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When you will launch Lightroom CC for the first time, it will prompt you to upgrade your Lightroom 5 Catalog.
Once upgraded, you will be able to see all your images along with edits in Lightroom CC Catalog and your original images will stay at their location.
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Lightroom CC will recognize your Lightroom 5 catalogs. When you try to open them you will be prompted to allow them to be converted. You should choose this option, and Lightroom will create a new copy of the catalog in the new format. It will leave your Lightroom 5 catalog intact and usable by Lightroom 5 if you still have it installed. Lightroom CC will also allow you to convert your Photoshop Elements catalogs in a similar manner. In all cases the original catalogs will still remain. Something to be aware of is that if you do work in Lightroom CC that work will not be able to be transferred back to Lightroom 5. The catalogs are forward convertible and compatible, but they are not backward compatible.