-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HHow51BaUvSp3S5Vby/77YXN2qbS1+6E5ZAcHLzVBQ9gwee+R2ieSa2NOBNb6eez
 pt/H/vV6oci43fV+l5v3Hw==

<SEC-DOCUMENT>0001047469-07-004768.txt : 20070604
<SEC-HEADER>0001047469-07-004768.hdr.sgml : 20070604
<ACCEPTANCE-DATETIME>20070604165448
ACCESSION NUMBER:		0001047469-07-004768
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20070602
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070604
DATE AS OF CHANGE:		20070604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAUREATE EDUCATION, INC.
		CENTRAL INDEX KEY:			0000912766
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521492296
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22844
		FILM NUMBER:		07898101

	BUSINESS ADDRESS:	
		STREET 1:		1001 FLEET STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4108436100

	MAIL ADDRESS:	
		STREET 1:		1001 FLEET STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2178276z8-k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#07ZBX45203_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Date of Report (Date of earliest event reported): </FONT><FONT SIZE=2><B>June&nbsp;2, 2007</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>LAUREATE EDUCATION,&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>Maryland</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>0-22844</B></FONT><FONT SIZE=2><BR>
(Commission<BR>
File Number)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>52-1492296</B></FONT><FONT SIZE=2><BR>
(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="72%" ALIGN="CENTER"><BR><FONT SIZE=2><B>1001 Fleet Street, Baltimore, Maryland</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><BR><FONT SIZE=2><B>21202</B></FONT><FONT SIZE=2><BR>
(ZIP Code)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>Registrant's
telephone number, including area code: </FONT><FONT SIZE=2><B>(410)&nbsp;843-6100</B></FONT></P>

<P><FONT SIZE=2>Check
the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></DD></DL>


<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=779790,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]BA45203A.;11',USER='TDIMIZI',CD=';4-JUN-2007;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_de45203_1_2"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><B>Item 1.01. Entry Into a Material Definitive Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;3, 2007, Laureate Education,&nbsp;Inc., a Maryland corporation (the "Company"), entered into an Amended and Restated Agreement and Plan of Merger
(the "Amended and Restated Merger Agreement") with Wengen Alberta, Limited Partnership, an Alberta limited partnership ("Parent"), and L Curve Sub&nbsp;Inc., a Maryland corporation and a direct
subsidiary of Parent ("L Curve"). The Amended and Restated Merger Agreement amends and restates the Agreement and Plan of Merger dated as of January&nbsp;28, 2007 among the same parties. Douglas L.
Becker, the Company's Chairman and Chief Executive Officer, Steven Taslitz, an affiliate of one of the investors in Parent, certain trusts affiliated with Mr.&nbsp;Becker and Mr.&nbsp;Taslitz, and
certain other stockholders of the Company (collectively, the "Rollover Stockholders") have agreed to contribute substantially all of their Company equity to Parent or an affiliate thereof. A copy of
the press release announcing the execution of the Amended and Restated Merger Agreement and describing, among other things, investors in Parent, is attached as Exhibit&nbsp;99.1 to this Current
Report on Form&nbsp;8-K. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's Board of Directors approved the Amended and Restated Merger Agreement on the unanimous recommendation of a Special Committee comprised entirely of disinterested directors
(the "Special Committee"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Amended and Restated Merger Agreement, L Curve is expected to assign some of its rights and obligations under the Amended and Restated Merger Agreement to M Curve
Sub&nbsp;Inc., a Maryland corporation and a direct subsidiary of Parent ("M Curve", and together with L Curve, the "Purchasers"), including the right to acquire shares of the Company's common stock
in the Offer (as defined below). L Curve and M Curve have agreed to commence a tender offer (the "Offer") to purchase all of the Company's outstanding shares of common stock, par value $0.01 per share
(the "Shares"), at a price of $62.00 per Share, net to the seller in cash (subject to applicable withholding tax), without interest, on the terms and subject to the conditions set forth in the Amended
and Restated Merger Agreement. The Offer is subject to the condition that there shall have been validly tendered and not withdrawn before the Offer expires a number of Shares which, when added to any
shares of the Company's common stock already owned by Parent and its subsidiaries, represents a majority of the total number of outstanding shares of the Company's common stock on a fully diluted
basis immediately prior to the expiration of the Offer. The Offer is also subject to the condition that the debt financing arranged by Parent and L Curve to fund the Offer and the subsequent Merger
(as defined below) must be available for borrowing on the terms and conditions set forth in the debt financing commitments obtained by L Curve or on terms and conditions that are no less favorable, in
the aggregate, to Parent and Purchasers, as determined in the reasonable judgment of Parent. The Offer is subject to certain other customary conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the consummation of the Offer and subject to the satisfaction or waiver of the conditions set forth in the Amended and Restated Merger Agreement and in accordance with the
Maryland General Corporation Law, L Curve will merge (the "Merger") with and into the Company and the Company will continue as the surviving corporation. At the effective time of the Merger (the
"Effective Time"), each Share, other than the Shares owned by Parent or the Purchasers immediately prior to the Effective Time, including Shares acquired by Parent or the Purchasers, will
automatically be canceled and will cease to exist and will be converted into the right to receive $62.00 in cash, without interest, on the terms and subject to the conditions set forth in the Amended
and Restated Merger Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
closing of the Merger, if required by applicable law, is subject to approval of the Merger by holders of the outstanding Shares remaining after the completion of the Offer. However,
the parties have agreed that if after the purchase of Shares pursuant to the Offer and any subsequent offering period, and after giving effect to any Shares purchased pursuant to the option described
in the next paragraph, Purchasers own at least 90% of the outstanding Shares, then once the other conditions to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=550034,FOLIO='2',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_3"> </A>
<BR>

<P><FONT SIZE=2>completion
of the Merger are satisfied or waived, L Curve will then merge into the Company in a "short-form" pursuant to applicable Maryland law, which will not require a vote of the
Company's stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Amended and Restated Merger Agreement, the Company also granted Purchasers the option (the "Top-Up Option") to purchase, at a price per Share equal to the price paid
in the Offer price, a number of newly issued Shares equal to the number of Shares that, when added to the number of Shares owned, directly or indirectly, by Parent or Purchasers at the time of
exercise of the Top-Up Option, constitutes one Share more than 90% of the total Shares that would be outstanding immediately after the issuance of all Shares subject to the
Top-Up Option. The Top-Up Option, which is subject to compliance with Nasdaq and other applicable rules, may be exercised by Purchasers, in whole or in part, at any time on or
after the expiration of the Offer and on or prior to the fifth business day after the expiration date of any subsequent offering period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Merger Agreement further provides that, subject to compliance with applicable law, promptly upon payment for Shares by Purchasers to consummate the Offer, Parent
shall be entitled to designate all of the members of the board of directors of the Company. After Parent's designees are elected or appointed to the Company's Board of Directors and prior to the
approval of the Amended and Restated Merger Agreement by the Company's stockholders, the Amended and Restated Merger Agreement may not be amended in a manner that would adversely affect the right of
the Company's stockholders to receive the merger consideration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is subject to a "no-shop" restriction on its ability to solicit third-party proposals, provide information and engage in discussions with third parties. The
no-shop
provision is subject to a provision that allows the Company to provide information and participate in discussions with respect to third-party proposals that the Special Committee believes in good
faith to be bona fide and determines in good faith, after consultation with advisors, could reasonably be expected to result in a "superior proposal," as defined in the Amended and Restated Merger
Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Merger Agreement may be terminated and the Offer and the Merger abandoned prior to the date Shares are accepted for payment in the Offer under a number of
specified circumstances, including by the Company in order to accept a Superior Proposal (as defined in the Amended and Restated Merger Agreement). Upon termination of the Amended and Restated Merger
Agreement, under specified circumstances, the Company will be required to reimburse Parent for the transaction expenses of Parent or Purchasers up to $15&nbsp;million and, under other specified
circumstances (including the circumstances referred to above), the Company will be required to pay Parent a termination fee of $110&nbsp;million (less any expenses previously reimbursed to Parent). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent
has obtained equity and debt financing commitments for the transactions contemplated by the Amended and Restated Merger Agreement in an aggregate amount sufficient for Parent to
pay the aggregate consideration in connection with the Offer and the Merger and all related fees and expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee engaged Morgan Stanley&nbsp;&amp; Co.,&nbsp;Inc. ("Morgan Stanley") and Merrill Lynch, Pierce, Fenner and Smith Incorporated ("Merrill Lynch"), to serve as
financial advisors to the Special Committee. On June&nbsp;2, 2007, Morgan Stanley and Merrill Lynch each delivered an opinion to the Special Committee that as of the date of the opinion, the
consideration to be received by holders of the Company's common stock in the Offer and the Merger is fair to such holders (other than the holders of Company common stock that are affiliates of Parent
and the Rollover Stockholders) from a financial point of view. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Merger Agreement has been included to provide investors and security holders with information regarding its terms. It is not intended to provide any other
factual information about the Company. The representations, warranties and covenants contained in the Amended and Restated Merger Agreement were made only for purposes of such agreement and as of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=361756,FOLIO='3',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_4"> </A>
<BR>

<P><FONT SIZE=2>specific
dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential
disclosures exchanged between the parties in connection with the execution of the Amended and Restated Merger Agreement. The representations and warranties may have been made for the purposes of
allocating contractual risk between the parties to the agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties
that differ from those applicable to investors. Investors are not third-party beneficiaries under the Amended and Restated Merger Agreement and should not rely on the representations, warranties and
covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company or Parent or any of their respective subsidiaries or affiliates. Moreover,
information concerning the subject matter of the representations and warranties may change after the date of the Amended and Restated Merger Agreement, which subsequent information may or may not be
fully reflected in the Company's public disclosures. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing summary of the Amended and Restated Merger Agreement and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their
entirety by, the full text of the Amended and Restated Merger Agreement attached as Exhibit&nbsp;2.1 to this Current Report on Form&nbsp;8-K, which is incorporated herein by reference. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Notice to Investors  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tender offer for the outstanding common stock of the Company referred to in this Current Report on Form&nbsp;8-K has not yet commenced. This
Current Report on Form&nbsp;8-K is neither an offer to purchase nor a solicitation of an offer to sell any securities. The solicitation and the offer to buy Shares will be made pursuant
to an offer to purchase and related materials that Purchasers intend to file with the Securities and Exchange Commission. At the time the offer is commenced, Purchasers will file&nbsp;a Tender Offer
Statement on Schedule TO with the Securities and Exchange Commission and thereafter the Company will file&nbsp;a Solicitation/Recommendation Statement on Schedule&nbsp;14D-9 with
respect to the offer. The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other offer documents) and the Solicitation/Recommendation Statement on
Schedule&nbsp;14D-9 will contain important information that should be read carefully and considered before any decision is made with respect to the tender offer. These materials will be
sent free of charge to all stockholders of the Company. In addition, all of these materials (and all other materials filed by the Company with the Securities and Exchange Commission) will be available
at no charge from the Securities and Exchange Commission through its website at www.sec.gov. Free copies of the Offer to Purchase, the related Letter of Transmittal and certain other offering
documents will be made available by Parent at [9
West 57th Street, Suite 4200, New York, New York 10019]. Investors and security holders may also obtain free copies of the documents filed with the Securities and Exchange Commission by
the Company at www.Laureate-inc.com. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Forward-Looking Statements  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Current Report on Form&nbsp;8-K includes information that could constitute forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties. Although the Company believes that the expectations reflected
in such forward-looking statements are based upon reasonable assumptions, the Company's actual results could differ materially from those described in the forward-looking statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following factors might cause such a difference: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Company's operations can be materially affected by competition in its target markets and by overall market conditions, among other factors. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=4,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=647865,FOLIO='4',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_5"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Company's foreign operations, in particular, are subject to political, economic, legal, regulatory and currency-related risks. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
additional factors could affect the outcome of the matters described in this Current Report on Form&nbsp;8-K. These factors include, but are not limited to,
(1)&nbsp;the occurrence of any event, change or other circumstances that could give rise to the termination of the Amended and Restated Merger Agreement; (2)&nbsp;the outcome of any legal
proceedings that may be instituted against the Company and others following announcement of the Amended and Restated Merger Agreement; (3)&nbsp;the inability to complete the Offer or complete the
Merger due to the failure to satisfy the conditions required to complete the Offer and the Merger; (4)&nbsp;the failure to obtain the necessary debt financing arrangements set forth in commitment
letters received in connection with the Offer and the Merger; (5)&nbsp;risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention
as a result of the Offer and the Merger; (6)&nbsp;the ability to recognize the benefits of the Offer and the Merger; (7)&nbsp;the amount of the costs, fees, expenses and charges
related to the Offer and the Merger and the actual terms of certain financings that will be obtained for the Offer and the Merger; and (8)&nbsp;the impact of the substantial indebtedness incurred to
finance the consummation of the Offer and the Merger. Many of the factors that will determine the outcome of the subject matter of this Current Report on Form&nbsp;8-K are beyond the
Company's ability to control or predict. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result
of new information, future events or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information regarding these risk factors and uncertainties is detailed from time to time in the Company's filings with the Securities and Exchange Commission, including but
not limited to the Company's most recent Forms 10-K/A and 10-Q, available for viewing on the Company's website. (To access this information on the Company's website,
www.laureate-inc.com, please click on "Investor Relations", "SEC Filings"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item
2.03 is incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Iniciativas Culturales de Espana, SL, a wholly-owned subsidiary of the Company, entered into a Second Amendment dated as of June&nbsp;3, 2007 (the "Amendment") to the
Five-Year Credit Agreement dated as of August&nbsp;16, 2006 (the "Original Credit Agreement" and, as amended, the "Credit Agreement") with JPMorgan Chase Bank, N.A., as facility agent
and collateral agent, J.P. Morgan Europe Limited, as London agent, and the lenders party thereto. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the Amendment, the Credit Agreement included, among other things, a revolving line of credit in the maximum principal amount of US$200&nbsp;million (the "US Tranche") and a
revolving line of credit in the maximum principal amount of US$150&nbsp;million (the "Spanish Tranche," and together with the US Tranche, the "Revolving Credit Facility"). The Amendment, among other
things (i)&nbsp;provides for the possible increase in the US Tranche commitments by an aggregate principal amount of up to an additional US$175&nbsp;million, (ii)&nbsp;provides for an increase
in the maximum amount of the Revolving Credit Facility that would be available for letters of credit from US$35&nbsp;million to US$110&nbsp;million, (iii)&nbsp;amends the definition of "Change
of Control" in the Credit Agreement such that the acquisition of a controlling interest in the Company pursuant to the Offer, would not constitute a Change of Control (as such term is defined in the
Credit Agreement) and (iv)&nbsp;imposes restrictions or prohibitions on the Company's ability to make certain Restricted Payments and to engage in certain transactions with Affiliates (as such term
is defined in the Credit Agreement). The Credit Agreement expires on August&nbsp;6, 2011. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=5,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=624380,FOLIO='5',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_6"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing summary of the Amendment and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of
the Amendment attached as Exhibit&nbsp;10.1, which is incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;2, 2007, in accordance with the terms of the Amended and Restated Merger Agreement, the Company's Board of Directors amended and restated Article&nbsp;XV, Certain
Elections, Section&nbsp;1 of the Company's Amended and Restated Bylaws (the "Bylaws"). The amendment and restatement was adopted in order to opt out of the Maryland Control Share Acquisition Act
(Title 3, Subtitle 7 of the Maryland General Corporation Law) with respect to any acquisition of Shares by Parent and Purchasers in connection with the Offer and the Merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above summary is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached to this Current Report on Form&nbsp;8-K as
Exhibit&nbsp;3.1 and incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Item 7.01. Regulation FD Disclosure.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;4, 2007, the Company issued a press release announcing that it had entered into the Amended and Restated Merger Agreement. A copy of the press
release is attached as Exhibit&nbsp;99.1 and incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Item 9.01 Financial Statements and Exhibits.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) </FONT><FONT SIZE=2><I>Exhibits</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
the Index of Exhibits attached to this Form&nbsp;8-K, which is incorporated herein by reference. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>

<!-- ZEQ.=5,SEQ=6,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=915223,FOLIO='6',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_7"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de45203_signatures"> </A>
<A NAME="toc_de45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>LAUREATE EDUCATION, INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT W. ZENTZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert W. Zentz<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and General Counsel</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Date:
June&nbsp;4, 2007 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=7,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=556529,FOLIO='7',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<A NAME="page_de45203_1_8"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de45203_index_of_exhibits"> </A>
<A NAME="toc_de45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX OF EXHIBITS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1><B>Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amended and Restated Merger Agreement and Plan of Merger, dated as of June 3, 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amendment to Amended and Restated Bylaws</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Second Amendment dated as of June 3, 2007 to the Five-Year Credit Agreement dated as of August 16, 2006, as amended</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Press release dated June 4, 2007 issued by Laureate Education, Inc.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=8,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1012372,FOLIO='8',FILE='DISK121:[07ZBX3.07ZBX45203]DE45203A.;5',USER='NDEWIND',CD=';4-JUN-2007;15:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="07ZBX45203_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de45203_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de45203_2">INDEX OF EXHIBITS</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=TDIMIZI,SEQ=,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a2178276zex-2_1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#07ZBX45203_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la45203_amended_and_restated_agreement_and_plan_of_merger"> </A>
<A NAME="toc_la45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>AMENDED AND RESTATED<BR>  <BR>    AGREEMENT AND PLAN OF MERGER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This AMENDED AND RESTATED AGREEMENT AND PLAN OF MERGER (this "</FONT><FONT SIZE=2><I>Agreement</I></FONT><FONT SIZE=2>") is made and entered into as of this 3rd
day of June, 2007 by and among Laureate Education,&nbsp;Inc., a Maryland corporation (the "</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>"), Wengen Alberta, Limited Partnership, an Alberta
limited partnership ("</FONT><FONT SIZE=2><I>Parent</I></FONT><FONT SIZE=2>"), and L Curve Sub&nbsp;Inc., a Maryland corporation and a direct subsidiary of Parent ("</FONT><FONT SIZE=2><I>Merger
Sub</I></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la45203_recitals"> </A>
<A NAME="toc_la45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties to this Agreement wish to amend and restate the Agreement and Plan of Merger, dated as of January&nbsp;28, 2007 (the
"</FONT><FONT SIZE=2><I>Original Merger Agreement</I></FONT><FONT SIZE=2>"), by and among the Company, Parent and Merger Sub, as provided herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
on the terms and subject to the conditions set forth herein, including Annex A hereto, Merger Sub has agreed to commence (within the meaning of Rule&nbsp;14d-2
under the Exchange Act) an offer (the "</FONT><FONT SIZE=2><I>Offer</I></FONT><FONT SIZE=2>") to purchase for cash all of the issued and outstanding shares of the Company's common stock, par value
$.01 per share (the "</FONT><FONT SIZE=2><I>Common Stock</I></FONT><FONT SIZE=2>"), at a price of $62.00 per share (such price, or any higher price per share of Common Stock paid by Merger Sub
pursuant to the terms of the Offer for shares of Common Stock tendered pursuant to the Offer, the "</FONT><FONT SIZE=2><I>Offer Price</I></FONT><FONT SIZE=2>"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
following the consummation of the Offer, the parties intend that Merger Sub be merged with and into the Company (the "</FONT><FONT SIZE=2><I>Merger</I></FONT><FONT SIZE=2>"),
with the Company surviving the Merger as a wholly owned subsidiary of Parent (the "</FONT><FONT SIZE=2><I>Surviving Corporation</I></FONT><FONT SIZE=2>"). The name of the Surviving Corporation shall
be Laureate Education,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a condition and inducement to Parent's and Merger Sub's entry into this Agreement, certain stockholders of the Company have agreed to tender their shares of Common Stock
pursuant to the Offer on the terms and subject to the conditions set forth in certain Tender Agreements, dated as of the date hereof (the "</FONT><FONT SIZE=2><I>Tender
Agreements</I></FONT><FONT SIZE=2>"), a form of which is attached as Exhibit&nbsp;A to this Agreement, and certain other stockholders of the Company have agreed to vote their shares of Common Stock
in favor of (among other things) the Merger, on the terms and subject to the conditions set forth in that certain Voting Agreement, dated as of the date hereof, a form of which is attached as
Exhibit&nbsp;B to this Agreement (the "</FONT><FONT SIZE=2><I>Voting Agreement</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Board of Directors of the Company, acting upon the unanimous recommendation of the Special Committee, has (i)&nbsp;determined that the Offer, the Merger, this Agreement
and the other transactions contemplated hereby are advisable and fair to and in the best interests of the Company and its stockholders, (ii)&nbsp;approved this Agreement, the Tender Agreements and
the Voting Agreement and (iii)&nbsp;resolved to recommend that stockholders of the Company accept the Offer and, to the extent required by applicable Law, approve the Merger and this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Board of Directors of Merger Sub has unanimously approved this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
certain existing stockholders of the Company desire to contribute shares of Common Stock to Parent immediately prior to the Effective Time in exchange for interests in Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
The Company, Parent and Merger Sub desire to make certain representations, warranties, covenants and agreements in connection with the Offer and the Merger and also to prescribe
certain conditions to the Offer and on the Merger, as set forth herein. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=814723,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_2"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la45203_agreement"> </A>
<A NAME="toc_la45203_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, intending to be legally bound,
the parties hereto agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la45203_article_i_definitions"> </A>
<A NAME="toc_la45203_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE&nbsp;I<BR>  DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, the following terms have the respective meanings
set forth below: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Acceptable Confidentiality Agreement</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(h)(i). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Acceptance Date</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1(e). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Accrediting Body</I></FONT><FONT SIZE=2>" means any entity or organization, whether private or quasi-private, whether foreign or domestic, which engages in the
granting or withholding of accreditation of post-secondary institutions or their educational programs in accordance with standards and requirements relating to the performance, operations,
financial condition and/or academic standards of such institutions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Act</I></FONT><FONT SIZE=2>" means the Maryland General Corporation Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Adjusted Minimum Number</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Affiliate</I></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person, directly or indirectly, controlling, controlled by, or under common
control with, such Person. For purposes of this definition, the term "</FONT><FONT SIZE=2><I>control</I></FONT><FONT SIZE=2>" (including the correlative terms
"</FONT><FONT SIZE=2><I>controlling</I></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><I>controlled by</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>under common control
with</I></FONT><FONT SIZE=2>") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agreement</I></FONT><FONT SIZE=2>" has the meaning set forth in the Preamble. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Articles of Merger</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.1(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Board Actions</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.2(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Business Day</I></FONT><FONT SIZE=2>" has the meaning ascribed to such term in Rule&nbsp;14d-1 under the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Certificate</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.2(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Closing</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.1(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Closing Date</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.1(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Code</I></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Common Stock</I></FONT><FONT SIZE=2>" has the meaning set forth in the recitals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company</I></FONT><FONT SIZE=2>" has the meaning set forth in the Preamble. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Acquisition Proposal</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(h)(ii). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Benefit Plans</I></FONT><FONT SIZE=2>" means the Employee Benefit Plans (other than any multiemployer plan within the meaning of ERISA
Section&nbsp;3(37)) and stock purchase, stock option, severance, retention, employee loan, collective bargaining, employment, change-in-control, fringe benefit, bonus,
incentive, deferred compensation and all other material employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA, whether formal or informal, oral
or written, legally binding or not, under which any Company Employee has any present or future right to benefits </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=483879,FOLIO='2',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_3"> </A>
<BR>

<P><FONT SIZE=2>and
which is maintained or contributed to by the Company or any of its Material Subsidiaries or under which the Company or any of its Material Subsidiaries has any present or future liability. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Disclosure Letter</I></FONT><FONT SIZE=2>" has the meaning set forth in the preamble to Article&nbsp;IV. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Employee</I></FONT><FONT SIZE=2>" means any current, former or retired employee, officer, consultant, independent contractor or director of the Company
or any of its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Equity Awards</I></FONT><FONT SIZE=2>" means Company Options, Company Restricted Shares, and Company Performance Shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Joint Venture</I></FONT><FONT SIZE=2>" means, with respect to the Company, any corporation or other entity (including partnerships, limited liability
companies and other business associations and joint ventures) in which the Company, directly or indirectly, owns an equity interest that does not have voting power under ordinary circumstances to
elect a majority of the board of directors or other person performing similar functions but in which the Company has rights with respect to the management of such Person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Options</I></FONT><FONT SIZE=2>" means outstanding options to acquire Common Stock from the Company granted to Company Employees under the Company Stock
Plans and, to the extent set forth in Section&nbsp;1.1 of the Company Disclosure Letter, the other options to acquire Common Stock from the Company set forth therein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Performance Shares</I></FONT><FONT SIZE=2>" means performance shares granted to Company Employees under the Company Stock Plans that vest and become
issuable upon the attainment of certain performance criteria pursuant to the Company Stock Plans or any applicable award agreement and, to the extent set forth in Section&nbsp;1.1 of the Company
Disclosure Letter, the other performance shares granted to Company Employees that vest and become issuable upon the attainment of certain performance criteria pursuant to any applicable award
agreement set forth therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Proxy/Information Statement</I></FONT><FONT SIZE=2>" means the proxy statement or information statement, as applicable, relating to the approval of the
Merger and this Agreement by the Company's stockholders prepared, if required, in accordance with applicable Law and including any information required to be included therein by
Schedule&nbsp;13E-3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Restricted Shares</I></FONT><FONT SIZE=2>" means, as of a particular date, Common Stock granted to Company Employees under the Company Stock Plans that
are then outstanding but at such time are subject to forfeiture conditions or other lapse restrictions pursuant to the Company Stock Plans or any applicable restricted stock award agreements and, to
the extent set forth in Section&nbsp;1.1 of the Company Disclosure Letter, the other Common Stock granted to Company Employees that are then outstanding but at such time are subject to forfeiture
conditions or other lapse restrictions pursuant to any applicable restricted stock award agreements set forth therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Schedule&nbsp;13E-3</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.2 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company SEC Reports</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.7(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Securities</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.5(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Stockholder Meeting</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.1(a). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Company Stock Plans</I></FONT><FONT SIZE=2>" means the 1993 Employee Stock Option Plan, the 1993 Management Stock Option Plan, the Senior Management Option Plan
dated March&nbsp;29, 1996, the 1998 Stock Incentive Plan, the 2003 Stock Incentive Plan and the 2005 Stock Incentive Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Compensation</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.8(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Compensation Arrangements</I></FONT><FONT SIZE=2>" means any Company Benefit Plan (provided, that, solely for purposes of this definition, the references to
"Material Subsidiaries" in the definition of Company </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=1004188,FOLIO='3',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_4"> </A>
<BR>

<P><FONT SIZE=2>Benefit
Plan shall be deemed to be references to "Subsidiaries"), Company Stock Plan, other equity-based plan sponsored or maintained by the Company or any of its Subsidiaries or other plans,
agreements, programs, policies or other arrangements of the Company or any of its Subsidiaries pursuant to which any holder of Common Stock or other securities of the Company could become entitled to
(i)&nbsp;any additional compensation, enhanced severance or other benefits or any acceleration of the time of payment or vesting of any compensation, severance or other benefits or any funding of
any compensation or benefits by the Company or any of its Subsidiaries, in each case as a result of the Offer, the Merger or any of the other transactions contemplated by this Agreement (alone or in
combination with any other event) or (ii)&nbsp;any other compensation or benefits from the Company or any of its Subsidiaries related to or contingent upon or the value of which would be calculated
on the basis of the Offer, the Merger or any of the other transactions contemplated by this Agreement (alone or in combination win any other event). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Confidentiality Agreements</I></FONT><FONT SIZE=2>" means the several confidentiality agreements listed in Section&nbsp;1.1 of the Parent Disclosure Letter. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Contract</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Cooperation Agreement</I></FONT><FONT SIZE=2>" means the Cooperation Agreement dated as of the Original Date between the Company and Douglas L. Becker. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Current Employee</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.8(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Current Policies</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.5(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Damages</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.5(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Debt Financing</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Debt Financing Commitments</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Disbursing Agent</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.3(a). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Disinterested Director</I></FONT><FONT SIZE=2>" means a member of the Board of Directors of the Company who (i)&nbsp;has no direct or indirect interest in
Parent, whether as an investor or otherwise, (ii)&nbsp;is not a representative of any Person who has any such interest in Parent and (iii)&nbsp;is not otherwise affiliated with Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>DOE</I></FONT><FONT SIZE=2>" means the United States Department of Education. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>DOJ</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.2(b). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Domestic Institution</I></FONT><FONT SIZE=2>" means the post-secondary institution comprising a main campus and its additional locations or branches,
identified by a single Office of Post-secondary Education Identification Number by DOE, and owned and operated by the Company or any of its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Education Department</I></FONT><FONT SIZE=2>" means any nation or government or any agency, public or regulatory authority, instrumentality, department,
commission, court, arbitrator, ministry, tribunal or board of any nation or government or political subdivision thereof, in each case, whether foreign or domestic and whether national, supranational,
federal, tribal, provincial, state, regional, local or municipal, having specific jurisdiction over the operation of or provision of Student Financial Assistance Programs funds to or on behalf of the
students of post-secondary educational or training institutions or guaranteeing student loans to students at such institutions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Effective Time</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.1(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Employee Benefit Plan</I></FONT><FONT SIZE=2>" means an employee benefit plan within the meaning of Section&nbsp;3(3) of ERISA. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=227665,FOLIO='4',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_5"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Employment Agreement</I></FONT><FONT SIZE=2>" means any employment, severance, retention, termination, indemnification, change in control or similar agreement
between the Company or any of its Subsidiaries, on the one hand, and any current or former employee of the Company or any of its Subsidiaries, on the other hand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>End Date</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;9.1(b)(i). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Equity Financing</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Equity Financing Commitments</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Equity Rollover Commitments</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.8. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>ERISA</I></FONT><FONT SIZE=2>" means the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Exchange Act</I></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Execution Date</I></FONT><FONT SIZE=2>" means the date on which this Agreement is executed and delivered by each of the parties hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Expiration Date</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Financing</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Financing Commitments</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Five-Year Credit Agreement</I></FONT><FONT SIZE=2>" means the Five-Year Credit Agreement dated as of August&nbsp;16, 2006 among the
Company and a Subsidiary of the Company, as Borrowers, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Facility Agent, J.P. Morgan Europe Limited, as London Agent, and others, as amended by
the First Amendment dated as of October&nbsp;24, 2006. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Foreign Institution</I></FONT><FONT SIZE=2>" means any post-secondary institution owned and operated by the Company or any of its Subsidiaries that
is not a Domestic Institution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FTC</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.2(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>GAAP</I></FONT><FONT SIZE=2>" means United States generally accepted accounting principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Governmental Authority</I></FONT><FONT SIZE=2>" means any nation or government or any agency, public or regulatory authority, instrumentality, department,
commission, court, arbitrator, ministry, tribunal or board of any nation or government or political subdivision thereof, in each case, whether foreign or domestic and whether national, supranational,
federal, tribal, provincial, state, regional, local or municipal, and any Education Department or Accrediting Body. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>HEA</I></FONT><FONT SIZE=2>" means the Higher Education Act of 1965, as amended, 20 U.S.C.A. &sect;1070 et seq., and any amendments or successor statutes
thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>HSR Act</I></FONT><FONT SIZE=2>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Insurance Amount</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.5(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Investors Agreement</I></FONT><FONT SIZE=2>" shall have the meaning set forth in Section&nbsp;6.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Knowledge of the Company</I></FONT><FONT SIZE=2>" means the actual knowledge of the Persons set forth in Section&nbsp;1.1 (ii)&nbsp;of the Company Disclosure
Letter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Law</I></FONT><FONT SIZE=2>" means applicable statutes, common laws, rules, ordinances, regulations, codes, licensing requirements, orders, judgments,
injunctions, writs, decrees, licenses, governmental guidelines, standards or interpretations having the force of law, permits, rules and bylaws, in each case, of or administered by a Governmental
Authority. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=5,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=906244,FOLIO='5',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_6"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Liens</I></FONT><FONT SIZE=2>" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Marketing Period</I></FONT><FONT SIZE=2>" shall mean the period of 20 consecutive calendar days (i)&nbsp;after the date on which (x)&nbsp;the first to occur
of (A)&nbsp;the condition set forth in Section&nbsp;8.1(a)(ii)&nbsp;has been satisfied or (B)&nbsp;the Company Proxy/Information Statement has been mailed to the stockholders of the Company
and (y)&nbsp;all the conditions set forth in Sections 8.1(b) and 8.1(c) have been satisfied and (ii)&nbsp;during which period (x)&nbsp;such conditions remain satisfied and (y)&nbsp;all of the
information described in clause&nbsp;(iv) of the first sentence of Section&nbsp;7.9(a) is and remains available; provided, that if the Marketing Period has not ended on or prior to
August&nbsp;17, 2007, the Marketing Period shall commence no earlier than September&nbsp;2, 2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Material Adverse Effect on the Company</I></FONT><FONT SIZE=2>" means a material adverse effect on the assets, liabilities, business, financial condition or
results of operations of the Company and its Subsidiaries, taken as a whole; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that in no event shall any of the following, alone or in
combination, be deemed to constitute, nor shall any of the following be taken into account in determining whether there has been, a Material Adverse Effect on the Company: (A)&nbsp;any fact, change,
development, circumstance, event, effect or occurrence (an "</FONT><FONT SIZE=2><I>Effect</I></FONT><FONT SIZE=2>") in general economic or political conditions or in the financial or securities
markets, (B)&nbsp;any Effect generally affecting, or resulting from general changes or developments in, the industries in which the Company and its Subsidiaries operate, (C)&nbsp;any failure to
meet internal or published projections, forecasts or revenue or earnings predictions for any period (provided that the underlying causes of such failures shall not be excluded), (D)&nbsp;any change
in the price or trading volume of the Common Stock in and of itself (provided that the underlying causes of such changes shall not be excluded), (E)&nbsp;any Effect that is demonstrated to have
resulted from the
announcement of the Offer or Merger, or the identity of Parent or any of its Affiliates as the acquiror of the Company, (F)&nbsp;compliance with the terms of, or the taking of any action required
by, this Agreement consented to in writing by Parent, (G)&nbsp;any acts of terrorism or war (other than any of the foregoing that causes any damage or destruction to or renders unusable any facility
or property of the Company or any of its Subsidiaries or that renders any of the foregoing facilities or properties inaccessible for a period of more than 20 calendar days), (H)&nbsp;changes in
generally accepted accounting principles or the interpretation thereof, or (I)&nbsp;any weather-related event (other than any of the foregoing that causes any damage or destruction to or renders
unusable any facility or property of the Company or any of its Subsidiaries or that renders any of the foregoing facilities or properties inaccessible for a period of more than 20 calendar days)
except, in the case of clauses (A)&nbsp;and (B), to the extent such Effects referred to therein would be reasonably likely to have a materially disproportionate impact on the assets or liabilities,
business, financial condition or results of operations of the Company and its Subsidiaries, taken as a whole, relative to other for profit industry participants. In addition, the parties agree that to
the extent any matter is expressly disclosed in the Company's Annual Report on Form&nbsp;10-K filed on March&nbsp;1, 2007, as amended by Amendment No.&nbsp;1 thereto filed on
April&nbsp;30, 2007, or in the Company's Quarterly Report on Form&nbsp;10-Q filed on May&nbsp;7, 2007 (other than any such disclosures made in the exhibits and schedules thereto or
the documents incorporated by reference therein), such matter shall not be considered in determining whether there has been a Material Adverse Effect on the Company; </FONT><FONT SIZE=2><I>provided,
however</I></FONT><FONT SIZE=2>, that any development, change or other event with respect to such matter occurring subsequent to the date of the information contained in such report may be considered
in determining whether there has been a Material Adverse Effect on the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Material Subsidiary</I></FONT><FONT SIZE=2>" means any Subsidiary (a)&nbsp;the consolidated assets of which equal 2% or more of the consolidated assets of the
Company and the Subsidiaries as of September&nbsp;30, 2006, or (b)&nbsp;the consolidated revenues of which equal 2% or more of the consolidated revenues of the Company and the Subsidiaries for the
four consecutive fiscal quarters ended September&nbsp;30, 2006. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=6,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=81402,FOLIO='6',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_7"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger Consideration</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.2(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger Shares</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.2(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger Sub</I></FONT><FONT SIZE=2>" has the meaning set forth in the Preamble. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger Sub Shares</I></FONT><FONT SIZE=2>" means the common stock of Merger Sub, par value $.01 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Minimum Condition</I></FONT><FONT SIZE=2>" has the meaning set forth in Annex A hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>New Financing Commitments</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.9(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Notice Period</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(e). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Offer</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Offer Conditions</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Offer Documents</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Offer Financing</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Offer Price</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Original Date</I></FONT><FONT SIZE=2>" means January&nbsp;28, 2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Original Merger Agreement</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Other Antitrust Laws</I></FONT><FONT SIZE=2>" means any Law enacted by any Governmental Authority relating to antitrust matters or regulating competition, other
than the HSR Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent</I></FONT><FONT SIZE=2>" has the meaning set forth in the Preamble. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Disclosure Letter</I></FONT><FONT SIZE=2>" has the meaning set forth in the preamble to Article&nbsp;V. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Expenses</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;9.2(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Plan</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.8(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Permits</I></FONT><FONT SIZE=2>" means any licenses, franchises, permits, accreditations, certificates, consents, approvals, registrations, qualifications or
other similar authorizations of, from or by a Governmental Authority possessed by or granted to or necessary for the ownership of the material assets or conduct of the business of the Company or its
Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Permitted Liens</I></FONT><FONT SIZE=2>" means (i)&nbsp;Liens for Taxes, assessments and governmental charges or levies not yet due and payable or that are
being contested in good faith and by appropriate proceedings; (ii)&nbsp;mechanics', carriers', workmen's, repairmen's, materialmen's or other Liens or security interests that secure a liquidated
amount that are being contested in good faith and by appropriate proceedings; (iii)&nbsp;leases, subleases and licenses (other than capital leases and leases underlying sale and leaseback
transactions); (iv)&nbsp;Liens imposed by applicable Law; (v)&nbsp;pledges or deposits to secure obligations under workers' compensation Laws or similar legislation or to secure public or
statutory obligations; (vi)&nbsp;pledges and deposits to secure the performance of bids, trade contracts, leases, surety and appeal bonds, performance bonds and other obligations of a similar
nature, in each case in the ordinary course of business; (vii)&nbsp;easements, covenants and rights of way (unrecorded and of record) and other similar restrictions of record, and zoning, building
and other similar restrictions, in each case that do not adversely affect in any material respect the current use of the applicable property owned, leased, used or held for use by the Company or any
of its Subsidiaries; (viii)&nbsp;Liens the existence of which are specifically disclosed in the notes to the consolidated financial statements of the Company included in any Company SEC Report filed
prior to the date of this Agreement; (ix)&nbsp;any other Liens that do not secure a liquidated amount, that have been incurred or suffered in the ordinary course of business and that would not,
individually or in the aggregate, have a material effect on the Company or the ability of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=7,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=910273,FOLIO='7',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_la45203_1_8"> </A>
<BR>

<P><FONT SIZE=2>Parent
to obtain the Debt Financing; and (x)&nbsp;any other Liens set forth on Section&nbsp;1.1 of the Company Disclosure Letter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Person</I></FONT><FONT SIZE=2>" means any individual, corporation, company, limited liability company, partnership, association, trust, joint venture or any
other entity or organization, including any government or political subdivision or any agency or instrumentality thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Post-Acquisition Education Consents</I></FONT><FONT SIZE=2>" has the meaning set forth Section&nbsp;7.2(e). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=8,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=900318,FOLIO='8',FILE='DISK121:[07ZBX3.07ZBX45203]LA45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lc45203_1_9"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT SIZE=2><I>Pre-Acquisition Education Consents</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.2(e). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Preferred Stock</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.5(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Proceeding</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.12. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Recommendation</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Recommendation Withdrawal</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(e). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Replacement Policies</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.5(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Representatives</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Restraint</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;8.1(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rollover Entities</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;5.8. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Schedule&nbsp;13E-3</I></FONT><FONT SIZE=2>" means a Rule&nbsp;13e-3 Transaction Statement on Schedule&nbsp;13E-3
relating to the Offer, the Merger and the other transactions contemplated hereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Schedule&nbsp;14D-9</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.2(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Schedule TO</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.1(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>SDAT</I></FONT><FONT SIZE=2>" means the Maryland State Department of Assessments and Taxation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>SEC</I></FONT><FONT SIZE=2>" means the United States Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Share Purchase Date</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.3. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Short Form Merger</I></FONT><FONT SIZE=2>" means a merger of a parent with its subsidiary effected without a meeting or vote of the stockholders of the
subsidiary pursuant to Maryland General Corporation Law Section&nbsp;3-106. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Special Committee</I></FONT><FONT SIZE=2>" means a committee of the Company's Board of Directors, the members of which are not affiliated with Parent or Merger
Sub and are not members of the Company's management, formed on September&nbsp;8, 2006 for the reasons set forth in the resolution establishing such committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Specified SEC Reports</I></FONT><FONT SIZE=2>" means the Company's (i)&nbsp;Annual Report on Form&nbsp;10-K, as amended, filed on
March&nbsp;23, 2006, (ii)&nbsp;Proxy Statement on Schedule&nbsp;14A, filed on May&nbsp;1, 2006. (iii)&nbsp;Quarterly Reports on Form&nbsp;10-Q, filed on May&nbsp;10, 2006,
August&nbsp;4, 2006 and November&nbsp;3, 2006, and (iv)&nbsp;Current Reports on Form&nbsp;8-K filed after March&nbsp;23, 2006 and prior to the Original Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Sterling</I></FONT><FONT SIZE=2>" means Fund Management Services, LLC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Sterling Confidentiality Agreement</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.10. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Stockholder Vote</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.2(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Student Financial Assistance Programs</I></FONT><FONT SIZE=2>" means the Title IV Programs and any other program authorized by the HEA and administered by the
DOE, as well as any other student assistance grant or loan programs or other government-sponsored student assistance programs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Subsidiary</I></FONT><FONT SIZE=2>", with respect to any Person, means any other Person of which the first Person owns, directly or indirectly, securities or
other ownership interests having voting power to elect a majority of the board of directors or other persons performing similar functions (or, if there are no such voting interests, 50% or more of the
equity interests of the second Person). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=345452,FOLIO='9',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_10"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Subsidiary Securities</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.6(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Substantial Control</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.15(e). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Superior Proposal</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;7.4(h)(iii). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Surviving Corporation</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Takeover Statute</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;4.18. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tax</I></FONT><FONT SIZE=2>" means (i)&nbsp;all U.S. Federal, state, local, foreign and other taxes (including withholding taxes), fees and other governmental
charges of any kind or nature whatsoever, together with any interest, penalties or additions imposed with respect thereto, (ii)&nbsp;any liability for payment of amounts described in
clause&nbsp;(i) whether as a result of transferee liability or joint and several liability for being a member of an affiliated, consolidated, combined or unitary group for any period, and
(iii)&nbsp;any liability for the payment of amounts described in clause&nbsp;(i) or (ii)&nbsp;as a result of any tax sharing, tax indemnity or tax allocation agreement or any other express or
implied agreement to pay or indemnify any other Person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tax Return</I></FONT><FONT SIZE=2>" means any return, declaration, report, statement, information statement or other document filed or required to be filed with
respect to Taxes, including any amendments or supplements to any of the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tender Agreements</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Termination Fee</I></FONT><FONT SIZE=2>" means $110,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Top-Up Option</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Top-Up Option Shares</I></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;1A.4. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Title IV Programs</I></FONT><FONT SIZE=2>" means the programs of student financial assistance authorized by Title IV of the HEA. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Voting Agreement</I></FONT><FONT SIZE=2>" has the meaning set forth in the Recitals. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Terms Generally.</I></FONT><FONT SIZE=2> The definitions in Section&nbsp;1.1
shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation", unless the context expressly provides otherwise. All references herein to Sections,
paragraphs, subparagraphs, clauses, Exhibits or Schedules shall be deemed references to Sections, paragraphs, subparagraphs or clauses of, or Exhibits or Schedules to this Agreement, unless the
context requires otherwise. Unless otherwise expressly defined, terms defined in this Agreement have the same meanings when used in any Exhibit or Schedule hereto, including the Company Disclosure
Letter. Unless otherwise specified, the words "herein", "hereof", "hereto" and "hereunder" and other words of similar import refer to this Agreement as a whole (including the Schedules and Exhibits)
and not to any particular provision of this Agreement. The term "or" is not exclusive. The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends,
and such phrase shall not mean simply "if". The phrase "date hereof" or "date of this Agreement" shall be deemed to refer to June&nbsp;3, 2007. Any Contract, instrument or Law defined or referred to
herein or in any Contract or instrument that is referred to herein means such Contract, instrument or Law as from time to time amended, modified or supplemented, including (in the case of Contracts or
instruments) by waiver or consent and (in the case of Laws) by succession of comparable successor Laws and references to all attachments thereto and instruments incorporated therein. References to a
Person are also to its permitted successors and assigns. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.3</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Representations and Warranties; Disclosure Schedules</I></FONT><FONT SIZE=2>. This
Agreement amends and restates the Original Merger Agreement and as such the parties have agreed that unless otherwise </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=10,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=797827,FOLIO='10',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_11"> </A>
<BR>

<P><FONT SIZE=2>expressly
provided by this Agreement, the representations and warranties of the parties in Articles IV and V, and the related Company Disclosure Letter and Parent Disclosure Letter, are provided
herein as of the Original Date and as of any Expiration Date. Accordingly, all representations and warranties are made as of that date other than the following, which are made as of the date of this
Agreement and as of any Expiration Date: Sections 4.2, 4.3, 4.4, 4.5(a) and (b), 4.7, 4.10, 4.11, 4.14(d), 4.16, 4.17, 4.18 and Article&nbsp;V (with the exception of Section 5.11). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc45203_article_ia_the_tender_offer"> </A>
<A NAME="toc_lc45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE IA</B></FONT><BR><FONT SIZE=2><B><I>THE TENDER OFFER</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1A.1
The Offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Provided
that this Agreement shall not have been terminated in accordance with Section&nbsp;9.1 and no event shall have occurred and no circumstance shall exist which
would result in a failure to satisfy the conditions set forth in clauses (a), (b), (c)&nbsp;(assuming performance is theretofore required), (e), (f)&nbsp;or (h)&nbsp;of Annex A hereto, Merger
Sub shall commence (within the meaning of Rule&nbsp;14d-2 under the Exchange Act) the Offer as promptly as practicable after the date hereof, and in any event within 5 Business Days
following the date hereof. The Offer Price shall be net to the seller of shares of Common Stock in the Offer in cash, subject to reduction for applicable amounts withheld pursuant to
paragraph&nbsp;(f) below. The Company agrees that no shares of Common Stock held by the Company or any of its Subsidiaries will be tendered pursuant to the Offer. The obligation of Merger Sub to
accept for payment and to pay for any shares of Common Stock tendered pursuant to the Offer shall be subject only to those conditions set forth in Annex A hereto (as they may be amended in accordance
with this Agreement, the "</FONT><FONT SIZE=2><I>Offer Conditions</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
on behalf of Merger Sub expressly reserves the right, in its sole discretion, to waive any of the Offer Conditions and make any other changes in the terms and
conditions of the Offer, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that, without the prior written consent of the Company, Parent shall not, and shall cause Merger Sub not to,
(i)&nbsp;decrease the Offer Price or change the form of consideration payable in the Offer, (ii)&nbsp;decrease the number of shares of Common Stock sought to be purchased in the Offer,
(iii)&nbsp;amend or waive satisfaction of the Minimum Condition except to decrease the Minimum Condition to a number of shares of Common Stock which is not less than the number of such shares (the
"</FONT><FONT SIZE=2><I>Adjusted Minimum Number</I></FONT><FONT SIZE=2>") that, when added to the number of shares of Common Stock beneficially owned (within the meaning of
Rule&nbsp;13d-3 under the Exchange Act) by Parent, any of its partners or any of their respective Affiliates, and any Person that is party to the Voting Agreement, represents a majority
of the outstanding shares of Common Stock, (iv)&nbsp;impose additional conditions on the Offer or (v)&nbsp;amend any other term of the Offer in any manner adverse to the holders of shares of
Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;On
the date of commencement of the Offer, Parent and Merger Sub shall (i)&nbsp;file or cause to be filed with the SEC a combined Schedule&nbsp;13E-3 and
Tender Offer Statement on Schedule TO filed under cover of Schedule TO (together with all amendments and supplements thereto, the "</FONT><FONT SIZE=2><I>Schedule TO</I></FONT><FONT SIZE=2>") and
related offer to purchase, letter of transmittal and summary advertisement and other ancillary Offer documents and instruments pursuant to which the Offer will be made (collectively, and including any
supplements or amendments thereto, the "</FONT><FONT SIZE=2><I>Offer Documents</I></FONT><FONT SIZE=2>") and (ii)&nbsp;cause the Offer Documents to be disseminated to the holders of Common Stock as
and to the extent required by applicable Law. The Company agrees to furnish to Parent and Merger Sub all information concerning the Company required by applicable Law to be set forth in the Offer
Documents. Parent, Merger Sub and the Company each agrees promptly to correct any information provided by it for use in the Offer Documents if and to the extent that it shall have become false or
misleading in any material respect and Merger Sub shall, and Parent further agrees to cause Merger Sub to, take all steps necessary to cause the Schedule TO, as so corrected or supplemented, to be
filed with the SEC and the Offer Documents, as so corrected or supplemented, to be disseminated to holders of Common Stock, in each </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=11,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=357454,FOLIO='11',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_12"> </A>

<P><FONT SIZE=2>case
as and to the extent required by applicable Federal securities laws. Parent will provide the Company a reasonable opportunity to review and comment on the Offer Documents, and any amendments
thereto, before they are filed with the SEC or disseminated to the holders of Common Stock. Parent and Merger Sub shall respond as promptly as reasonably practicable to any comments received from the
SEC with respect to the Offer Documents and provide copies of such comments to the Company promptly upon receipt and copies of proposed responses to the Company a reasonable time prior to filing or
disseminating to allow meaningful comment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Offer shall remain open until that date that is 20 Business Days following (and including the day of) the commencement of the Offer (such date, or such subsequent
date to which the expiration of the Offer is extended pursuant to and in accordance with the terms of this Agreement, the "</FONT><FONT SIZE=2><I>Expiration Date</I></FONT><FONT SIZE=2>"). Unless
this Agreement has been terminated in accordance with Section&nbsp;9.1, if at any scheduled Expiration Date, any of the Offer Conditions shall not have been satisfied or earlier waived by Merger Sub
(or Parent on its behalf), Merger Sub (or Parent on its behalf) may, in its sole discretion, extend the Offer and the Expiration Date for one or more periods. In addition, Merger Sub shall (and Parent
agrees to cause it to), if requested by the Company, so extend the Offer and the Expiration Date from time to time in increments of up to 5 Business Days if, as of such scheduled Expiration Date,
(1)&nbsp;the only Offer Condition that has not been so satisfied or waived is the Minimum Condition (</FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that in no event shall Parent or
Merger Sub be required pursuant to this clause&nbsp;(1) to extend the Offer or the Expiration Date beyond
the 60<SUP>th</SUP> day following the date of commencement of the Offer) or (2)&nbsp;if any event described in paragraph&nbsp;(a) of Annex A shall have occurred and be continuing, unless the
applicable Restraint shall have become final and non-appealable; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>further</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that in no
event shall Merger Sub be required to extend the Offer or the Expiration Date beyond the End Date. Merger Sub (or Parent on its
behalf) may, in its sole discretion, elect to provide a subsequent offering period for the Offer in accordance with Rule&nbsp;14d-11 promulgated under the Exchange Act. Nothing contained
in this Section&nbsp;1A.1(d) shall be construed to affect any termination rights set forth in Article&nbsp;IX hereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Subject
to the terms of the Offer and this Agreement and the satisfaction or waiver by Parent, on behalf of Merger Sub, of the Offer Conditions as of the Expiration
Date, Merger Sub shall, and Parent shall cause Merger Sub to, accept for payment and pay for shares of Common Stock validly tendered and not validly withdrawn pursuant to the Offer promptly after the
Expiration Date (the time and date of such acceptance for payment, the "</FONT><FONT SIZE=2><I>Acceptance Date</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Merger
Sub shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to the Offer to any holder of shares of Common Stock such amounts
as Merger Sub is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign Tax Law. To the extent that amounts are so
withheld and paid over to the appropriate Taxing authority by Merger Sub, such withheld amounts shall be treated for all purposes of the Agreement as having been paid to the holder of the shares of
Common Stock in respect of which such deduction and withholding were made by Merger Sub. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1A.2
</FONT><FONT SIZE=2><I>Company Action.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company shall, after affording Parent a reasonable opportunity to review and comment thereon, file with the SEC, as promptly as practicable on the date of the filing
by Parent and Merger Sub of the Offer Documents, a Schedule&nbsp;13E-3 (the "</FONT><FONT SIZE=2><I>Company Schedule&nbsp;13E-3</I></FONT><FONT SIZE=2>") and a
Solicitation/Recommendation Statement on Schedule&nbsp;14D-9 (together with any amendments or supplements thereto, and including the exhibits thereto, the
"</FONT><FONT SIZE=2><I>Schedule&nbsp;14D-9</I></FONT><FONT SIZE=2>") reflecting the recommendation of the Board of Directors of the Company that holders of shares of Common Stock
tender their shares of Common Stock pursuant to the Offer, and shall disseminate the Schedule&nbsp;14D-9 to holders of the Common Stock, in each case as and to the extent required by
applicable Law. The Schedule&nbsp;14D-9 will set forth, and the Company hereby represents, that the Board of Directors of the Company, acting </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=12,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=652239,FOLIO='12',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_13"> </A>
<BR>

<P><FONT SIZE=2>upon
the unanimous recommendation of the Special Committee, at a duly held meeting has (i)&nbsp;determined that the Offer, the Merger, this Agreement and the other transactions contemplated hereby
are advisable and fair to and in the best interests of the Company and its stockholders (other than Parent and its Affiliates), (ii)&nbsp;approved the Offer, the Merger, the execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated hereby in accordance with applicable Law, (iii)&nbsp;resolved to recommend that the holders of Common Stock accept
the Offer, tender their shares of Common Stock into the Offer, and approve the Merger and this Agreement (to the extent such approval is required by applicable Law for the consummation of the Merger)
(such recommendations, together with the determinations set forth in clause&nbsp;(i), the "Recommendation"), (iv)&nbsp;directed that the approval of the Merger and this Agreement be submitted for
consideration of the stockholders of the Company at the Company Stockholder Meeting (to the extent required by applicable Law) and (v)&nbsp;taken all other action necessary to render any Takeover
Statute inapplicable to each of the Offer, the Merger, this Agreement, the Tender Agreements and the Voting Agreement and the other transactions contemplated hereby and thereby (such actions by the
Board of Directors of the Company described in the preceding clauses (i)&nbsp;through (v), collectively, the "</FONT><FONT SIZE=2><I>Board Actions</I></FONT><FONT SIZE=2>"). The Company hereby
consents to the inclusion in the Offer Documents of the Board Actions. The Company agrees promptly to correct the Company Schedule&nbsp;13E-3 and the Schedule&nbsp;14D-9 if
and to the extent that it shall become false or misleading in any material respect (and each of Parent and Merger Sub, with respect to written information supplied by it specifically for use in the
Company Schedule&nbsp;13E-3 or the Schedule&nbsp;14D-9, shall promptly notify the Company of any required corrections of such information and cooperate with the Company
with respect to correcting such information) and to supplement the information contained in the Company Schedule&nbsp;13E-3 or the Schedule&nbsp;14D-9 to include any
information that shall become necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Company shall use reasonable best
efforts to cause the Company Schedule&nbsp;13E-3 or the Schedule&nbsp;14D-9 as so corrected to be filed with the SEC and disseminated to the Company's stockholders to the
extent required by applicable Federal securities laws. Parent, Merger Sub and their counsel shall be given a reasonable opportunity to review and comment on the Company
Schedule&nbsp;13E-3 and the Schedule&nbsp;14D-9 and any amendments thereto before they are filed with the SEC or disseminated to the holders of Common Stock. The Company
shall respond as promptly as reasonably practicable to any comments received from the SEC with respect to the Company Schedule&nbsp;13E-3 or the Schedule&nbsp;14D-9 and
provide copies of such comments to Parent and Merger Sub promptly upon receipt and copies of proposed responses to Parent and Merger Sub a reasonable time prior to filing or disseminating to allow
meaningful comment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;In
connection with the Offer, the Company will promptly furnish to Parent and Merger Sub mailing labels, security position listings, non-objecting beneficial
owner lists and any available listing or computer list containing the names and addresses of the record holders of the shares of Common Stock as of the most recent practicable date and shall furnish
Parent and Merger Sub with such additional available information (including, without limitation, updated lists of holders of shares of Common Stock and their addresses, mailing labels and lists of
security positions and non-objecting beneficial owner lists as they become available) and such other assistance as Parent and Merger Sub and their agents may reasonably request in
communicating the Offer to the record and beneficial holders of the Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1A.3 </FONT> <FONT SIZE=2><I>Directors of the Company.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Subject
to compliance with applicable Law and this Section&nbsp;1A.3, promptly upon the payment for shares of Common Stock by Parent or any of its Affiliates
representing at least the Adjusted Minimum Number pursuant to the Offer (the "</FONT><FONT SIZE=2><I>Share Purchase Date</I></FONT><FONT SIZE=2>"), Parent shall be entitled to designate all of the
members of the Board of Directors of the Company. The Company shall, upon request of Parent, promptly take all actions necessary to cause Parent's designees to be so elected or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=13,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=851923,FOLIO='13',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_14"> </A>
<BR>

<P><FONT SIZE=2>appointed
(including, if necessary or requested by Parent, seeking the resignations of one or more existing directors or increasing the size of the Board of Directors of the Company) in compliance
with applicable Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company's obligations to appoint Parent's designees to the Board of Directors of the Company shall be subject to Section&nbsp;14(f) of the Exchange Act and
Rule&nbsp;14f-1 thereunder. The Company shall promptly take all actions required pursuant to such Section and Rule in order to fulfill its obligations under this Section&nbsp;1A.3,
including the mailing to the holders of Common Stock of an information statement containing the information required by such Section and Rule, as promptly as practicable following the mailing of the
Schedule&nbsp;14D-9 (or together with the Schedule&nbsp;14D-9 if Parent has then provided the required information) and shall include in such information statement all
information with respect to the Company and its officers and directors as is required under such Section and Rule in order to fulfill its obligations under this Section&nbsp;1A.3. Parent will supply
to the Company any information with respect to itself and its officers, directors and Affiliates required by such Section and Rule. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1A.4
</FONT><FONT SIZE=2><I>Top-Up Option.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company hereby grants to Merger Sub an irrevocable option (the "</FONT><FONT SIZE=2><I>Top-Up Option</I></FONT><FONT SIZE=2>") to purchase, at a price
per share equal to the Offer Price, a number of newly issued shares of Common Stock (the "</FONT><FONT SIZE=2><I>Top-Up Option Shares</I></FONT><FONT SIZE=2>") that, when added to the
number of shares of Common Stock owned, directly or indirectly, by Parent or Merger Sub at the time of exercise of the Top-Up Option, constitutes one share of Common Stock more than 90% of
the number of shares of Common Stock that will be outstanding immediately after the issuance of the Top-Up Option Shares. The Top-Up Option may be exercised, in whole or in
part, at any time on or after any Expiration Date hereunder and on or prior to the fifth Business Day after the Expiration Date or the expiration date of any subsequent offering period; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the obligation of the Company to deliver Top-Up Option Shares upon
the exercise of the Top-Up Option is subject to the conditions that (A)&nbsp;no provision of any applicable Law and no Restraint shall prohibit the exercise of the Top-Up
Option or the delivery of the Top-Up Option Shares in respect of such exercise, (B)&nbsp;the issuance of Top-Up Option Shares pursuant to the Top-Up Option would
not require approval of the Company's stockholders under applicable law or regulation (including Nasdaq Global Select Market rules and regulations), (C)&nbsp;upon exercise of the Top-Up
Option, the number of shares of Common Stock owned, directly or indirectly, by Parent or Merger Sub constitutes one share of Common Stock more than 90% of the number of shares of Common Stock that
will be outstanding immediately after the issuance of the Top-Up Option Shares, (D)&nbsp;the number of Top-Up Option Shares issued pursuant to the Top-Up Option
shall in no event exceed the number of authorized and unissued shares of Common Stock not otherwise reserved for issuance for outstanding Company Options or other obligations of the Company and
(E)&nbsp;Merger Sub has accepted for payment and paid for all shares of Common Stock validly tendered in the Offer and not withdrawn. The parties shall cooperate to ensure that the issuance of the
Top-Up Option Shares is accomplished consistent with all applicable Laws, including compliance with an applicable exemption from registration of the Top-Up Option Shares under
the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Upon
the exercise of the Top-Up Option in accordance with Section&nbsp;1A.4(a), Merger Sub shall so notify the Company and shall set forth in such notice
(i)&nbsp;the number of shares of Common Stock that will be owned, directly or indirectly, by Parent or Merger Sub immediately preceding the purchase of the Top-Up Option Shares and
(ii)&nbsp;a place and time for the closing of the purchase of the Top-Up Option Shares. The Company shall, as soon as practicable following receipt of such notice, notify Merger Sub of
the number of shares of Common Stock then outstanding and the number of Top-Up Option Shares. At the closing of the purchase of the Top-Up Option Shares, Merger Sub shall pay
the Company the aggregate price required to be paid for the Top-Up Option Shares pursuant to this Section&nbsp;1A.4, and the Company shall cause to be issued to Merger Sub a certificate
representing the Top-Up Option Shares. The aggregate purchase price payable for the Top-Up Shares may be paid </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=14,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=950819,FOLIO='14',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_15"> </A>
<BR>

<P><FONT SIZE=2>by
Merger Sub by executing and delivering to the Company a promissory note having a principal amount equal to the balance of the aggregate purchase price for the Top-Up Shares. Any such
promissory note shall bear interest at the rate of 3% per annum, shall mature on the first anniversary of the date of execution and delivery of such promissory note and may be prepaid without premium
or penalty. In the event that this Agreement is terminated after the Top-Up Option is exercised and prior to the Effective Time, all amounts then owing pursuant to the promissory note
(including all interest) shall thereupon become immediately due and payable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc45203_article_ii_the_merger"> </A>
<A NAME="toc_lc45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;II<BR>  </B></FONT><FONT SIZE=2><B><I>THE MERGER</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1
</FONT><FONT SIZE=2><I>The Merger.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;At
the Effective Time, in accordance with the Act, and upon the terms and subject to the conditions set forth in this Agreement, Merger Sub shall be merged with and into
the Company, at which time the separate existence of Merger Sub shall cease and the Company shall survive the Merger as a subsidiary of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Subject
to the provisions of this Agreement, on the Closing Date, the Company and Merger Sub shall file articles of merger (the "</FONT><FONT SIZE=2><I>Articles of
Merger</I></FONT><FONT SIZE=2>") meeting the requirements of the Act for acceptance of record by the SDAT. The Merger shall become effective at such time as the Articles of Merger are filed with and
accepted of record by the SDAT, or at such later time as the Company and Merger Sub may agree and specify in the Articles of Merger (such time as the Merger becomes effective, the
"</FONT><FONT SIZE=2><I>Effective Time</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Merger shall have the effects set forth in this Agreement and the applicable provisions of the Act. Without limiting the generality of the foregoing, and subject
thereto, from and after the Effective Time, all property, rights, privileges, immunities, powers, franchises, licenses and authority of the Company and Merger Sub shall vest in the Surviving
Corporation, and all debts, liabilities, obligations, restrictions and duties of each of the Company and Merger Sub shall become the debts, liabilities, obligations, restrictions and duties of the
Surviving Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
closing of the Merger (the "</FONT><FONT SIZE=2><I>Closing</I></FONT><FONT SIZE=2>") shall take place (i)&nbsp;at the offices of Simpson Thacher&nbsp;&amp; Bartlett
LLP located in New York, New York, as soon as reasonably practicable (but in any event, no later than the second Business Day) after the day on which the last condition to the Merger set forth in
Article&nbsp;VIII is satisfied or validly waived (other than those conditions that by their nature cannot be satisfied until the Closing Date, but subject to the satisfaction or valid waiver of such
conditions); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if all the conditions set forth in Article&nbsp;VIII shall not have been satisfied or validly waived on such day, then the
Closing shall take place on the first Business Day on which all such conditions shall have been or can be satisfied or shall have been validly waived or (ii)&nbsp;at such other place and time or on
such other date as the Company and Parent may agree in writing (the actual date of the Closing, the "</FONT><FONT SIZE=2><I>Closing Date</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Conversion of Securities.</I></FONT><FONT SIZE=2> At the Effective Time, pursuant
to this Agreement and by virtue of the Merger and without any action on the part of the Company, Parent, Merger Sub or the holders of Common Stock: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
share of Common Stock owned by Parent or Merger Sub or any other wholly owned Subsidiary of Parent to which Merger Sub's rights and obligations are assigned
pursuant to Section&nbsp;10.6 immediately prior to the Effective Time (including Common Stock acquired by Parent or Merger Sub or any other wholly owned Subsidiary of Parent to which Merger Sub's
rights and obligations are assigned pursuant to Section&nbsp;10.6 immediately prior to the Effective Time pursuant to the Equity Rollover Commitments or other agreements with holders of shares of
Common Stock), if any, shall be canceled and retired and shall cease to exist, and no payment or distribution shall be made or delivered </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=15,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=1008951,FOLIO='15',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_16"> </A>

<P><FONT SIZE=2>with
respect thereto. Each share of Common Stock held by any wholly owned Subsidiary of Parent (other than Merger Sub or any other wholly owned Subsidiary of Parent to which Merger Sub's rights and
obligations are assigned pursuant to Section&nbsp;10.6) or of the Company immediately prior to the Effective Time shall remain outstanding following the Effective Time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Merger Sub Share issued and outstanding immediately prior to the Effective Time shall be converted into and become one newly issued, fully paid and
non-assessable share of common stock, par value $.01 per share, of the Surviving Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
share of Common Stock (including any Company Restricted Shares) issued and outstanding immediately prior to the Effective Time (other than shares of Common Stock to
be canceled or remain outstanding pursuant to Section&nbsp;2.2(a)), automatically shall be canceled and converted into the right to receive the Offer Price in cash, without interest (the
"</FONT><FONT SIZE=2><I>Merger Consideration</I></FONT><FONT SIZE=2>"), payable to the holder thereof upon surrender of the certificate formerly representing such share of Common Stock (a
"</FONT><FONT SIZE=2><I>Certificate</I></FONT><FONT SIZE=2>") in the manner provided in Section&nbsp;2.3. Such shares of Common Stock (including any Company Restricted Shares), other than those
canceled or remaining outstanding pursuant to Section&nbsp;2.2(a), sometimes are referred to herein as the "</FONT><FONT SIZE=2><I>Merger Shares</I></FONT><FONT SIZE=2>." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;No
dissenters' or appraisal rights shall be available with respect to the Offer, the Merger or the other transactions contemplated hereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If
between the date of this Agreement and the Effective Time the number of shares of outstanding Common Stock is changed into a different number of shares or a different
class, by reason of any stock dividend, subdivision, reclassification, recapitalization, split-up, combination, exchange of shares or the like, other than pursuant to the Merger, the Offer
Price (with respect to any such event that becomes effective prior to the Expiration Date) and the Merger Consideration payable per share of Common Stock shall be correspondingly adjusted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, the parties acknowledge and agree that the contribution of shares of Common Stock (including Company Restricted Shares, if any) to Parent
pursuant to the Equity Rollover Commitments shall be deemed to occur immediately prior to the Effective Time and prior to any other above-described event in this Article&nbsp;II. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;The
Company Equity Awards outstanding immediately prior to the Effective Time shall be treated as provided in Section&nbsp;2.4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 </FONT> <FONT SIZE=2><I>Payment of Cash for Merger Shares</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Prior
to the Closing Date, Parent shall designate a bank or trust company that is reasonably satisfactory to the Company to serve as the disbursing agent for the Merger
Consideration and payments in respect of the Company Options, unless another agent is designated as provided in Section&nbsp;2.4(a) (the "</FONT><FONT SIZE=2><I>Disbursing
Agent</I></FONT><FONT SIZE=2>"). Promptly after the Effective Time, Parent will cause to be deposited with the Disbursing Agent cash in the aggregate amount sufficient to pay the Merger Consideration
in respect of all Merger Shares outstanding immediately prior to the Effective Time plus any cash necessary to pay for Company Options and Company Performance Shares outstanding immediately prior to
the Effective Time pursuant to Section&nbsp;2.4. Pending distribution of the cash deposited with the Disbursing Agent, such cash shall be held in trust for the benefit of the holders of Merger
Shares, Company Options and Company Performance Shares outstanding immediately prior to the Effective Time and shall not be used for any other purposes; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that Parent may direct the Disbursing Agent to invest such cash in
(i)&nbsp;obligations of or guaranteed by the United States of America or any agency or instrumentality thereof, (ii)&nbsp;money market accounts, certificates of deposit, bank repurchase agreement
or banker's acceptances of, or demand deposits with, commercial banks having a combined capital and surplus of at least $500,000,000, or (iii)&nbsp;commercial paper obligations rated P-1
or A-1 or better by Standard&nbsp;&amp; Poor's Corporation or Moody's Investor Services,&nbsp;Inc. Any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=16,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=824095,FOLIO='16',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lc45203_1_17"> </A>
<BR>

<P><FONT SIZE=2>profit
or loss resulting from, or interest and other income produced by, such investments shall be for the account of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;As
promptly as practicable after the Effective Time, the Surviving Corporation shall send, or cause the Disbursing Agent to send, to each record holder of Merger Shares
as of immediately prior to the Effective Time a letter of transmittal and instructions for exchanging their Merger Shares for the Merger Consideration payable therefor. The letter of transmittal will
be in customary form and will specify that delivery of Certificates will be effected, and risk of loss and title will pass, only upon delivery of the Certificates to the Disbursing Agent. Upon
surrender of such Certificate or Certificates to the Disbursing Agent together with a properly completed and duly executed letter of transmittal and any other documentation that the Disbursing Agent
may reasonably require, the record holder thereof shall be entitled to receive the Merger Consideration payable in exchange therefor, without interest. Until so surrendered and exchanged, each such
Certificate shall, after the Effective Time, be deemed to represent only the right to receive the Merger Consideration, and until such surrender and exchange, no cash shall be paid to the holder of
such outstanding Certificate in respect thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If
payment is to be made to a Person other than the registered holder of the Merger Shares formerly represented by the Certificate or Certificates surrendered in
exchange therefor, it shall be a condition to such payment that the Certificate or Certificates so surrendered shall be properly endorsed or otherwise be in proper form for transfer and that the
Person requesting such payment shall pay to the Disbursing Agent any applicable stock transfer taxes required as a result of such payment to a Person other than the registered holder of such Merger
Shares or establish to the satisfaction of the Disbursing Agent that such stock transfer taxes have been paid or are not payable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;After
the Effective Time, there shall be no further transfers on the stock transfer books of the Company of the shares of Common Stock that were outstanding immediately
prior to the Effective Time. If, after the Effective Time, Certificates are presented to the Surviving Corporation, Parent or the Disbursing Agent, such shares shall be canceled and exchanged for the
consideration provided for, and in accordance with the procedures set forth, in this Article&nbsp;II. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If
any cash deposited with the Disbursing Agent remains unclaimed twelve months after the Effective Time, such cash shall be returned to Parent or the Surviving
Corporation upon demand, and any holder who has not surrendered such holder's Certificates for the Merger Consideration payable in respect thereof prior to that time shall thereafter look only to the
Surviving Corporation for payment of the Merger Consideration. Notwithstanding the foregoing, none of Parent, Merger Sub, the Company, the Surviving Corporation or the Disbursing Agent shall be liable
to any holder of Certificates for an amount paid to a public official pursuant to any applicable unclaimed property laws. Any amounts remaining unclaimed by holders of Certificates as of a date
immediately prior to such time that such amounts would otherwise escheat to or become property of any Governmental Authority shall, to the extent permitted by applicable Law, become the property of
the Surviving Corporation on such date, free and clear of any claims or interest of any Person previously entitled thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No
dividends or other distributions with respect to capital stock of the Surviving Corporation with a record date after the Effective Time shall be paid to the holder of
any unsurrendered Certificate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Except
as provided in Section&nbsp;2.2(a), from and after the Effective Time, the holders of shares of Common Stock outstanding immediately prior to the Effective Time
shall cease to have any rights with respect to such Common Stock, other than the right to receive the Merger Consideration as provided in this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=17,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=31288,FOLIO='17',FILE='DISK121:[07ZBX3.07ZBX45203]LC45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_le45203_1_18"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;In the event that any Certificate has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost,
stolen or destroyed, in addition to the posting by such holder of any bond in such reasonable amount as the Surviving Corporation or the Disbursing Agent may direct as indemnity against any claim that
may be made against the Surviving Corporation or the Disbursing Agent with respect to such Certificate, the Disbursing Agent will issue in exchange for such lost, stolen or destroyed Certificate the
Merger Consideration in respect thereof entitled to be received pursuant to this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Parent,
Surviving Corporation and the Disbursing Agent shall be entitled to deduct and withhold from the Merger Consideration otherwise payable hereunder any amounts
required to be deducted and withheld under any applicable Tax Law. To the extent any amounts are so withheld, such withheld amounts shall be treated for all purposes as having been paid to the holder
from whose Merger Consideration the amounts were so deducted and withheld. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Company Equity Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
of the Effective Time, except as otherwise agreed by Parent and a holder of Company Options with respect to such holder's Company Options or as otherwise provided in
this Agreement, each Company Option which is outstanding immediately prior to the Effective Time (whether vested or unvested, exercisable or not exercisable) will be canceled and extinguished by the
Company, and the holder thereof will be entitled to receive from the Surviving Corporation in consideration for such cancellation promptly following the Effective Time an amount in cash equal to the
product of (i)&nbsp;the number of shares of Common Stock subject to such Company Option multiplied by (ii)&nbsp;the excess, if any, of (x)&nbsp;the Merger Consideration over (y)&nbsp;the
exercise price per share of such Company Option, without interest and less any amounts required to be deducted and withheld under any applicable Law. In the event that the per share exercise price of
any Company Option is equal to or greater than the Merger Consideration, such Company Option shall be canceled without payment therefor and have no further force or effect. To the extent that Company
Options (whether vested or unvested, exercisable or not exercisable) held by directors of the Company as of the Share Purchase Date expire pursuant to their terms prior to the Effective Time, the
Surviving Corporation shall pay to such persons (whether or not then serving as directors of the Company) the amounts that would be payable pursuant to this Section&nbsp;2.4(a) (and otherwise in
accordance with the terms of this Section&nbsp;2.4(a)) had such options not so expired. All payments with respect to canceled Company Options shall be made by the Disbursing Agent (or such other
agent reasonably acceptable to Parent as the Company shall designate prior to the Effective Time) as promptly as reasonably practicable after the Effective Time from funds deposited by or at the
direction of the Surviving Corporation to pay such amounts in accordance with Section&nbsp;2.3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;As
of the Effective Time, except as otherwise agreed by Parent and a holder of unvested Company Restricted Shares or as otherwise provided in this Agreement, with
respect to such holder's unvested Company Restricted Shares, each unvested Company Restricted Share outstanding immediately prior to the Effective Time shall vest and become free of restrictions as of
the Effective Time and shall, as of the Effective Time, be canceled and converted into the right to receive the Merger Consideration in accordance with Section&nbsp;2.2, without interest and less
any amounts required to be deducted and withheld under any applicable Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;At
the Effective Time, except as otherwise agreed by Parent and a holder of Company Performance Shares with respect to such holder's Company Performance Shares, each
Company Performance Share which, in each case, is outstanding immediately prior to the Effective Time (whether vested or unvested) shall be canceled by the Company and the holder thereof shall be
entitled to receive promptly following the Effective Time from the Surviving Corporation, in consideration for such cancellation, an amount equal to the product of (i)&nbsp;the Merger Consideration,
multiplied by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=18,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=489999,FOLIO='18',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_19"> </A>
<BR>

<P><FONT SIZE=2>(ii)&nbsp;the
total number of shares of Common Stock subject to such Company Performance Share, without interest and less any amounts required to be deducted and withheld under any applicable Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Those
certain unvested Company Options and Company Restricted Shares set forth in Section&nbsp;2.4(d) of the Company Disclosure Letter shall, in lieu of becoming
vested and canceled in exchange for the applicable payments described in Sections 2.4(a) and 2.4(b) above, respectively, be canceled in exchange for the payment in cash of a retention bonus, subject
to certain vesting requirements, all as described in Section&nbsp;2.4(d) of the Company Disclosure Letter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Prior
to the Effective Time, the Company will adopt such resolutions and will take such other actions as may be reasonably required to effectuate the actions
contemplated by this Section&nbsp;2.4, without paying any consideration or incurring any debts or obligations on behalf of the Company or the Surviving Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Parent,
the Surviving Corporation and the Disbursing Agent (or such other agent reasonably acceptable to the Company as Parent shall designate prior to the Effective
Time) shall be entitled to deduct and withhold from any amounts to be paid under this Section&nbsp;2.4 in respect of Company Options and Company Performance Shares amounts required to be deducted
and withheld under any applicable Tax Law. To the extent any amounts are so withheld, such withheld amounts shall be treated for all purposes as having been paid to the holder of Company Options and
Company Performance Shares from whose payments in respect of Company Options and Company Performance Shares the amounts were so deducted and withheld. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Merger Without Meeting or Vote of Stockholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to
the contrary, if, following the Offer and any subsequent offering period and the exercise, if any, of the
Top-Up Option, the requirements for a Short Form Merger are satisfied such that the Merger may be effected without a meeting or vote of the stockholders of the Company, the parties hereto
shall take all necessary and appropriate action to consummate the Merger as a Short Form Merger as soon as practicable after the satisfaction or waiver of the conditions to Closing set forth in
Article&nbsp;VIII hereof. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="le45203_article_iii_the_surviving_corporation"> </A>
<A NAME="toc_le45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;III<BR>  THE SURVIVING CORPORATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Articles of Incorporation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Articles of Incorporation, as amended, of the Company shall be
the articles of incorporation of the Surviving Corporation until thereafter amended in accordance with the terms thereof and as provided by applicable Law. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Bylaws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws, as in effect immediately prior to the Effective Time, of Merger Sub,
shall be the bylaws of the Surviving Corporation until thereafter amended in accordance with the terms thereof and as provided by applicable Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Directors and Officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and after the Effective Time, (i)&nbsp;the directors of the
Company at the Effective Time shall remain the directors of the Surviving Corporation and (ii)&nbsp;the officers of the Company at the Effective Time (other than those who Parent determines shall
not remain as officers of the Surviving Corporation) shall be the officers of the Surviving Corporation, in each case until their respective successors are duly elected or appointed and qualified in
accordance with applicable Law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="le45203_article_iv_representat__le402352"> </A>
<A NAME="toc_le45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;IV<BR>  REPRESENTATIONS AND WARRANTIES OF THE COMPANY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except (x)&nbsp;as set forth in the corresponding sections or subsections of the disclosure letter delivered to Parent and Merger Sub by the Company on the
Original Date, as supplemented by the disclosure letter delivered to Parent and Merger Sub by the Company on the date hereof (the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=19,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=916307,FOLIO='19',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_20"> </A>
<BR>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Company Disclosure Letter</I></FONT><FONT SIZE=2>") (it being understood that any information set forth in a particular section or subsection of the Company Disclosure Letter
shall be deemed to be disclosed in each other section or subsection thereof to which the relevance of such information is reasonably apparent) or (y)&nbsp;as may be disclosed in the Specified SEC
Reports, the Company hereby represents and warrants to Parent and Merger Sub that: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Corporate Existence and Power.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and its Material Subsidiaries is duly
organized, validly existing and in good standing under the laws of its jurisdiction (with respect to jurisdictions that recognize the concept of good standing). Each of the Company, its Subsidiaries
and, to the Knowledge of the Company, the Company Joint Ventures has all corporate or similar powers and authority required to own, lease and operate its respective properties and to carry on its
business as now conducted. Each of the Company, its Material Subsidiaries and, to the Knowledge of the Company, the Company Joint Ventures, is duly licensed or qualified to do business in each
jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such qualification necessary, except where the
failure to be so licensed or qualified has not had, and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company. Neither the Company nor any
Material Subsidiary nor, to the Knowledge of the Company, any Company Joint Venture, is in violation of its organizational or governing documents in any material respect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Corporate Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company has full corporate power and authority to execute and deliver this Agreement and to consummate the Offer, the Merger and the other transactions contemplated
hereby and to perform each of its obligations hereunder. The execution, delivery and performance by the Company of this Agreement, the Offer, and the consummation by the Company of the Merger and the
other transactions contemplated hereby have been duly and validly authorized by the Board of Directors of the Company. Except for the approval, if required by applicable Law, at a meeting of Company
stockholders called for such purpose, of the Merger and this Agreement by the affirmative vote of the holders (present at such meeting in person or by proxy) of a majority of the shares of Company
Common Stock outstanding (the "</FONT><FONT SIZE=2><I>Stockholder Vote</I></FONT><FONT SIZE=2>"), no other corporate proceedings on the part of the Company are necessary to approve this Agreement or
the Offer or to consummate the Merger or the other transactions contemplated hereby. The Board of Directors of the Company, acting upon the unanimous recommendation of the Special Committee, at a duly
held meeting has taken the Board Actions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;This
Agreement has been duly and validly executed and delivered by the Company and, assuming the due and valid execution and delivery of this Agreement by Parent and
Merger Sub, constitutes a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, moratorium, reorganization or similar Laws affecting the enforcement of creditors' rights generally and general equitable principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governmental Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by the Company of this
Agreement, the consummation of the Offer and the consummation of the Merger by the Company do not require any consent, approval, authorization or permit of, action by, filing with or notification to
any Governmental Authority, other than (i)&nbsp;the filing and acceptance for record of the Articles of Merger with the SDAT; (ii)&nbsp;compliance with the applicable requirements of the HSR Act
or the applicable Other Antitrust Laws of jurisdictions other than the United States specified in Section&nbsp;4.3(ii)&nbsp;of the Company Disclosure Letter; (iii)&nbsp;compliance with the
applicable requirements of the Exchange Act including the filing of the Company Proxy/Information Statement, the Company Schedule&nbsp;13E-3 and the Schedule&nbsp;14D-9;
(iv)&nbsp;compliance with the rules and regulations of the Nasdaq Global Select Market; (v)&nbsp;compliance with any applicable foreign or state securities or Blue Sky laws; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=20,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=593268,FOLIO='20',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_21"> </A>
<BR>

<P><FONT SIZE=2>(vi)&nbsp;any
such consent, approval, authorization, permit, action, filing or notification required from or to any Education Department, Accrediting Body or DOE (as specified in
Section&nbsp;4.3(vi)&nbsp;of the Company Disclosure Letter); and (vii)&nbsp;any such consent, approval, authorization, permit, action, filing or notification the failure of which to make or
obtain would not (A)&nbsp;be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company or (B)&nbsp;prevent or materially delay the consummation of the
Merger or the Company's ability to observe and perform its material obligations hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Contravention.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by the Company of this
Agreement, the consummation of the Offer and the consummation by the Company of the Merger and the other transactions contemplated hereby and by the Tender Agreements and Voting
Agreement and thereby do not and will not (i)&nbsp;contravene or conflict with the organizational or governing documents of the Company or any of its Material Subsidiaries or Company Joint Ventures;
(ii)&nbsp;assuming compliance with the matters referenced in Section&nbsp;4.3 and the receipt of the Stockholder Vote, if required, contravene or conflict with or constitute a violation of any
provision of any Law binding upon or applicable to the Company or any of its Subsidiaries or Company Joint Ventures or any of their respective properties or assets; (iii)&nbsp;require the consent,
approval or authorization of, or notice to or filing with any third party with respect to, result in any breach or violation of or constitute a default (or an event which with notice or lapse of time
or both would become a default) or result in the loss of benefit under, or give rise to any right of termination, cancellation, amendment or acceleration of any right or obligation of the Company or
any of its Subsidiaries, or result in the creation of any Lien on any of the properties or assets of the Company or its Subsidiaries under any loan or credit agreement, note, bond, mortgage,
indenture, contract, agreement, lease, license, Permit or other instrument or obligation (each, a "</FONT><FONT SIZE=2><I>Contract</I></FONT><FONT SIZE=2>") to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries or its or any of their respective properties or assets are bound, except in the case of clauses (ii)&nbsp;and
(iii)&nbsp;above, which would not (A)&nbsp;be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company or (B)&nbsp;prevent or materially delay the
consummation of the Merger or the Company's ability to observe and perform its material obligations hereunder. The Company has provided to Parent a true and correct copy of the Second Amendment, dated
as of June&nbsp;3, 2007, to the Five-Year Credit Agreement which, among other things, amends the definition of "</FONT><FONT SIZE=2><I>Change of Control</I></FONT><FONT SIZE=2>"
thereunder such that the purchase of shares of Common Stock by Merger Sub pursuant to the Offer will not constitute a "</FONT><FONT SIZE=2><I>Change of Control</I></FONT><FONT SIZE=2>". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
authorized share capital of the Company is 100,000,000 shares, divided into 90,000,000 shares of Common Stock and 10,000,000 shares of preferred stock, par value
$0.01per share (the "</FONT><FONT SIZE=2><I>Preferred Stock</I></FONT><FONT SIZE=2>"). As of the Execution Date, there were (i)&nbsp;51,956,902 shares of Common Stock issued and outstanding
(including 291,125 outstanding Company Restricted Shares) and no shares of Preferred Stock issued and outstanding, (ii)&nbsp;outstanding Company Options to purchase an aggregate of 5,066,136 shares
of Common Stock, with a weighted average exercise price of $24.25 per share, and (iii)&nbsp;166,000 shares of Common Stock subject to outstanding Company Performance Shares. The supplement to
Section&nbsp;4.5 of the Company Disclosure Letter provided by the Company to Parent on the Execution Date sets forth, as of the Execution Date, the number of shares of (i)&nbsp;Common Stock
issuable upon exercise of outstanding Company Options, (ii)&nbsp;outstanding Company Performance Shares and (iii)&nbsp;outstanding Company Restricted Shares, in each case granted under each
Company Stock Plan or otherwise, including, as applicable, the per share exercise price, the date of grant, and the remaining vesting schedule thereof. All outstanding shares of Common Stock are duly
authorized, validly issued, fully paid and non-assessable, and are not subject to and were not issued in violation of any preemptive or similar right, purchase option, call or right of
first refusal or similar right. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as set forth in Section&nbsp;4.5(a), there are no outstanding (i)&nbsp;shares of capital stock or other voting securities of the Company;
(ii)&nbsp;securities of the Company or any of its Subsidiaries </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=21,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=831949,FOLIO='21',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_22"> </A>
<BR>

<P><FONT SIZE=2>convertible
into or exchangeable for shares of capital stock or voting securities of the Company; (iii)&nbsp;Company Options, Company Performance Shares or other rights or options to acquire from
the Company, or obligations of the Company to issue, any shares of capital stock, voting securities or securities convertible into or exchangeable for shares of capital stock or voting securities of
the Company; or (iv)&nbsp;equity equivalent interests in the ownership or earnings of the Company or other similar rights in respect of the Company (the items in clauses (i)&nbsp;through
(iv)&nbsp;collectively, "</FONT><FONT SIZE=2><I>Company Securities</I></FONT><FONT SIZE=2>"). There are no outstanding obligations of the Company or any Subsidiary to repurchase, redeem or
otherwise acquire any Company Securities. There are no preemptive rights of any kind which obligate the Company or any of its Subsidiaries to issue or deliver any Company Securities. There are no
stockholder agreements, voting trusts or other agreements or understandings to which the Company or any of its Subsidiaries is a party or by which it is bound relating to the voting or registration of
any shares of capital stock of the Company or preemptive rights with respect thereto. None of the Subsidiaries of the Company own any Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Other
than the issuance of Common Stock upon exercise of Company Options or the settlement of Company Performance Shares from September&nbsp;30, 2006 to the Original
Date, the Company has not declared or paid any dividend or distribution in respect of any Company Securities, and neither the Company nor any Subsidiary of the Company has issued, sold or repurchased
any Company Securities, and their respective Boards of Directors have not authorized any of the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Subsidiaries has entered into any commitment, arrangement or agreement, or are otherwise obligated, to contribute capital, loan money
or otherwise provide funds or make additional investments in any Subsidiary of the Company, Company Joint Venture or any other Person, other than intercompany debt. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;No
bonds, debentures, notes or other indebtedness having the right to vote on any matters on which Company stockholders may vote are outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Company Subsidiaries and Joint Ventures.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Section&nbsp;4.6(a) of the Company
Disclosure Letter sets forth all Material Subsidiaries of the Company and Company Joint Ventures. All equity interests of any Material Subsidiary of the Company held by the Company or any other
Subsidiary of the Company are validly issued, fully paid and non-assessable (to the extent such concepts are applicable) and were not issued in violation of any preemptive or similar
rights, purchase option, call, or right of first refusal or similar rights. All such equity interests in Material Subsidiaries held by the Company or any Subsidiary of the Company are free and clear
of any Liens or any other limitations or restrictions on such equity interests (including any limitation or restriction on the right to vote, pledge or sell or otherwise dispose of such equity
interests) other than Permitted Liens. All equity interests of the Company Joint Ventures held by the Company or any Subsidiary of the Company are free and clear of any Liens other than Permitted
Liens. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;There
have not been reserved for issuance, and there are no outstanding (i)&nbsp;securities of the Company or any of its Material Subsidiaries convertible into or
exchangeable for shares of capital stock or voting securities of any Material Subsidiary of the Company; (ii)&nbsp;rights or options to acquire from the Company or its Material Subsidiaries, or
obligations of the Company or its Material Subsidiaries to issue, any shares of capital stock, voting securities or securities convertible into or exchangeable for shares of capital stock or voting
securities of any Material Subsidiary of the Company; or (iii)&nbsp;equity equivalent interests in the ownership or earnings of any Material Subsidiary of the Company or other similar rights in
respect of any Material Subsidiary of the Company (the items in clauses (i)&nbsp;through (iii)&nbsp;collectively, "</FONT><FONT SIZE=2><I>Subsidiary Securities</I></FONT><FONT SIZE=2>"). There
are no outstanding obligations of the Company or any Material Subsidiary to repurchase, redeem or otherwise acquire any Subsidiary Securities. There are no preemptive rights of any kind which obligate
the Company or any of its Subsidiaries to issue or deliver any Subsidiary Securities. There are no stockholder agreements, voting trusts or other agreements or understandings to which the Company or
any of its Subsidiaries is a party or by which it is bound </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=22,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=375063,FOLIO='22',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_23"> </A>
<BR>

<P><FONT SIZE=2>relating
to the voting or registration of any shares of capital stock of any Subsidiary of the Company or preemptive rights with respect thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reports and Financial Statements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company has filed all forms, reports, statements, certifications and other documents (including all exhibits, amendments and supplements thereto) required to be
filed by it with the SEC since January&nbsp;1, 2004 (all such forms, reports, statements, certificates and other documents filed with or furnished to the SEC since January&nbsp;1, 2004, with any
amendments thereto, but excluding the preliminary proxy statement relating to the transactions contemplated by the Original Merger Agreement, collectively, the "</FONT><FONT SIZE=2><I>Company SEC
Reports</I></FONT><FONT SIZE=2>"), each of which, including any financial statements or schedules included therein, as finally amended prior to the Original Date, has complied as to form in all
material respects with the applicable requirements of the Securities Act and Exchange Act as of the date filed with the SEC. None of the Company's Subsidiaries is required to file periodic reports
with the SEC. None of the Company SEC Reports contained, when filed with the SEC and, if amended prior to the Original Date, as of the date of such amendment, any untrue statement of a material fact
or omitted to state a material fact required to be stated or incorporated by reference therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. As of the Original Date and the date hereof, there were no outstanding or unresolved comments in comment letters received from the SEC staff with respect to the Company SEC
Reports. To the Knowledge of the Company, none of the Company SEC Reports is the subject of ongoing SEC review, outstanding SEC comment or outstanding SEC investigation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the consolidated financial statements of the Company and its Subsidiaries included (or incorporated by reference) in the Company SEC Reports (including the
related notes and schedules, where applicable) fairly present (subject, in the case of the unaudited statements, to normal year-end auditing adjustments, none of which are expected to be
material in nature or amount), in all material respects, the results of the consolidated operations and changes in stockholders' equity and cash flows and consolidated financial position of the
Company and its Subsidiaries for the respective fiscal periods or as of the respective dates therein set forth. Each of such consolidated financial statements (including the related notes and
schedules, where applicable) complied, as of the date of filing, in all material respects with applicable accounting requirements and with the published rules and regulations of the SEC applicable
thereto and each of such financial statements (including the related notes and schedules, where applicable) were prepared in accordance with GAAP (except, in the case of unaudited statements, as
permitted by the rules and regulations of the SEC) consistently applied during the periods involved, except in each case as indicated in such statements or in the notes thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Sarbanes-Oxley Compliance; Internal Controls.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has made all certifications and statements required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, and the related rules and regulations promulgated
thereunder with respect to the Company's filings pursuant to the Exchange Act. The Company has established and maintains disclosure controls and procedures (as defined in
Rule&nbsp;13a-15 under the Exchange Act) designed to ensure that material information relating to the Company, including its Subsidiaries, is made known on a timely basis to the
individuals responsible for the preparation of the Company's filings with the SEC and other public disclosure documents. Except as would not reasonably be expected to have a Material Adverse Effect on
the Company, (a)&nbsp;the Company has established and maintains a system of internal accounting control over financial reporting sufficient to comply with all legal and accounting requirements
applicable to the Company, (b)&nbsp;the Company has disclosed, based on its most recent evaluation of internal controls, to the Company's auditors and its audit committee, (i)&nbsp;any significant
deficiencies and material weaknesses in the design or operation of its internal accounting controls which are reasonably likely to materially and adversely affect the Company's ability to record,
process, summarize, and report financial information, and (ii)&nbsp;any fraud known to the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=23,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=105264,FOLIO='23',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_24"> </A>
<BR>

<P><FONT SIZE=2>Company
that involves management or other employees who have a significant role in internal controls, and (c)&nbsp;the Company has not received any complaint, allegation, assertion, or claim in
writing regarding the accounting practices, procedures, methodologies, or methods of the Company or its internal accounting controls over financial reporting, including any such complaint, allegation,
assertion, or claim that the Company has engaged in questionable accounting or auditing practices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Undisclosed Liabilities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except (i)&nbsp;for those liabilities that are fully reflected or
reserved against on the consolidated balance sheet of the Company and its consolidated Subsidiaries included in the most recent consolidated financial statements of the Company included in the
Company's Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended September&nbsp;30, 2006, (ii)&nbsp;for liabilities incurred in the ordinary course of business consistent
with past practice since September&nbsp;30, 2006, which are not material taken as a whole, (iii)&nbsp;for liabilities that have been discharged or paid in full prior to
the Original Date in the ordinary course of business consistent with past practice or (iv)&nbsp;for liabilities that would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect on the Company, neither the Company nor any of its Subsidiaries has incurred any liability of any nature whatsoever (whether absolute, accrued or contingent or otherwise and
whether due or to become due). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Disclosure Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of (a)&nbsp;the Company Schedule&nbsp;13E-3, the
Schedule&nbsp;14D-9 and the Company Proxy/Information Statement, at the date each is filed with the SEC (in the case of the Company Schedule&nbsp;13E-3 and the
Schedule&nbsp;14D-9), at the date each is first mailed to holders of Common Stock (in the case of the Company Proxy/Information Statement) or at the time of the Company Stockholder
Meeting (if such meeting is held) (other than as to information supplied in writing by Parent or Merger Sub or any of their Affiliates (other than the Company and its Subsidiaries), expressly for
inclusion therein, as to which no representation is made), (b)&nbsp;any information provided by the Company for inclusion in the Schedule TO or Offer Documents at the date each is filed with the SEC
or (c)&nbsp;any information incorporated by reference from, or based on information in, the Company SEC Reports, at the date each is filed with the SEC, will contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not
misleading. The Company will cause the Company Schedule&nbsp;13E-3, the Schedule&nbsp;14D-9, the Company Proxy/Information Statement and all related SEC filings to comply
as to form in all material respects with the requirements of the Exchange Act applicable thereto and any other applicable Law as of the date of such filing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Certain Changes or Events.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since September&nbsp;30, 2006, (i)&nbsp;no change,
circumstance, event or effect has occurred which has had or would be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company and (ii)&nbsp;the Company
and its Subsidiaries and, to the Knowledge of the Company, the Company Joint Ventures, have carried on their respective businesses in all material respects in the ordinary course of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Litigation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as publicly disclosed in the Company SEC Reports filed with or furnished
to the SEC prior to the Original Date, neither the Company nor any of its Subsidiaries is a party to any, and there are no pending or, to the Knowledge of the Company, threatened, legal,
administrative, arbitral or other material proceedings, claims, actions or governmental or regulatory investigations (a "</FONT><FONT SIZE=2><I>Proceeding</I></FONT><FONT SIZE=2>") of any nature
against the Company or any of its Subsidiaries, except for any Proceeding which has not had or would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on
the Company. Neither the Company nor any of its Subsidiaries or any of their businesses or properties are subject to or bound by any injunction, order, judgment, decree or regulatory restriction of
any Governmental Authority specifically imposed upon the Company, any of its Subsidiaries or their respective properties or assets, except for any injunction, order, judgment, decree or regulatory
restriction which (i)&nbsp;has not had or would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company or (ii)&nbsp;would not </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=24,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=385184,FOLIO='24',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_25"> </A>
<BR>

<P><FONT SIZE=2>prevent
or materially delay the consummation of the Merger or the Company's ability to observe and perform its obligations hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as have not had or would not be reasonably likely to have, individually or in
the aggregate, a Material Adverse Effect on the Company: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;all
Tax Returns required to be filed by the Company or any of its Subsidiaries have been properly prepared and timely filed, and all such Tax Returns (including
information provided therewith or with respect thereto) are true, correct and complete; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
Company and its Subsidiaries have fully and timely paid all Taxes (whether or not shown to be due on the Tax Returns referred to in Section&nbsp;4.13(a)) other
than Taxes that are not yet due and payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in the applicable financial
statements in accordance with GAAP if such reserves are required under GAAP; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;no
audit or other proceeding by any taxing authority is pending or, to the Knowledge of the Company, threatened in writing against the Company or any of its
Subsidiaries; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;there
are no Tax sharing agreements (or similar agreements) to which the Company or any of its Subsidiaries is a party to or by which the Company or any of its
Subsidiaries is bound (other than agreements exclusively between or among the Company and its Subsidiaries); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;neither
the Company nor any of its Subsidiaries has engaged in any reportable transaction under Section&nbsp;6011 of the Code and the regulations thereunder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;ERISA; Employee Benefits Matters.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Section&nbsp;4.14(a)
of the Company Disclosure Letter contains a true and complete list of each Employee Benefit Plan (other than any multiemployer plan within the
meaning of ERISA Section&nbsp;3(37)) and stock purchase, stock option, severance, retention, employee loan, collective bargaining, employment, change-in-control, fringe
benefit, bonus, incentive, deferred compensation and all other material employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA, whether formal or
informal, oral or written, legally binding or not, under which any Company Employee has any present or future right to benefits and which is maintained or contributed to by the Company or any of its
U.S. Material Subsidiaries or under which the Company or any of its U.S. Material Subsidiaries has any present or future liability. Each Company Benefit Plan has been operated, funded and administered
in compliance with its terms, the terms of any applicable collective bargaining agreement and with all applicable requirements of Law, including ERISA and the Code, except as would not subject the
Company or any of its Subsidiaries to any liability that has had or would be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company. Except as has not
had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company, none of the Company, any of its Subsidiaries, any officer of the Company or
any of its Subsidiaries or any Company Benefit Plan that is subject to ERISA, or, to the Knowledge of the Company, any trust created thereunder or any trustee or administrator thereof, has engaged in
a nonexempt "</FONT><FONT SIZE=2><I>prohibited transaction</I></FONT><FONT SIZE=2>" (as such term is defined in Section&nbsp;406 of ERISA and Section&nbsp;4975 of the Code). Except as has not had
and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company, no "</FONT><FONT SIZE=2><I>accumulated funding
deficiency</I></FONT><FONT SIZE=2>" (as such term is defined in Section&nbsp;302 of ERISA and Section&nbsp;412 of the Code (whether or not waived)) has occurred with respect to any Company Benefit
Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as has not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company, no event has occurred and
no condition exists that would subject the Company or its Subsidiaries, either directly or by reason of their affiliation with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=25,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=725196,FOLIO='25',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_26"> </A>
<BR>

<P><FONT SIZE=2>any
member of their "</FONT><FONT SIZE=2><I>Controlled Group</I></FONT><FONT SIZE=2>" (defined as any organization which is a member of a controlled group of organizations within the meaning of
Sections 414(b), (c), (m)&nbsp;or (o)&nbsp;of the Code), to any tax, fine, lien, penalty or other liability imposed by ERISA, the Code or other applicable laws, rules and regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except
in the ordinary course of business or as required by applicable Law, since September&nbsp;30, 2006, there has been no amendment to any Company Benefit Plan that
would increase materially the expense to the Company or any of its Subsidiaries of maintaining such plan above the level of the expense incurred by the Company or its Subsidiaries therefor for the
most recent fiscal year. Except as contemplated by this Agreement, the execution of this Agreement and the consummation of the transactions contemplated hereby will not (either alone or together with
any other related event) (i)&nbsp;result in any material payment by the Company or any of its Material Subsidiaries to any Company Employee of any money or other property under any Company Benefit
Plan or Company Stock Plan or (ii)&nbsp;result in the accelerated vesting or funding through a trust or otherwise of a material amount of compensation or benefits under any Company Benefit Plan or
Company Stock Plan or (iii)&nbsp;result in payments under any Company Benefit Plan which would not be deductible under Section&nbsp;280G of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
amounts payable pursuant to any employment compensation, severance or other Company Benefit Plan (provided, that, solely for purposes of this Section&nbsp;4.14(d),
the references to "</FONT><FONT SIZE=2><I>Material Subsidiaries</I></FONT><FONT SIZE=2>" in the definition of Company Benefit Plan shall be deemed to be references to
"</FONT><FONT SIZE=2><I>Subsidiaries</I></FONT><FONT SIZE=2>") or Company Stock Plan or other equity-based plan sponsored by the Company or any of its Subsidiaries, or payable in respect of Company
Equity Awards in accordance with this Agreement to Persons who are holders of Common Stock or other securities of the Company (i)&nbsp;are being paid or granted as compensation for past services
performed, future services to be performed, or future services to be refrained from performing, by such Persons (and matters incidental thereto) and (ii)&nbsp;are not calculated based on the number
of shares tendered or to be tendered into the Offer by the applicable Person. The Compensation Committee of the Board of Directors of the Company (A)&nbsp;at a meeting duly called and held at which
all members of such committee were present, duly adopted resolutions approving as an "</FONT><FONT SIZE=2><I>employment compensation, severance or other employee benefit
arrangement</I></FONT><FONT SIZE=2>" within the meaning of Rule&nbsp;14d-10(d)(1) under the Exchange Act the Compensation Arrangements and the treatment of the Company Equity Awards in
accordance with the terms set forth in this Agreement, which resolutions have not been rescinded, modified or withdrawn in any way and (B)&nbsp;has taken all other actions necessary to satisfy the
requirements of the non-exclusive safe harbor under Rule&nbsp;14d-10(d)(2) under the Exchange Act with respect to the foregoing arrangements. Immediately prior to the
Expiration Date, there will be no Compensation Arrangements between the Company or any of its Subsidiaries, on the one hand, and any stockholder of the Company that has tendered shares of Common Stock
into the Offer, on the other hand, other than those Compensation Arrangements that have been approved by the such Compensation Committee, prior to the Expiration Date, in accordance with the preceding
sentence or Section&nbsp;7.8(f) and with respect to which such committee has taken all other actions, prior to the Expiration Date, necessary to satisfy the requirements of the
non-exclusive safe harbor under Rule&nbsp;14d-10(d)(2) under the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance With Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company and each of its Subsidiaries is, and at all times has been, in compliance with all Laws applicable to the Company, its Subsidiaries and their respective
businesses and activities, except for such noncompliance that has not had, and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company and each Subsidiary of the Company has and maintains in full force and effect, and is in compliance with, all Permits and all orders from Governmental
Authorities necessary for the Company and each Subsidiary to carry on their respective businesses as currently conducted and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=26,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=317269,FOLIO='26',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_le45203_1_27"> </A>
<BR>

<P><FONT SIZE=2>currently
proposed to be conducted, except as has not had, and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Domestic Institution is and, since July&nbsp;1, 2003, has been, duly qualified as, and in material compliance with the DOE definition of, a
"</FONT><FONT SIZE=2><I>proprietary institution of higher education.</I></FONT><FONT SIZE=2>" </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Domestic Institution has not derived more than ninety percent (90%) of its revenues from Title IV Program funds, as determined in accordance with DOE's "90/10 Rule"
as codified at 34 C.F.R. &sect;600.5(a)(8), for any fiscal year reporting period required by the DOE ended on or after July&nbsp;1, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Neither
the Company, nor any person or entity that exercises Substantial Control over the Company, any of its Subsidiaries or the Domestic Institution (as the term
"</FONT><FONT SIZE=2><I>Substantial Control</I></FONT><FONT SIZE=2>" is used in 34 C.F.R. &sect;668.174(b) and (c)) ("</FONT><FONT SIZE=2><I>Substantial Control</I></FONT><FONT SIZE=2>"), or
member of such person's family (as the term "</FONT><FONT SIZE=2><I>family</I></FONT><FONT SIZE=2>" is defined in 34 C.F.R. &sect;600.21(f)), alone or together, (A)&nbsp;exercises or
exercised Substantial Control over an institution other than the Domestic Institution or over a third-party servicer (as that term is defined in 34 C.F.R. &sect;668.2) that owes a liability for
a violation of a Title IV Program or other HEA program requirement, or (B)&nbsp;owes a liability for a Title IV Program or other HEA program violation. At no time has the Company, any of its
Subsidiaries, or the Domestic Institution, nor any person or entity that exercises Substantial Control over any of them, filed for relief in bankruptcy or had entered against it an order for relief in
bankruptcy. None of the Company, any of its Subsidiaries, or the Domestic Institution, nor any person or entity that exercises Substantial Control over any of them, has pled guilty to, has pled nolo
contendere to, or has been found guilty of a crime involving the acquisition, use, or expenditure of funds under the Title IV Programs or has been judicially determined to have committed fraud
involving funds under the Title IV Programs. To the Knowledge of the Company, neither the Company, nor any of its Subsidiaries, or the Domestic Institution currently employs any individual or entity
in a capacity that involves the administration or receipt of funds under the Title IV Programs, or contracted with any institution or third-party servicer, which has been terminated under the Title IV
Programs for a reason involving the acquisition, use, or expenditure of federal, state or local government funds, or has been convicted of, or has pled nolo contendere or guilty to, a crime involving
the acquisition, use or expenditure of federal, state, or local government funds, or has been administratively or judicially determined to have committed fraud or any other material violation of law
involving federal, state, or local government funds. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.16</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Finders' Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No agent, broker, investment banker, financial advisor or other firm or
person except Morgan Stanley&nbsp;&amp; Co. Incorporated and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated is or will be entitled to any broker's or finder's fee or any other similar
commission or fee in connection
with any of the transactions contemplated by this Agreement. The Company has provided to Parent a complete and correct copy of any Contract between the Company and Morgan Stanley&nbsp;&amp; Co.
Incorporated and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, relating to any such fees. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=27,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=466063,FOLIO='27',FILE='DISK121:[07ZBX3.07ZBX45203]LE45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lg45203_1_28"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Opinion of Financial Advisors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of Morgan Stanley&nbsp;&amp; Co. Incorporated and
Merrill
Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated has delivered to the Special Committee an opinion to the effect that, as of the Execution Date, the consideration to be received by holders of Common
Stock (other than Parent, its Subsidiaries or any holder who will contribute Common Stock to Parent) pursuant to the Offer and the Merger, taken together, is fair, from a financial point of view, to
such holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.18</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover Provisions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company has taken all
necessary action so that any takeover, anti-takeover, moratorium, "</FONT><FONT SIZE=2><I>fair price</I></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><I>control
share</I></FONT><FONT SIZE=2>" or other similar Law enacted under any Law applicable to the Company (each, a "</FONT><FONT SIZE=2><I>Takeover Statute</I></FONT><FONT SIZE=2>") do not, and will not,
apply to this Agreement, the Offer, the Merger or the other transactions contemplated hereby. The Company does not have any stockholder rights plan in effect. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lg45203_article_v_representations_and___art02663"> </A>
<A NAME="toc_lg45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;V<BR>  REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the corresponding sections or subsections of the disclosure letter delivered to the Company by Parent and Merger Sub on the Original Date
(the "</FONT><FONT SIZE=2><I>Parent Disclosure Letter</I></FONT><FONT SIZE=2>") (it being understood that any information set forth in a particular section or subsection of the Parent Disclosure
Letter shall be deemed to be disclosed in each other section or subsection thereof to which the relevance of such information is reasonably apparent), Parent and Merger Sub hereby jointly and
severally represent and warrant to the Company that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Corporate Existence and Power.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Parent is a limited partnership duly organized, validly
existing and in good standing under the laws of the Province of Alberta and has all requisite power and authority to execute and deliver this Agreement and to consummate the Offer and the Merger and
the other transactions contemplated hereby and to perform each of its obligations hereunder. Merger Sub is a corporation duly organized, validly existing and in good standing under the laws of the
State of Maryland and has all corporate power and authority required to execute and deliver this Agreement and to consummate the Offer and the Merger and the other transactions contemplated hereby and
to perform each of its obligations hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Corporate Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Merger Sub of this
Agreement and the consummation by Merger Sub of the Offer, the Merger and the other transactions contemplated hereby have been duly and validly authorized by the Board of Directors of Merger Sub.
Except for the approval of the Merger and this Agreement by Parent, as the sole stockholder of Merger Sub (which shall have occurred prior to the Effective Time), no other corporate proceedings other
than those previously taken or conducted on the part of Parent or Merger Sub are necessary to approve this Agreement or to consummate the other transactions contemplated hereby. This Agreement has
been duly and validly executed and delivered by Parent and Merger Sub and, assuming the due and valid execution and delivery of the Agreement by the Company, constitutes a legal, valid and binding
agreement of Parent and Merger Sub, respectively, enforceable against Parent and Merger Sub in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
moratorium, reorganization or similar Laws affecting the enforcement of creditors' rights generally and general equitable principles. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governmental Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Parent and Merger Sub
of this Agreement and the consummation by Parent and Merger Sub of the Offer, the Merger and the other transactions contemplated by this Agreement do not require any consent, approval, authorization
or permit of, action by, filing with or notification to any Governmental Authority on the part of Parent or Merger Sub, other than (i)&nbsp;the filing and acceptance for record of the Articles of
Merger with the SDAT; (ii)&nbsp;compliance with the applicable requirements of the HSR Act or the applicable Other Antitrust Laws of jurisdictions other than the United States; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=941888,FOLIO='28',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_29"> </A>
<BR>

<P><FONT SIZE=2>(iii)&nbsp;compliance
with the applicable requirements of the Exchange Act including the filing and dissemination of the Offer Documents, including filing of the Schedule TO; (iv)&nbsp;compliance
with any applicable foreign or state securities or Blue Sky laws; (v)&nbsp;filings required as a result of facts or circumstances solely attributable to the Company, its Subsidiaries, a direct or
indirect change of control thereof or the operation of their businesses; (vi)&nbsp;any such consent, approval, authorization, permit, action, filing or notification required from or to any Education
Department, Accrediting Body or DOE (as specified in Section&nbsp;5.3(vi)&nbsp;of the Parent Disclosure Letter) and (vii)&nbsp;any such consent, approval, authorization, permit, action, filing
or notification the failure of which to make or obtain would not be reasonably likely to adversely effect in any material respect, or prevent or materially delay, the consummation of the Merger or
Parent's or Merger Sub's ability to observe and perform its material obligations hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Contravention.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Parent and Merger
Sub of this Agreement and the consummation by Parent and Merger Sub of the Offer, the Merger and the other transactions contemplated hereby do not and will not (i)&nbsp;contravene or conflict with
the organizational or governing documents of Parent or Merger Sub, (ii)&nbsp;assuming compliance with the items specified in Section&nbsp;5.3, contravene, conflict with or constitute a violation
of any provision of any Law binding upon or applicable to Parent or Merger Sub or any of their respective properties or assets, or (iii)&nbsp;require the consent, approval or authorization of, or
notice to or filing with any third party with respect to, result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both would become a default),
or give rise to any right of termination, cancellation, amendment or acceleration of any right or obligation of Parent or Merger Sub or to a loss of any material benefit to which Parent or Merger Sub
is entitled under any Contract. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Disclosure Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of (a)&nbsp;the Schedule TO or the Offer Documents, at the date
each is filed with the SEC (other than as to information supplied in writing by the Company and its Subsidiaries expressly for inclusion therein or based upon or incorporated by reference from the
Company SEC Reports, as to which no representation is made) or (b)&nbsp;the information supplied or to be supplied by Parent or Merger Sub or any of their Affiliates (other than the Company and its
Subsidiaries) specifically for inclusion in the Company Proxy/Information Statement, the Company Schedule&nbsp;13E-3 or Schedule&nbsp;14D-9 will, at the date each is filed
with the SEC (in the case of the Company Schedule&nbsp;13E-3 or the Schedule&nbsp;14D-9), on the date each is first mailed to stockholders of the Company (in the case of
the Company Proxy/Information Statement), or at the time of the Company Stockholder Meeting (if such meeting is held), contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Finders' Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No agent, broker, investment banker, financial advisor or other firm or Person
except Goldman, Sachs&nbsp;&amp; Co. and Citigroup is or will be entitled to any broker's or finder's fee or any other similar commission or fee in connection with any of the transactions contemplated
by this Agreement in the event the Offer is not consummated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Parent has delivered to the Company true and complete copies of (i)&nbsp;the
debt commitment letters dated as of the Execution Date from Goldman Sachs Credit Partners L.P., Citigroup Global Markets&nbsp;Inc., Credit Suisse, Credit Suisse Securities (USA) LLC, JPMorgan Chase
Bank, N.A. and J.P. Morgan Securities&nbsp;Inc. (collectively (but excluding the commitments contained therein with respect to the New Incremental Facilities (as defined therein)), the
"</FONT><FONT SIZE=2><I>Debt Financing Commitments</I></FONT><FONT SIZE=2>"), pursuant to which the lenders party thereto committed, subject to the terms thereof, to lend the amounts set forth
therein, including a margin loan credit facility with respect to the purchase of shares of Common Stock pursuant to the Offer (such margin loan credit facility, the "</FONT><FONT SIZE=2><I>Offer
Financing</I></FONT><FONT SIZE=2>" and collectively with the other amounts reflected in such debt commitment letters, other than the New Incremental Facilities, the "</FONT><FONT SIZE=2><I>Debt
Financing</I></FONT><FONT SIZE=2>"), and (ii)&nbsp;the equity commitment letters, dated as of the Execution Date, from each of the Persons listed in Section&nbsp;5.7 of the Parent Disclosure </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=758970,FOLIO='29',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_30"> </A>
<BR>

<P><FONT SIZE=2>Letter
(the "</FONT><FONT SIZE=2><I>Equity Financing Commitments</I></FONT><FONT SIZE=2>" and together with the Debt Financing Commitments, the "</FONT><FONT SIZE=2><I>Financing
Commitments</I></FONT><FONT SIZE=2>"), pursuant to which such parties have committed, subject to the terms thereof, to invest the cash amounts set forth therein (the "</FONT><FONT SIZE=2><I>Equity
Financing</I></FONT><FONT SIZE=2>" and together with the Debt Financing, the "</FONT><FONT SIZE=2><I>Financing</I></FONT><FONT SIZE=2>"). Prior to the Execution Date, (i)&nbsp;none of the Financing
Commitments has been amended or modified, and (ii)&nbsp;the respective commitments contained in the Financing Commitments have not been withdrawn or rescinded in any respect. As of the Execution
Date, the Financing Commitments are in full force and effect and are legal, valid and binding obligations of Parent or Merger Sub, as applicable, and to the knowledge of Parent, the other parties
thereto. As of the Execution Date, assuming the accuracy of the Company's representations and warranties contained herein, neither Parent, Merger Sub nor any direct investor in Parent has any
knowledge that any event has occurred which, with or without notice, lapse of time or both, would constitute a default or breach on the part of Parent, Merger Sub or any direct investor in Parent
under any term or condition of the Financing Commitments or otherwise be reasonably likely to result in any portion of the Financing contemplated thereby to be unavailable. The only conditions
precedent to the obligations of the lenders and other Persons committing pursuant to the Financing Commitments to make the Financing available to Parent or its Affiliates are those contemplated by the
terms of the Financing Commitments. As of the Execution Date, assuming the accuracy of the Company's representations and warranties contained herein, neither Parent, Merger Sub nor any of the direct
investors in Parent has any reason to believe that it will be unable to satisfy on a timely basis any term or condition to be satisfied by it and contained in the Financing Commitments. Parent, Merger
Sub and their respective Affiliates have fully paid any and all commitment fees or other fees required by the terms of the Financing Commitments to be paid on or before the Execution Date. Subject to
the terms and conditions of the Financing Commitments and this Agreement and assuming the accuracy of the Company's representations and warranties contained herein, the proceeds from the Financing
constitute all of the financing required to be provided by Parent for the consummation of the Offer and of the Merger upon the terms set forth in this Agreement and other transactions contemplated by
this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Equity Rollover Commitments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Parent has delivered to the Company true and complete copies of
the equity rollover letters (the "</FONT><FONT SIZE=2><I>Equity Rollover Commitments</I></FONT><FONT SIZE=2>"), dated as of the Execution Date, from each of the Persons listed in Section&nbsp;5.8
of the Parent Disclosure Letter (the "</FONT><FONT SIZE=2><I>Rollover Entities</I></FONT><FONT SIZE=2>"), pursuant to which such parties have committed to contribute to Parent that number of shares
of Common Stock set forth in such letters for shares of membership interests of Parent immediately prior to the Effective Time. As of the Execution Date, the Equity Rollover Commitments are in full
force and effect and are legal, valid and binding obligations of Parent and the other parties thereto. The only conditions precedent to the obligations of each of the Rollover Entities under the
Equity Rollover
Commitments are those contemplated by the terms of the Equity Rollover Commitments. As of the Execution Date, assuming the accuracy of the Company's representations and warranties contained herein,
neither Parent, Merger Sub nor any direct investor in Parent has any knowledge that any event has occurred which, with or without notice, lapse of time or both, would constitute a default or breach
under any term or condition of the Equity Rollover Commitments or otherwise be reasonably likely to result in any portion of the commitments contemplated thereby to be unavailable. As of the Execution
Date, assuming the accuracy of the Company's representations and warranties contained herein, neither Parent, Merger Sub nor any direct investor in Parent has any reason to believe that any of the
Rollover Entities will be unable to satisfy on a timely basis any term or condition to be satisfied by it and contained in the Equity Rollover Commitments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Merger Sub.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Merger Sub has been formed solely for the purpose of engaging in the transactions
contemplated hereby and prior to the Effective Time will have engaged in no other business activities and will have incurred no liabilities or obligations other than in connection with the
transactions contemplated hereby, including in connection with arranging the Financing. As of the Execution Date, there were 100 shares of common stock of Merger Sub outstanding, representing the only
shares of Merger Sub outstanding and entitled to vote on the Merger. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=30,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=51719,FOLIO='30',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_31"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Voting Arrangements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the Tender Agreements and the Voting Agreement and as set
forth in Section&nbsp;5.10 of the Parent Disclosure Letter, no direct or indirect equity investor in Parent or Merger Sub, or any Affiliate thereof (other than the Company or any of its
Subsidiaries), is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of any Common Stock it owns beneficially (determined for the purposes of this
paragraph as set forth in Rule&nbsp;13d-3 promulgated under the Exchange Act) or of record in respect of the Merger or any transaction involving a Company Acquisition Proposal or
Superior Proposal or any other transactions contemplated hereby or thereby. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws; Education Consents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of Parent or Merger Sub or any person or
entity that exercises Substantial Control over Parent or Merger Sub, or member of such person's family (as the term "</FONT><FONT SIZE=2><I>family</I></FONT><FONT SIZE=2>" is defined in 34 C.F.R.
&sect;600.21(f)), alone or together, (A)&nbsp;exercises or exercised Substantial Control over any institution or over a third-party servicer (as that term is defined in 34 C.F.R.
&sect;668.2) that owes a liability for a violation of a Title IV Program or other HEA program requirement, or (B)&nbsp;owes a liability for a Title IV Program or other HEA program violation.
At no time has Parent, Merger Sub, or any Affiliate of Parent or Merger Sub, or any person or entity that exercises Substantial Control over any of them (other than portfolio companies or portfolio
investments), filed for relief in bankruptcy or had entered against it an order for relief in bankruptcy. None of Parent or Merger Sub, or any person or entity that exercises Substantial Control over
any of them, has pled guilty to, has pled nolo contendere to, or has been found guilty of a crime involving the acquisition, use, or expenditure of funds under the Title IV Programs or has been
judicially determined to have committed fraud involving funds under the Title IV Programs. To the knowledge of Parent and Merger Sub, neither Parent nor Merger Sub currently employs any individual or
entity in a capacity that involves the administration or receipt of funds under the Title IV Programs, or contracted with any institution or third-party servicer, which has been terminated under the
Title IV
Programs for a reason involving the acquisition, use, or expenditure of federal, state or local government funds, or has been convicted of, or has pled nolo contendere or guilty to, a crime involving
the acquisition, use or expenditure of federal, state, or local government funds, or has been administratively or judicially determined to have committed fraud or any other material violation of law
involving federal, state, or local government funds. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lg45203_article_vi_conduct_of_business_pending_the_merger"> </A>
<A NAME="toc_lg45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;VI<BR>  <BR>    CONDUCT OF BUSINESS PENDING THE MERGER    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of the Company and Subsidiaries.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except for matters (x)&nbsp;set forth in
Section&nbsp;6.1 of the Company Disclosure Letter or as otherwise contemplated by or specifically provided in this Agreement, or (y)&nbsp;consented to in writing by Parent (which consent shall not
be unreasonably withheld), from the date hereof until the Share Purchase Date, the Company shall, and shall cause its Subsidiaries to, conduct their respective businesses in the ordinary and usual
course consistent with past practice. Without limiting the generality of the foregoing, and except for matters set forth in Section&nbsp;6.1 of the Company Disclosure Letter or as otherwise
contemplated by or specifically provided in this Agreement, without the prior written consent of Parent (which consent shall not be unreasonably withheld or delayed), the Company shall not, and shall
not permit its Subsidiaries to: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;propose
or adopt any change in its organizational or governing documents; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;merge
or consolidate the Company or any of its Subsidiaries with any Person, other than the Merger and other than such transactions solely among the Company and/or its
wholly owned Subsidiaries that would not result in a material increase in the Tax liability of the Company or its Subsidiaries; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;sell,
lease or otherwise dispose of a material amount of assets or securities, including by merger, consolidation, asset sale or other business combination (including
formation of a joint venture), </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=31,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=392787,FOLIO='31',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_32"> </A>
<BR>

<P><FONT SIZE=2>other
than such transactions solely among the Company and/or its Subsidiaries that would not result in a material increase in the Tax liability of the Company or its Subsidiaries; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;fail
to comply with Section&nbsp;6.01 (captioned Indebtedness; Certain Equity Securities) of the Five-Year Credit Agreement as in effect on the Original
Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;offer,
place or arrange any issue of debt securities or commercial bank or other credit facilities that could be reasonably expected to compete with or impede the Debt
Financing or cause the breach of any provisions of the Debt Financing Commitments or cause any condition set forth in the Debt Financing Commitments not to be satisfied; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;make
any material loans, advances or capital contributions to, acquisitions or licenses of, or investments in, any other Person, except for (i)&nbsp;transactions
solely among the Company and/or wholly owned Subsidiaries of the Company, or (ii)&nbsp;as required by existing contracts or transactions that do not exceed $200&nbsp;million in the aggregate; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;authorize
any capital expenditures in excess of $10,000,000 per project or related series of projects in excess of $50,000,000 in the aggregate, other than expenditures
necessary to maintain existing assets in good repair and expenditures contemplated by the Company's 2007 budget or carried over from the 2006 budget and approved development plans, as delivered to
Parent prior to the Original Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;fail
to comply with Section&nbsp;6.02 (captioned Liens) of the Five-Year Credit Agreement as in effect on the Original Date; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;enter
into or amend any Contract with any executive officer (except for the amendments described in Section&nbsp;6.1 of the Company Disclosure Letter with respect to
the change of control agreements listed therein) director or other Affiliate of the Company or any of its Subsidiaries or any Person beneficially owning 5% or more of the Common Stock; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;split,
combine or reclassify any Company Securities or Subsidiary Securities or amend the terms of any Company Securities or Subsidiary Securities, (ii)&nbsp;declare,
set aside or pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of Company Securities or Subsidiary Securities other than a dividend or
distribution by a Subsidiary of the Company in the ordinary course of business, (iii)&nbsp;grant, issue or offer to grant or issue any Company Securities or Subsidiary Securities, or redeem,
repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire, any Company Securities or Subsidiary Securities, other than in connection with (A)&nbsp;the exercise of Company
Options, (B)&nbsp;the withholding of Company Securities to satisfy tax obligations with respect to Company Equity Awards, (C)&nbsp;the acquisition by the Company of Company Securities in
connection with the forfeiture of Company Equity Awards, (D)&nbsp;the acquisition by the Company of Company Securities in connection with the net exercise of Company Options in accordance with the
terms thereof, and (E)&nbsp;the issuance of Company Securities as required to comply with any Company Benefit Plan or Employment Agreement as in effect on the Original Date; provided, however, that
clauses (B)&nbsp;through (D)&nbsp;shall only be permitted to the extent the applicable Company Stock Plan or related award agreements provide therefor at the Original Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;except
(i)&nbsp;as required pursuant to existing written agreements or any Company Benefit Plan, Employment Agreement or collective bargaining agreement in effect on
the Original Date, (ii)&nbsp;as effected in the ordinary course of business or (iii)&nbsp;as required by applicable Law (including Section&nbsp;409A of the Code), (A)&nbsp;adopt, amend or
terminate any Company Benefit Plan or enter into, amend or terminate any collective bargaining agreement or any Employment Agreement with any Company Employee, except for entry into Employment
Agreements in the ordinary course of business consistent with past practice with persons who are not executive officers or directors to the extent necessary to replace a departing employee or fill an
existing vacancy, (B)&nbsp;take any action to accelerate the vesting or payment, or fund or in any other way secure the payment, of compensation or benefits </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=32,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=114090,FOLIO='32',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_33"> </A>
<BR>

<P><FONT SIZE=2>under
any Company Benefit Plan, (C)&nbsp;increase in any manner the compensation or fringe benefits of any Company Employee by an amount in excess of $1,000,000 in the aggregate outside of the
ordinary course of business, or (D)&nbsp;grant any severance or termination pay to any Company Employee; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;settle
or compromise any litigation, or release, dismiss or otherwise dispose of any claim or arbitration, other than settlements or compromises of litigation, claims or
arbitration that do not exceed $10,000,000 in the aggregate and do not involve any material injunctive or other non-monetary relief or impose material restrictions on the business or
operations of the Company and other than any litigation relating to the transactions contemplated by this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;other
than in the ordinary course of business consistent with past practice or except to the extent required by Law, make or change any material Tax election, or settle
or compromise any material Tax liability of the Company or any of its Subsidiaries, agree to an extension of the statute of limitations with respect to the assessment or determination of Taxes of the
Company or any of its Subsidiaries, file any amended Tax Return with respect to any material Tax, enter into any closing agreement with respect to any Tax or surrender any right to claim a Tax refund; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;make
any change in financial accounting methods or method of Tax accounting, principles or practices materially affecting the reported consolidated assets, liabilities
or results of operations of the Company and its Subsidiaries, except insofar as may have been required by a change in GAAP or Law; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;adopt
a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of the Company or any of its
Subsidiaries (other than the Merger and consolidations, mergers or reorganizations solely among wholly owned Subsidiaries of the Company), or a letter of intent or agreement in principle with respect
thereto; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;(i)&nbsp;approve,
adopt or enter into any stockholders' rights plan or other anti-takeover measure unless it excludes Parent, Merger Sub, and any of their
respective members, stockholders and Affiliates from its operation in all respects; or (ii)&nbsp;take any action that would cause any Takeover Statute to apply to this Agreement, the Offer, the
Merger or the other transactions contemplated hereby; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;take
any action or fail to take any action which would, or would be reasonably likely to, individually or in the aggregate, prevent, materially delay or materially
impede the ability of Parent or Merger Sub to consummate the Offer or of the Company to consummate the Merger or the other transactions contemplated by this Agreement; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;authorize,
agree or commit to do any of the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Parent and Merger Sub.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and Merger Sub agrees that, from the date
hereof to the Effective Time, unless otherwise contemplated herein, it shall not (i)&nbsp;take any action (including by way of amendment to the Investors Agreement dated as of the Execution Date
among Parent and the investors named therein (the "</FONT><FONT SIZE=2><I>Investors Agreement</I></FONT><FONT SIZE=2>")) that is intended to or would result in any of the Offer Conditions or any of
the conditions to effecting the Merger set forth in Article&nbsp;VIII becoming incapable of being satisfied; or (ii)&nbsp;take any action or fail to take any action which would, or would be
reasonably likely to, individually or in the aggregate, prevent, materially delay or materially impede the ability of Parent and Merger Sub to consummate the Offer, the Merger or the other
transactions contemplated by this Agreement. Parent has provided to the Company a true and correct copy of the Investors Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Control of Other Party's Business.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Agreement is intended to give
Parent, directly or indirectly, the right to control or direct the Company's or its Subsidiaries' operations prior to the Acceptance Date, and nothing contained in this Agreement is intended to give
the Company, directly or indirectly, the right to control or direct Parent's or its Subsidiaries' operations. Prior to the Acceptance Date, each of Parent and the Company shall exercise, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=33,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=336830,FOLIO='33',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_34"> </A>
<BR>

<P><FONT SIZE=2>consistent
with the terms and conditions of this Agreement, complete control and supervision over its and its Subsidiaries respective operations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lg45203_article_vii_additional_agreements"> </A>
<A NAME="toc_lg45203_3"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;VII<BR>  ADDITIONAL AGREEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Meeting; Proxy Material.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;If
the Stockholder Vote is required by Law in order to consummate the Merger, the Company shall take all action necessary to duly call, give notice of, convene and hold
a meeting of its stockholders (the "</FONT><FONT SIZE=2><I>Company Stockholder Meeting</I></FONT><FONT SIZE=2>") for the purpose of obtaining the approval of the Merger and this Agreement by the
Company stockholders in accordance with applicable Law and as provided in this Agreement as promptly as reasonably practicable following the Expiration Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;In
connection with the Company Stockholder Meeting, if held, the Company will (i)&nbsp;as promptly as reasonably practicable prepare the Company Proxy/Information
Statement and applicable amendments to the Company Schedule&nbsp;13E-3 and file the Company Proxy/Information Statement and applicable amendments to the Company
Schedule&nbsp;13E-3 with the SEC as promptly as reasonably practicable following the Expiration Date and in any event within 5 Business Days following the Expiration Date,
(ii)&nbsp;respond as promptly as reasonably practicable to any comments received from the SEC with respect to such filings and provide copies of such comments to Parent and Merger Sub promptly upon
receipt and copies of proposed responses to Parent and Merger Sub a reasonable time prior to filing to allow meaningful comment, (iii)&nbsp;as promptly as reasonably practicable prepare and file
(after Parent and Merger Sub have had a reasonable opportunity to review and comment on) any amendments or supplements necessary to be filed in response to any SEC comments or as required by Law,
(iv)&nbsp;mail to its stockholders as promptly as reasonably practicable the Company Proxy/Information Statement and all other customary proxy or other materials for meetings such as the Company
Stockholder Meeting, (v)&nbsp;to the extent required by applicable Law, as promptly as reasonably practicable prepare, file and distribute to the Company stockholders any supplement or amendment to
the Company Proxy/Information Statement and the Company Schedule&nbsp;13E-3 if any event shall occur which requires such action at any time prior to the Company Stockholder Meeting, and
(vi)&nbsp;otherwise use reasonable best efforts to comply with all requirements of Law applicable to any Company Stockholder Meeting and the Merger. Parent and Merger Sub shall cooperate with the
Company in connection with the preparation of the Company Proxy/Information Statement and the preparation and filing of the Company Schedule&nbsp;13E-3, including promptly furnishing the
Company upon request with any and all information as may be required to be set forth in the Company Proxy/Information Statement and the Company Schedule&nbsp;13E-3 under applicable Law.
The Company will provide Parent and Merger Sub a reasonable opportunity to review and comment upon the Company Proxy/Information Statement and the Company Schedule&nbsp;13E-3, or any
amendments or supplements thereto, prior to mailing the Company Proxy/Information Statement to its stockholders and filing the Company Schedule&nbsp;13E-3 with the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If,
at any time prior to the Effective Time, any information relating to the Company, Parent or Merger Sub or any of their respective Affiliates should be discovered by
the Company, Parent or Merger Sub which should be set forth in an amendment or supplement to the Company Proxy/Information Statement or Company Schedule&nbsp;13E-3, as applicable, so
that the Company Proxy/Information Statement or Company Schedule&nbsp;13E-3, as applicable, shall not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading, the party that discovers such information
shall promptly notify the other parties and, to the extent required by applicable Law, the Company shall disseminate an appropriate amendment thereof or supplement thereto describing such information
to the Company's stockholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=34,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=539921,FOLIO='34',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lg45203_1_35"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
connection with the filing of the Company Proxy/Information Statement, the Company and Merger Sub will cooperate to (i)&nbsp;concurrently with the preparation and
filing of the Company Proxy/Information Statement, prepare and file with the SEC amendments to the Company Schedule&nbsp;13E-3 relating to the Merger and the other transactions
contemplated hereby and furnish to each other all information concerning such party as may be reasonably requested in connection with the preparation of the Company Schedule&nbsp;13E-3,
(ii)&nbsp;respond as promptly as reasonably practicable to any comments received from the SEC with respect to such filings and will consult with each other prior to providing such response,
(iii)&nbsp;as promptly as reasonably practicable after consulting with each other, prepare and file any amendments or supplements necessary to be filed in response to any SEC comments or as required
by Law, (iv)&nbsp;have cleared by the SEC (if applicable) the Company Schedule&nbsp;13E-3 and (v)&nbsp;to the extent required by applicable Law, as promptly as reasonably practicable
prepare, file and distribute to the stockholders of the Company any supplement or amendment to the Company Schedule&nbsp;13E-3 if any event shall occur which requires such action at any
time prior to the Company Stockholder Meeting. At the Company Stockholder Meeting, Parent will cause all shares of Common Stock held of record by Parent or Merger Sub (or its assignees, if any) as of
the applicable record date and entitled to vote thereon in favor of the approval of the Merger and the Merger Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=35,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=133673,FOLIO='35',FILE='DISK121:[07ZBX3.07ZBX45203]LG45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_li45203_1_36"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reasonable Best Efforts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the terms and conditions of this Agreement,
each party will use its reasonable best efforts to take, or cause to be taken, all actions, to file, or cause to be filed, all documents and to do, or cause to be done, all things necessary, proper or
advisable to consummate the transactions contemplated by this Agreement (including the Offer and the Merger), including preparing and filing as promptly as practicable all documentation to effect all
necessary filings, consents, waivers, approvals, authorizations, Permits or orders from all Governmental Authorities or other Persons and, in the case of Parent, using reasonable best efforts to
enforce any remedies available to Parent in the Investors Agreement. In furtherance and not in limitation of the foregoing, each party hereto agrees to make, or cause to be made (to the extent not
previously made prior to the date of this Agreement), the filings and authorizations required under the Other Antitrust Laws of jurisdictions other than the United States and under applicable Law with
respect to the DOE and any other applicable Education Departments and Accrediting Bodies as promptly as reasonably practicable after the date hereof and to supply as promptly as reasonably practicable
any additional information and documentary material that may be requested pursuant to the Other Antitrust Laws of jurisdictions other than the United States or other applicable Law with respect to the
DOE and any other applicable Education Departments and Accrediting Bodies and use its reasonable best efforts to take or cause to be taken all other actions necessary, proper or advisable consistent
with this Section&nbsp;7.2 to cause the expiration or termination of the applicable waiting periods, or receipt of required authorizations, as applicable, under the Other Antitrust Laws of
jurisdictions other than the United States as soon as practicable; provided that in no event shall any member or other holder of interests in Parent, or any Affiliate of any member of Parent, be
required to take any action with respect to any portfolio company or agree to undertake any divestiture or restrict its conduct with regard to any business other than the business of the Company and
its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of Parent and Merger Sub, on the one hand, and the Company, on the other hand, shall, in connection with the efforts referenced in Section&nbsp;7.2(a) to obtain
all requisite approvals and authorizations for the transactions contemplated by this Agreement, use its reasonable best efforts to (i)&nbsp;cooperate in all respects with each other in connection
with any filing or submission and in connection with any investigation or other inquiry, including any proceeding initiated by a private party; (ii)&nbsp;keep the other party reasonably informed of
any communication received by such party from, or given by such party to, the Federal Trade Commission (the "FTC"), the Antitrust Division of the Department of Justice (the "DOJ"), the DOE or any
other Governmental Authority and of any communication received or given in connection with any proceeding by a private party, in each case regarding any of the transactions contemplated hereby; and
(iii)&nbsp;permit the other party to review any communication given by it to, and consult with each other in advance of any meeting or conference with, the FTC, the DOJ, the DOE or any other
Governmental Authority or, in connection with any proceeding by a private party, with any other person, and to the extent permitted by the FTC, the DOJ, the DOE or such other applicable Governmental
Authority or other person, give the other party the opportunity to attend and participate in such meetings and conferences. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
furtherance and not in limitation of the covenants of the parties contained in Sections 7.2(a) and (b), if any objections are asserted with respect to the
transactions contemplated hereby under any Law or if any suit is instituted (or threatened to be instituted) by the FTC, the DOJ or any other applicable Governmental Authority or any private party
challenging any of the transactions contemplated hereby as violative of any Law or which would otherwise prevent, materially impede or materially delay the consummation of the transactions
contemplated hereby, each of Parent, Merger Sub and the Company shall use its reasonable best efforts to resolve any such objections or suits so as to permit consummation of the transactions
contemplated by this Agreement, including in order to resolve such objections or suits which, in any case if not resolved, would reasonably be expected to prevent, materially impede or materially
delay the consummation of the Offer or the Merger or the other transactions contemplated hereby, including selling, holding separate or otherwise disposing of or conducting its business in a manner
which would resolve such objections or suits or agreeing to sell, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=263325,FOLIO='36',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_37"> </A>
<BR>

<P><FONT SIZE=2>hold
separate or otherwise dispose of or conduct its business in a manner which would resolve such objections or suits or permitting the sale, holding separate or other disposition of, any of its
assets or the assets of its Subsidiaries or the conducting its business in a manner which would resolve such objections or suits, so long as such actions, individually or in the aggregate, do not
have, and would not be reasonably likely to have, a Material Adverse Effect on the Company; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the Company may expressly condition
any such sale, holding separate or other disposal, and any agreement to take any such action or to conduct its business in any manner, upon consummation of the Offer or the Merger and the other
transactions contemplated hereby; and </FONT><FONT SIZE=2><I>provided, further, however</I></FONT><FONT SIZE=2>, that in no event shall any member or other holder of interests in Parent, or any
Affiliate of any member of Parent, be required to take any action with respect to any portfolio company or agree to undertake any divestiture or restrict its conduct with regard to any business other
than the business of the Company and its Subsidiaries. Without excluding other possibilities, the transactions contemplated by this Agreement shall be deemed to be materially delayed if unresolved
objections or suits delay or would reasonably be expected to delay the consummation of the transactions contemplated hereby beyond the End Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Subject
to the obligations under Section&nbsp;7.2(c), in the event that any administrative or judicial action or proceeding is instituted (or threatened to be
instituted) by a Governmental Authority or private party challenging the Offer or the Merger or any other transaction contemplated by this Agreement, or any other agreement contemplated hereby, each
of Parent, Merger Sub and the Company shall cooperate in all respects with each other and use its respective reasonable best efforts to contest and resist any such action or proceeding and to have
vacated, lifted, reversed or overturned any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts
consummation of the transactions contemplated by this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Company and each of its Subsidiaries and Parent will cooperate with each other and will take all commercially reasonable steps, and proceed diligently and in good
faith (i)&nbsp;to submit any necessary amendments or revisions of the pre-acquisition review application for the Domestic Institution delivered to the DOE on March&nbsp;22, 2007, and
(ii)&nbsp;promptly to submit and make other applications, notices and submissions (or amendments to any of the foregoing previously submitted) with the DOE and other Education Departments and
Accrediting Bodies which must be filed prior to the Share Purchase Date, or Closing Date, as applicable, in order for the Company to obtain (a)&nbsp;all Education Department and Accrediting Body
approvals and permits which must be obtained prior to the Share Purchase Date or Closing, as required, in order for the Domestic Institution and Foreign Institutions to operate as they are currently
operated and for the Domestic Institution and Foreign Institutions to participate in all of the Student Financial Assistance Programs, including the Title IV Programs, under the ownership of the
Surviving Corporation (collectively, the "</FONT><FONT SIZE=2><I>Pre-Acquisition Education Consents</I></FONT><FONT SIZE=2>", identified as such in Section&nbsp;7.2(e)(i)&nbsp;of the
Company Disclosure Letter), and (b)&nbsp;all Education Department and Accrediting Body approvals and permits which must be obtained after the Share Purchase Date or Closing, as required, in order
for the Domestic Institution and Foreign Institutions to operate as they are currently operated and for the Domestic Institution and Foreign Institutions to participate in all of the Student Financial
Assistance Programs, including the Title IV Programs, under the ownership of the Surviving Corporation (collectively, the "</FONT><FONT SIZE=2><I>Post-Acquisition Education
Consents</I></FONT><FONT SIZE=2>", identified as such in Section&nbsp;7.2(e)(ii)&nbsp;of the Company Disclosure Letter); provided, however, that the Company (including any of its Subsidiaries)
shall not file any application, notice or other submission to the DOE, any Education Department or any Accrediting Body without providing Parent a reasonable opportunity to review such application,
notice or other submission and without obtaining the consent of Parent (which consent shall not be unreasonably withheld or delayed); provided, further, however, that the Company shall be solely
responsible for the submission of all such applications, notices and submissions, subject only to the right of Parent and Merger Sub to review and consent to such applications, notices and submissions
as provided for in this Section&nbsp;7.2(e). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=37,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=748766,FOLIO='37',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_38"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, in connection with obtaining any approval or consent from any Person with respect to the Offer, the Merger or
any of the other transactions contemplated hereby, (i)&nbsp;without the prior written consent of Parent (which shall not be unreasonably withheld or delayed), none of the Company or any of its
Subsidiaries shall pay or commit to pay to such Person whose approval or consent is being solicited any cash or other consideration, make any commitment or incur any liability or other obligation due
to such Person, other than standard Governmental application, filing or registration fees, and (ii)&nbsp;no party or its Affiliates shall be required to pay or commit to pay to such Person whose
approval or consent is being solicited any cash or other consideration, make any commitment or to incur any liability or other obligation (provided, however, that such party shall give the other
parties hereto the opportunity to make such payments). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;In
furtherance and not in limitation of the covenants of the parties contained in Sections 7.2(a) and (b), at the request of Parent at any time after the date of this
Agreement, the Company will establish a record date, as specified by Parent, for providing notice of the Short Form Merger in compliance with applicable Law, take all action necessary or desirable to
effect the mailing of such notice as directed by Parent and use its reasonable best efforts to take any related actions reasonably requested by Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Access to Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to applicable Law, the Company will provide and
will cause its Subsidiaries and its and their respective Representatives to provide Parent and Merger Sub and their respective authorized Representatives, during normal business hours and upon
reasonable advance notice (i)&nbsp;such access to the offices, properties, books and records of the Company and such Subsidiaries (so long as such access does not unreasonably interfere with the
operations of the Company) as Parent or Merger Sub reasonably may request and (ii)&nbsp;all documents that Parent or Merger Sub reasonably may request. Notwithstanding the foregoing, Parent, Merger
Sub and their Representatives shall not have access to any books, records, documents and other information (i)&nbsp;to the extent that such books, records, documents or other information are subject
to the terms of a confidentiality agreement with a third party (provided that the Company shall use its reasonable best efforts to obtain waivers under such agreements or implement requisite
procedures to enable reasonable access without violating such agreement), (ii)&nbsp;to the extent that the disclosure thereof would result in the loss of attorney-client privilege, (iii)&nbsp;to
the extent required by applicable Law (provided that the Company shall use its reasonable best efforts to enable the provision of reasonable access without violating such law) or (iv)&nbsp;to the
extent relating to pricing or other matters that are highly sensitive if the exchange of such books, records, documents or other information (or portions thereof), as reasonably determined by the
Company's counsel, would be reasonably likely to result in antitrust difficulties for the Company (or any of its Affiliates). The parties will make appropriate substitute arrangements under
circumstances in which the restrictions of the preceding sentence apply. All information exchanged pursuant to this Section&nbsp;7.3(a) shall be subject to the Confidentiality Agreements and the
Sterling Confidentiality Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;No
investigation by any of the parties or their respective Representatives shall affect the representations or warranties of the other set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Solicitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;[Reserved.]
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Subject
to Section&nbsp;7.4(c), until the Effective Time or, if earlier, the termination of this Agreement in accordance with Article&nbsp;IX, none of the Company,
the Company's Subsidiaries nor any of their respective Representatives shall, directly or indirectly, (A)&nbsp;initiate, solicit or encourage (including by way of providing information) the
submission of any inquiries, proposals or offers that constitute or may reasonably be expected to lead to, any Company Acquisition Proposal or engage in any discussions or negotiations with respect
thereto or otherwise knowingly cooperate with or knowingly assist or participate in, or knowingly facilitate any such inquiries, proposals, discussions or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=38,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=120211,FOLIO='38',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_39"> </A>
<BR>

<P><FONT SIZE=2>negotiations
(including by exempting any Person from any applicable Takeover Statute), or (B)&nbsp;approve or recommend, or propose to approve or recommend, a Company Acquisition Proposal or enter
into any merger agreement, letter of intent, agreement in principle, share purchase agreement, asset purchase agreement or share exchange agreement, option agreement or other similar agreement
providing for or relating to a Company Acquisition Proposal or enter into any agreement or agreement in principle requiring the Company to abandon, terminate or fail to consummate the transactions
contemplated hereby or breach its obligations hereunder or propose or agree to do any of the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in Section&nbsp;7.4(b), if at any time prior to the Acceptance Date, (i)&nbsp;the Company has received a written
Company Acquisition Proposal from a third party that the Board of Directors of the Company (acting through the Special Committee, if such committee still exists, or otherwise by resolution of a
majority of its Disinterested Directors) believes in good faith to be bona fide and (ii)&nbsp;the Board of Directors of the Company (acting through the Special Committee, if such committee still
exists, or otherwise by resolution of a majority of its Disinterested Directors) determines in good faith, after consultation with its independent financial advisors and outside counsel, that such
Company Acquisition Proposal constitutes or could reasonably be expected to result in a Superior Proposal, then the Company may (A)&nbsp;furnish information with respect to the Company and its
Subsidiaries to the Person making such Company Acquisition Proposal and (B)&nbsp;participate in discussions or negotiations with the Person making such Company Acquisition Proposal regarding such
Company Acquisition Proposal; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that the Company (x)&nbsp;will not, and will not allow Company Representatives to, disclose any
non-public information to such Person without entering into an Acceptable Confidentiality Agreement, and (y)&nbsp;will promptly provide to Parent and Merger Sub any material
non-public information concerning the Company or its Subsidiaries provided to such other Person which was not previously provided to Parent and Merger Sub. The Company shall promptly
(within one Business Day) notify Parent and Merger Sub in the event it receives a Company Acquisition Proposal from a Person or group of related Persons, including the material terms and conditions
thereof and the identity of the party making such proposal or inquiry, and shall keep Parent and Merger Sub reasonably apprised as to the status and any material developments, discussions and
negotiations concerning the same. Without limiting the foregoing, the Company shall promptly (within one Business Day) notify Parent and Merger Sub orally and in writing if it determines to begin
providing information or to engage in negotiations concerning a Company Acquisition Proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Subject
to Section&nbsp;7.4(e), neither the Board of Directors of the Company nor any committee thereof shall directly or indirectly (i)&nbsp;withdraw or modify in a
manner adverse to Parent or Merger Sub, or publicly propose to withdraw or modify in a manner adverse to Parent or Merger Sub, the Recommendation or (ii)&nbsp;take any other action or make any other
public statement in connection with the Offer or the Company Stockholder Meeting inconsistent with such Recommendation. None of the Board of Directors of the Company, any committee thereof or the
Company itself, shall agree with any Person to limit or not to give prior notice to Parent and Merger Sub of its intention to effect a Recommendation Withdrawal or to terminate this Agreement in light
of a Superior Proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Agreement to the contrary, if, at any time prior to the Acceptance Date, the Company receives a Company Acquisition Proposal which the
Board of Directors of the Company (acting through the Special Committee, if such committee still exists, or otherwise by resolution of a majority of its Disinterested Directors) concludes in good
faith constitutes a Superior Proposal, the Board of Directors of the Company (acting through the Special Committee, if such committee still exists, or otherwise by resolution of a majority of its
Disinterested Directors) may withdraw or modify its Recommendation in a manner adverse to Parent and Merger Sub ("</FONT><FONT SIZE=2><I>Recommendation Withdrawal</I></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2><I>provided, however</I></FONT><FONT
SIZE=2>, that the Board of Directors of the Company (acting through the Special Committee, if such committee still exists, or otherwise by
resolution of a majority of its Disinterested Directors) may not effect a Recommendation Withdrawal pursuant to this </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=563740,FOLIO='39',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_40"> </A>
<BR>

<P><FONT SIZE=2>Section&nbsp;7.4(e)
unless: (i)&nbsp;the Company has provided prior written notice to Parent and Merger Sub, at least five calendar days in advance (the "</FONT><FONT SIZE=2><I>Notice
Period</I></FONT><FONT SIZE=2>"), of its intention to effect a Recommendation Withdrawal in response to such Superior Proposal, which notice shall specify the material terms and conditions of any such
Superior Proposal (including the identity of the party making such Superior Proposal), and has contemporaneously provided a copy of the relevant proposed transaction agreements with the party making
such Superior Proposal and other material documents; and (ii)&nbsp;prior to effecting such Recommendation Withdrawal, the Company has, and has caused its financial and legal advisors to, during the
Notice Period, negotiate with Parent and Merger Sub in good faith (to the extent Parent and Merger Sub desire to negotiate) to make such adjustments in the terms and conditions of this Agreement so
that such Company Acquisition Proposal ceases to constitute a Superior Proposal. In the event of any material revisions to the applicable Superior Proposal, the Company shall be required to deliver a
new written notice to Parent and Merger Sub and to comply with the requirements of this Section&nbsp;7.4(e) with respect to such new written notice (to the extent so required), except that the
Notice Period shall be reduced to three Business Days. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Section&nbsp;7.4 or elsewhere in this Agreement shall prohibit the Company, prior to the Acceptance Date, from (i)&nbsp;taking and
disclosing to its stockholders a position contemplated by Rule&nbsp;14d-9 and 14e-2(a) promulgated under the Exchange Act or (ii)&nbsp;making any disclosure to the
Company's stockholders if, in the good faith judgment of the Board of Directors (acting through the Special Committee, if such committee still exists, or otherwise by resolution of a majority of its
Disinterested Directors), after receipt of advice from its outside legal counsel, failure so to disclose would be inconsistent with disclosure requirements under applicable Law; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, any such
disclosure made pursuant to clause&nbsp;(i) or (ii)&nbsp;(other than a "stop, look and listen" letter or similar communication of
the type contemplated by Rule&nbsp;14d-9(f) under the Exchange Act) shall be deemed to be a Recommendation Withdrawal unless the Board of Directors of the Company (acting through the
Special Committee, if such committee still exists) expressly reaffirms in such disclosure the Recommendation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;The
Company agrees that any violations of the restrictions set forth in this Section&nbsp;7.4 by any Representative of the Company or any of its Subsidiaries, shall be
deemed to be a breach of this Section&nbsp;7.4 by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;As
used in this Agreement, the term: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>"Acceptable Confidentiality Agreement"</I></FONT><FONT SIZE=2> means a confidentiality and standstill agreement that contains provisions that are
no less favorable in the aggregate to the Company than those contained in the Sterling Confidentiality Agreement, </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that an Acceptable
Confidentiality Agreement may include provisions that are less favorable in the aggregate to the Company than those contained in the Sterling Confidentiality Agreement, so long as the Company offers
to amend the Confidentiality Agreements and the Sterling Confidentiality Agreement concurrently with execution of such Acceptable Confidentiality Agreement to include substantially similar provisions
for the benefit of the parties thereto; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>"Company Acquisition Proposal"</I></FONT><FONT SIZE=2> means any inquiry, proposal or offer from any Person or group of Persons other than
Parent, Merger Sub or their respective Affiliates relating to any direct or indirect acquisition or purchase (whether in a single transaction or a series of transactions) of a business or businesses
that constitutes 30% or more of the net revenues, net income or assets of the Company and its Subsidiaries, taken as a whole, or 30% or more of any class or series of Company Securities or Subsidiary
Securities, any tender offer or exchange offer that if consummated would result in any Person or group of Persons beneficially owning 30% or more of any class or series of Company Securities or
Subsidiary Securities, or any merger, reorganization, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving the Company (or
any Subsidiary or Subsidiaries of the Company </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>

<!-- ZEQ.=5,SEQ=40,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=357487,FOLIO='40',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_41"> </A>
<UL>
<BR>

<P><FONT SIZE=2>whose
business or businesses constitute(s) 30% or more of the net revenues, net income or assets of the Company and its Subsidiaries, taken as a whole); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>"Superior Proposal"</I></FONT><FONT SIZE=2> means a Company Acquisition Proposal, which was not obtained in violation of this
Section&nbsp;7.4, and which the Board of Directors of the Company (acting through the Special Committee, if such committee still exists, or otherwise by resolution of a majority of its Disinterested
Directors) in good faith determines, would, if consummated, result in a transaction that is more favorable from a financial point of view to the stockholders of the Company (in their capacities as
stockholders) than the transactions contemplated hereby (x)&nbsp;after receiving the advice of its financial advisor (who shall be a nationally recognized investment banking firm), (y)&nbsp;after
taking into account the likelihood of consummation of such transaction on the terms set forth therein (as compared to the terms herein) and (z)&nbsp;after taking into account all appropriate legal
(with the advice of outside counsel), financial (including the financing terms of any such proposal), regulatory or other aspects of such proposal; provided that for purposes of the definition of
"</FONT><FONT SIZE=2><I>Superior Proposal</I></FONT><FONT SIZE=2>", the references to "30% or more" in the definition of Company Acquisition Proposal shall be deemed to be references to "a majority"
and the definition of Company Acquisition Proposal shall only refer to a transaction or series of transactions (i)&nbsp;directly involving the Company (and not exclusively its Subsidiaries) or
(ii)&nbsp;involving a sale or transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Director and Officer Liability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;From
and after the Share Purchase Date, the Company (and following the Effective Time, the Surviving Corporation) shall to the greatest extent permitted by Law indemnify
and hold harmless and comply with all of the Company's and its respective Subsidiaries' obligations to indemnify and hold harmless (including any obligations to advance funds for expenses)
(i)&nbsp;the present and former officers and directors thereof against any and all costs or expenses (including reasonable attorneys' fees and expenses), judgments, fines, losses, claims, damages,
liabilities and amounts paid in settlement in connection with any actual or threatened claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative
("</FONT><FONT SIZE=2><I>Damages</I></FONT><FONT SIZE=2>"), arising out of, relating to or in connection with any acts or omissions occurring or alleged to occur prior to or at the Share Purchase
Date to the extent provided under the Company's or such Subsidiaries' respective organizational and governing documents or agreements in effect on the Original Date, including the approval of the
Original Merger Agreement, this Agreement, the Merger or the other transactions contemplated by this Agreement or arising out of or pertaining to the transactions contemplated by this Agreement; and
(ii)&nbsp;such persons against any and all Damages arising out of acts or omissions in connection with such persons serving as an officer, director or other fiduciary in any entity if such service
was at the request or for the benefit of the Company or any of its Subsidiaries. For a period of six years after the Share Purchase Date, the Company or Surviving Corporation shall cause to be
maintained in effect the current policies of officers' and directors' liability insurance maintained on the Original Date by the Company and its respective Subsidiaries (the
"</FONT><FONT SIZE=2><I>Current Policies</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the Surviving Corporation may, and in the event of the
cancellation or termination of such policies shall, substitute therefor policies with reputable and financially sound carriers providing at least the same coverage and amount and containing terms and
conditions that are no less favorable to the covered persons (the "</FONT><FONT SIZE=2><I>Replacement Policies</I></FONT><FONT SIZE=2>") in respect of claims arising from facts or events that existed
or occurred prior to or at the Share Purchase Date under the Current Policies; </FONT><FONT SIZE=2><I>provided, further, however</I></FONT><FONT SIZE=2>, that in no event will the Surviving
Corporation be required to expend annually in excess of 300% of the annual premium currently paid by the Company under the Current Policies (the "</FONT><FONT SIZE=2><I>Insurance
Amount</I></FONT><FONT SIZE=2>") (in which event, the Surviving Corporation shall obtain as much comparable insurance as available for the Insurance Amount); </FONT><FONT SIZE=2><I>provided, further,
however</I></FONT><FONT SIZE=2>, that in lieu of the foregoing insurance coverage, Parent may direct the Company to purchase "tail" insurance coverage that provides coverage no less favorable than the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=41,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=489377,FOLIO='41',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_42"> </A>
<BR>

<P><FONT SIZE=2>coverage
described above, provided that the Company shall not be required to pay any amounts in respect of such coverage prior to the Share Purchase Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;This
Section&nbsp;7.5 shall survive the consummation of the Offer and the Merger and is intended to be for the benefit of, and shall be enforceable by, present or
former directors or officers of the Company or its Subsidiaries, their respective heirs and personal representatives and shall be binding on the Surviving Corporation and its successors and assigns.
In the event that the Surviving Corporation or any of its successors or assigns (i)&nbsp;consolidates with or merges into any other Person and is not the continuing or surviving corporation or
entity of such consolidation or merger or (ii)&nbsp;transfers or conveys all or substantially all its properties and assets to any person (including by dissolution), then, and in each such case,
Parent shall cause proper provision to be made so that the successors and assigns of the Surviving Corporation assume and honor the obligations set forth in this Section&nbsp;7.5. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
agreements and covenants contained herein shall not be deemed to be exclusive of any other rights to which any such present or former director or officer is
entitled, whether pursuant to Law, contract or otherwise. Nothing in this Agreement is intended to, shall be construed to or shall release, waive or impair any rights to directors' and officers'
insurance claims under any policy that is or has been in existence with respect to the Company or any of its Subsidiaries or their respective officers, directors and employees, it being understood and
agreed that the indemnification provided for in this Section&nbsp;7.5 is not prior to or in substitution for any such claims under any such policies. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Takeover Statutes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties shall use their respective reasonable best efforts
(i)&nbsp;to take all action necessary so that no Takeover Statute is or becomes applicable to the Offer, the Merger, the Tender Agreements, the Voting Agreement or any of the other transactions
contemplated by this Agreement or such other agreements and (ii)&nbsp;if any such Takeover Statute is or becomes applicable to any of the foregoing, to take all action necessary so that the Offer,
the Merger, the Tender Agreements, the Voting Agreement and the other transactions contemplated by this Agreement or such other agreements may be consummated as promptly as practicable on the terms
contemplated by this Agreement or such other agreements and otherwise to minimize the effect of such Takeover Statute on the Offer, the Merger, the Tender Agreements, the Voting Agreement and the
other transactions contemplated by this Agreement or such other agreements. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.7</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Public Announcements</I></FONT><FONT SIZE=2>. Except with respect to any
Recommendation Withdrawal or any action taken by the Company or its Board of Directors pursuant to, and in accordance with, Section&nbsp;7.4, so long as this Agreement is in effect, the parties will
consult with each other before issuing any press release or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press release or
public statement as may be required by applicable Law, court process or any listing agreement with the Nasdaq Global Select Market, will not issue any such press release or make any such public
statement without the consent of the other parties (not to be unreasonably withheld or delayed). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Employee Matters.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Without
limiting any additional rights that any Company Employee employed by the Company or any of its Subsidiaries at the Share Purchase Date
("</FONT><FONT SIZE=2><I>Current Employee</I></FONT><FONT SIZE=2>") may have under any Company Benefit Plan, Employment Agreement or collective bargaining agreement, Parent shall cause the Company
(and, following the Effective Time, the Surviving Corporation) and each of its Subsidiaries, for the period commencing on the Share Purchase Date and ending on the first anniversary thereof, to
maintain for each Current Employee (i)&nbsp;base salary or hourly wage rate, target cash bonus opportunities under annual programs and commissions, but excluding equity and equity equivalents
(collectively, "</FONT><FONT SIZE=2><I>Compensation</I></FONT><FONT SIZE=2>"), that in the aggregate is no less favorable than, and (ii)&nbsp;severance, pension and welfare benefits that in the
aggregate are no less favorable than, in the case of the foregoing clauses (i)&nbsp;and (ii), the Compensation and benefits maintained for and provided to such Current Employee immediately prior to
the Share Purchase Date; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that, subject </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=42,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=709871,FOLIO='42',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_li45203_1_43"> </A>
<BR>

<P><FONT SIZE=2>to
the obligations set forth in this Section&nbsp;7.8, nothing herein shall (A)&nbsp;prevent the amendment or termination of any Company Benefit Plans in accordance with their respective terms, or
(B)&nbsp;interfere with the Company's or the Surviving Corporation's right or obligation to make such changes as are necessary to conform with applicable Law. Nothing in this Section&nbsp;7.8
shall limit the right of Parent, the Company, the Surviving Corporation or any of their Subsidiaries to terminate the employment of any Current Employee at any time in a manner consistent with any
applicable contractual obligations and any applicable employee benefit plans. The provisions in this Section&nbsp;7.8(a) are in addition to any effect Section&nbsp;7.8(c) may have on Compensation
and benefits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;As
of and after the Share Purchase Date, Parent will, or will cause the Company or the Surviving Corporation to, give each Current Employee full credit for purposes of
eligibility to participate and vesting (but not for benefit accrual purposes, except for purposes of vacation and severance) under any Employee Benefit Plans and any other employee compensation and
incentive plans, benefit (including vacation) plans, programs, policies and arrangements, in each case maintained for the benefit of Current Employees as of and after the Share Purchase Date by
Parent, its Subsidiaries or the Surviving Corporation (each, a "</FONT><FONT SIZE=2><I>Parent Plan</I></FONT><FONT SIZE=2>") for such Current Employee's service prior to the Share Purchase Date with
the Company and its Subsidiaries and their predecessor entities, to the same extent such service is recognized by the Company or its Subsidiaries immediately prior to the Share Purchase Date except to
the extent such credit would result in an unintended duplication of benefits. With respect to each Parent Plan that is a "welfare benefit plan" (as defined in Section&nbsp;3(1) of ERISA), Parent or
its Subsidiaries shall (i)&nbsp;cause there to be waived any pre-existing condition or eligibility limitations or exclusions and actively-at-work requirements
with respect to the Current Employees and their eligible dependents to the extent waived under any Company Benefit Plan and (ii)&nbsp;give effect, for the year in which the Closing occurs, for
purposes of satisfying any deductible and maximum out-of-pocket limitations, to the extent credited under any Company Benefit Plan, to claims incurred and amounts paid by, and
amounts reimbursed to, Current Employees and their eligible dependents under similar plans maintained by the Company and its Subsidiaries in which such Current Employees and their eligible dependents
participated immediately prior to the Share Purchase Date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=43,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=576876,FOLIO='43',FILE='DISK121:[07ZBX3.07ZBX45203]LI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lk45203_1_44"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;From and after the Share Purchase Date, Parent will cause the Company or the Surviving Corporation and all of their Subsidiaries to assume and honor, in accordance with
their respective terms, (i)&nbsp;each employment, change in control, severance and termination plan, policy or agreement of or between the Company or any of its Subsidiaries, on the one hand, and
any officer, director or employee of that company, on the other hand and (ii)&nbsp;each deferred compensation and bonus plan, program or agreement in the case of each of the foregoing clauses
(i)&nbsp;and (ii), to the extent listed on Section&nbsp;7.8 of the Company Disclosure Letter and legally binding on the Company or any of its Subsidiaries, with appropriate adjustments to reflect
the effects of the Merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;[Reserved.]
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
provisions of this Section&nbsp;7.8 are for the sole benefit of the parties to this Agreement and nothing herein, express or implied, is intended or shall be
construed to confer upon or give to any person (including for the avoidance of doubt any Company Employees), other than the parties hereto and their respective permitted successors and assigns, any
legal or equitable or other rights or remedies (with respect to the matters provided for in this Section&nbsp;7.8) under or by reason of any provision of this Agreement nor shall any provision of
this Section&nbsp;7.8 constitute an amendment or modification of any of the Company Benefit Plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If
at any time prior to the Acceptance Date the Company or Parent identifies any Compensation Arrangements that were not covered by the resolutions described in
Section&nbsp;4.14(d), the Company shall use reasonable best efforts to cause the Compensation Committee of the Board of Directors to adopt resolutions with respect to such identified Compensation
Arrangements comparable to the resolutions described in Section&nbsp;4.14(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At all times on or prior to the Effective Time, the Company shall
provide, and shall cause its Subsidiaries to, and shall use its reasonable best efforts to cause their respective Representatives, including legal and accounting advisors, to, provide all cooperation
reasonably requested by Parent in connection with the Financing and the other transactions contemplated by this Agreement, including (i)&nbsp;participation in a reasonable number of meetings,
presentations, road shows, due diligence sessions and sessions with rating agencies, (ii)&nbsp;assisting with the preparation of materials for rating agency presentations, offering documents,
private placement memoranda, bank information memoranda, prospectuses and similar documents required in connection with the Financing, (iii)&nbsp;(x)&nbsp;executing and delivering any pledge and
security documents or currency or interest hedging arrangements or otherwise reasonably facilitating the pledging of collateral, in each case effective on or after the Effective Time, and
(y)&nbsp;executing and delivering any other definitive financing documents or other certificates, legal opinions or documents as may be reasonably requested by Parent (including a certificate of the
chief financial officer of the Company or any Subsidiary with respect to solvency matters, customary authorization letters included in such syndication memoranda containing customary representations
regarding the information about the Company and its Subsidiaries included in such memoranda, and consents of accountants for use of their reports in any materials relating to the Debt Financing), in
each case effective on or after the Acceptance Date, (iv)&nbsp;furnishing Parent and its Financing sources as promptly as practicable with financial and other pertinent information regarding the
Company as may be reasonably requested by Parent, including all financial statements and financial data of the type required by Regulation&nbsp;S-X and Regulation&nbsp;S-K
under the Securities Act and of type and form customarily included in private placements under Rule&nbsp;144A of the Securities Act, including audits thereof to the extent so required, to consummate
the offering of debt securities contemplated by the Debt Financing Commitments at the time in the Company's fiscal year that such offering will be made, (v)&nbsp;using reasonable best efforts to
obtain accountants' comfort letters and legal opinions as reasonably requested by Parent, (vi)&nbsp;using its commercially reasonable efforts to provide monthly financial statements (excluding
footnotes) within 25&nbsp;days of the end of each month prior to the Closing Date, (vii)&nbsp;taking all actions reasonably necessary to (A)&nbsp;permit the prospective lenders involved in the
Financing to evaluate the Company's current assets, cash management and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=44,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=660802,FOLIO='44',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_45"> </A>
<BR>

<P><FONT SIZE=2>accounting
systems, policies and procedures relating thereto for the purpose of establishing collateral arrangements and (B)&nbsp;effective on or after the Acceptance Date, establish bank and other
accounts and blocked account agreements and lock box arrangements in connection with the foregoing, (viii)&nbsp;taking all other corporate actions reasonably necessary to permit the consummation of
the Debt Financing and to permit the proceeds thereof to be made available to Merger Sub or the Company, as applicable, (it being understood that (A)&nbsp;to the greatest extent practicable, the
actions contemplated by this Section&nbsp;7.9(a)(viii)&nbsp;shall not be required to be taken until immediately prior to the Acceptance Date and that prior to the taking of such actions, any
current member of the Board of Directors may resign and (B)&nbsp;if such member of the Board of Directors resigns, the failure of any such director to take any such action shall not constitute a
failure to satisfy an Offer Condition) and (ix)&nbsp;entering into one or more credit or other agreements on terms satisfactory to Parent in connection with the Debt Financing from time to time on
or after the Acceptance Date. Parent shall, promptly upon request by the Company, reimburse, or cause its Affiliates to reimburse, the Company for all reasonable and documented
out-of-pocket costs incurred by the Company or its Subsidiaries in connection with such cooperation and shall indemnify and hold harmless the Company, its Subsidiaries and
their respective Representatives for and against any and all losses suffered or incurred by them in connection with the arrangement of the Debt Financing and any information utilized in connection
therewith (other than information provided by the Company or the Subsidiaries). The Company hereby consents to the use of its and its Subsidiaries' logos in connection with the Debt Financing,
provided that such logos are used solely in a manner that is not intended to nor reasonably likely to harm or disparage the Company or the reputation or goodwill of the Company and its marks. All
non-public or otherwise confidential information regarding the Company obtained by Parent, Merger Sub or their Representatives pursuant to this Section&nbsp;7.9(a) shall be kept
confidential in accordance with the Confidentiality Agreements, except for such information contained in any offering memoranda referred to above and consented to by the Company (such consent not to
be unreasonably withheld or delayed). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of Parent and Merger Sub shall use its reasonable best efforts to arrange the Debt Financing as promptly as practicable on the terms and conditions described in the
Debt Financing Commitments, including using reasonable best efforts to (i)&nbsp;negotiate definitive agreements with respect thereto, (ii)&nbsp;to satisfy on a timely basis all conditions
applicable to Parent or Merger Sub in such definitive agreements that are within its control and (iii)&nbsp;from and after the Share Purchase Date, furnish Parent's Financing sources as promptly as
practicable with financial and other pertinent information regarding the Company as may be reasonably required pursuant to the Debt Financing Commitments, including all financial statements and
financial data of the type required by Regulation&nbsp;S-X and Regulation&nbsp;S-K under the Securities Act and of type and form customarily included in private placements
under Rule&nbsp;144A of the Securities Act, including audits thereof to the extent so required, to consummate the offering of debt securities contemplated by the Debt Financing Commitments at the
time in the Company's fiscal year that such offering will be made. Subject to the satisfaction (or waiver by Parent or Merger Sub) of the Offer Conditions, each of Parent and Merger Sub shall use its
reasonable best efforts to cause the lenders and the other Persons providing the Offer Financing to fund the Offer Financing as required by the terms thereof prior to the End Date (including by taking
enforcement action to cause such lenders and other Persons providing such Offer Financing to fund such Offer Financing). Subject to the satisfaction (or waiver by Parent) of the conditions set forth
in Article&nbsp;VIII, each of Parent and Merger Sub shall use its reasonable best efforts to cause the lenders and the other Persons providing the Financing contemplated in connection with the
Merger to fund such Financing as required by the terms thereof (including by taking enforcement action to cause such lenders and other Persons providing such Financing to fund such Financing). In the
event any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Financing Commitments, each of Parent and Merger Sub shall use its reasonable best efforts to
arrange to obtain alternative financing from alternative sources on terms no less favorable, taken as a whole, to Parent and Merger Sub (as determined in the reasonable judgment of Parent) as promptly
as </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=45,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=101041,FOLIO='45',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_46"> </A>
<BR>

<P><FONT SIZE=2>practicable
following the occurrence of such event. Parent and Merger Sub shall keep the Company reasonably apprised of material developments relating to the Financing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Neither
Parent nor Merger Sub shall agree to any amendments or modifications to, or grant any waivers of, any condition or other material provision under the Financing
Commitments without the consent of the Company if such amendments, modifications or waivers would impose new or additional conditions or otherwise amend, modify or waive any of the conditions to the
receipt of the Financing in a manner that would be reasonably likely to cause any material delay in the satisfaction of the conditions set forth in Annex A or Article&nbsp;VIII. Notwithstanding
anything in this Agreement to the contrary, one or more Debt Financing Commitments may be superseded at the option of Parent and Merger Sub after the Execution Date but prior to the Effective Time by
new debt financing commitments (the "</FONT><FONT SIZE=2><I>New Financing Commitments</I></FONT><FONT SIZE=2>") which replace existing Debt Financing Commitments; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that the terms of the New
Financing Commitments shall not (A)&nbsp;impose new or additional conditions to the receipt of the Financing as
set forth in the Debt Financing Commitments in any material respect or (B)&nbsp;be reasonably likely to cause any material delay in the satisfaction of the conditions set forth in
Article&nbsp;VIII. In such event, the term "</FONT><FONT SIZE=2><I>Financing Commitments</I></FONT><FONT SIZE=2>" as used herein shall be deemed to include the Financing Commitments that are not so
superseded at the time in question and the New Financing Commitments to the extent then in effect. In addition, if from or after the date of this Agreement, the financing contemplated by the New
Incremental Facilities and/or the Five-Year Credit Agreement are modified to permit borrowings for the purposes contemplated by the New Incremental Facilities, the obligations of the
Company pursuant to this Section&nbsp;7.9 shall also apply to the New Incremental Facilities (or any facilities committed in replacement thereof). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Parent
or any of its Affiliates may engage any agent, broker, investment banker, financial advisor or other provider of financing and may seek or obtain, or engage in
substantive discussions in respect of, any equity commitments or equity financing in respect of the Offer, the Merger or any of the other transactions contemplated hereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality Agreements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Parent acknowledges on behalf of its Affiliates and each
investor in Parent party to any Confidentiality Agreement or the confidentiality agreement dated September&nbsp;12, 2006, between Sterling and the Company (the "</FONT><FONT SIZE=2><I>Sterling
Confidentiality Agreement</I></FONT><FONT SIZE=2>") that such Affiliates and investors continue to be bound by such Confidentiality Agreements (including any "standstill" provisions therein), and the
parties hereto acknowledge and agree that this Agreement does not in any manner modify or limit the Company's or such Affiliate's rights under such agreements, except that each of the Confidentiality
Agreements and the Sterling Confidentiality Agreement shall be deemed to be amended to allow (x)&nbsp;the taking of any action permitted by this Agreement, including the formation of a "group"
(within the meaning of Section&nbsp;13(d)(3) of the Exchange Act) with financing sources or other Persons identified in Section&nbsp;7.9, the acquisition by each member of any such group of
beneficial ownership of securities of the Company held by all other group members, and the making of any necessary filings with respect to the formation of, and beneficial ownership of voting
securities of the Company by the members of, such a group and (y)&nbsp;to permit Parent, Merger Sub and their respective Affiliates to make "solicitations" of "proxies" to vote (as such terms are
used in Regulation&nbsp;14A promulgated under the Exchange Act) in favor of the approval of the Merger. The Confidentiality Agreements and the Sterling Confidentiality Agreements shall terminate
upon the Share Purchase Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Management.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In no event shall Parent or any of its Affiliates (which for purposes of this
Section shall be deemed to include each direct investor in Parent) enter into any arrangements that are effective prior to the Acceptance Date with any member of the Company's management or any other
Company Employee on terms that expressly prohibit or restrict such member of management or such Company Employee from discussing, negotiating or entering into any arrangements with any third </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=46,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=29822,FOLIO='46',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_47"> </A>
<BR>

<P><FONT SIZE=2>party
in connection with a transaction relating to the Company or its Subsidiaries or seek to do so. Parent shall cause its Affiliates to comply with the foregoing covenant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Resignation of Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Share Purchase Date, the Company will cause each
member of its Board of Directors (except to the extent agreed by Parent and the applicable member of the Company's Board of Directors) to execute and deliver a letter, which will not be revoked or
amended prior to such date, effectuating his or her resignation as a director of the Company effective on the Share Purchase Date and the appointment as members of the Board of Directors of the
Company of the individuals designated by Parent pursuant to Section&nbsp;1A.3(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Current Events.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and after the date of this Agreement until the Share Purchase
Date, the Company and Parent shall promptly notify each other orally and in writing of (i)&nbsp;the occurrence, or non-occurrence, of any event that, individually or in the aggregate,
would reasonably be expected to cause any condition to the obligations of any party to effect the Offer, the Merger and the other transactions contemplated by this Agreement not to be satisfied or
(ii)&nbsp;the failure of such party to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it pursuant to this Agreement which, individually or in the
aggregate, would reasonably be expected to result in any condition to the obligations of any party to effect the Offer, the Merger and the other transactions contemplated by this Agreement not to be
satisfied; provided, however, that the delivery of any notice pursuant to this Section&nbsp;7.13 shall not cure any breach of any representation or warranty requiring disclosure of such matter prior
to the date of this Agreement or otherwise limit or affect the remedies available hereunder to the party receiving such notice. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 Matters.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Expiration Date, the Company shall take all
necessary steps to approve in advance in accordance with the procedures set forth in Rule&nbsp;16b-3 promulgated under the Exchange Act and the Skadden, Arps, Slate, Meagher&nbsp;&amp;
Flom LLP SEC No-Action Letter (January&nbsp;12, 1999) any dispositions of Company Common Stock (including derivative securities with respect to Company Common Stock) resulting from the
transactions contemplated by this Agreement (other than pursuant to the Offer) by each officer or director of the Company who is subject to Section&nbsp;16 of the Exchange Act with respect to equity
securities of the Company such that such disposition will be exempt under Rule&nbsp;16b-3 promulgated under the Exchange Act. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Voting Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that as promptly as practicable after the date of this
Agreement it shall give stop transfer instructions to the transfer agent for the Common Stock as contemplated by Section&nbsp;5.2 of the Voting Agreement, to the extent Covered Shares (as defined
therein)
are held of record by the parties to the Voting Agreement and otherwise to the extent practicable in accordance with the procedures of the transfer agent. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lk45203_article_viii_conditions_to_the_merger"> </A>
<A NAME="toc_lk45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;VIII<BR>  </B></FONT><FONT SIZE=2><B><I>CONDITIONS TO THE MERGER</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to the Obligations of Each Party.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company, Parent and
Merger Sub to consummate the Merger are subject to the satisfaction of the following conditions: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Approval, Short Form Merger.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Merger and this Agreement shall have been approved
by the Stockholder Vote or (ii)&nbsp;all conditions of applicable Law required to be satisfied to effect the Merger as a Short Form Merger shall have been satisfied. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Injunctions or Restraints; Illegality.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No temporary restraining order, preliminary or permanent
injunction or other judgment or order issued by any court or agency of competent jurisdiction or other Law (each, a "</FONT><FONT SIZE=2><I>Restraint</I></FONT><FONT SIZE=2>") shall be in effect
which prohibits, restrains or renders illegal the consummation of the Merger (</FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that prior to asserting this condition, the party asserting this
condition shall have used its reasonable best efforts (in the manner </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=47,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=231208,FOLIO='47',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_48"> </A>
<UL>
<BR>

<P><FONT SIZE=2>contemplated
by Section&nbsp;7.2) to prevent the entry of any such Restraint and to appeal as promptly as possible any judgment that may be entered). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the Offer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Merger Sub shall have accepted for purchase and paid for the shares of Common Stock
tendered pursuant to the Offer in accordance with the terms hereof and thereof. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to the Obligations of Parent and Merger Sub.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligations of Parent and Merger
Sub to consummate the Merger are subject to the satisfaction or valid waiver of the following further condition: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Marketing Period shall have been completed; provided, however, that Parent and Merger Sub may
not rely on this condition (x)&nbsp;after October&nbsp;31, 2007 or (y)&nbsp;if the failure of the Marketing Period to have been completed is due to Parent's or Merger Sub's failure to comply
with its obligations under Section&nbsp;7.9(b)(iii). </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lk45203_article_ix_termination"> </A>
<A NAME="toc_lk45203_2"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;IX<BR>  </B></FONT><FONT SIZE=2><B><I>TERMINATION</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated and the Offer and Merger may be abandoned at
any time prior to the Effective Time (except as otherwise provided below and notwithstanding any prior approval of this Agreement by the stockholders of the Company): </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;prior
to the Acceptance Date, by mutual written consent of the Company, on the one hand, and Parent and Merger Sub, on the other hand; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;by
either the Company or Parent: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if,
the Acceptance Date shall not have occurred on or before September&nbsp;21, 2007 (the "End Date") unless the failure of the Acceptance Date to occur by such date
is principally the result of, or caused by, the failure of the party seeking to exercise such termination right to perform or observe any of the covenants or agreements of such party set forth in this
Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;if
any Restraint having the effect set forth in Section&nbsp;8.1(b) shall be in effect and shall have become final and nonappealable; </FONT> <FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the right to terminate this Agreement pursuant
to this Section&nbsp;9.1(b)(ii)&nbsp;shall not be available to any party
whose breach of any provision of this Agreement is the principal cause of or resulted in the application or imposition of such Restraint; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;at
any time after the 60<SUP>th</SUP> day following the date of commencement of the Offer, if, as of the then most recent Expiration Date occurring on or after such
date, all of the Offer Conditions (other than the Minimum Condition) were satisfied by 11:59 pm on the Business Day prior to the Expiration Date, and as of the expiration time on such Expiration Date,
the Minimum Condition is not satisfied; </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;by
the Company, prior to the Acceptance Date: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if
a breach of any representation, warranty, covenant or agreement on the part of Parent or Merger Sub set forth in this Agreement shall have occurred which would
prevent Parent or Merger Sub from consummating the transactions contemplated by this Agreement, and such breach is incapable of being
cured by the End Date; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the Company is not then in material breach of this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;at
any time after the date of this Agreement and prior to the Acceptance Date, the Company receives a Company Acquisition Proposal and the Board of Directors (acting
through the Special Committee if such committee still exists, or otherwise by resolution of a majority of its Disinterested Directors) shall have concluded in good faith that such Company Acquisition </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=48,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=438211,FOLIO='48',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_49"> </A>
<UL>
<BR>

<P><FONT SIZE=2>Proposal
constitutes a Superior Proposal; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the Company shall not terminate this Agreement pursuant to the foregoing clause
unless: (A)&nbsp;the Company shall also have complied with the proviso to the first sentence of Section&nbsp;7.4(e), reading, for purposes of this Section&nbsp;9.1(c)(ii), the proviso to the
first sentence of Section&nbsp;7.4(e) as if the words "effect a Recommendation Withdrawal" were replaced with the words "terminate this Agreement pursuant to Section&nbsp;9.1(c)(ii)"and
clause&nbsp;(ii) of the proviso to Section&nbsp;7.4(e) as if the words "effecting such Recommendation Withdrawal" were replaced with the words "terminating this Agreement pursuant to
Section&nbsp;9.1(c)(ii)," (B)&nbsp;the Company concurrently pays the Termination Fee payable pursuant to Section&nbsp;9.2(a); and (C)&nbsp;the Board of Directors of the Company concurrently
approves, and the Company concurrently enters into, a definitive agreement with respect to such Superior Proposal; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Merger
Sub fails to commence the Offer within the time period required by Section&nbsp;1A.1(a) or terminates or makes any change to the Offer in material violation
of the terms of this Agreement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;by
Parent or Merger Sub, prior to the Acceptance Date: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if
a breach of any representation, warranty, covenant or agreement on the part of the Company set forth in this Agreement shall have occurred which would cause any of
the conditions set forth in Annex A not to be satisfied, and such breach is incapable of being cured by the End Date; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that neither
Parent nor Merger Sub is then in material breach of this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;if
prior to the Acceptance Date the Board of Directors of the Company or any committee thereof (A)&nbsp;shall have effected a Recommendation Withdrawal, been deemed
to have effected a Recommendation Withdrawal pursuant to Section&nbsp;7.4(f) or publicly proposed to effect a Recommendation Withdrawal, or (B)&nbsp;shall have approved or recommended to the
stockholders of the Company a Company Acquisition Proposal other than the Offer and the Merger, or shall have resolved or publicly announced its intent to effect the foregoing; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
Company shall have willfully and materially breached the first sentence of Section&nbsp;7.4(d) or the proviso in Section&nbsp;7.4(f) in any respect adverse to
Parent and Merger Sub. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the event that this Agreement is terminated by the Company
pursuant to Section&nbsp;9.1(c)(ii)&nbsp;or by Parent or Merger Sub pursuant to Section&nbsp;9.1(d)(ii)(B) or Section&nbsp;9.1(d)(iii), then the Company shall pay as directed by Parent in
writing the Termination Fee, at or prior to the time of termination in the case of a termination pursuant to Section&nbsp;9.1.(c)(ii)&nbsp;or as promptly as possible (but in any event within four
Business Days) following termination of this Agreement in the case of a termination pursuant to Section&nbsp;9.1(d)(ii)(B) or Section&nbsp;9.1(d)(iii). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;In
the event that this Agreement is terminated by Parent or Merger Sub pursuant to Section&nbsp;9.1(d)(ii)(A) and, at any time after the date of this Agreement and
prior to the event giving rise to Parent's or Merger Sub's right to terminate this Agreement under Section&nbsp;9.1(d)(ii)(A), a Company Acquisition Proposal shall have been publicly announced or
otherwise communicated or made known to any executive officer or director of the Company (or any person shall have publicly announced, or communicated or made known a bona fide intention, whether or
not conditional, to make a Company Acquisition Proposal), then the Company shall pay as directed by Parent in writing the Termination Fee as promptly as possible (but in any event within four Business
Days) following termination of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
the event that this Agreement is terminated by Parent or Merger Sub, on one hand, or the Company, on the other hand, pursuant to Section&nbsp;9.1(b)(iii)&nbsp;(or
could have been terminated under such section) and, at any time after the date of this Agreement and prior to the Expiration Date referred to in Section&nbsp;9.1(b)(iii), a Company Acquisition
Proposal shall have been publicly announced or otherwise </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=49,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=482882,FOLIO='49',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_50"> </A>
<BR>

<P><FONT SIZE=2>communicated
or made known to any executive officer or director of the Company (or any person shall have publicly announced, or communicated or made known a bona fide intention, whether or not
conditional, to make a Company Acquisition Proposal) prior to the Expiration Date referred to in 9.1(b)(iii), and, if within 12&nbsp;months after such termination, the Company or any of its
Subsidiaries enters into a definitive agreement with respect to, or consummates, any Company Acquisition Proposal (whether or not the same as that originally announced or consummated), then the
Company shall pay as directed by Parent in writing the Termination Fee, less the amount of any Parent Expenses previously paid to Parent by the Company, on the date of such execution or consummation
(provided that solely for purposes of this Section&nbsp;9.2(c), the term "Company Acquisition Proposal" shall have the meaning set forth in the definition of Company Acquisition Proposal contained
in Section&nbsp;7.4 except that all references to 30% shall be deemed to be references to 50%). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
the event that this Agreement is terminated by Parent or Merger Sub, on one hand, or the Company, on the other hand, pursuant to Section&nbsp;9.1(b)(iii)&nbsp;(or
could have been terminated under such section) under circumstances in which the Termination Fee is not then payable pursuant to this Section&nbsp;9.2, then the Company shall pay as directed by
Parent in writing as promptly as possible (but in any event within four Business Days) following receipt of an invoice therefor all of Parent's and Merger Sub's actual and reasonably documented
out-of-pocket fees and expenses (including reasonable legal fees and expenses) actually incurred by Parent, Merger Sub and their respective Affiliates on or prior to the
termination of this Agreement in connection with the transactions contemplated by this Agreement, which amount shall not be greater than $15,000,000 ("</FONT><FONT SIZE=2><I>Parent
Expenses</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the existence of circumstances which could require the Termination Fee subsequently to become payable
pursuant to Section&nbsp;9.2(c) shall not relieve the Company of its obligations to pay the Parent Expenses pursuant to this Section&nbsp;9.2(d); and </FONT><FONT SIZE=2><I>provided,
further</I></FONT><FONT SIZE=2> that the payment by the Company of Parent Expenses pursuant to this Section&nbsp;9.2(d) shall not relieve the Company of any subsequent obligation to pay the
Termination Fee pursuant to Section&nbsp;9.2(c) except to the extent indicated in such Section&nbsp;9.2(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Any
amount that becomes payable pursuant to Section&nbsp;9.2(a), 9.2(b), 9.2(c) or 9.2(d) shall be paid by wire transfer of immediately available funds to an account
designated by the recipient of such amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Company, on one hand, and Parent and Merger Sub, on the other hand, acknowledge that the agreements contained in this Section&nbsp;9.2 are an integral part of the
transactions contemplated by this Agreement, that without these agreements the Company, Parent and Merger Sub would not have entered into this Agreement, and that any amounts payable pursuant to this
Section&nbsp;9.2 do not constitute a penalty. If any amounts due pursuant to this Section&nbsp;9.2 are not paid within the time periods specified in this Section&nbsp;9.2, the party that fails
to make such payment shall pay the costs and expenses (including reasonable legal fees and expenses) incurred by the recipient party in connection with any action, including the filing of any lawsuit,
taken to collect payment of such amounts, together with interest on such unpaid amounts at the prime lending rate prevailing during such period as published in </FONT><FONT SIZE=2><I>The Wall Street
Journal</I></FONT><FONT SIZE=2>, calculated on a daily basis from the date such amounts were required to be paid until the date of actual payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effect of Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement is terminated pursuant to Section&nbsp;9.1, this
Agreement shall forthwith become null and void and there shall be no liability or obligation on the part of the Company, Parent, Merger Sub or their respective Subsidiaries or Affiliates hereunder,
except (i)&nbsp;Sections 7.3(a)(last sentence), 7.10, 7.11, 9.2, 9.3, 10.1, 10.3, 10.6, 10.11 and 10.13 (and, if the Share Purchase Date has occurred prior to such termination, Sections 7.5, 7.8 and
10.2) will survive the termination hereof and (ii)&nbsp;with respect to any liabilities for Damages incurred or suffered as a result of the willful and material breach by any other party of any of
its representations, warranties, covenants or other agreements set forth in this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=50,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=632066,FOLIO='50',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_51"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lk45203_article_x_miscellaneous"> </A>
<A NAME="toc_lk45203_3"> </A>
<BR></FONT><FONT SIZE=2><B>Article&nbsp;X<BR>  </B></FONT><FONT SIZE=2><B><I>MISCELLANEOUS</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests and other communications to any part hereunder shall be in
writing (including facsimile or similar writing) and shall be given: </FONT></P>

<UL>

<P><FONT SIZE=2>if
to Parent or Merger Sub, to: </FONT></P>

<P><FONT SIZE=2>Wengen
Alberta, Limited Partnership<BR>
9 West 57<SUP>th</SUP> Street, Suite 4200<BR>
New York, New York 10019<BR>
Attention: Brian Carroll<BR>
Fax: (212) 750-0003 </FONT></P>

<P><FONT SIZE=2>with
copies (which shall not constitute notice) to: </FONT></P>

<P><FONT SIZE=2>Simpson
Thacher &amp; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, New York 10017<BR>
Attention: David J. Sorkin<BR>
Fax: (212) 455-2502 </FONT></P>

<P><FONT SIZE=2>if
to the Company, to: </FONT></P>

<P><FONT SIZE=2>Laureate
Education, Inc.<BR>
1001 Fleet Street<BR>
Baltimore, Maryland 21202-4382<BR>
Attention: General Counsel<BR>
Fax: (410) 843-8544 </FONT></P>

<P><FONT SIZE=2>with
copies (which shall not constitute notice) to: </FONT></P>

<P><FONT SIZE=2>DLA
Piper US LLP<BR>
6225 Smith Avenue<BR>
Baltimore, Maryland 21209-3600<BR>
Attention: R. W. Smith, Jr.<BR>
Fax: (410) 580-3780 </FONT></P>

<P><FONT SIZE=2>if
to the Special Committee of the Board of Directors of the Company, to: </FONT></P>

<P><FONT SIZE=2>Laureate
Education, Inc.<BR>
1001 Fleet Street<BR>
Baltimore, Maryland 21202-4382<BR>
Attention: Chairman of the Special Committee<BR>
Fax: (410) 843-8544 </FONT></P>

<P><FONT SIZE=2>with
a copy (which shall not constitute notice) to: </FONT></P>

<P><FONT SIZE=2>Pillsbury
Winthrop Shaw Pittman LLP<BR>
2300 N Street, NW<BR>
Washington, DC 20037<BR>
Attention: Robert B. Robbins<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Thomas J. Plotz<BR>
Fax: (202) 663-8007 </FONT></P>

</UL>

<P><FONT SIZE=2>or
such other address or facsimile number as such party may hereafter specify by notice to the other parties hereto. Each such notice, request or other communication shall be effective (i)&nbsp;if
given by telecopier, when such telecopy is transmitted to the facsimile number specified above and electronic </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=51,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=956370,FOLIO='51',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lk45203_1_52"> </A>

<P><FONT SIZE=2>confirmation
of transmission is received or (ii)&nbsp;if given by any other means, when delivered at the address specified in this Section&nbsp;10.1. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Survival of Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the representations, warranties,
covenants and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Share Purchase Date, except for those covenants and agreements contained herein
and therein which by their terms apply in whole or in part after the Share Purchase Date and then only to such extent. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=52,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=41730,FOLIO='52',FILE='DISK121:[07ZBX3.07ZBX45203]LK45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lm45203_1_53"> </A> </FONT> <FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.3</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Expenses.</I></FONT><FONT SIZE=2> Except as otherwise
expressly provided in
Sections 7.9 and 9.2, all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.4</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Amendment.</I></FONT><FONT SIZE=2> This Agreement may be amended by the parties
hereto by action taken by or on behalf of their respective Boards of Directors (in the case of the Company, acting through the Special Committee, if such committee still exists, or otherwise by
resolution of a majority of its Disinterested Directors) at any time prior to the Effective Time, whether before or after approval of this Agreement by the Company stockholders; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that, after the Acceptance Date but prior to approval of this Agreement by the
Company stockholders, this Agreement may not be amended in a manner that would adversely affect the right of the Company's stockholders to receive the Merger Consideration; and, provided, further,
that, after approval of this Agreement by the Company stockholders, no amendment may be made which under applicable Maryland Law requires the further approval of the stockholders of the Company
without such further approval. This Agreement may not be amended except by an instrument in writing signed by the parties hereto. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.5</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Waiver.</I></FONT><FONT SIZE=2> At any time prior to the Effective Time, any
party hereto may (i)&nbsp;extend the time for the performance of any of the obligations or other acts of the other parties hereto, (ii)&nbsp;waive any inaccuracies in the representations and
warranties contained herein or in any document delivered pursuant hereto and (iii)&nbsp;subject to the requirements of applicable Law, waive compliance with any of the agreements or conditions for
the benefit of such party contained herein, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that prior to the Acceptance Date, for so long as the Special Committee exists, the Company may
not take any such action unless previously authorized by the Special Committee, or otherwise such action shall be taken by resolution of a majority of its Disinterested Directors. Any such extension
or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby. The failure of any party to assert any rights or remedies shall not constitute a
waiver of such rights or remedies. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.6</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Successors and Assigns.</I></FONT><FONT SIZE=2> The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that no party may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the other parties hereto (and any purported assignment without such consent shall be void and without effect), except that either Parent or
Merger Sub may assign all or any of its rights and obligations hereunder to any direct or indirect wholly owned Subsidiary of Parent; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that no such assignment shall relieve the assigning party of its obligations hereunder. Notwithstanding the foregoing, Parent may assign its
rights and obligations to any entity identified by Parent (or cause Parent to be removed as a party to this Agreement, in which case Merger Sub and the Company shall be the only parties to this
Agreement and Merger Sub shall assume the obligations of Parent hereunder), subject to Section&nbsp;10.4, if required to comply with the last sentence of Section&nbsp;7.2(e); provided
(i)&nbsp;any assignee of Parent (or if Parent is removed as a party to this Agreement, Merger Sub) has beneficial equity ownership consistent with that of Parent and (ii)&nbsp;any such assignment
does not
adversely affect the validity or enforceability of the Financing Commitments; and provided, further, that any such assignment or removal shall relieve Parent of its obligations hereunder. Without
limiting the foregoing, the parties acknowledge that it is the current intent of Parent and Merger Sub to have Merger Sub and another wholly owned Subsidiary of Parent serve as purchasers pursuant to
the Offer and that partial assignment of Merger Sub's (and, to the extent necessary, Parent's) obligations hereunder shall be permitted to effect such intent. The parties shall cooperate in good faith
to modify the terms of this Agreement to reflect such assignment or removal. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.7</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Governing Law.</I></FONT><FONT SIZE=2> This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.8</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Counterparts; Effectiveness; Third Party Beneficiaries.</I></FONT><FONT SIZE=2>
This Agreement may be executed by facsimile signatures and in any number of counterparts, each of which shall be an original, with the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=53,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=284763,FOLIO='53',FILE='DISK121:[07ZBX3.07ZBX45203]LM45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lm45203_1_54"> </A>
<BR>

<P><FONT SIZE=2>same
effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective only when actually signed by each party hereto and each such party has received
counterparts hereof signed by all of the other parties hereto. No provision of this Agreement is intended to or shall confer upon any Person other than the parties hereto any rights or remedies
hereunder or with respect hereto, except as otherwise expressly provided in Section&nbsp;7.5. Notwithstanding the immediately preceding sentence, (i)&nbsp;following the Effective Time, the
provisions of Article&nbsp;II shall be enforceable by holders of Common Stock or Company Equity Awards and (ii)&nbsp;if the Effective Time has not occurred by November&nbsp;7, 2007, then from
and after such date the provisions of Article&nbsp;II shall be enforceable by holders of Common Stock or Company Equity Awards holding, in the aggregate, at least 10% of the aggregate shares of
Common Stock then held by all holders other than Parent and its affiliates (assuming, for purposes of such calculation, the exercise of all then-outstanding Company Equity Awards). </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.9</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Severability.</I></FONT><FONT SIZE=2> If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by virtue of any Law, or due to any public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner so that the transactions contemplated hereby are fulfilled to the extent possible. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.10</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Entire Agreement.</I></FONT><FONT SIZE=2> This Agreement, together with the
Company Disclosure Letter, the Parent Disclosure Letter, the Cooperation Agreement, the Tender Agreements and the Voting Agreement, constitute the entire agreement of the parties hereto with respect
to its subject matter and supersedes all oral or written prior or contemporaneous agreements and understandings among the parties with respect to such subject matter. None of the parties shall be
liable or bound to any other party in any manner by any representations, warranties or covenants relating to such subject matter
hereof except as specifically set forth herein, in the Company Disclosure Letter, the Parent Disclosure Letter, the Cooperation Agreement, the Tender Agreements or the Voting Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.11
</FONT><FONT SIZE=2><I>Jurisdiction.</I></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Each
party irrevocably submits to the jurisdiction of (i)&nbsp;any Maryland State court, and (ii)&nbsp;any Federal court of the United States sitting in the State of Maryland,
solely for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Agreement or any transaction contemplated hereby. Each party agrees to commence
any suit, action or proceeding relating hereto either in any Federal court of the United States sitting in the State of Maryland or, if such suit, action or other proceeding may not be brought in such
court for reasons of subject matter jurisdiction, in any Maryland State court. Each party irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or proceeding
between any of the parties hereto arising out of this Agreement or any transaction contemplated hereby in (i)&nbsp;any Maryland State court, and (ii)&nbsp;any Federal court of the United States
sitting in the State of Maryland, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. Each party further irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, action or other
proceeding by the mailing of copies thereof by registered mail to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such
registered mail; provided that nothing in this Section&nbsp;10.11 shall affect the right of any party to serve legal process in any other manner permitted by law. The consent to jurisdiction set
forth in this Section&nbsp;10.11 shall not constitute a general consent to service of process in the State of Maryland and shall </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=54,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=693843,FOLIO='54',FILE='DISK121:[07ZBX3.07ZBX45203]LM45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_lm45203_1_55"> </A>
<UL>
<UL>

<P><FONT SIZE=2>have
no effect for any purpose except as provided in this Section&nbsp;10.11. The parties agree that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II)&nbsp;EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(III)&nbsp;EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV)&nbsp;EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 10.11. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.12</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Authorship.</I></FONT><FONT SIZE=2> The parties agree that the terms and
language of this Agreement were the result of negotiations between the parties and their respective advisors and, as a result, there shall be no presumption that any ambiguities in this Agreement
shall be resolved against any party. Any controversy over construction of this Agreement shall be decided without regard to events of authorship or negotiation. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.13</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Remedies</I></FONT><FONT SIZE=2>. Notwithstanding any other provision of this
Agreement (including Section&nbsp;9.2 and Section&nbsp;9.3), the parties hereto agree that irreparable damage would occur, damages would be difficult to determine and would be an insufficient
remedy and no other adequate remedy would exist at law or in equity, in each case in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms
or were otherwise breached (or any party hereto threatens such a breach). It is accordingly agreed that in the event of a breach or threatened breach of this Agreement, the other parties hereto shall
be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which they
are entitled at law or in equity. Each party hereto irrevocably waives any defenses based on adequacy of any other remedy, whether at law or in equity, that might be asserted as a bar to the remedy of
specific performance of any of the terms or provisions hereof or injunctive relief in any action brought therefor by any other party hereto. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[signature
page follows] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=55,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=542020,FOLIO='55',FILE='DISK121:[07ZBX3.07ZBX45203]LM45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the day and year first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Laureate Education,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT W. ZENTZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Robert W. Zentz</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Sr. V.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
WENGEN ALBERTA, LIMITED PARTNERSHIP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Wengen Investments Limited, its general partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BRIAN F. CARROLL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Brian F. Carroll</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
L CURVE SUB&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BRIAN F. CARROLL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Brian F. Carroll</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Signature page-Amended and Restated Agreement and Plan of Merger] </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=56,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=407558,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]LO45203A.;8',USER='MTITUSS',CD=';4-JUN-2007;11:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ma45203_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma45203_annex_a_conditions_of_the_offer"> </A>
<A NAME="toc_ma45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX A<BR>  CONDITIONS OF THE OFFER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions of the Offer, Merger Sub shall not be required to, and Parent shall not be required to cause Merger Sub to, accept for
payment or, subject to any applicable rules and regulations of the SEC, including, without limitation, Rule&nbsp;14e-1(c) promulgated under the Exchange Act, pay for any tendered shares
of Common Stock and, subject to the terms of the Agreement, may terminate or amend the Offer, if (i)&nbsp;there shall not be validly tendered and not properly withdrawn prior to the Expiration Date
for the Offer that number of shares of Common Stock which, when added to any shares of Common Stock already owned by Parent and its Subsidiaries, represents at least a majority of the total number of
outstanding shares of Common Stock on a "fully diluted basis" (which assumes conversion or exercise of all Company Equity Awards or other securities convertible into or exercisable or exchangeable for
shares of Common Stock, regardless of the conversion or exercise price, the vesting schedule or other terms thereof and, with respect to the Company Performance Shares, assumes that such awards shall
be earned at the maximum target level set forth in the applicable Company Stock Plan) on the Expiration Date (the "Minimum Condition"), or (ii)&nbsp;at any time on or after the date of this
Agreement and prior to the Acceptance Date, any of the following events shall occur (and, except in the case of the conditions set forth in paragraphs (e)&nbsp;or (f), be continuing): </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;there
shall be any Restraint in effect which prohibits, restrains or renders illegal the consummation of the Offer or the Merger; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;subject
to the preamble in Article&nbsp;IV, any of the representations and warranties (i)&nbsp;set forth in Section&nbsp;4.5 (other than Section&nbsp;4.5(d))
shall not be true and correct in all material respects as of the date applicable to such representation and warranty pursuant to Section&nbsp;1.3 and as of the Expiration Date as if made at and as
of such time and (ii)&nbsp;set forth in Article&nbsp;IV, other than those to which clause&nbsp;(i) above applies, shall not be true and correct (without giving effect to any qualification as to
"materiality" or "Material Adverse Effect" set forth therein, but, to avoid confusion, giving effect to the term "Material Subsidiary") as of the date applicable to such representation and warranty
pursuant to Section&nbsp;1.3 and as of the Expiration Date as if made at and as of such time, except in the case of this clause&nbsp;(ii) where the failure to be so true and correct, individually
and in the aggregate, has not had, and would not be reasonably likely to have, a Material Adverse Effect on the Company, provided in the case of each of clauses (i)&nbsp;and (ii)&nbsp;that
representations made as of a specific date other than the Original Date shall be required to be so true and correct subject to such qualifications as of such date only; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;the
Company shall have failed to perform in all material respects any of its obligations, or shall have failed to comply in all material respects with any of the
agreements and covenants, required to be performed by or complied with by it hereunder, and such failure to perform or comply shall not have been cured prior to the Expiration Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;the
Offer Financing shall not be available for borrowing in connection with consummation of the Offer (or the lenders party to the other Debt Financing Commitments shall
have advised Parent or Merger Sub that any portion of the remainder of the Debt Financing will not be available at the Effective Time), in either case on the terms and conditions set forth in the Debt
Financing Commitments, or upon terms and conditions that are no less favorable, in the aggregate, to Parent and Merger Sub (as determined in the reasonable judgment of Parent); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;any
event shall have occurred which would give Parent or Merger Sub the right to terminate the Agreement pursuant to Section&nbsp;9.1(d)(ii)&nbsp;or 9.1(d)(iii); </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;except
as otherwise contemplated by or specifically provided in the Agreement, since the date of the Original Merger Agreement, the Company or any of its Subsidiaries
shall have: </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=57,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=489804,FOLIO='A-1',FILE='DISK121:[07ZBX3.07ZBX45203]MA45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:47' -->
<A NAME="page_ma45203_1_2"> </A>
<UL>
<BR>

<P><FONT SIZE=2>(A)&nbsp;redeemed,
repurchased, prepaid, defeased, canceled, incurred or otherwise acquired, or modified in any material respect the terms of, indebtedness for borrowed money or assumed, guaranteed
or endorsed or otherwise become responsible for, whether directly, contingently or otherwise, the obligations of any Person, other than the incurrence, assumption, repayment or guarantee of
indebtedness in the ordinary course consistent with past practice, including any borrowings under the existing credit facilities of the Company and its Subsidiaries to fund working capital needs, and
such other actions taken in the ordinary course of business consistent with past practice; (B)&nbsp;pledged or otherwise encumbered shares of capital stock or other voting securities of the Company
or any of its Subsidiaries; or (C)&nbsp;mortgaged or pledged any of its material assets, tangible or intangible, or create, assume or suffer to exist any Lien thereupon (other than Permitted Liens); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;the
Agreement shall have been terminated in accordance with its terms; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;any
of the Tender Agreements shall have ceased to be in full force and effect other than due to any breach thereof by Parent or Merger Sub; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Parent
and Merger Sub shall not have received a certificate signed by a senior officer of the Company attesting to the condition set forth in clauses (b)&nbsp;and
(c)&nbsp;of this Annex A. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing conditions are for the benefit of Parent and Merger Sub and may be asserted by Parent or Merger Sub regardless of the circumstances giving rise to any such conditions and
may be waived by Parent or Merger Sub in whole or in part at any time and from time to time in their sole discretion (except, with respect to the Minimum Condition, to the extent expressly provided to
the contrary in Section&nbsp;1A.1(b)), in each case, subject to the terms of the Agreement and the applicable rules and regulations of the SEC. The failure by Parent or Merger Sub at any time to
exercise any of the foregoing rights shall not be deemed a waiver of such right and waiving such right with respect to any particular facts or circumstances shall not be deemed a waiver with respect
to any other facts or circumstances, and each right shall be deemed an ongoing right which may be asserted at any time and from time to time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=58,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=326661,FOLIO='A-2',FILE='DISK121:[07ZBX3.07ZBX45203]MA45203A.;4',USER='CARIASB',CD=';4-JUN-2007;10:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="07ZBX45203_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_la45203_1">AMENDED AND RESTATED AGREEMENT AND PLAN OF MERGER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la45203_2">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la45203_3">AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_la45203_4">ARTICLE I DEFINITIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lc45203_1">ARTICLE IA THE TENDER OFFER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lc45203_2">Article II THE MERGER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_le45203_1">Article III THE SURVIVING CORPORATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_le45203_2">Article IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lg45203_1">Article V REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lg45203_2">Article VI CONDUCT OF BUSINESS PENDING THE MERGER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lg45203_3">Article VII ADDITIONAL AGREEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lk45203_1">Article VIII CONDITIONS TO THE MERGER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lk45203_2">Article IX TERMINATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lk45203_3">Article X MISCELLANEOUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ma45203_1">ANNEX A CONDITIONS OF THE OFFER</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=TDIMIZI,SEQ=,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>a2178276zex-3_1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#07ZBX45203_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 3.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg45203_article_xv"> </A>
<A NAME="toc_kg45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XV    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg45203_certain_elections"> </A>
<A NAME="toc_kg45203_2"> </A></FONT> <FONT SIZE=2><B>CERTAIN ELECTIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Exemption from Control Share Acquisition Statute.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The provisions of
Sections 3-701 to 3-709 of the Maryland General Corporation Law shall not apply to any acquisition of shares of capital stock of the Corporation pursuant to transactions
contemplated by (i)&nbsp;that certain Amended and Restated Agreement and Plan of Merger by and among Laureate Education,&nbsp;Inc., Wengen Alberta, Limited Partnership and L Curve
Sub,&nbsp;Inc., (ii)&nbsp;that certain Voting Agreement by and among Wengen Alberta, Limited Partnership and the several stockholders of the Corporation party thereto and (iii)&nbsp;those
certain Tender Agreements by and between Wengen Alberta, Limited Partnership and each of the other parties thereto. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=592255,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]KG45203A.;6',USER='MTITUSS',CD=';4-JUN-2007;11:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="07ZBX45203_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kg45203_1">ARTICLE XV</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kg45203_2">CERTAIN ELECTIONS</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=TDIMIZI,SEQ=,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>a2178276zex-10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.1  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND
AMENDMENT dated as of June&nbsp;3, 2007 (this "</FONT><FONT SIZE=2><I>Amendment</I></FONT><FONT SIZE=2>"), to the Five-Year Credit Agreement dated as of
August&nbsp;16, 2006, as amended by the First Amendment dated as of October&nbsp;24, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the
"</FONT><FONT SIZE=2><I>Credit Agreement</I></FONT><FONT SIZE=2>"), among LAUREATE EDUCATION,&nbsp;INC., a Maryland corporation (the "</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>");
INICIATIVAS CULTURALES DE ESPA&Ntilde;A, SL, a Spanish limited liability company ("ICE" and, together with the Company, the "</FONT><FONT SIZE=2><I>Borrowers</I></FONT><FONT SIZE=2>"); the
LENDERS from time to time party thereto; JPMORGAN CHASE BANK, N.A., as Facility Agent (in such capacity, the "</FONT><FONT SIZE=2><I>Facility Agent</I></FONT><FONT SIZE=2>") and Collateral Agent; and
J.P. MORGAN EUROPE LIMITED, as London Agent. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS
the Borrowers have requested that the Lenders agree to amend certain provisions of the Credit Agreement and the Lenders party hereto, constituting the Required Lenders, are
willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties hereto hereby agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein have the meanings assigned to
them in the Credit Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment to the Credit Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the Amendment Effective Date (as defined below),
the Credit Agreement is hereby amended as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Article&nbsp;I
of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Accession
Agreement" means an Accession Agreement substantially in a form approved by the Company and the Facility Agent, among an Increasing Lender, the Company and the Facility Agent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Acquisition Agreement</I></FONT><FONT SIZE=2>" means the Amended and Restated Agreement and Plan of Merger to be executed by and among the Company, Parent and
Merger Sub, as may be further amended, supplemented, restated or otherwise modified from time to time pursuant to which, among other things, the Company would merge with Merger Sub, with the Company
as the surviving entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Commitment Increase</I></FONT><FONT SIZE=2>" has the meaning assigned to such term in Section&nbsp;2.08(d). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Holdings</I></FONT><FONT SIZE=2>" means Merger Sub and any other wholly-owned subsidiary of Parent to which Merger Sub's rights and obligations are assigned in
whole or in part pursuant to Section&nbsp;10.6 of the Acquisition Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Increasing Lender</I></FONT><FONT SIZE=2>" has the meaning assigned to such term in Section&nbsp;2.08(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Increase Effective Date</I></FONT><FONT SIZE=2>" has the meaning assigned to such term in Section&nbsp;2.08(d). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Initial Loans</I></FONT><FONT SIZE=2>" has the meaning assigned to such term in Section&nbsp;2.08(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Merger Sub</I></FONT><FONT SIZE=2>" means L Curve Sub&nbsp;Inc., a Maryland corporation and a direct subsidiary of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent</I></FONT><FONT SIZE=2>" means Wengen Alberta, Limited Partnership, an Alberta limited partnership. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Second Amendment</I></FONT><FONT SIZE=2>" means the Second Amendment to this Agreement dated as of June&nbsp;3, 2007. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Second Amendment Effective Date</I></FONT><FONT SIZE=2>" means the date on which the conditions to the effectiveness of the Second Amendment were satisfied or
waived in accordance with the terms thereof. </FONT></P>

</UL>
</UL>
<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=40348,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]KI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_ki45203_1_2"> </A>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Subsequent Borrowings</I></FONT><FONT SIZE=2>" has the meaning assigned to such term in Section&nbsp;2.08(d). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tender Offer</I></FONT><FONT SIZE=2>" means the cash tender offer for the outstanding Equity Interests in the Company by Holdings provided for in the Acquisition
Agreement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Article&nbsp;I
of the Credit Agreement is hereby amended by deleting the definition of "US Tranche Commitment" and replacing it with the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>US Tranche Commitment</I></FONT><FONT SIZE=2>" means, with respect to each US Tranche Lender, the commitment of such US Tranche Lender to make US Tranche
Revolving Loans pursuant to Section&nbsp;2.01(a) and to acquire participations in Swingline Loans and US Tranche Letters of Credit hereunder, expressed as an amount representing the maximum
aggregate amount of such US Tranche Lender's US Tranche Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to Section&nbsp;2.08 or assignments by
or to such US Tranche Lender pursuant to Section&nbsp;11.04. The amount of each US Tranche Lender's US Tranche Commitment is set forth on Schedule&nbsp;2.01, or in the Assignment and Assumption
pursuant to which such US Tranche Lender shall have assumed its US Tranche Commitment, as the case may be. The aggregate amount of US Tranche Commitments on the Second Amendment Effective Date is
US$200,000,000. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Article&nbsp;I
of the Credit Agreement is hereby amended by inserting the following at the end of the definition of "Change of Control": "Notwithstanding the
foregoing, the acquisition by Holdings of a Controlling interest in the Company pursuant to the Tender Offer shall not constitute a "Change of Control". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Section&nbsp;2.05
of the Credit Agreement is hereby amended by deleting each reference to "US$35,000,000" in clause&nbsp;2.05(b) and inserting "US$110,000,000" in
place thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Section&nbsp;2.08
of the Credit Agreement is hereby amended by inserting the following new paragraph&nbsp;2.08(d): </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"(d)
The Company may on no more than two occasions, by written notice to the Facility Agent (which shall promptly deliver a copy to each of the Lenders) executed by the Company and one
or more financial institutions (which may include any Lender) that are willing to extend a US Tranche Commitment or, in the case of any such financial institution that is already a US Tranche Lender,
to increase its US Tranche Commitment (any such financial institution referred to in this Section being called an "</FONT><FONT SIZE=2><I>Increasing Lender</I></FONT><FONT SIZE=2>"), cause the
aggregate US Tranche Commitments to be increased by such new or incremental US Tranche Commitments of the Increasing Lenders, in an amount for each Increasing Lender as set forth in such notice; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT
SIZE=2> that (i)&nbsp;the aggregate principal amount of any increase in the aggregate US Tranche Commitments made pursuant to this Section shall not
be less than $25,000,000 and the aggregate principal amount of all such increases shall not exceed $175,000,000 and (ii)&nbsp;each Increasing Lender, if not already a Lender hereunder, shall be
subject to the prior written approval of the Facility Agent (which approval shall not be unreasonably withheld). New US Tranche Commitments and increases in US Tranche Commitments created pursuant to
this Section shall become effective on the date specified in the applicable notice delivered pursuant to this Section. Upon the effectiveness of any Accession Agreement to which any Increasing Lender
is a party, such Increasing Lender shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and privileges accorded a Lender hereunder and subject to
all obligations of a Lender hereunder. Upon the effectiveness of any increase pursuant to this Section in the US Tranche Commitment of a Lender already a party hereto, Schedule&nbsp;2.01 shall be
deemed to have been amended to reflect the increased US Tranche Commitment of such Lender. Notwithstanding the foregoing, no increase in the aggregate US Tranche Commitments (or in the US Tranche </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=607897,FOLIO='2',FILE='DISK121:[07ZBX3.07ZBX45203]KI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_ki45203_1_3"> </A>
<UL>
<UL>

<P><FONT SIZE=2>Commitment
of any Lender) shall become effective under this Section unless (i)&nbsp;on the date of such increase, the conditions set forth in paragraphs (a)&nbsp;and (b)&nbsp;of
Section&nbsp;4.03 shall be satisfied and the Facility Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company, (ii)&nbsp;the
Facility Agent shall have received documents consistent with those delivered under clauses (c), (d)&nbsp;and (e)&nbsp;of Section&nbsp;4.01 as to the corporate power and authority of the Company
to borrow hereunder and as to the enforceability of this Agreement after giving effect to such increase and (iii)&nbsp;the Facility Agent shall have received the documents referred to under clauses
(a)&nbsp;and (b)&nbsp;of Section&nbsp;5 of the Second Amendment. On the effective date (the "</FONT><FONT SIZE=2><I>Increase Effective Date</I></FONT><FONT SIZE=2>") of any increase in the
aggregate US Tranche Commitments pursuant to this Section (the "</FONT><FONT SIZE=2><I>Commitment Increase</I></FONT><FONT SIZE=2>"), (i)&nbsp;the aggregate principal amount of the US Tranche
Revolving Loans outstanding (the "</FONT><FONT SIZE=2><I>Initial Loans</I></FONT><FONT SIZE=2>") immediately prior to giving effect to the Commitment Increase shall be deemed to be repaid,
(ii)&nbsp;after the effectiveness of the Commitment Increase, the Company shall be deemed to have made new Borrowings (the "</FONT><FONT SIZE=2><I>Subsequent Borrowings</I></FONT><FONT SIZE=2>") in
an aggregate principal amount equal to the aggregate principal amount of the Initial Loans and of the Types and for the Interest Periods specified in a Borrowing Request delivered to the Facility
Agent in accordance with Section&nbsp;2.03, (iii)&nbsp;each Lender shall pay to the Facility Agent in same day funds an amount equal to the difference, if positive, between (A)&nbsp;such
Lender's US Tranche Percentage (calculated after giving effect to the Commitment Increase) of the Subsequent Borrowings and (B)&nbsp;such Lender's US Tranche Percentage (calculated without giving
effect to the Commitment Increase) of the Initial Loans, (iv)&nbsp;after the Facility Agent receives the funds specified in clause&nbsp;(iii) above, the Facility Agent shall pay to each Lender the
portion of such funds that is equal to the difference, if positive, between (A)&nbsp;such Lender's US Tranche Percentage (calculated without giving effect to the Commitment Increase) of the Initial
Loans and (B)&nbsp;such Lender's US Tranche Percentage (calculated after giving effect to the Commitment Increase) of the amount of the Subsequent Borrowings, (v)&nbsp;each Increasing Lender and
each other Lender shall be deemed to hold its US Tranche Percentage of each Subsequent Borrowing (each calculated after giving effect to the Commitment Increase) and (vi)&nbsp;the Company shall pay
each Increasing Lender and each other Lender any and all accrued but unpaid interest on the Initial Loans. Notwithstanding anything to the contrary, if the Increase Effective Date occurs other than on
the last day of the Interest
Period relating thereto, the deemed payments made to each Lender party to this Amendment pursuant to clause&nbsp;(i) above shall not be subject to compensation by the Company pursuant to the
provisions of Section&nbsp;2.15 of the Credit Agreement (it being understood and agreed that such deemed payments made to Lenders not party to this Amendment shall be subject to compensation by the
Company pursuant to said Section of the Agreement). </FONT></P>

</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.07
of the Credit Agreement is hereby amended by inserting the following in clause&nbsp;6.07(a) after "(iii)" and before "the Company": "prior to the
purchase of Equity Interests in the Company pursuant to the Tender Offer". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Section&nbsp;6.08
of the Credit Agreement is hereby amended by adding the following at the end of Section&nbsp;6.08: "Notwithstanding the foregoing, the Company will
not, and will not permit any Subsidiary to, (i)&nbsp;make any Restricted Payment to, (ii)&nbsp;Guarantee, create Liens on its assets to secure or otherwise become liable for obligations of, or
(iii)&nbsp;transfer any assets (other than Equity Interests in the Company issued pursuant to Section&nbsp;1A.4 of the Acquisition Agreement) to or purchase any assets from, Holdings or any of its
Affiliates (other than the Company or any Subsidiary) after or in contemplation of the purchase of Equity Interests in the Company pursuant to the Tender Offer." </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=403011,FOLIO='3',FILE='DISK121:[07ZBX3.07ZBX45203]KI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_ki45203_1_4"> </A>
<UL>
<BR>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower represents and warrants to the Facility Agent and each
Lender that as of the Amendment Effective Date and immediately after giving effect to this Amendment: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
representations and warranties of the Borrowers set forth in the Credit Agreement are true and correct in all material respects, with the same effect as if made on
and as of the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case, such representations and warranties are true and
correct in all material respects as of such earlier date); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;this
Amendment has been duly authorized, executed and delivered by the Borrowers, and each of this Amendment and the Credit Agreement as amended hereby constitutes a
legal, valid and binding obligation of the Borrowers, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors' rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;no
Default or Event of Default has occurred and is continuing. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Effectiveness.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall become effective as of the date that the following
conditions are satisfied or waived pursuant to Section&nbsp;11.02 of the Credit Agreement (the "</FONT><FONT SIZE=2><I>Amendment Effective Date</I></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Facility Agent shall have received duly executed counterparts hereof which, when taken together, bear the authorized signatures of (i)&nbsp;each Borrower and
(ii)&nbsp;Lenders constituting the Required Lenders (determined based on the Commitments in effect immediately prior to the effectiveness of this Amendment). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
representations and warranties set forth in Section&nbsp;3 above shall be true and correct in all material respects. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=115883,FOLIO='4',FILE='DISK121:[07ZBX3.07ZBX45203]KI45203A.;7',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_kk45203_1_5"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;No Default or Event of Default shall have occurred and be continuing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Facility Agent shall have received a certificate, signed by the President, a Vice President or a Financial Officer of the Company, confirming the satisfaction of the
conditions set forth in paragraphs (b)&nbsp;and (c)&nbsp;above on and as of the Amendment Effective Date and after giving effect to this Amendment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Facility Agent shall have received all fees, interest and other amounts due and payable under any Loan Document or in connection with this Amendment on or prior to
the Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including fees, charges and disbursements of counsel)
required to be reimbursed or paid by the Company hereunder or under any Loan Document. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Facility Agent shall notify the Company and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, this
Amendment shall not become effective unless each of the foregoing conditions shall be satisfied (or waived pursuant to Section&nbsp;11.02 of the Credit Agreement) at or prior to 5:00&nbsp;p.m.,
New York City time, on June&nbsp;4, 2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Covenants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As soon as reasonably practicable (but in any event prior to the date
that is 15&nbsp;days after the Second Amendment Effective Date or such longer period as the Facility Agent may agree in its sole discretion), the Agents shall have received favorable written
opinions (addressed to the Agents and the Lenders) of (i)&nbsp;Robert W. Zentz, General Counsel of the Company, (ii)&nbsp;G&oacute;mez-Acebo&nbsp;&amp; Pombo Abogados, S.L., Spanish counsel
for the Company and ICE and (iii)&nbsp;DLA Piper US LLP, US counsel for the Company and ICE, in each case in form and substance reasonably acceptable to the Facility Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;As
soon a reasonably practicable (but in any event prior to the date that is 15&nbsp;days after the Second Amendment Effective Date or such longer period as the
Facility Agent may agree in its sole discretion), the Facility Agent shall have received such documents as the Facility Agent or its counsel may reasonably request relating to the organization,
existence and good standing of each Borrower, the authorization of this Amendment and any other legal matters relating to the Credit Parties, the Loan Documents or this Amendment, all in form and
substance satisfactory to the Facility Agent and its counsel. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Any
failure to observe or perform any agreement contained in this Section&nbsp;5 will give rise to an Event of Default under clause&nbsp;(d) of Article&nbsp;VII of
the Credit Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Other Amendments; Confirmation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly set forth herein, this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Facility Agent under the Credit Agreement or any other Loan Document,
and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which
are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification
or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This
Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. The representations, warranties and agreements contained herein
shall for all purposes of the Credit Agreement be deemed to be set forth in the Credit Agreement. On and after the Amendment Effective Date, any reference to the Credit Agreement contained in the Loan
Documents (including, without limitation, the references in Section&nbsp;2.09(f)(i)&nbsp;and Section&nbsp;11.11 of the Credit Agreement) shall mean the Credit Agreement as modified hereby. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=186114,FOLIO='5',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_6"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Headings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Section headings used herein are for convenience of reference only, are not part of
this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;APPLICABLE LAW.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original but all of which, when taken together, shall constitute a single agreement. Delivery of an executed counterpart of a signature page
of this Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to reimburse the Facility Agent for its reasonable
out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine&nbsp;&amp; Moore LLP, US counsel for the
Facility Agent. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=852720,FOLIO='6',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_7"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed by their respective authorized officers as of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>LAUREATE EDUCATION, INC.,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Robert W. Zentz</FONT><HR NOSHADE><FONT SIZE=2> Name: Robert W. Zentz<BR>
Title: Sr. V.P.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
INICIATIVAS CULTURALES DE ESPA&Ntilde;A, SL,</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Robert W. Zentz</FONT><HR NOSHADE><FONT SIZE=2> Name: Robert W. Zentz<BR>
Title: Director</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
JPMORGAN CHASE BANK, N.A., as Facility Agent, Swingline Lender, Issuing Bank and Lender,</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/Deborah Hinkler</FONT><HR NOSHADE><FONT SIZE=2> Name: Deborah Hinkler<BR>
Title: Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=375965,FOLIO='7',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_8"> </A>

<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
AIB DEBT MANAGEMENT LIMITED,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Gregory J. Wiske</FONT><HR NOSHADE><FONT SIZE=2> Name: Gregory J. Wiske<BR>
Title: Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Margaret Brennan</FONT><HR NOSHADE><FONT SIZE=2> Name: Margaret Brennan<BR>
Title: Senior Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=293243,FOLIO='8',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_9"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST&nbsp;16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
BANK OF AMERICA, N.A.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Mary K. Giermek</FONT><HR NOSHADE><FONT SIZE=2> Name: Mary K. Gierme<BR>
Title: Senior Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=9,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=1028502,FOLIO='9',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_10"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
CREDIT SUISSE, CAYMAN ISLANDS BRANCH,</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Doreen Barr</FONT><HR NOSHADE><FONT SIZE=2> Name: Doreen Barr<BR>
Title: Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Nupur Kumar</FONT><HR NOSHADE><FONT SIZE=2> Name: Nupur Kumar<BR>
Title: Senior Associate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=10,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=677297,FOLIO='10',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_11"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
HSBC USA N.A.,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Thomas W. Doe</FONT><HR NOSHADE><FONT SIZE=2> Name: Thomas W. Doe<BR>
Title: First V.P.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=11,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=682103,FOLIO='11',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_12"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
LASALLE BANK N.A.,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Michael A. Berent</FONT><HR NOSHADE><FONT SIZE=2> Name: Michael A. Berent<BR>
Title: SVP</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=12,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=129111,FOLIO='12',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_13"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
THE BANK OF NOVA SCOTIA</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Todd S. Meller</FONT><HR NOSHADE><FONT SIZE=2> Name: Todd S. Meller<BR>
Title: Managing Director</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=13,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=415096,FOLIO='13',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<A NAME="page_kk45203_1_14"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>LENDER SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE LAUREATE EDUCATION,&nbsp;INC. FIVE-YEAR CREDIT AGREEMENT DATED AS OF AUGUST 16, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
To approve the Second Amendment:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Name of Lender</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA,</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ Yvonne Guajardo</FONT><HR NOSHADE><FONT SIZE=2> Name: Yvonne Guajardo<BR>
Title: Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For any Lender requiring a second signature line:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=14,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=19164,FOLIO='14',FILE='DISK121:[07ZBX3.07ZBX45203]KK45203A.;11',USER='MTITUSS',CD=';4-JUN-2007;11:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=TDIMIZI,SEQ=,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>a2178276zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#07ZBX45203_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;99.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km45203_laureate_education_accepts_inc__lau06284"> </A>
<A NAME="toc_km45203_1"> </A>
<BR></FONT><FONT SIZE=2><B>Laureate Education Accepts Increased Offer from Investor Group of<BR>  $62.00 Per Share in Cash via a Tender Offer<BR>  Investor Group Intends to Commence Tender Offer by June&nbsp;8, 2007    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Baltimore, Md., June&nbsp;4, 2007</B></FONT><FONT SIZE=2>&#151;Laureate Education,&nbsp;Inc. (NASDAQ: LAUR), the world's
leading international provider of higher education, announced today that it has accepted an increased offer from the investor group led by Douglas L. Becker, Laureate's Chairman and Chief Executive
Officer, to acquire Laureate at a price of $62.00 per share in cash, or an aggregate value of $3.82 Billion. Under the terms of the revised merger agreement, the investor group&#151;which
includes Kohlberg Kravis Roberts&nbsp;&amp; Co. (KKR); Citi Private Equity; S.A.C. Capital Management, LLC; SPG Partners; Bregal Investments; Caisse de d&eacute;p&ocirc;t et placement
du Qu&eacute;bec; Sterling Capital; Makena Capital; Torreal S.A.; and Brenthurst Funds&#151;will commence a tender offer on or before June&nbsp;8, 2007, to acquire all of the
outstanding shares of Laureate's common stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
$62.00 per share tender offer represents a $1.50 per share increase over the $60.50 per share price provided in the original merger agreement announced on January&nbsp;28, 2007,
and a premium of 26% over the closing price of Laureate's common stock on Thursday, January&nbsp;4, 2007, the day before the Special Committee of independent directors of Laureate's Board of
Directors authorized its advisors to begin negotiation of a definitive agreement at a price of $60.50 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee unanimously recommended the higher offer to Laureate's Board, which, with the interested directors recusing themselves from the vote, approved the transaction. The
Special Committee believes that the investor group's tender offer will deliver improved value to Laureate's shareholders in a more efficient and more immediate fashion than through the process
provided in the original merger agreement. Each of the disinterested members of Laureate's Board has agreed to tender his or her shares in the tender offer. Mr.&nbsp;Becker and R. Christopher
Hoehn-Saric, a director of Laureate, as well as certain other affiliates of Sterling Capital, have agreed to accept the original $60.50 per share price in connection with the rollover of their shares
in the transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tender offer will expire at midnight New York time on the 20<SUP>th</SUP> business day following and including the commencement date, unless extended in accordance with the terms
of the revised merger agreement and the applicable rules and regulations of the Securities and Exchange Commission. Following completion of the tender offer, in which at least a simple majority (i.e.,
more than 50%) of
Laureate's outstanding shares on a fully diluted basis (other than any shares held by the bidding entities) must be tendered, the investor group has committed to complete a second-step
merger in which all remaining shares of Laureate's common stock will be converted into the right to receive the same price paid per share in the tender offer. The merger agreement permits the investor
group to revise the condition regarding minimum acceptance of the tender offer to decrease the minimum acceptance threshold to a number that, when combined with shares owned or subject to options held
by Messrs.&nbsp;Becker, Hoehn-Saric and others, would represent a majority of Laureate's outstanding common shares. The tender offer and subsequent merger are subject to customary conditions for
transactions of this type. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equity investment for the transaction will be contributed by the investors, including Mr.&nbsp;Becker, and debt financing will be provided by Goldman Sachs Credit Partners L.P.,
Citi Markets&nbsp;&amp; Banking, Credit Suisse, Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities&nbsp;Inc. Morgan Stanley and Merrill Lynch&nbsp;&amp; Co. are
financial advisors and provided fairness opinions to the Special Committee of Laureate's Board. Pillsbury Winthrop Shaw Pittman LLP is the Special Committee's legal advisor and DLA Piper US LLP serves
as legal advisor to Laureate. Citi Markets&nbsp;&amp; Banking and Goldman Sachs serve as financial advisors to Mr.&nbsp;Becker and the investor group and Simpson Thacher&nbsp;&amp; Bartlett LLP and
Katten Muchin Rosenman LLP provide legal counsel. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=587,FOLIO='blank',FILE='DISK121:[07ZBX3.07ZBX45203]KM45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_km45203_1_2"> </A>
<BR>

<P><FONT SIZE=2><B><I>About Laureate Education,&nbsp;Inc.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate Education,&nbsp;Inc. (NASDAQ: LAUR) is focused on providing a superior university experience to over 262,000 students through the leading global
network of accredited campus-based and online universities. Addressing the rapidly growing global demand for higher education, Laureate offers a broad range of career-oriented undergraduate and
graduate programs through campus-based universities located in Latin America, Europe, and Asia. Through online universities, Laureate offers the growing population of non-traditional,
working-adult students the convenience and flexibility of distance learning to pursue undergraduate, master's and doctorate degree programs in major career fields including engineering, education,
business, and healthcare. For more information, please visit our website, www.laureate-inc.com. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPORTANT NOTICE:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This press release is for informational purposes only and is not an offer to buy or the solicitation of an
offer to sell any shares of Laureate's common stock. The tender offer described herein has not yet been commenced. On the commencement date of the tender offer, an offer to purchase, a letter of
transmittal and related documents will be filed with the Securities and
Exchange Commission (SEC), will be mailed to stockholders and will also be made available for distribution to beneficial owners of Laureate's common stock. The solicitation of offers to buy shares of
Laureate's common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. Laureate securityholders are strongly advised to read both the tender
offer statement and the solicitation/recommendation statement regarding the tender offer when they become available as they will contain important information, including the various terms of, and
conditions to, the tender offer. The tender offer statement will be filed by the investor group with the SEC, and the solicitation/recommendation statement will be filed by Laureate with the SEC.
Investors and securityholders may obtain free copies of these statements (when available) and other documents filed by the investor group and Laureate at the SEC's website at </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. In addition,
copies of the tender offer statement and related materials may be obtained for free by directing such requests to the
information agent for the tender offer. The solicitation/recommendation statement and related documents may be obtained by directing such requests to Chris Symanoskie, Director, Investor Relations at
the phone number or e-mail address below. </FONT></P>

<P><FONT SIZE=2><B>Forward-Looking Statements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This release includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation
Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions, the Company's actual results could differ materially from those described in the forward-looking statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following factors might cause such a difference: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Company's operations can be materially affected by competition in its target markets and by overall market conditions, among other factors.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Company's foreign operations, in particular, are subject to political, economic, legal, regulatory and currency-related risks. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
additional factors could affect the outcome of the matters described in this press release. These factors include, but are not limited to, (1)&nbsp;the occurrence of any event,
change or other circumstances that could give rise to the termination of the revised merger agreement; (2)&nbsp;the outcome of any legal proceedings that may be instituted against the Company and
others following announcement of the revised merger agreement; (3)&nbsp;the inability to complete the offer or complete the merger due to the failure to satisfy other conditions required to complete
the offer and the merger; (4)&nbsp;the failure to obtain the necessary debt financing arrangements set forth in commitment letters </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=81192,FOLIO='2',FILE='DISK121:[07ZBX3.07ZBX45203]KM45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<A NAME="page_km45203_1_3"> </A>

<P><FONT SIZE=2>received
in connection with the offer and the merger; (5)&nbsp;risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a
result of the offer and the merger; (6)&nbsp;the ability to recognize the benefits of the merger; (7)&nbsp;the amount of the costs, fees, expenses and charges related to the offer and the merger
and the actual terms of certain financings that will be obtained for the offer and the merger; and (8)&nbsp;the impact of the substantial indebtedness incurred to finance the consummation of the
offer and the merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond the Company's ability to control or predict. Laureate undertakes no
obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information regarding these risk factors and uncertainties is detailed from time to time in the Company's filings with the Securities and Exchange Commission, including but
not limited to our most recent Forms 10-K/A and 10-Q, available for viewing on our website. (To access this information on our website, www.laureate-inc.com, please
click on "Investor Relations", "SEC Filings"). </FONT></P>


<P><FONT SIZE=2><B>Laureate Education Contacts:</B></FONT><FONT SIZE=2><BR>
Rosemarie Mecca<BR>
Chief Financial Officer<BR>
(410)&nbsp;843-8070 </FONT></P>

<P><FONT SIZE=2>Chris
Symanoskie<BR>
Director, Investor Relations<BR>
(410)&nbsp;843-6394<BR></FONT> <FONT SIZE=2><I>christopher.Symanoskie@laureate-inc.com  </I></FONT></P>

<P><FONT SIZE=2><B>Investor Group Contacts:</B></FONT><FONT SIZE=2><BR>
Ruth Pachman / Molly Morse<BR>
Kekst and Company<BR>
(212)&nbsp;521-4891 / (212)&nbsp;521-4826<BR></FONT> <FONT SIZE=2><I>ruth-pachman@kekst.com/molly-morse@kekst.com  </I></FONT></P>

<P><FONT SIZE=2><B>Special Committee Contact:</B></FONT><FONT SIZE=2><BR>
Chuck Dohrenwend<BR>
The Abernathy MacGregor Group<BR>
(212)&nbsp;371-5999 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=427069,FOLIO='3',FILE='DISK121:[07ZBX3.07ZBX45203]KM45203A.;5',USER='CARIASB',CD=';4-JUN-2007;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="07ZBX45203_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_km45203_1">Laureate Education Accepts Increased Offer from Investor Group of $62.00 Per Share in Cash via a Tender Offer Investor Group Intends to Commence Tender Offer by June 8, 2007</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=TDIMIZI,SEQ=,EFW="2178276",CP="LAUREATE EDUCATION, INC.",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
