Documents in the Epstein records · document

or as a substitute for analysis of our results as reported under GAAP

document not consider them in isolation House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

or as a substitute for analysis of our results as reported under GAAP.

Adjusted EBITDA and Adjusted EBITDAR have limitations as analytical tools

document EBITDA House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

Adjusted EBITDA and Adjusted EBITDAR have limitations as analytical tools

in evaluating Adjusted EBITDA and Adjusted EBITDAR

document appropriate. In addition House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

in evaluating Adjusted EBITDA and Adjusted EBITDAR

you are encouraged to evaluate each adjustment and whether you consider it

document indicated herein House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

you are encouraged to evaluate each adjustment and whether you consider it

tax positions (such as the impact on periods or companies

document structures (affecting relative interest expense) House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

tax positions (such as the impact on periods or companies

as adjusted for items we did not consider representative of post-acquisition operations

document potential EBITDA House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

as adjusted for items we did not consider representative of post-acquisition operations.

we evaluated the KinderCare acquisition and our 2003

document potential acquisition candidates. For example House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

we evaluated the KinderCare acquisition and our 2003

though subject to certain different adjustments

document to Adjusted EBITDA House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

though subject to certain different adjustments

many of which present EBITDA and/or Adjusted EBITDA and/or Adjusted EBITDAR

document evaluation of issuers House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

many of which present EBITDA and/or Adjusted EBITDA and/or Adjusted EBITDAR

investors and other interested parties in the

document believe they are frequently used by securities analysts House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

investors and other interested parties in the

which management does not consider reflective of ongoing operations. Adjusted

document the integration process House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

which management does not consider reflective of ongoing operations. Adjusted

which is also excluded under our indenture; accruals under our

document cash stock-based compensation expense House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

which is also excluded under our indenture; accruals under our

as further described in this Memorandum and (ii)

document ongoing operations after the KinderCare acquisition House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

as further described in this Memorandum and (ii)

Inc.'s (""KinderCare"") discontinued operations

document KinderCare Learning Centers House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

Inc.'s (""KinderCare"") discontinued operations

Adjusted EBITDA and Adjusted EBITDAR are not measurements of our financial

document (""GAAP""). EBITDA House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

Adjusted EBITDA and Adjusted EBITDAR are not measurements of our financial

Adjusted EBITDA and Adjusted EBITDAR (including pro forma presentations thereof) and the

document EBITDA House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

Adjusted EBITDA and Adjusted EBITDAR (including pro forma presentations thereof) and the

And Further For Corporations

document AND FURTHER FOR CORPORATIONS House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

IN ACCORDANCE WITH THE CONDITIONS SPECIFIED IN

In Accordance With The Conditions Of

document IN ACCORDANCE WITH THE CONDITIONS OF House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

ANY OTHER APPLICABLE PROVISION OF THE SFA.

Or Purchase

document OR PURCHASE House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

OF CLASS A SHARES MAY NOT BE CIRCULATED OR DISTRIBUTED

Of This Memorandum

document OF THIS MEMORANDUM House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

DOES NOT MAKE ANY REPRESENTATION AS TO ITS ACCURACY OR