X0206 3 2016-03-24 0 0001055454 SCHOOL SPECIALTY INC SCOO 0001491072 Frigate Ventures LP 5950 BERKSHIRE LANE SUITE 210 DALLAS TX 75225 0 0 1 0 0001581079 M5V Advisors Inc. 111 PETER STREET SUITE 904 TORONTO A6 M5V 2H1 ONTARIO, CANADA 0 0 1 0 0001585166 Spears Adam 111 PETER STREET SUITE 904 TORONTO A6 M5V 2H1 ONTARIO, CANADA 0 0 1 0 0001585167 Kassam Moez 111 PETER STREET SUITE 904 TORONTO A6 M5V 2H1 ONTARIO, CANADA 0 0 1 0 0001491073 Admiralty Advisors LLC 5950 BERKSHIRE LANE SUITE 210 DALLAS TX 75225 0 0 1 0 0001491069 Winson Bruce Ross 5950 BERKSHIRE LANE SUITE 210 DALLAS TX 75225 0 0 1 0 Common Stock, $0.001 par value 113562 I See Footnote The filing of this Form 3 shall not be construed as an admission that Frigate Ventures LP ("Frigate"), Admiralty Advisors LLC, the general partner of Frigate ("Admiralty"), Bruce R. Winson, the manager of Admiralty, M5V Advisors Inc. ("M5V"), Adam Spears, a director of M5V, or Moez Kassam, a director of M5V, is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Common Stock, $0.001 par value (the "Common Stock"), of School Specialty, Inc. (the "Issuer") purchased by a private investment fund advised by Frigate and M5V (the "Fund"). Pursuant to Rule 16a-1, all of Frigate, Admiralty, Mr. Winson, M5V, Mr. Spears and Mr. Kassam disclaim such beneficial ownership. Frigate and M5V hold indirectly 113,562 shares of Common Stock of the Issuer through the Fund, for which Frigate and M5V are the Investment Advisors. Admiralty and Bruce R. Winson report the Common Stock held indirectly by the Fund because, as the general partner of Frigate and the manager of Admiralty, respectively, at the time of purchase, they controlled the disposition and voting of the securities. Mr. Spears and Mr. Kassam report the Common Stock held indirectly by the Fund because, as the directors of M5V, at the time of purchase, they controlled the disposition and voting of the securities. /s/ Bruce R. Winson, manager of Admiralty Advisors LLC, general partner of Frigate Ventures LP 2016-04-01 /s/ Bruce R. Winson, manager of Admiralty Advisors LLC 2016-04-01 /s/ Bruce R. Winson 2016-04-01 /s/ Adam Spears, director of M5V Advisors Inc. 2016-04-01 /s/ Adam Spears 2016-04-01 /s/ Moez Kassam 2016-04-01