<SUBMISSION>
<ACCESSION-NUMBER>0000950124-03-000380
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20030310
<FILING-DATE>20030219
<EFFECTIVENESS-DATE>20030219
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CHILDTIME LEARNING CENTERS INC
<CIK>0001003648
<ASSIGNED-SIC>8351
<IRS-NUMBER>383261854
<STATE-OF-INCORPORATION>MI
<FISCAL-YEAR-END>0402
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-27656
<FILM-NUMBER>03572664
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>38345 WEST 10 MILE RD
<STREET2>STE 100
<CITY>FARMINGTON HILLS
<STATE>MI
<ZIP>48335
<PHONE>8104763200
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>k74167dedef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">August&nbsp;31, 2004</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">14.73</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant</FONT>
&nbsp;&nbsp;<img src="k74167depi5-178.gif" alt="X in box"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><img src="k74167depi5-178.gif" alt="X in box">&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center">Childtime Learning Centers Inc.
<HR size="1">
<P align="center"><FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
<p>
<HR size="1">
<P align="center"><FONT size="2">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><img src="k74167depi5-178.gif" alt="X in box"><FONT size="2">&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who potentially are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="4">CHILDTIME LEARNING CENTERS, INC.</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</B>

<P align="center">
<B>To Be Held March&nbsp;10, 2003</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">To the Shareholders:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">PLEASE TAKE NOTICE that a Special Meeting of
Shareholders of Childtime Learning Centers, Inc., a Michigan
corporation (the &#147;Company&#148;), will be held at the
principal executive offices of the Company, 38345&nbsp;West
10&nbsp;Mile Road, Suite&nbsp;100, Farmington Hills, Michigan
48335, on March&nbsp;10, 2003, at 10:00&nbsp;a.m., Eastern
Standard Time, to consider and act upon the following matter:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The approval of an amendment to the
    Company&#146;s Restated Articles of Incorporation to increase
    the number of authorized shares of the Company&#146;s Common
    Stock from 20,000,000 shares, no par value, to 40,000,000
    shares, no par value.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only shareholders of record at the close of
business on February&nbsp;14, 2003 will be entitled to vote at
the meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your attention is called to the attached proxy
statement and the accompanying proxy. You are requested to sign
and return the proxy in the enclosed envelope, to which no
postage need be affixed if mailed in the United States. If you
attend the meeting, you may withdraw your proxy and vote your
own shares.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">IRA YOUNG
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Farmington Hills, Michigan
</FONT>

<DIV align="left">
<FONT size="2">February&nbsp;19, 2003
</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PROXY STATEMENT FOR THE SPECIAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PROPOSED AMENDMENT TO COMPANY&#146;S RESTATED ARTICLES OF INCORPORATION TO INCREASE AUTHORIZED COMMON STOCK</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SUBSTANTIAL INTEREST OF SHAREHOLDERS AND DIRECTORS IN MATTERS TO BE ACTED UPON AT SPECIAL MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">OTHER MATTERS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="4">CHILDTIME LEARNING CENTERS, INC.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">38345 West 10 Mile Road,
Suite&nbsp;100</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Farmington Hills, Michigan 48335</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<DIV>&nbsp;</DIV>

<!-- link1 "PROXY STATEMENT FOR THE SPECIAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<B>PROXY STATEMENT FOR THE SPECIAL MEETING OF SHAREHOLDERS</B>
</DIV>

<P align="center">
<B>To Be Held March&nbsp;10, 2003</B>

<P align="left">
<B><FONT size="2">General Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Special Meeting of Shareholders (the
&#147;Meeting&#148;) of Childtime Learning Centers, Inc., a
Michigan corporation (the &#147;Company&#148;), will be held at
the principal executive offices of the Company, 38345&nbsp;West
10&nbsp;Mile Road, Suite&nbsp;100, Farmington Hills, Michigan
48335, on March&nbsp;10, 2003, at 10:00&nbsp;a.m., Eastern
Standard Time, for the purposes set forth in the accompanying
Notice of Special Meeting of Shareholders. The approximate
mailing date for this proxy statement and proxy is
February&nbsp;19, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is important that your shares be represented
at the Meeting. If you do not plan to attend the Meeting, please
complete, sign and date the enclosed proxy and return it to the
Company. The Board of Directors of the Company solicits the
proxy. Shares represented by valid proxies in the enclosed form
will be voted if received in time for the Meeting. Expenses in
connection with the solicitation of proxies will be borne by the
Company and may include requests by mail and personal contact by
its directors, officers, and employees. The Company will
reimburse brokers or other nominees for their expenses in
forwarding proxy materials to principals. Any person giving a
proxy has the power to revoke it any time before it is voted.
</FONT>

<P align="left">
<B><FONT size="2">Voting Securities and Principal
Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only holders of record of shares of the
Company&#146;s Common Stock, no par value (the &#147;Common
Stock&#148;), at the close of business on February&nbsp;14, 2003
(the &#147;Record Date&#148;) are entitled to notice of, and to
vote at, the Meeting or at any adjournment or adjournments
thereof, each share having one vote. On the Record Date, there
were issued and outstanding 5,416,210 shares of the Common Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of the Record Date, the following persons were
known to the Company to be beneficial owners of more than 5% of
the Company&#146;s outstanding Common Stock. In addition, set
forth below is the ownership of the Company&#146;s Common Stock
by each of its directors and named executive officers, and
directors and executive officers as a group, without naming
them, as of the Record Date. Unless otherwise noted, the Company
believes that all persons named in the table have sole voting
and investment power with respect to all shares of Common Stock
beneficially owned by them.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Person</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jacobson Partners Group(1) c/o Benjamin
    Jacobson<BR>
    595 Madison Avenue, Suite&nbsp;3100<BR>
    New York, NY 10022
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3,975,527</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Childcare Associates(2) c/o Kellner, DiLeo &#38;
    Co.<BR>
    900 Third Avenue, 10th Floor<BR>
    New York, New York 10022
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2,427,373</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">44.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">KD Partners II(2) c/o Ansbacher (Cayman)
    Limited<BR>
    Jeanette Street<BR>
    P.O. Box 887<BR>
    Georgetown, Grand Cayman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">437,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">8.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Person</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">FMR Corp.(3) 82 Devonshire Street<BR>
    Boston, Massachusetts 02109
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">408,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">7.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AXA Financial, Inc.(3)(4) AXA Assurances I.A.R.D.
    Mutuelle<BR>
    AXA Assurances Vie Mutuelle<BR>
    AXA Conseil Vie Assurance Mutuelle<BR>
    AXA Courtage Assurance Mutuelle<BR>
    AXA<BR>
    1290 Avenue of the Americas<BR>
    New York, New York 10104
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">299,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">William D. Davis(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">85,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jason K. Feld(6)(7)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Paula L. Gavin
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benjamin R. Jacobson(6)(8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">949,663</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">17.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth Johnsson
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George A. Kellner(6)(9)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2,909,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">53.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James J. Morgan(10)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">115,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brett D. Shevack
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leonard C. Tylka(11)(12)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">37,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alfred R. Novas(13)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All directors and executive officers as a group
    (11 persons)(14)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4,106,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;*&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than 1%
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of all shares of Common Stock
    beneficially owned by members of the Jacobson Partners Group,
    including George&nbsp;A. Kellner, Benjamin&nbsp;R. Jacobson and
    James&nbsp;J. Morgan. Includes (i)&nbsp;787,521 shares acquired
    by the Group, (ii)&nbsp;2,885,000 shares beneficially owned by
    Mr.&nbsp;Kellner, including the shares owned by Childcare
    Associates and KD Partners&nbsp;II (see note&nbsp;2 below) and
    10,000 shares issuable to Mr.&nbsp;Kellner pursuant to stock
    options, granted under the Company&#146;s Director Stock Option
    Plan, that are exercisable within 60&nbsp;days after the Record
    Date, (iii)&nbsp;110,000 shares issuable to Mr.&nbsp;Morgan
    pursuant to options, granted in connection with
    Mr.&nbsp;Morgan&#146;s consulting arrangement with the Company,
    that are exercisable within 60&nbsp;days after the Record Date,
    and 5,074 shares beneficially owned by Mr.&nbsp;Morgan,
    (iv)&nbsp;167,932 shares beneficially owned by Mr.&nbsp;Jacobson
    and 10,000 shares issuable to Mr.&nbsp;Jacobson pursuant to
    stock options, granted under the Company&#146;s Director Stock
    Option Plan, that are exercisable within 60&nbsp;days after the
    Record Date. Mr.&nbsp;Jacobson is the managing partner of
    Jacobson Partners, and Mr.&nbsp;Morgan is a partner of Jacobson
    Partners. Mr.&nbsp;Kellner, Mr.&nbsp;Jacobson and
    Mr.&nbsp;Morgan are all investors in or co-investors of JP
    Acquisition Fund&nbsp;II, L.P. and JP Acquisition Fund&nbsp;III,
    L.P. Mr.&nbsp;Kellner also serves as a special advisor to
    Jacobson Partners.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Kellner is the managing partner of
    Childcare Associates and the managing partner of KD Special
    Situations Partners, the investment general partner of KD
    Partners&nbsp;II.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on Schedule&nbsp;13F as filed by such
    holder with the Securities and Exchange Commission as of
    March&nbsp;29, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AXA Financial, Inc., AXA Assurances I.A.R.D.
    Mutuelle, AXA Assurances Vie Mutuelle, AXA Conseil Vie Assurance
    Mutuelle, AXA Courtage Assurance Mutuelle and AXA are all
    affiliates and report beneficial ownership as a group.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of shares of Common Stock issuable
    pursuant to incentive stock options, granted under the
    Company&#146;s Key Employee Stock Option Plan, that are
    exercisable within 60&nbsp;days after the Record Date. Pursuant
    to the incentive stock option agreement, Mr.&nbsp;Davis is
    obligated, each year, to purchase an amount of shares equal to
    one half of his annual cash bonus, if any, from the Company
    divided by the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">option exercise price of $3.50&nbsp;per share,
    simultaneously with his receipt of such bonus; provided that
    Mr.&nbsp;Davis may not exercise options to purchase more than
    40,160 shares in any calendar year except upon a change of
    control.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 10,000 shares of Common Stock issuable
    pursuant to stock options, granted under the Company&#146;s
    Director Stock Option Plan, that are exercisable within
    60&nbsp;days after the Record Date.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 250 shares of Common Stock with respect
    to which Mr.&nbsp;Feld shares voting and investing powers with
    his spouse.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 771,731 shares of Common Stock acquired
    by the Jacobson Partners Group. Also includes 157,894 shares of
    Common Stock directly owned by Mr.&nbsp;Jacobson, which shares
    represent Mr.&nbsp;Jacobson&#146;s proportionate interest in the
    175,438 shares originally issued to Jacobson Partners pursuant
    to the Fee Agreement dated June&nbsp;27, 2002 between the
    Company and Jacobson Partners (the &#147;Fee Agreement&#148;).
    Does not include (a)&nbsp;2,895,000 shares beneficially owned by
    Mr.&nbsp;Kellner, a member of the Group, prior to the formation
    of the Group, in which shares Mr.&nbsp;Jacobson disclaims
    beneficial ownership, and (b)&nbsp;115,074 shares beneficially
    owned by Mr.&nbsp;Morgan, a member of the Group, in which shares
    Mr.&nbsp;Jacobson disclaims beneficial ownership.
    Mr.&nbsp;Jacobson is the managing partner of Jacobson Partners.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 2,427,373 shares of Common Stock owned
    by Childcare Associates and 437,627 shares of Common Stock owned
    by KD Partners II. Mr.&nbsp;Kellner is the managing partner of
    Childcare Associates and the managing partner of KD Special
    Situations Partners, the investment general partner of KD
    Partners&nbsp;II. Also includes 14,076 shares of Common Stock
    beneficially owned by Mr.&nbsp;Kellner as a result of his
    membership in the Jacobson Partners Group.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 110,000 shares of Common Stock issuable
    pursuant to options, granted in connection with
    Mr.&nbsp;Morgan&#146;s consulting arrangement with the Company,
    that are exercisable within 60&nbsp;days after the Record Date.
    Also includes 1,754 shares Common Stock directly owned by
    Mr.&nbsp;Morgan, which shares represent Mr.&nbsp;Morgan&#146;s
    proportionate interest in the 175,438 shares originally issued
    to Jacobson Partners pursuant to the Fee Agreement. Also
    includes 10 shares of Common Stock beneficially owned by
    Mr.&nbsp;Morgan as a result of his 1% membership interest in
    Jacobson Partners. Does not include 3,860,443 shares acquired by
    the Jacobson Partners Group, in which shares Mr.&nbsp;Morgan
    disclaims beneficial ownership. Mr.&nbsp;Morgan is a partner of
    Jacobson Partners and a minority investor in funds included in
    the Jacobson Partners Group.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(11)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of 7,500 shares of Common Stock issuable
    pursuant to stock options, granted under the Company&#146;s
    Director Stock Option Plan, which are exercisable within
    60&nbsp;days after the Record Date, and 30,000 shares issuable
    pursuant to options, granted in connection with
    Mr.&nbsp;Tylka&#146;s consulting arrangement with the Company,
    which are exercisable within 60&nbsp;days after the Record Date.
    Mr.&nbsp;Tylka is a minority investor in Childcare Associates.
    Mr.&nbsp;Tylka disclaims beneficial ownership of the shares of
    Common Stock owned by such shareholder.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(12)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Effective August&nbsp;30, 2002, Mr.&nbsp;Tylka
    ceased serving as the Company&#146;s Interim Chief Financial
    Officer and Treasurer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(13)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Novas resigned as an officer of the
    Company in March, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(14)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes shares issuable pursuant to stock
    options, that are exercisable within 60&nbsp;days after the
    Record Date, as described in the foregoing notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">


<!-- link1 "PROPOSED AMENDMENT TO COMPANY&#146;S RESTATED ARTICLES OF INCORPORATION TO INCREASE AUTHORIZED COMMON STOCK" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center">
<B><FONT size="2">PROPOSED AMENDMENT TO COMPANY&#146;S RESTATED
ARTICLES OF INCORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">TO INCREASE AUTHORIZED COMMON STOCK</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;III of the Company&#146;s Restated
Articles of Incorporation presently authorizes 20,000,000 shares
of Common Stock and 1,000,000 shares of Preferred Stock, no par
value. As of the Record Date, 5,416,210 shares of Common Stock
were issued and outstanding, with 1,372,500 additional shares of
Common Stock reserved for issuance pursuant to outstanding stock
options or option plans. The Company has not issued any
Preferred Stock.
</FONT>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Board of Directors has
proposed an amendment to Article&nbsp;III of the Company&#146;s
Restated Articles of Incorporation to increase the number of
authorized shares of Common Stock from 20,000,000 to 40,000,000.
The Board of Directors believes that the proposed amendment is
in the best interests of the Company and its shareholders and,
accordingly, is recommending the approval of the proposed
amendment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Company&#146;s shareholders approve the
proposal, newly authorized shares of Common Stock will be
available for issuance by the Company&#146;s Board of Directors
for stock splits or stock dividends, acquisitions, raising
additional capital, stock options or other corporate purposes.
There are no present arrangements, understandings or plans for
issuance of any such additional shares, except in connection
with the Company&#146;s contemplated rights offering, as
described below. The Company does not anticipate that it would
seek authorization from the shareholders for the issuance of
such additional shares unless required by applicable law or
regulation or the rules of any exchange on which the Common
Stock is traded. Any additional shares, when issued, would have
the same rights and preferences as the shares of Common Stock
presently outstanding. There are no preemptive rights available
to shareholders in connection with the issuance of any such
shares. The Company&#146;s Common Stock is currently traded on
The Nasdaq SmallCap Market under the trading symbol
&#147;CTIM&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Board of Directors proposes to
increase the authorized number of shares of Common Stock to
accommodate a proposed rights offering of the Company&#146;s
Common Stock for the purpose of refinancing $14,000,000 of
subordinated debt, incurred by the Company in connection with
its acquisition of substantially all of the assets of Tutor Time
Learning Systems, Inc. (&#147;Tutor Time&#148;), plus accrued
and unpaid interest on such subordinated debt. Under the terms
of the proposed rights offering, the Company would issue
$3,500,000 of subordinated notes and enough shares of Common
Stock to receive proceeds of up to $12,375,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As originally proposed, the Common Stock portion
of the proposed rights offering was contemplated to be priced at
$3.50 per share, which would have resulted in the issuance of an
additional 3,000,000 shares. Due to the substantial decline in
the trading price of the Company&#146;s Common Stock, however,
the pricing of the Common Stock portion of the rights offering
was revised. The offering price per share of the Common Stock
under the rights offering was contemplated to be, except under
limited circumstances, the four-week average trading price of
the Common Stock on The Nasdaq SmallCap Market prior to the
commencement date of the offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the revised pricing formula and
given the then current price for the Common Stock, at the time
the change to the terms of the rights offering was made the
Company would have needed to issue in excess of 5,000,000 shares
of Common Stock in order to receive the desired proceeds, which
the Company would have been unable to do under the
Company&#146;s authorized capital at such time. Therefore, at a
Special Meeting of Shareholders held on December&nbsp;17, 2002,
the shareholders of the Company approved an amendment to the
Company&#146;s Restated Articles of Incorporation, increasing
the Company&#146;s authorized Common Stock from 10,000,000
shares, no par value, to 20,000,000 shares, no par value (the
&#147;Original Increase&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since the Original Increase, the proposed terms
of the rights offering have been further revised to increase the
maximum amount of the rights offering from $14,000,000 to up to
$15,875,000. The increased size of the rights offering was
approved by the Company&#146;s Board of Directors to enable the
Company to repay not only the principal amount of the existing
subordinated debt but also the related accrued and unpaid
interest. The Company currently proposes to issue $3,500,000 of
subordinated notes in the rights offering, with the remaining
proceeds of up to $12,375,000 to be received for the issuance of
shares of Common Stock. Based on the recent trading volumes and
prices of the Common Stock, the Company would need to issue
approximately 16,300,000 shares of Common Stock in order to
receive proceeds of $12,375,000. Under the Company&#146;s
current authorized capital of 20,000,000 shares of Common Stock,
however, the Company would only be able to issue approximately
13,200,000 of such shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Common Stock price declines further prior
to the commencement of the rights offering, an even greater
number of shares in excess of the current authorized capital
would need to be issued. Given the recent volatility in the
price at which the Common Stock has been trading over the past
several months (from a high
</FONT>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">of $1.86 to a low of $.321), the Board has
proposed the 20,000,000 share increase in authorized capital to
make sure the Company will have enough shares available for
issuance under the proposed rights offering under substantially
all circumstances.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the proposed amendment is approved, the
Company will be able to effectuate the proposed rights offering
described above. This will result in a substantial increase in
the number of shares of Common Stock outstanding. As a result of
the rights offering, the ownership interests in the Company of
shareholders who do not participate in the rights offering will
be substantially diluted. Any increased authorized capital not
used in the proposed rights offering would be available for
future issuances and for future grants under the Company&#146;s
option plans. There are no present arrangements, understandings
or plans for the issuance of any additional shares not needed
for the proposed rights offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One of the effects of the amendment, if adopted,
may also be to enable the Company&#146;s Board of Directors to
render it more difficult to, or discourage an attempt to, obtain
control over the Company by means of a merger, tender offer,
proxy contest or otherwise, and thereby protect the continuity
of present management. The Company&#146;s Board of Directors
would, unless prohibited by applicable law, have additional
shares of Common Stock available to effect transactions
(including private placements) in which the number of
outstanding shares of the Company&#146;s Common Stock would be
increased and would thereby dilute the interest of any party
attempting to gain control over the Company. Such action could
discourage an acquisition of the Company which shareholders
might view as desirable. In addition, since the Company&#146;s
shareholders have no preemptive rights to purchase additional
shares of Common Stock issued, the issuance of such shares could
dilute the interests of the Company&#146;s current shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The approval of this proposed amendment to the
Company&#146;s Restated Articles of Incorporation to increase
the number of authorized shares of Common Stock requires the
affirmative vote of the holders, as of the Record Date, of the
majority of the outstanding shares of Common Stock. Abstentions,
withheld votes and broker non-votes will not be deemed votes
cast in determining the approval of this proposal, but they will
be counted for purposes of determining whether a quorum is
present. We expect that the Jacobson Partners Group, and its
various affiliates, who beneficially own, in the aggregate,
71.7% of the outstanding Common Stock, will vote for the
proposal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors recommends a vote FOR
approval of the proposal to amend Article&nbsp;III of the
Company&#146;s Restated Articles of Incorporation, and your
proxy will be so voted unless you specify otherwise.</FONT></B>

<P align="left">


<!-- link1 "SUBSTANTIAL INTEREST OF SHAREHOLDERS AND DIRECTORS IN MATTERS TO BE ACTED UPON AT SPECIAL MEETING" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center">
<B><FONT size="2">SUBSTANTIAL INTEREST OF SHAREHOLDERS AND
DIRECTORS</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">IN MATTERS TO BE ACTED UPON AT SPECIAL
MEETING</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As discussed above, the increased capital being
authorized pursuant to the proposed amendment to the
Company&#146;s Restated Articles of Incorporation will allow the
Company flexibility if the trading price of its Common Stock
declines further prior to the effective date of the proposed
rights offering. The proposed rights offering is being
effectuated to refinance the $14,000,000 in subordinated debt,
plus accrued and unpaid interest thereon, incurred by the
Company in connection with its acquisition of substantially all
of the assets of Tutor Time. This existing subordinated debt was
loaned to the Company by members of the Jacobson Partners Group.
The proceeds of the proposed rights offering, therefore, will be
used to refinance the existing subordinated debt, including
accrued and unpaid interest on that debt, owed to members of the
Jacobson Partners Group.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Jacobson Partners Group is controlled by
Jacobson Partners, a private equity firm of which Benjamin R.
Jacobson, the Company&#146;s Chairman of the Board, is the
managing general partner, James&nbsp;J. Morgan, one of the
Company&#146;s directors and the former interim Chief Executive
Officer, is a partner and George&nbsp;A. Kellner, the
Company&#146;s Vice Chairman of the Board, is a special advisor.
A recently retired director, Milton Dresner, is a minority
investor in the Jacobson Partners Group. Although Jacobson
Partners received no consideration for arranging the $14,000,000
subordinated debt financing, lenders included JP Acquisition
Fund&nbsp;II, L.P. and JP Acquisition Fund&nbsp;III, L.P.,
entities controlled and managed by affiliates of Jacobson
Partners (for an aggregate of $10,497,154), Mr.&nbsp;Jacobson
(for $115,703), trusts for the benefit of
</FONT>

<P align="center"><FONT size="2">5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Mr.&nbsp;Jacobson&#146;s children (for an
aggregate of $30,000), Mr.&nbsp;Kellner (for $174,429) and
Mr.&nbsp;Morgan (for $225,000). As stated above, these amounts,
together with the related accrued and unpaid interest, will be
refinanced with the proceeds of the proposed rights offering.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In consideration for arranging a standby purchase
commitment in connection with the Company&#146;s rights
offering, certain members of the Jacobson Partners Group
received options to purchase, in the aggregate, up to 400,000
shares of Company Common Stock, at an exercise price of
$5.00&nbsp;per share. These options, which were approved by the
Company&#146;s shareholders, will not become exercisable until
after consummation of the rights offering. Pursuant to the terms
of the standby purchase commitment so arranged, the Jacobson
Partners Group will agree to purchase 100% of the new
subordinated debt and Common Stock not purchased by other
shareholders in connection with the rights offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Jacobson Partners Group beneficially owns, in
the aggregate, 71.7% of the outstanding Common Stock. As a
result of the proposed rights offering and the standby purchase
commitment, such beneficial ownership interest could increase by
an amount that could be substantial.
</FONT>

<P align="left">


<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B><FONT size="2">OTHER MATTERS</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Shareholder Proposals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A shareholder proposal which is intended to be
presented at the 2003 Annual Meeting of Shareholders must be
received by the Secretary of the Company at its principal
executive offices, 38345&nbsp;West 10&nbsp;Mile Road,
Suite&nbsp;100, Farmington Hills, Michigan 48335, by
March&nbsp;25, 2003, to be considered for inclusion in the
Company&#146;s Proxy Statement and proxy related to that
meeting. Such proposals should be sent by certified mail, return
receipt requested.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholder proposals to be presented at the
Company&#146;s 2003 Annual Meeting of Shareholders, but that are
not intended to be considered for inclusion in the
Company&#146;s Proxy Statement and proxy related to that
meeting, must be received by the Company no later than
June&nbsp;6, 2003 to be considered timely. Such proposals should
be sent to the Company&#146;s Secretary at the Company&#146;s
principal executive offices, 38345&nbsp;West 10&nbsp;Mile Road,
Suite&nbsp;100, Farmington Hills, Michigan 48335, by certified
mail, return receipt requested. If the Company does not have
notice of the matter by that date, the Company&#146;s form of
proxy in connection with that meeting may confer discretionary
authority to vote on that matter, and the persons named in the
Company&#146;s form of proxy will vote the shares represented by
such proxies in accordance with their best judgment.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">IRA YOUNG
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Dated: February&nbsp;19, 2003
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Proxy &#151; Childtime Learning Centers, Inc.</B>

</FONT>


<P><FONT size="2"><B>Special Meeting of Shareholders</B>

</FONT>


<P><FONT size="2"><B>Proxy Solicited by Board of Directors for
Special Meeting of Shareholders &#151;
March&nbsp;10, 2003</B>

</FONT>


<P><FONT size="2">William D. Davis, Frank Jerneycic, or any of them, each with the power of
substitution, are hereby authorized to represent and vote the shares of the
undersigned, with all the powers which the undersigned would possess if
personally present, at the Special Meeting of Shareholders of Childtime
Learning Centers, Inc., to be held on March&nbsp;10, 2003, at the
principal executive offices
of the Company, 38345 West 10 Mile Road, Suite&nbsp;100, Farmington Hills, Michigan
48335, or at any postponement or adjournment thereof.

</FONT>


<P><FONT size="2"><B>Shares represented by this proxy will be voted
by the shareholder. If no such
directions are indicated, the Proxies will have authority to vote FOR item 1.</B>

</FONT>


<P><FONT size="2"><B>Unless otherwise marked, this proxy will be voted FOR approval of the proposed
amendment to the Company&#146;s Restated Articles of Incorporation.</B>

</FONT>


<P><FONT size="2">(Continued and to be voted on reverse side.)

</FONT>


<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><img src="k74167dechildtimelogo.gif" alt="CHILDTIME LOGO">

</FONT>


<TABLE align="right" cellspacing="0" border="0" cellpadding="0" width="25%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="Wingdings">&#111;</font></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Mark this box with an X
if you have made changes
to your name or address
details above.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2"><B>Special Meeting Proxy Card</B>

</FONT>


<P><FONT size="2"><B>A&nbsp;&nbsp;&nbsp;Issues</B>

</FONT>


<P><FONT size="2">The Board of Directors recommends a vote FOR the following proposal.

</FONT>


<TABLE cellspacing="0" border="0" cellpadding="0" width="50%" align="left">
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>For</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>Against</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>Abstain</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1. The approval of the proposed amendment to the
Company&#146;s Restated Articles of Incorporation to
increase the authorized Common Stock, no par
value, from 20,000,000 shares to 40,000,000
shares.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<font face="Wingdings">&#111;</font>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><font face="Wingdings">&#111;</font>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><font face="Wingdings">&#111;</font></FONT></TD>
</TR>
</TABLE>
<br clear="all">
<P><FONT size="2"><B>B&nbsp;&nbsp;&nbsp;Authorized Signatures &#151; Sign Here &#151; This section must be completed for your
instructions to be executed.</B>

</FONT>


<P><FONT size="2">NOTE: Please sign your name(s) EXACTLY as your name(s) appear(s) on this proxy.
All joint holders must sign. When signing as attorney, trustee, executor,
administrator, guardian or corporate officer, please provide your FULL title.

</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top"><FONT size="2">Signature 1 &#151; Please keep signature within the box<hr size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" nowrap valign="top"><FONT size="2">
Signature 2 &#151; Please keep signature within the box<hr size="1" noshade>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" valign="top"><FONT size="2">Date (mm/dd/yyyy)<hr size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><hr size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><hr size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><hr size="1" noshade></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>

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!.S\_
`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
