#1K Tomorrow Starts Today KINDERCARE LEARNING COMPANIES™#2General This presentations been prepared by KC Holdoo, LLC ("w" "us", "our" or the "Company" for the exclusive use of the party to whom the Company delivers This presentation (such party, together with a subsidiaries and offices. The Recipienty. The Company has fisid a registration a registration statement on Form 5-1 (4o. 333-260337) (The "Registration Statements, including a prospectus, with the Securities and Exchange Commission the "SEC) for the initial public offering of the Company's common stock common stock") to which this communication relates. The Registration Statement has not yet become effective Disclaimer The common stock may not be sold, nor may offers be accepted, prior to the time the Registration Sortement becomes affiche. Before you invest, you should read the prospectus in the Registration Salement, including the "Rok Facton” set forth thanen, and the other documents that the Company has filed with the SBC for more complete information about the Company and this offering. You can obtain these documents for them by visiting EDGAR on the SEC website at www.sec.pov. Abernatively, copies of the prospectus may be obtained from: Barclays; Bardays Capital Inc., co Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or Morgan Stanley & Co. LLC, Attention: Prospectu Department 150 Varick Street, 2nd Floor, New York, 10014. The purpose of this presentation is to provide information to assist in obtaining a general understanding of the Company's business. This document may contain material non-public information concerning the Company, its potential investors, related parties or their respective securities and is being distributed to you on a confidential basis. Bly receiving this information, you and prallumages to maintain the confidentality of the information contained herein and that no po son of the presentation may either be reproduced in whole or in part ad ha rete the presentation to any of its contents may be givel of decised in any trásd party without the express writen permission of the Company and that the information contained herein is subject to the terms of any confidentiality agreement executed by the Company ly accepting this presentation, each recipient agress: (1) to maintain the confidentiality of all information that contained in this presentation and not already in the public domain () to use this presentation for the sale purpose of evaluating a possible business relationship with the Company and (4) to use such information in accordance with its compliance policies, contractual obligations and applicable law, including US federal and state securities inves Forward-Looking Statements and other information We have the forward-looking statements on our current expectations, sumptions estimates and projections. While we believe those expectations, assumptions, estimates and projections are masonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factor may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect our share price. Some of the factors that could cause actual esults to offer materialy from those expressed or implied by the forward-looking statements, include: the impact of the COVID-19 pandemic on our business, Înancial condition and results of operations, our ability to adtrma changes in the demand for childcare and workplace solubons, our ability to aquello stata in sordonce demographics, economic conditions, office environments and unemployment rales, our ability to hire and retain qualified Teachers, management, employees, and maintain strong employee engagement, our ability to address advema publicly, changes in federal childcare and education spending policies and budget priorkes, our ability to sequire additional capital, our ability to successfuly idently acquisition largala, acquire businesses and integrate acquired operations into our business, our reliance on our subsidians our ability to proted our intelectual property rights, our ability to protectour information technology and that of our third-party service providers, our ability to manage the costs and liabilities of collecting using sturing, dacksing transferring and promingenional information, our ability to manage payment-related Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are not guarantees of future performance and our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operata, may differ this prontation This presentation contains non-QAAP financial measures," which are financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States ("GAAP). Specifically, we make use of the non-GAAP financial masura "EBIT," "EBITDA," "Adjusted EBITDA" and "Adjusted nøt (los) income in evaluating our past results and future prospects. We define EBIT an het loss adjusted for net interest expense and income tax benefit. We define EBITDA s EBIT adjusted for depreciation and amortization. We define Adjusted EBITDA EBITOA aquated for COMID-19 related costs, equily based compensation, management and advisory lee expenses acquisitionnelated costs and other costs. Wie define Adjusted set foss) income as net loss adjustedlu COVO-19 related costs, aquily-based compersibu managerent and advisory for expensos, acquisition-mated costs and cher costs. We present EBIT, EBITDA, Adjusted EBITDA and AdjustJS(05) TOMe bauause we consider them to be important EBIT, EBITDA, Adjunted EBITDA and Adjusted net (lass) income have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results reported under GAAP Some of these imbatom are they do not reflect the significant interest expere or the cash requirements necessary to service interest or principal payments on indbredness, they do not reflect income tax expense or the cash requirements for income tax labilities, although depreciation and amortization are non-cash charpes, the assets being depreciated and amortized will have to be replaced in the future, and EBIT, EBITDA, Adjusted EBITDA and Adjusted net doss) income do not reflect cash requirements for such replacements, they do not reflect our cast used for capital expenditures or contractual commitments, May do not reflect changes in or cash requirements for working capiat; and other companies, including other companies in our industry, may calculate these measures differently than we do, Iming their uw luboss as a comparative The non-GAAP mes as defined by us may not be comparatide to simlar non-GAAP measures presented by other companies. Our presentation of such measures should not be construed as an inference that our future results will be unaffected by other unusual or non-secuning lens. A reconciliation is provided elsewhere in this presentation for each non- Trademarks Trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. This presentation also includes estimates regarding market and industry data that we proposed based on our management knowledge and experience in the markets in which we operato, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, suppliers, trand business organizations and other contacts in the markets in which we operate Management estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data and our knowledge of such in presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in the markets for the products we distribute. Market share data is subject to change and may be limited by the availability of raw data, the voluntary nature of the data gathering process and other limitations interent in any statistical survey of market share. In addition, dient preferences are subject to change. Accordingly, you are coulioned not to place undue relance on such market share data.#3Today's Presenters Tom Wyatt Chief Executive Officer Paul Thompson President Tony Amandi Chief Financial Officer KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare#4Section 1 Executive Summary AAAAA#5Confidence for Life Our mission is to provide all children, across diverse backgrounds and means, the very best start in life KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 6#6Kinder Care Learning Companies Largest private provider of early childhood education and care services in the U.S. by center capacity with licensed capacity for -195K(1) children across 40(1) states and the District of Columbia (2) ferentiated as a mission-driven education provider with a proprietary curriculum and strong student outcomes Source: Economic Policy inaute Notes: Excludes Champions 4 As of October 2, 2001 By center cap Leading Go-To-Market Channels KinderCare LEARNING CENTER Educational Excellence People £21 KinderCare CHAMPIONS EDUCATION WORK Health Operational & Safety Excellence Profitable Growth #1 Provider in -$42B U.S. Market (3) 600+ KCE @ Work Employer Relationships (2) $1.7B LTM Q3 2021 Revenue (4) 2,100+ Centers and Sites (2) ~83% Accredited Leadership in Sector $227MM LTM Q3 2021 Adj. EBITDA (4) KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 7#7We are the Market Leader by Center Capacity Top 3 Market Share Other Benefits 95% 5% Top 3 (1) Access Coordination with -800 government agencies Source: EdTechX, Wall Street Research, Child Care Exchange Notes: 1. As of January 1, 2020 1₁ Health & Safety Ongoing childcare safety and compliance KinderCare Learning Care Bright Group Horizons U.S. Capacity The Goddard Primrose School Schools Investments Consistently invest in our infrastructure Footprint -50% more capacity than next largest competitor States where KinderCare Learning Companies Operates Childcare Kids 'R' Kids The Learning Cadence Networks Learning Experience Education Academy Spring Education Group Brand Deliberate national brand strategy Best Practices Identify best practices across our network KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 8#8Notes: Go-to-Market Channels Provide Diverse, Flexible Offering Meeting Parents Where They Are KinderCare's Distinct Go-To-Market Channels Collectively Provide an Unmatched ECE Offering and Before- and After-School Care Services KinderCare LEARNING CENTERS KinderCare Learning Centers Community Early Childhood Education (Ages 0-12) In Your Neighborhood Largest footprint of community centers that can be used for consumer or corporate operations -1,400 Centers (2) Includes stimulus funding As of October 2, 2021. ination to the District of Columbia -$1,082MM FY 2020A Revenue (¹) -79% 40 States (2) (3) KinderCare EDUCATION WORK KinderCare Education at Work Employer-Sponsored Programs (Ages 0-12) Where You Work A leading provider of employer-sponsored on-site centers and tuition-discounted network of community centers -18% -$243MM FY 2020A Revenue (¹) 600+ Employer Relationships (2) 72 Employer Centers (2) CHAMPIONS Champions Before and After-School Programs (Ages 6-12) At Your School A leading provider of high-quality education and care on-site at schools -3% 650+ Sites (4) -$41MM FY 2020A Revenue (¹) 23 States (2) (3) KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare#9ECE is a Massive and Growing Market with Strong Secular Tailwinds -$42B U.S. Childcare -$15B U.S. Private ECE -$3B On-site Private at Work Source: Economic Policy de High Scope-Pany Preschool Project, the Bureau of Economic Notes 1. Between September 2010-Apr 2021, refers to cantors that have not reopened Growing Recognition of Societal Benefits for High-Quality ECE Increasing Labor Force Participation Significant Capacity Reduction from COVID 28% Increase in likelihood of graduating high school with ECE 68% Of households in 2019 with children under 6 years old were dual income 20-25% Industry capacity closed due to COVID (1) KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 10#10Kinder Care's Leadership and Advocacy Shapes a Better Foundation for ECE ■ "Subsidy": Annual, Recurring . Approximately $8B per year for the sector (recurring) Consistent, steady growth in funding ◆ Bi-partisan support Funded at federal level, distributed to states Each state distributes via their own program • Supports all families in accessing care -$600MM in public subsidy funding captured in 2019 $52.5B fully-approved Stimulus funding is in addition to annual, recurring subsidy • Approved through several stimulus bills $3.5B (CARES Act) has been distributed In 2020 captured -$170MM of $3.5B (-5%) Remaining -$49B must be distributed by end of 2024 + "Stimulus": Approved During COVID ● * Already captured -$170MM (-5% of CARES stimulus) Significant opportunity to continue to capture meaningful stimulus over next -3 years KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KLO 11#11Strong Consistent Track Record of Profitable Growth (SMM) $1,428 2013A Revenue P Delivered -5% Revenue CAGR from 2013 -2019, while closing 380 centers $1,473 2014A $1,511 2015A "13A-"19A CAGR: 5% $1,578 2016A 1 Period of center closings between 2012-2017. 2 Revenue for historical periods exclude PF effect of acquisitions al periods presented exclude greenfioidosses and run-robe adjustments for new center openings 17A-'19A CAGR: 8% $1,594 2017A $1,675 2018A $1,876 2019A $1,367 2020A KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare $1,714 LTM Q3 2021A 12#12Breakdown of Sustainable Growth Opportunity 2013-2019 Initiatives -5% CAGR Indicative Historical Annual Revenue Growth Ranges 1% -2% mi Occupancy Growth 2% - 5% Pricing (Industry-wide Trend) 2017-2019 Initiatives -8% CAGR 1% -2% KinderCare Learning Center Greenfields 1% -2% B2B & Champions Greenfields 0% -2% Disciplined M&A KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KLO 13#13ESG is Core to Our Mission 2,100+ centers and sites that reach more diverse families than any other private childcare provider 600+ centers with recycling programs 14% reduction in energy usage since 2016 through energy management systems 11% decline in fuel usage since 2019 through vehicle fleet optimization invironmental 54MM meals delivered to low-income families in 2019 and 2020 Social KI KINDERCARE LEARNING COMPANIES" 800+ partnerships with local government agencies support access to care for children from underserved communities, -$600MM in funding annually Governance ESG matters will be overseen by the Nominating and Governance Committee and will be led by Company President KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KinderCare KLO#14Our Deep and Experienced Management Team Delivers Consistent, Proven Results Tom Wyatt Chief Executive Officer Years of Industry Experience: 45 Years at KinderCare: 9 Michael Canavin President, KinderCare Learning Centers Years of Industry Experience: 37 Years at KinderCare: 7 Abe Lietz Chief Information Officer Years of Industry Experience: 25 Years at KinderCare: 5 Paul Thompson President Years of Industry Experience: 31 Years at KinderCare: 7 Jeff Gerkin SVP, Kinder Care Education at Work Years of Industry Experience: 31 Years at KinderCare: 2 Lindsay Sorhondo SVP, Strategy Years of Industry Experience: 13 Years at KinderCare: 8 Tony Amandi Chief Financial Officer Years of Industry Experience: 22 Years at KinderCare: 12 Dan Figurski President, Champions Years of Industry Experience: 27 Years at KinderCare: 8 Nathan Smalley SVP, FP&A Years of Industry Experience: 22 Years at KinderCare: 5 Dr. Elanna Yalow, Ph.D., MBA Chief Academic Officer Years of Industry Experience: 42 Years at KinderCare: 32 Jessica Harrah Chief People Officer Years of Industry Experience: 16 Years at KinderCare: 16 Jeff Spiegel Chief Marketing Officer Years of Industry Experience: 29 Years at KinderCare: 8 KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 15#15Section 2 Operational Overview AAAAA#16Strategic Focus on Outcomes Grounded in Our Core Pillars Results in Profitable Growth EDUCATIONAL EXCELLENCE Proprietary Curriculum -83% Accreditation Continuous Assessment Inclusion Services SUPERIOR CHILD DEVELOPMENT AND FAMILY EXPERIENCE Higher Enrollment Optimal Pricing PEOPLE Data Driven Talent Acquisition Professional Development Better Engagement HEALTH & SAFETY Talent & Family Retention Strict Protocols Health and Wellness Focus Medical Expert Network PROFITABLE GROWTH More Visibility OPERATIONAL EXCELLENCE Scalable Technology Platform Operating Leverage New Center Growth Proven Marketing Expansion KinderCare Leaming Companion Not for reproduction or distribution without written consent from KunderCare KLO 17#17Third Parties Validate the Quality of Our Offerings and Support Our Operations Curriculum / Outcomes BRIGANCE TERRANOVA³ Accreditation / Overall Quality naeyc cognia™ QRIS Accreditation People GALLUP KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 18#18Investment in Educational Excellence Enhances Value with Differentiated Outcomes Notes: CURRICULUM Comprehensive suite of offerings with ongoing curriculum development providing stronger resources to the field Oudts reflects 2018-2019 school year Proven Outcomes (1) Children who start KinderCare as infants are 6 weeks ahead at two years old months ahead at five years old €30 KinderCare kindergarteners test months ahead of expectations for 1st grade ASSESSMENT QUALITY & ACCREDITATION Comprehensive professional development and dedicated focus on accreditation resulting in nearly -83% of centers accredited with remaining in progress KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 19#191 High Employee and Family Engagement Is Key to Our Culture and Drives Strong Business Outcomes Employee 29% Engagement 30% Family Engagement 2012 Calculated from 2019 nemaldata 40% 39% 30% 2013 50% 49% 30% 2014 55% Spring 2014 Fall 2014 2015 58% 2016 2015 KinderCare Education % Engaged 32% Consistent Improvement in Engagement 57% 64% 64% 2016 32% 33% I 32% 2017 2019 2018 -U.S. Population % Engaged 55% 68% 71% 71% 2017 60% 2018 34% 61% 2019 36% 2020 66% 2020 Higher Occupancy Higher Percent of Accredited Centers Strong Operating Income Growth Lower Center Director and Teacher Turnover 2.5x Higher Revenue Growth in Engaged Centers(¹) KinderCare Leaming Companies Not for reproduction or distribution without written consent from KunderCare KLO 20#20Subsidy Team: Experience Navigating Public Funding Helping More Families Access Care ☐ KinderCare is the Only National Provider with a Comprehensive Dedicated Subsidy Team Understanding the Complex Landscape Complex process of accessing public funding Families struggle to navigate various programs Helping Families Navigate the Process Assists families in understanding requirements of programs Influences policies on behalf of all providers, children and families ■ · Leveraging Experience and Expertise Uses its extensive expertise across states Shares best practices and influences state policies Strong government subsidy relationships (engagement with approximately 800 government agencies) have led KinderCare to receive over $600MM in 2020 subsidy KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KL 21#21Rigorous New Center Diligence Enables Us to Prioritize Highest-Return Growth Opportunities Robust Pipeline Greenfield Centers So Real estate team Developer relationships Acquisitions Broker relationships Partner of choice Disciplined Evaluation Process Committee Approval President / CFO/ Senior VP of Finance Evaluate return hurdles Gauge competitive overlap Analyze demographic trends New Center Activity 25 22 2019 M&A ■ Greenfield 13 2 11 2020 Continued data-driven approach on new center diligence has enabled the 2021 fleet of new centers to achieve -20% greater occupancy than that of the 2017 fleet KinderCare Leaming Companics™ Not for reproduction or distribution without written consent from KunderCare 36 10 26 YTD Q3 2021 KLO#22New Center Team Ensures Seamless Center Launch Integration Through 3-Pronged Approach W W Growth Delivery Team Provides project management for all work streams supporting new center additions Construction, procuring furniture & fixtures, equipment, and licensure KINDERCARE LEARNING COMPANIES™ New Center Integrations Team New Center Enrollment Team Manages pre-opening marketing expenditure to drive interest from prospective families • Assists in optimizing marketing spend at new centers New Center Operations Team Trains and hires teachers and staff Provides support to the new center workforce post-opening KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KLO 23#23Beta Va Section 3 Financial Overview#24Lied Financial Highlights FO L L₂ TOOOO $ Track record of consistent execution and financial performance Predictable, visible financial model Highly attractive pricing dynamics Multi-faceted growth strategy, further enhanced by current market tailwinds Built-in operating leverage Disciplined approach to capital investment Significant, disruptive cash inflow from stimulus funding for next several years KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 25#25Effective Management Through COVID With Clear Path Back To Growth Occupancy Rates Quickly Returning to Normal (¹) 72% Industry Avg. enrollment 79% of pre-pandemic levels at September 2021 21% 47% 52% Source Company materas Notes: 1. Occupancy rates represert Class of 21 Same Center 57% 64% 64% Feb 2020A Q2 2020A Q3 2020A Q4 2020A Q1 2021A Q2 2021A Q3 2021A Effective Management through Height of COVID Closed more than 1,000 centers in March 2020 ✓ Kept more than 420 centers open for essential workers Managed costs through furlough, marginal labor costs, etc. Community-Based Center Enrollment Rapidly Increasing Given Evolving Remote Work Styles Re-opened nearly all KCLC centers with occupancy rising at faster pace than at-work centers Beneficiary of faster center enrollment recovery Capitalizing on whitespace created by reduced 20-25% capacity KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 26#26Revenue Growth: Strong Track Record of Top-Line Growth SMM Adjusted EBITDA Margin %: 5% 9% $1,675 Revenue $155 2018A Adj. EBITDA I 12% 10% $1,876 $180 2019A Financial Performance (1) (27%) 3% $1,367 $45 2020A Source: Company Malarials L Revenues for historical periods exclude PF effect of acquisitions all periods presented do not adjust for greenfield losses or sun-rate adjustments for new center openings. Adj. EDITCA includes impact of stimulus. 2 13% $1,714 $227 LTM Q3 2021A 2% $985 $16 YTD Q3 2020A 35% 15% $1,332 KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare $198 YTD Q3 2021A KLO 27#27YTD Q3 2021A Consolidated Financial Results YoY financial performance improvement driven by increased enrollment at centers and sites that had been impacted by temporary closures and higher tuition rates at ECE Centers Adj. EBITDA Adj. Net Income $985.1 Revenue 35.2% Increase Source Company materials YTD Q3 2020A $1,332.3 YTD Q3 2021A $16.2 YTD Q3 2020A $198.3 YTD Q3 2021A ($83.9) YTD Q3 2020A KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare $52.4 YD Q3 2021A KL#28Occupancy Growth: Strong Market Opportunity Consistent Historical Occupancy Growth (¹) 58% 61% 63% 66% 69% 69% 69% Source: BLS. BMO Research Reports Childcare Exchange MCH Notes: Occupancy rates represent Same Centers, 2019 includes Rainbow centers 72% 47% 64% Market Growth Pathway to Higher Occupancy (U.S. Private Expenditure) Reduced Industry Capacity KinderCare Primed to Take Share 4.7% CAGR $10.5B 2012 $15.2B 2019 20-25% Industry reduction due to COVID The market continues to see a historic shortage of supply relative to demand KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 29#29Consistent Pricing Growth to Reinvest in Quality Consistent Price Increases... ~2-5% Annual Pricing Increases KinderCare has increased average annual tuition prices while parents pay less each year as their child 'ages up' Source Bureau of Labor Stats third party market research Notes 1 Based on a sample of approximately 30% of KinderCare centrs ... But Lower Costs for Parents as Children Age(¹) 100% Infant Tuition Average Weekly Tuition Rates Indexed to Infant Tuition 97% Toddler Tuition 88% Twos Tuition 81% Preschoolers Tuition KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 30#30New Center Addition Poised to Significantly Increase Above Pre-Pandemic Levels Source Company materials 25 3 22 2019 New Center Activity M&A Consciously controlling center openings during pandemic 13 2 11 2020 ■Greenfield 36 10 26 YTD Q3 2021 Established Greenfield Effort Consistent M&A Effort Market Dislocation Creates Opportunity Opportunities for Additional Brands KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KL 31#31Breakdown of Sustainable Growth Opportunity 2013-2019 Initiatives -5% CAGR 1% -2% mi Occupancy Growth 2% - 5% Pricing (Industry-wide Trend) 2017-2019 Initiatives -8% CAGR 1% -2% KinderCare Learning Center Greenfields 1% -2% B2B & Champions Greenfields 0% -2% Disciplined M&A KinderCare Leaming Companies™ Not for reproduction or distribution without written consent from KunderCare KLO 32#32Leverage Target and Capital Allocation Priorities Beurce S-1, Company malaries Note: Illustrative PF Net Leverage(¹) -5.4x Current -3.6x Pro Forma Capital Allocation Priorities Many levers to deploy capital, we prioritize highest-return opportunities ✓Continue to invest in organic growth ✓ Pursue M&A strategy PF Net leverage calculated via 03 2021 PF adjustments per Captarization subsection of the 5-1 using Cash of $175. Ons molusive of $23.5m teld with the Parent Company per FN3 in subsection and Gross Debt of $1,405 3m. applied to 03 2021ELTM 5-1 Reported Ad EBITDA figure of-$227 ✓ Incoming stimulus drives rapid de-leveraging KinderCare Leaming Companies Not for reproduction or distribution without written consent from KinderCare 33#33Long-Term Model Framework Model Parameter Revenue Growth Gross Profit Margin(¹) Adj. EBITDA Margin(¹) Adj. EBITDA Growth(1) Long-Term Targets EBITDA math 8%+ 20%+ mid-teens mid-teens Drivers Occupancy rates and FTE growth, consistent pricing growth, modest market share gain from smaller competitors, continued center and site expansion from greenfield and M&A Sustained public support, cost of services related to COVID-heightened wages normalize, continued benefit from technology improvement Normalized top-line and operating expenditure levels; modest SG&A operating leverage Occupancy rates and FTE growth, consistent pricing growth, Normalized top- line and operating expenditure levels; modest SG&A operating leverage Source Company materials Disclosure: Figures on page are forwart looking targets, not projects, and are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and in management, and are beadupon assumptions with respect to future decisions, which are subject to change Actual rus may vary materially. For important factors that could cause variations, please consult-1 Rak Facton" section. Nothing in this presentation should be KinderCare Leaming Companies regarded as a representation by any person that these goals/targets we be achieved and the Company undertakes no duty to update gas Not for reproduction or distribution without written consent from KinderCare Note: 34#34KINDERCARE LEARNING COMPANIES™