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Investor Presentation - Barnes & Noble, Inc.

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Strong Long‐Term Demographic TrendsAmericans continue to increasespending on higher educationAverage Spending on Higher EducationAs % Of Total Personal ConsumptionUS college enrollment projected togrow 26% from 2000 to 2013US Enrollment in AllDegree-Granting InstitutionsCollege Enrollment (in millions)Source: Bureau of Labor Statistics Data44Source: National Center for Education Statistics

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