Organizational Structure — Pro Forma for Funding of $7 Billion. All figures are rounded. Principals / 100% Knowledge Universe Holdings LLC, a Delaware limited lability company 100% Knowledge Universe Learning Group LLC, a Delaware limited liability company / “KULG” Investors 900 100% Class B Shares Knowledge Universe Education LLC, a Delaware limited liability company “KUE LLC” 1,000,000 Class A Shares 1,530,000 aE ee eae ea pea A Delp raya ny ate reciente ares ee es Ruseaals See ceacethe au taucerrurceen ey eles gt ____ *GeneralPartner" 1,530,000 11% Profits Common LP Participation Units Interest Limited Partner” Approx. 1,000 General Partner Units 1,000,000 Common LP Units 100% 17.9% to 40.0%' KU Education Inc. k12 Inc. 87.6% Knowledge Schools, Inc. | 100% Knowledge Learning Corporation " KUE owns preferred stock that is convertible into 17.9% of k12's Common Stock. KUE’s ownership varies depending on the liquidation value or sale value of k12 and according to the preference of the various securities KUE owns. At higher valuations, KUE’s percentage ownership is lower. See “k12 Inc. (k12) —ki2 Equity.” * Of those Profits Participation LP Units outstanding immediately after the offering, 2/11ths will be allocated or held for the benefit of persons other than the Principals or their affiliates. 4