Every indexed document

may not continue. Other factors beyond the Company's control

as well as trends in the preference of working parents and

certain demographic trends which are favorable to the Company's

may adversely impact the Company because out-of-work parents tend to stop using

which will depend on the factors described above.

conditions in the child care industry more

existing companies in which KULG and/or its principals are

see The Operating Company (KLC OpCo) — Licensing and

which may include representatives of other investors with whom the

the Company will rely significantly on the existing management and boards of

which may have larger or controlling ownership interests in such

the Company may lose part or all of any equity investment in such companies.

the Company may suffer a partial or total loss of capital invested in that

resulting in the loss of the Company's entire investment in such company. In

such companies may not have significant or any operating revenues. Such

such companies may have shorter operating histories on which to predict

fees for home-based care are normally substantially lower than

and we expect increased competition from such

the Company faces competition from preschool services and before and after school

including church-affiliated and other non-profit