X0202 4 2006-01-04 0 0001106942 BLACKBOARD INC BBBB 0001291653 Chasen Michael L 1899 L STREET NW 5TH FLOOR WASHINGTON DC 20036 1 1 0 0 CEO, President Common Stock 2006-01-04 4 S 0 700 29.31 D 306413 D Common Stock 2006-01-04 4 S 0 100 29.32 D 306313 D Common Stock 2006-01-04 4 S 0 100 29.34 D 306213 D Common Stock 2006-01-04 4 S 0 100 29.47 D 306113 D Common Stock 2006-01-04 4 S 0 139 29.50 D 305974 D Common Stock 2006-01-04 4 S 0 100 29.51 D 305874 D Common Stock 2006-01-04 4 S 0 300 29.53 D 305574 D Common Stock 2006-01-04 4 S 0 161 29.54 D 305413 D Common Stock 2006-01-04 4 S 0 200 29.55 D 305213 D Common Stock 2006-01-04 4 S 0 2200 29.56 D 303013 D Common Stock 2006-01-04 4 S 0 500 29.57 D 302513 D Common Stock 2006-01-04 4 S 0 500 29.58 D 302013 D Common Stock 2006-01-04 4 S 0 200 29.59 D 301813 D Common Stock 2006-01-04 4 S 0 300 29.61 D 301513 D Common Stock 2006-01-04 4 S 0 400 29.62 D 301113 D Common Stock 2006-01-04 4 S 0 200 29.63 D 300913 D Common Stock 2006-01-04 4 S 0 1500 29.66 D 299413 D Common Stock 2006-01-04 4 S 0 200 29.67 D 299213 D Common Stock 2006-01-04 4 S 0 1400 29.68 D 297813 D Common Stock 2006-01-04 4 S 0 100 29.69 D 297713 D Common Stock 2006-01-04 4 S 0 200 29.72 D 297513 D Common Stock 2006-01-04 4 S 0 100 29.73 D 297413 D Common Stock 2006-01-04 4 S 0 700 29.74 D 296713 D Common Stock 2006-01-04 4 S 0 1100 29.75 D 295613 D Common Stock 2006-01-04 4 S 0 1000 29.76 D 294613 D Common Stock 2006-01-04 4 S 0 2200 29.77 D 292413 D Common Stock 2006-01-04 4 S 0 700 29.78 D 291713 D Common Stock 2006-01-04 4 S 0 100 29.83 D 291613 D Common Stock 2006-01-04 4 S 0 1100 29.84 D 290513 D Common Stock 2006-01-04 4 S 0 600 29.86 D 289913 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 4, 2005. Form 4 filed on 01/06/06: Form 1 of 3 /S/ Justin Tan Attorney-in-Fact for Michael Chasen 2006-01-06