<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, April 22, 2015 10:42 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Richard D'Agostino</td></tr><tr><td>Subject:</td><td>Re: Knowledge Universe Education L.P. -- Confidential Memorandum</td></tr></table>

We elected to sell partnership interest and receive cash currently with som= cash coming lwhen contingent claims are settled in future. No election t= defer sale. Loss on sale of this partnership approx 518mm recognized in =015 (company estimate). Balance of Knowledge Universe partnership interes=s has low basis and large unrealized appreciation (based on company valuat=on).

<table><tr><th>&gt; On Apr 22, 2015, at 5:38 PM, Richard D'Agostino =wrote:</th></tr><tr><td>&gt;</td></tr><tr><td>&gt; Please see attached on behalf of LBF Holdings LLC</td></tr><tr><td>&gt;</td></tr><tr><td>&gt; -----Original Message-----</td></tr><tr><td>&gt; From: Stan Maron [mailto</td></tr><tr><td>&gt; Sent: Tuesday, April 21, 2015 4:35 PM</td></tr><tr><td>&gt; To: Richard Joslin</td></tr><tr><td>&gt; Cc: Richard D'Agostino</td></tr><tr><td>&gt; Subject: RE: Knowledge Universe Education L.P. -- Confidential Memorandum
&gt;</td></tr><tr><td>&gt; Thanks Richard. Will await receipt.</td></tr><tr><td>&gt;</td></tr><tr><td>&gt; Stan</td></tr><tr><td>&gt;</td></tr><tr><td>&gt; -----Original Message-----</td></tr><tr><td>&gt; From: Richard Joslin [mailto</td></tr><tr><td>&gt; Sent: Tuesday, April 21, 2015 1:14 PM</td></tr><tr><td>&gt; To: Stan Maron</td></tr><tr><td>&gt; Cc: Richard D'Agostino</td></tr><tr><td>&gt; Subject: RE: Knowledge Universe Education L.P. -- Confidential Memorandum</td></tr><tr><td>&gt;</td></tr><tr><td>&gt; Stan:</td></tr><tr><td>&gt; We will revert with option to either defer to take cash by tomorrow.</td></tr><tr><td>&gt; Thanks</td></tr><tr><td>&gt;</td></tr><tr><td>&gt;</td></tr><tr><td>&gt;Original Message-----</td></tr><tr><td>&gt; From: Stan Maron [mailto</td></tr><tr><td>&gt; Sent: Tuesday, April 21, 2015 4:12 PM</td></tr><tr><td>&gt; To: Richard Joslin</td></tr><tr><td>&gt; Cc: Richard D'Agostino</td></tr><tr><td>&gt; Subject: RE: Knowledge Universe Education L.P. -- Confidential Memorandum</td></tr><tr><td>&gt;</td></tr><tr><td>&gt;</td></tr></table>

> Hi Richard,

>

> Following the discussion we have had with regard to the April 1, 2015 Con=idential Memorandum, I am checking in with you as I have not to date recei=ed the signed Schedule E or Schedule F for LBF Holdings LLC. I believe y=u indicated that you would likely be electing the deferral alternative on =chedule F. As described in the Confidential Memorandum, tomorrow (April 2=) is the last day for submitting Schedule F and electing the deferral alte=native for potential non application of the Contingent Tax Liability. Sho=ld we not receive Schedule F from LBF Holdings by tomorrow, its KUE LP Uni=s will be purchased net of reserves and the Contingent Tax Liability as de=cribed in the Confidential Memorandum (wire transfer instructions on Sched=le E will then be needed to process payment).

>

I look forward to receiving the signed Schedule (either E or F) from you =y tomorrow.
Regards,
Stan
Knowledge Universe Election - LBF Holdings 04-22-15.pdf
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