<SEC-DOCUMENT>0001104659-17-013489.txt : 20170302
<SEC-HEADER>0001104659-17-013489.hdr.sgml : 20170302
<ACCEPTANCE-DATETIME>20170302161544
ACCESSION NUMBER:		0001104659-17-013489
CONFORMED SUBMISSION TYPE:	3/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170131
FILED AS OF DATE:		20170302
DATE AS OF CHANGE:		20170302

ISSUER:		

	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:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4108436100

	MAIL ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DLB Irrevocable Telecom Trust u/a/d/ 1/3/05
		CENTRAL INDEX KEY:			0001696606
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17658955

	BUSINESS ADDRESS:	
		STREET 1:		C/O STERLING PARTNERS, 401 N. MICHIGAN
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
		BUSINESS PHONE:		3124657000

	MAIL ADDRESS:	
		STREET 1:		C/O STERLING PARTNERS, 401 N. MICHIGAN
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Irrevocable BBHT II IDGT
		CENTRAL INDEX KEY:			0001696608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17658956

	BUSINESS ADDRESS:	
		STREET 1:		C/O STERLING PARTNERS, 401 N. MICHIGAN
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
		BUSINESS PHONE:		3124657000

	MAIL ADDRESS:	
		STREET 1:		C/O STERLING PARTNERS, 401 N. MICHIGAN
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BECKER DOUGLAS L
		CENTRAL INDEX KEY:			0001072473

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17658957

	MAIL ADDRESS:	
		STREET 1:		C/O 650 DUNDEE ROAD
		STREET 2:		SUITE 370
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062
</SEC-HEADER>
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    <documentType>3/A</documentType>

    <periodOfReport>2017-01-31</periodOfReport>

    <dateOfOriginalSubmission>2017-03-02</dateOfOriginalSubmission>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000912766</issuerCik>
        <issuerName>LAUREATE EDUCATION, INC.</issuerName>
        <issuerTradingSymbol>LAUR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001072473</rptOwnerCik>
            <rptOwnerName>BECKER DOUGLAS L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STERLING PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>650 S. EXETER STREET, #1100</rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Founder, Chairman and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001696608</rptOwnerCik>
            <rptOwnerName>Irrevocable BBHT II IDGT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STERLING PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>650 S. EXETER STREET, #1100</rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001696606</rptOwnerCik>
            <rptOwnerName>DLB Irrevocable Telecom Trust u/a/d/ 1/3/05</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STERLING PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>650 S. EXETER STREET, #1100</rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>23.20</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2023-10-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class B Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>710530</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>23.26</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-06-17</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2026-10-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class B Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>114790</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>68427</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13889</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F12"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1101</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F12"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2202188</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F12"/>
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        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1056</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F8"/>
                    <footnoteId id="F9"/>
                    <footnoteId id="F12"/>
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        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
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            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1104</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F10"/>
                    <footnoteId id="F12"/>
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            <securityTitle>
                <value>Class B Common Stock</value>
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            <conversionOrExercisePrice>
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            <exerciseDate>
                <footnoteId id="F1"/>
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            <expirationDate>
                <footnoteId id="F1"/>
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                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1101</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F11"/>
                    <footnoteId id="F12"/>
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            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Class B Common Stock (&quot;Class B Common Stock&quot;) of Laureate Education, Inc. (the &quot;Issuer&quot;) is convertible into one share of Class A Common Stock of the Issuer upon the election of the holder or upon transfer, subject to the terms of the Issuer's Amended and Restated Certificate of Incorporation.</footnote>
        <footnote id="F2">Represents an option to purchase shares of Class B Common Stock issued to Douglas L. Becker. The option is vested with respect to 595,929 of the underlying shares of Class B Common Stock and will vest with respect to an additional 114,601 of such shares on December 31, 2017.</footnote>
        <footnote id="F3">Represents shares of Class B Common Stock held by Sterling Fund Management, LLC (&quot;SFM&quot;).  Mr. Becker, Steven M. Taslitz and R. Christopher Hoehn-Saric are the managers of SFM.</footnote>
        <footnote id="F4">Represents shares of Class B Common Stock held directly by Wengen Alberta, Limited Partnership (&quot;Wengen&quot;), whose general partner is Wengen Investments Limited (&quot;Wengen GP&quot;). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by SFM (including the Reporting Persons), Kohlberg Kravis Roberts &amp; Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc., StepStone Group LP and Snow Phipps Group, LLC (collectively, the &quot;Wengen Investors&quot;) have interests in the Issuer through Wengen. Certain Wengen Investors (including the Reporting Persons) have designated representatives who serve on the board of directors of Wengen GP.</footnote>
        <footnote id="F5">Mr. Taslitz serves as a designated representative of the Reporting Persons on the board of directors of the Issuer pursuant to a securityholders agreement. As of January 31, 2017, John A. Miller also served as a designated representative of the Reporting Persons on the board of directors of the Issuer.  Mr. Miller's service as such terminated upon the consummation of the initial public offering of Class A Common Stock of the Issuer on February 6, 2017.</footnote>
        <footnote id="F6">Mr. Becker may be deemed to indirectly beneficially own these shares of Class B Common Stock in the Issuer by virtue of his direct limited partnership interest in Wengen.</footnote>
        <footnote id="F7">Represents shares of Class B Common Stock in the Issuer that SP-L Affiliate, LLC (&quot;SP-L Affiliate&quot;) may be deemed to indirectly beneficially own by virtue of its limited partnership interest in Wengen. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Affiliate.</footnote>
        <footnote id="F8">Represents shares of Class B Common Stock in the Issuer that Mr. Taslitz may be deemed to beneficially own by virtue of his direct limited partnership interest in Wengen. Pursuant to an agreement (the &quot;Founders' Agreement&quot;) among Messrs. Becker, Taslitz and Hoehn-Saric and one other founder of Sterling (the &quot;Sterling Founders&quot;), the Sterling Founders share equally, on a net after-tax basis, in certain equity securities they receive in connection with services rendered by any of them to certain entities, including the Issuer. Each Sterling Founder controls the voting and disposition of the securities allocable to such Sterling Founder.</footnote>
        <footnote id="F9">In light of the Founders' Agreement, Mr. Becker may be deemed to indirectly beneficially own a portion of these shares of Class B Common Stock in the Issuer.</footnote>
        <footnote id="F10">The Irrevocable BBHT II IDGT (the &quot;BBHT Trust&quot;) may be deemed to indirectly beneficially own these shares of Class B Common Stock in the Issuer by virtue of its limited partnership interest in Wengen.  Mr. Becker is not a trustee of the BBHT Trust, and he disclaims beneficial ownership over the shares that may be deemed to be beneficially owned by the BBHT Trust.</footnote>
        <footnote id="F11">DLB Irrevocable Telecom Trust u/a/d/ 1/3/05 (the &quot;DLB Trust&quot;) may be deemed to indirectly beneficially own these shares of Class B Common Stock in the Issuer by virtue of its limited partnership interest in Wengen.  Mr. Becker is not a trustee of the DLB Trust, and he disclaims beneficial ownership over the shares that may be deemed to be owned by the DLB Trust.</footnote>
        <footnote id="F12">Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein.  This filing shall not be deemed an admission that any of the Reporting Persons is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.</footnote>
    </footnotes>

    <remarks>Exhibit List: Exhibit 99</remarks>

    <ownerSignature>
        <signatureName>/s/ M. Avi Epstein, attorney-in-fact for Douglas L. Becker</signatureName>
        <signatureDate>2017-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ M. Avi Epstein, attorney-in-fact for The Irrevocable BBHT II IDGT</signatureName>
        <signatureDate>2017-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ M. Avi Epstein, attorney-in-fact for DLB Irrevocable Telecom Trust u/a/d/ 1/3/05</signatureName>
        <signatureDate>2017-03-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<p align="right" style="margin:0in 0in .0001pt 9.35pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99</font></b></p>
<p style="margin:0in 0in .0001pt 9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because no more than 10 reporting persons can file any one Form&nbsp;3 through the Securities and Exchange Commission&#146;s EDGAR system, Sterling Fund Management, LLC, Sterling Capital Partners II, L.P., Sterling Capital Partners III, L.P., SC Partners II, L.P., SC Partners III, L.P., Sterling Capital Partners II, LLC, Sterling Capital Partners III, LLC, SP-L Affiliate, LLC, SP-L Parent, LLC, SP-L Management III, LLC, SP-L Management IV, LLC, SP-L Management V, LLC, Sterling Laureate, LP, Sterling Laureate Executives Fund, LP, Sterling Laureate Rollover, LP, KJT 2013 Gift Trust, and Messrs.&nbsp;Taslitz and Hoehn-Saric have made separate Form&nbsp;3 filings; provided, that, for purposes of Footnotes 4 and 5 above, each of such persons should be considered a Reporting Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This amendment is being filed to amend the Form&nbsp;3 filed by the Reporting Persons on January&nbsp;31, 2017 (the &#147;Original Form&#148;) to remove:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.35pt;text-indent:-.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a prior incorrect reference in footnote 6 to Mr.&nbsp;Becker serving as a designated representative of the Reporting Persons on the board of directors of the Issuer, as he is not deemed to be a designee of the Reporting Persons;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.35pt;text-indent:-.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the shares previously reported in Table II that represent shares of Class&nbsp;B Common Stock held directly by the 2002 GST Exempt Harvest Trust (the &#147;GST Trust&#148;) and the corresponding footnote 3 in the Original Form&nbsp;because (i)&nbsp;Mr.&nbsp;Becker is not a trustee of the GST Trust and does not have voting or dispositive power over the securities held by the GST Trust, (ii)&nbsp;the GST Trust is not an investor in Wengen and (iii)&nbsp;the GST Trust is not a party to the Securityholders Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the shares previously reported in Table II that represent shares of Class&nbsp;B Common Stock of the Issuer (the &#147;Companies&#146; Laureate Shares&#148;) that Sterling Laureate, LP (&#147;Sterling Laureate&#148;), SP-L Management III, LLC, Sterling Laureate Executives Fund, LP (&#147;Sterling Executives Fund&#148;), SP-L Management IV, LLC, Sterling Laureate Rollover, LP (&#147;Sterling Rollover&#148;), SP-L Management V, LLC, SP-L Parent, LLC, Sterling Capital Partners II, L.P. (&#147;SCP II LP&#148;), SC Partners II, L.P., Sterling Capital Partners II, LLC, Sterling Capital Partners III, L.P. (together with Sterling Laureate, Sterling Executives Fund, Sterling Rollover and SCP II LP, the &#147;Specified Sterling Investors&#148;), SC Partners III, L.P. and Sterling Capital Partners III, LLC may be deemed to indirectly beneficially own by virtue of limited partnership interests in Wengen held by each of the Specified Sterling Investors and the corresponding footnotes 8, 9, 10, 13 and 14 in the Original Form, because, as memorialized in a memorandum of understanding, Mr.&nbsp;Becker does not share voting or investment power over the Companies&#146; Laureate Shares; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.35pt;text-indent:-.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the shares previously reported in Table II that represent shares of Class&nbsp;B Common Stock of the Issuer that certain investment vehicles may be deemed to indirectly beneficially own by virtue of their limited partnership interests in Wengen (the &#147;Co-Investor Vehicle Laureate Shares&#148;) and the corresponding footnote 11 in the Original Form, because Mr.&nbsp;Becker does not have voting or dispositive power over the Co-Investor Vehicle Laureate Shares.</p>
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