Securities so
exchanged that such Original Securities are being canceled in exchange for the
Exchange Securities. In no event shall the Original Securities be marked as paid
or otherwise satisfied.

          (s)     The Company will use its reasonable best efforts (i) if the
Original Securities have been rated prior to the initial sale of such
Securities, to confirm such ratings will apply to the Original Securities or the
Exchange Securities, as the case may be, covered by a Registration Statement; or
(ii) if the Original Securities were not previously rated, to cause the Original
Securities covered by a Shelf Registration Statement to be rated with at least
one nationally recognized statistical rating agency, if so requested by Majority
Holders with respect to the related Registration Statement or by any Managing
Underwriters.

          (t)     In the event that any Broker-Dealer shall underwrite any
Original Security or participate as a member of an underwriting syndicate or
selling group or "assist in the distribution" (within the meaning of the Rules
of Fair Practice and the By-Laws of the National Association of Securities
Dealers, Inc.) thereof, whether as a Holder of such Original Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company will assist such Broker-Dealer in complying
with the requirements of such Rules and By-Laws, including, without limitation,
by:

                  (i)     if such Rules or By-Laws shall so require, engaging a
     "qualified independent underwriter" (as defined in such Rules) to
     participate in the preparation of the Registration Statement, to exercise
     usual standards of due diligence with respect thereto and, if any portion
     of the offering contemplated by such Registration Statement is an
     underwritten offering or is made through a placement or sales agent, to
     recommend the yield of such Securities;

                  (ii)    indemnifying any such qualified independent
     underwriter to the extent of the indemnification of underwriters provided
     in Section 6 hereof; and

                  (iii)   providing such information to such Broker-Dealer as
     may be required in order for such Broker-Dealer to comply with the
     requirements of such Rules.

                                       12
<Page>

                  (iv)    The Company shall use its reasonable best efforts to
     take all other steps necessary to effect the registration of the Original
     Securities or the Exchange Securities, as the case may be, covered by a
     Registration Statement.

          5. REGISTRATION EXPENSES. The Company shall bear all expenses incurred
in connection with the performance of its obligations under Sections 2, 3 and 4
hereof and, in the event of any Shelf Registration Statement, will reimburse the
Holders for the reasonable fees and disbursements of one firm or counsel
designated by the Majority Holders to act as counsel for the Holders in
connection therewith.

          6. INDEMNIFICATION AND CONTRIBUTION. (a) The Company agrees to
indemnify and hold harmless each Holder of Original Securities or Exchange
Securities, as the case may be, covered by any Registration Statement (including
each Initial Purchaser and, with respect to any Prospectus delivery as
contemplated in Section 4(h) hereof, each Exchanging Dealer), the directors,
officers, employees and agents of each such Holder and each Person who controls
any such Holder within the meaning of either the Act or the Exchange Act against
any and all losses, claims, damages or liabilities, joint or several, to which
they or any of them may become subject under the Act, the Exchange Act or other
Federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement as
originally filed or in any amendment thereof, or in any preliminary Prospectus
or the Prospectus, or in any amendment thereof or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and agrees to reimburse each such indemnified party, as
incurred, for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action; PROVIDED, HOWEVER, that the Company will not be liable in
any case to the extent that any such loss, claim, damage or liability arises out
of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity
with written information furnished to the Company by or on behalf of any such
Holder specifically for inclusion therein. This indemnity agreement will be in
addition to any liability which the Company may otherwise have.

          The Company also agrees to indemnify or contribute as provided in
Section 6(d) to Losses of any underwriter of Original Securities or Exchange
Securities, as the case may be, registered under a Shelf Registration Statement,
their directors, officers, employees or agents and each Person who controls such
underwriter on substantially the same basis as that of the indemnification of
the Initial Purchasers and the selling Holders provided in this Section 6(a) and
shall, if requested by any Holder, enter into an underwriting agreement
reflecting such agreement, as provided in Section 4(p) hereof.

          (b)     Each Holder of Securities covered by a Registration Statement
(including each Initial Purchaser and, with respect to any Prospectus delivery
as contemplated in Section 4(h) hereof, each Exchanging Dealer) severally agrees
to indemnify and hold harmless the Company and each of its directors and
officers who signs such Registration Statement and each Person who controls the
Company within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company to each such Holder, but only

                                       13
<Page>

with reference to written information relating to such Holder furnished to the
Company by or on behalf of such Holder specifically for inclusion in the
documents referred to in the foregoing indemnity. This indemnity agreement will
be in addition to any liability which any such Holder may otherwise have.

          (c)     Promptly after receipt by an indemnified party under this
Section 6 or notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party
under this Section, notify the indemnifying party in writing of the commencement
thereof; but the failure so to notify the indemnifying party (i) will not
relieve it from liability under paragraph (a) or (b) above unless and to the
extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses; and
(ii) will not, in any event, relieve the indemnifying party from any obligations
to any indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint
counsel of the indemnifying party's choice at the indemnifying party's expense
to represent the indemnified party in any action for which indemnification is
sought (in which case the indemnifying party shall not thereafter be responsible
for the fees and expenses of any separate counsel retained by the indemnified
party or parties except as set forth below); PROVIDED, HOWEVER, that such
counsel shall be satisfactory to the indemnified party. Notwithstanding the
indemnifying party's election to appoint counsel to represent the indemnified
party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest; (ii) the actual or
potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those
available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of
such action; or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. An
indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.

          (d)     In the event that the indemnity provided in paragraph (a) or
(b) of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"Losses") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
PROVIDED, HOWEVER, that in no case shall any Initial Purchaser or any

                                       14
<Page>

subsequent Holder of any Original Security or Exchange Security be responsible,
in the aggregate, for any amount in excess of the purchase discount or
commission applicable to such Original Security, or in the case of an Exchange
Security, applicable to the Original Security that was exchangeable into such
Exchange Security, as set forth on the cover page of the Offering Memorandum,
nor shall any underwriter be responsible for any amount in excess of the
underwriting discount or commission applicable to the Securities purchased by
such underwriter under the Registration Statement which resulted in such Losses.
If the allocation provided by the immediately preceding sentence is unavailable
for any reason, the indemnifying party and the indemnified party shall
contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on the
one hand, and such indemnified party, on the other hand, in connection with the
statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Company shall be
deemed to be equal to the sum of (x) the total net proceeds from the Initial
Placement (before deducting expenses) as set forth on the cover page of the
Offering Memorandum and (y) the total amount of additional interest which the
Company was not required to pay as a result of registering the Securities
covered by the Registration Statement which resulted in such Losses. Benefits
received by the Initial Purchasers shall be deemed to be equal to the total
purchase discounts and commissions as set forth on the cover page of the
Offering Memorandum, and benefits received by any other Holders shall be deemed
to be equal to the value of receiving Original Securities or Exchange
Securities, as applicable, registered under the Act. Benefits received by any
underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus forming a part of
the Registration Statement which resulted in such Losses. Relative fault shall
be determined by reference to, among other things, whether any alleged untrue
statement or omission relates to information provided by the indemnifying party,
on the one hand, or by the indemnified party, on the other hand, the intent of
the parties and their relative knowledge, access to information and opportunity
to correct or prevent such untrue statement or omission. The parties agree that
it would not be just and equitable if contribution were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
any other method of allocation which does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section, each Person who controls a Holder within the meaning of either the
Act or the Exchange Act and each director, officer, employee and agent of such
Holder shall have the same rights to contribution as such Holder, and each
Person who controls the Company within the meaning of either the Act or the
Exchange Act, each officer of the Company who shall have signed the Registration
Statement and each director of the Company shall have the same rights to
contribution as the Company, subject in each case to the applicable terms and
conditions of this paragraph (d).

          (e)     The provisions of this Section will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Company or any of the officers, directors or controlling Persons referred to
in this Section hereof, and will survive the sale by a Holder of Securities
covered by a Registration Statement.

                                       15
<Page>

          7. UNDERWRITTEN REGISTRATIONS. (a) If any of the Original Securities
or Exchange Securities, as the case may be, covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the Managing Underwriters
shall be selected by the Majority Holders.

          (b)     No Person may participate in any underwritten offering
pursuant to any Shelf Registration Statement, unless such Person (i) agrees to
sell such Person's Original Securities or Exchange Securities, as the case may
be, on the basis reasonably provided in any underwriting arrangements approved
by the Persons entitled hereunder to approve such arrangements; and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

          8. NO INCONSISTENT AGREEMENTS. The Company has not, as of the date
hereof, entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its Securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof.

          9. AMENDMENTS AND WAIVERS. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of the
Majority Holders (or, after the consummation of any Registered Exchange Offer in
accordance with Section 2 hereof, of the holders of the majority of the
aggregate principal amount of Exchange Securities); PROVIDED that, with respect
to any matter that directly or indirectly affects the rights of any Initial
Purchaser hereunder, the Company shall obtain the written consent of each such
Initial Purchaser against which such amendment, qualification, supplement,
waiver or consent is to be effective. Notwithstanding the foregoing (except the
foregoing proviso), a waiver or consent to departure from the provisions hereof
with respect to a matter that relates exclusively to the rights of Holders whose
Original Securities or Exchange Securities, as the case may be, are being sold
pursuant to a Registration Statement and that does not directly or indirectly
affect the rights of other Holders may be given by the Majority Holders,
determined on the basis of Original Securities or Exchange Securities, as the
case may be, being sold rather than registered under such Registration
Statement.

          10. NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight
delivery:

          (a)     if to a Holder, at the most current address given by such
holder to the Company in accordance with the provisions of this Section, which
address initially is, with respect to each Holder, the address of such Holder
maintained by the Registrar under the Indenture, with a copy in like manner to
Salomon Smith Barney Inc;

          (b)     if to you, initially at the respective addresses set forth in
the Purchase Agreement; and

          (c)     if to the Company, initially at its address set forth in the
Purchase Agreement.

                                       16
<Page>

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers or the Company by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

          11. SUCCESSORS. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company
thereto, subsequent Holders of Original Securities and the Exchange Securities.
The Company hereby agrees to extend the benefits of this Agreement to any Holder
of Original Securities and the Exchange Securities, and any such Holder may
specifically enforce the provisions of this Agreement as if an original party
hereto.

          12. COUNTERPARTS. This agreement may be in signed counterparts, each
of which shall an original and all of which together shall constitute one and
the same agreement.

          13. HEADINGS. The headings used herein are for convenience only and
shall not affect the construction hereof.

          14. APPLICABLE LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts
made and to be performed in the State of New York.

          15. SEVERABILITY. In the event that any one of more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law.

          16. SECURITIES HELD BY THE COMPANY, ETC. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Original
Securities or Exchange Securities is required hereunder, Original Securities or
Exchange Securities, as applicable, held by the Company or its Affiliates (other
than subsequent Holders of Original Securities or Exchange Securities if such
subsequent Holders are deemed to be Affiliates solely by reason of their
holdings of such Original Securities or Exchange Securities) shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage.

                                       17
<Page>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company and the several Initial Purchasers.

                                       Very truly yours,

                                       SCHOLASTIC CORPORATION

                                       By: /s/ Kevin J. McEnery
                                           ---------------------
                                           Name:  Kevin J. McEnery
                                           Title: Executive Vice President and
                                           Chief Financial Officer

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.

SALOMON SMITH BARNEY INC.
CREDIT SUISSE FIRST BOSTON LLC
J.P. MORGAN SECURITIES INC.
     Acting on behalf of themselves and
     as Representatives of the Initial Purchasers

By:   SALOMON SMITH BARNEY INC.

By:  /s/ Celine M. Armstrong
     ------------------------------
     Name:  Celine M. Armstrong
     Title: Vice President

                                       18
<Page>

                                                                         ANNEX A

          Each Broker-Dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter": within
the meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of Exchange Securities received in exchange for Original Securities
where such Original Securities were acquired by such Broker-Dealer as a result
of market-making activities or other trading activities. The Company has agreed
that, starting on the Expiration Date (as defined herein) and ending on the
close of business 180 days after the Expiration Date, it will make this
Prospectus available to any Broker-Dealer for use in connection with any such
resale. See "Plan of Distribution."

                                       A-1
<Page>

                                                                         ANNEX B

          Each Broker-Dealer that receives Exchange Securities for its own
account in exchange for Original Securities, where such Original Securities were
acquired by such Broker-Dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. See "Plan of
Distribution."

                                       B-1
<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

          Each Broker-Dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of Exchange Securities received in
exchange for Original Securities where such [Original Securities] were acquired
as a result of market-making activities or other trading activities. The Company
has agreed that, starting on the Expiration Date and ending on the close of
business 180 days after the Expiration Date, it will make this Prospectus, as
amended or supplemented, available to any Broker-Dealer for use in connection
with any such resale. In addition, until __________, 200__, all dealers
effecting transactions in the Exchange Securities may be required to deliver a
prospectus.

          The Company will not receive any proceeds from any sale of Exchange
Securities by brokers-dealers. Exchange Securities received by Broker-Dealers
for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such
Exchange Securities. Any Broker-Dealer that resales Exchange Securities that
were received by it for its own account pursuant to the Exchange Offer and any
broker or dealer that participates in a distribution of such Exchange Securities
may be deemed to be an "underwriter" within the meaning of the Securities Act
and any profit of any such resale of Exchange Securities and any commissions or
concessions received by any such Persons may be deemed to be underwriting
compensation under the Securities Act. The Letter of Transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

          For a period of 180 days after the Expiration Date, the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any Broker-Dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the holders of the Original Securities (including
any Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act.

          [If applicable, add information required by Regulation S-K Items 507
and/or 508.]

                                       C-1
<Page>

                                                                         ANNEX D

RIDER A

          / / CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
              ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
              AMENDMENTS OR SUPPLEMENTS THERETO.

              Name:
                        --------------------------------------------
              Address:
                        --------------------------------------------

                        --------------------------------------------

RIDER B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the Exchange Securities in the ordinary course of its business, it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities and it has not arrangements or understandings with any Person to
participate in a distribution of the Exchange Securities. If the undersigned is
a Broker-Dealer that will receive Exchange Securities for its own account in
exchange for Original Securities, it represents that the Original Securities to
be exchanged for Exchange Securities were acquired by it as a result of
market-making activities or other trading activities and acknowledges that it
will deliver a prospectus in connection with any resale of such Exchange
Securities; however, by so acknowledging and by delivering a prospectus, the
undersigned will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

                                       D-1<Page>

EXHIBIT 4.3

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

     UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                             SCHOLASTIC CORPORATION

                                5% Notes Due 2013

CUSIP NO.

No. 1                                                              $ 175,000,000

     Scholastic Corporation, a corporation duly organized and existing under the
laws of Delaware (herein called the "Company", which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of one
hundred seventy five million dollars on April 15, 2013, and to pay interest
thereon from April 4, 2003 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on April 15 and
October 15 in each year, commencing October 15, 2003, at the rate of 5% per
annum, until the principal hereof is paid or made available for payment

     The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the April 1 or October 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of

<Page>

Securities not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said
Indenture.

     Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in The City of New York, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

<Page>

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:  ___, 2003

                                              SCHOLASTIC CORPORATION

                                              By
                                                ----------------------------
                                              Name:
                                              Title:

Attest:

-----------------------------

                     Trustee's Certificate of Authentication

     This is one of the Securities referred to in the within-mentioned
Indenture.

Dated:  ___, 2003                                         Citibank, N.A.,
                                                                    AS TRUSTEE

                                              By
                                                ----------------------------
                                                  AUTHORIZED SIGNATORY

<Page>

     This Security is one of a duly authorized issue of securities of the
Company designated as its 5% Notes Due 2013 (herein called the "Securities"),
issued and to be issued under an Indenture, dated as of April 4, 2003 (herein
called the "Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and Citibank, N.A., as Trustee (herein called
the "Trustee", which term includes any successor trustee under the Indenture),
and reference is hereby made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.

     The Company, at its option, may at any time redeem all or any portion of
the Securities, at a Redemption Price plus accrued interest to the Redemption
Date, equal to the greater of (1) 100% of the principal amount or (2) the sum of
the present values of the remaining scheduled payments of principal and interest
thereon discounted to the Redemption Date on a semiannual basis assuming a
360-day year consisting of twelve 30-day months at the applicable Treasury Yield
plus 20 basis points.

     "Comparable Treasury Issue" means, with respect to this Security, the
United States Treasury security selected by the Independent Investment Bankers
as having a maturity comparable to the remaining term of this Security that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of this Security.

     "Comparable Treasury Price" means, with respect to any Redemption Date, (i)
the average of the applicable Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest such applicable
Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such
Quotations.

     "Independent Investment Banker" means Salomon Smith Barney Inc., Credit
Suisse First Boston LLC and J.P. Morgan Securities Inc. or, if such firms are
unwilling or unable to select the applicable Comparable Treasury Issue, an
independent investment banking institution of national standing appointed by the
Trustee.

     "Reference Treasury Dealer" means Salomon Smith Barney Inc., Credit Suisse
First Boston LLC and J.P. Morgan Securities Inc.; PROVIDED, HOWEVER, that if the
foregoing shall cease to be a primary U.S. Government Securities dealer in New
York City (a "Primary Treasury Dealer"), the Company shall substitute therefor
another Primary Treasury Dealer.

     "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue for
the Notes (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such Redemption Date.

<Page>

     "Treasury Yield" means, with respect to any Redemption Date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the applicable Comparable
Treasury Price for such Redemption Date.

     In the event of redemption of this Security in part only, a new Security or
Securities and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

     The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain
conditions set forth in the Indenture.

     Unless the context otherwise requires, the Original Securities (as defined
in the Indenture) and the Exchange Securities (as defined in the Indenture)
shall constitute one series for all purposes under the Indenture, including
without limitation, amendments, waivers and redemptions.

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities at any time by the
Company and the Trustee with the consent of the Holders of more than 50% in
principal amount of the Securities at the time Outstanding. The Indenture also
contains provisions permitting the Holders of specified percentages in principal
amount of the Securities at the time Outstanding, on behalf of the Holders of
all Securities, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default, the Holders of not less
than 25% in principal amount of the Securities at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay

<Page>

the principal of and any premium and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and any premium and
interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or its attorney duly
authorized in writing, and thereupon one or more new Securities of like tenor,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     The Securities are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities are
exchangeable for a like aggregate principal amount of Securities of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     Interest on this Security shall be computed on the basis of a 360-day year
of twelve 30-day months.

     All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

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